ELBO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ELBO
Largest movements
- Tangible fixed assets +€19,331
up €19,331 (+10.2%), from €189,836 to €209,167
of which Furniture and vehicles: +€22,920
- Receivables within one year -€4,917
down €4,917 (-17.0%), from €28,952 to €24,035
of which Trade receivables: -€7,752
- Other debts +€42,312
up €42,312 (+49.1%), from €86,233 to €128,546
- Profit (loss) carried forward -€26,709
down €26,709, from €22,883 to -€3,827
- Debts after one year -€17,838
down €17,838 (-71.4%), from €24,991 to €7,153
- Trade debts +€6,863
up €6,863 (+143.1%), from €4,796 to €11,658
- Current portion of long-term debt +€4,449
up €4,449 (+11.6%), from €38,389 to €42,838
- Gross operating margin -€15,849
down €15,849 (-58.3%), from €27,200 to €11,352
- Depreciation +€11,611
up €11,611 (+54.0%), from €21,511 to €33,122
- Other operating charges -€8,182
down €8,182 (-87.9%), from €9,304 to €1,122
- Financial charges -€655
down €655 (-15.2%), from €4,307 to €3,652
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €225,026 | €238,382 | +€13,357 | +5.9% |
| Fixed assets | 21/28 | €190,263 | €209,595 | +€19,331 | +10.2% |
| Tangible fixed assets | 22/27 | €189,836 | €209,167 | +€19,331 | +10.2% |
| Plant, machinery and equipment | 23 | €30,479 | €26,890 | -€3,589 | -11.8% |
| Furniture and vehicles | 24 | €159,357 | €182,277 | +€22,920 | +14.4% |
| Financial fixed assets | 28 | €427 | €427 | = | 0.0% |
| Current assets | 29/58 | €34,762 | €28,788 | -€5,975 | -17.2% |
| Amounts receivable within one year | 40/41 | €28,952 | €24,035 | -€4,917 | -17.0% |
| Trade receivables | 40 | €26,080 | €18,328 | -€7,752 | -29.7% |
| Other amounts receivable | 41 | €2,872 | €5,707 | +€2,835 | +98.7% |
| Cash at bank and in hand | 54/58 | €3,975 | €2,826 | -€1,149 | -28.9% |
| Deferred charges and accrued income | 490/1 | €1,835 | €1,927 | +€92 | +5.0% |
| Total equity and liabilities | 10/49 | €225,026 | €238,382 | +€13,357 | +5.9% |
| Equity | 10/15 | €58,651 | €31,942 | -€26,709 | -45.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,169 | €17,169 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,309 | €15,309 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,883 | -€3,827 | -€26,709 | |
| Amounts payable | 17/49 | €166,374 | €206,440 | +€40,066 | +24.1% |
| Amounts payable after more than one year | 17 | €24,991 | €7,153 | -€17,838 | -71.4% |
| Financial debts | 170/4 | €24,991 | €7,153 | -€17,838 | -71.4% |
| Amounts payable within one year | 42/48 | €141,383 | €198,287 | +€56,904 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €38,389 | €42,838 | +€4,449 | +11.6% |
| Financial debts | 43 | €145 | €229 | +€85 | +58.5% |
| Credit institutions | 430/8 | €145 | €229 | +€85 | +58.5% |
| Trade debts | 44 | €4,796 | €11,658 | +€6,863 | +143.1% |
| Suppliers | 440/4 | €4,796 | €11,658 | +€6,863 | +143.1% |
| Taxes, remuneration and social security | 45 | €11,821 | €15,016 | +€3,195 | +27.0% |
| Taxes | 450/3 | €7,791 | €0 | -€7,791 | -100.0% |
| Remuneration and social security | 454/9 | €4,029 | €15,016 | +€10,987 | +272.7% |
| Other amounts payable | 47/48 | €86,233 | €128,546 | +€42,312 | +49.1% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,511 | €33,122 | +€11,611 | +54.0% |
| Other operating charges | 640/8 | €9,304 | €1,122 | -€8,182 | -87.9% |
| Gross operating margin | 9900 | €27,200 | €11,352 | -€15,849 | -58.3% |
| Operating profit (loss) | 9901 | -€3,614 | -€22,892 | -€19,278 | -533.4% |
| Financial income | 75/76B | €16 | €0 | -€16 | -100.0% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -100.0% |
| Financial charges | 65/66B | €4,307 | €3,652 | -€655 | -15.2% |
| Recurring financial charges | 65 | €4,307 | €3,652 | -€655 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,905 | -€26,544 | -€18,639 | -235.8% |
| Income taxes | 67/77 | €128 | €165 | +€37 | +28.9% |
| Profit (loss) for the period | 9904 | -€8,033 | -€26,709 | -€18,676 | -232.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,033 | -€26,709 | -€18,676 | -232.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.