ELBOTECH: what changed
Two financial 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.
ELBOTECH
Largest movements
- Tangible fixed assets +€704,037
up €704,037 (+46.2%), from €1.5m to €2.2m
of which Land and buildings: +€694,456
- Cash +€197,269
up €197,269 (+348%), from €56,709 to €253,978
mainly Debts after one year (+€600,165) and Net result for the year (+€387,570)
- Debts after one year +€600,165
up €600,165 (+176%), from €340,419 to €940,584
- Reserves +€387,570
up €387,570 (+29.7%), from €1.3m to €1.7m
of which Distributable reserves: +€395,472
- Other debts -€177,596
down €177,596 (-61.0%), from €290,957 to €113,362
- Tax, wage and social debts +€81,658
up €81,658 (+137%), from €59,457 to €141,116
of which Taxes: +€86,249
- Current portion of long-term debt +€38,296
up €38,296 (+74.0%), from €51,748 to €90,044
- Gross operating margin +€201,132
up €201,132 (+41.2%), from €488,072 to €689,205
- Taxes +€71,476
up €71,476 (+64.0%), from €111,606 to €183,082
- Depreciation -€51,436
down €51,436 (-41.6%), from €123,730 to €72,294
- Other operating charges +€21,000
up €21,000 (+230%), from €9,126 to €30,126
- Financial charges +€14,410
up €14,410 (+90.5%), from €15,925 to €30,336
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.
Derived cash bridge
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 | €2,155,637 | €3,087,290 | +€931,653 | +43.2% |
| Fixed assets | 21/28 | €1,716,132 | €2,420,170 | +€704,037 | +41.0% |
| Tangible fixed assets | 22/27 | €1,522,332 | €2,226,370 | +€704,037 | +46.2% |
| Land and buildings | 22 | €1,448,463 | €2,142,919 | +€694,456 | +47.9% |
| Plant, machinery and equipment | 23 | €2,932 | €2,434 | -€497 | -17.0% |
| Furniture and vehicles | 24 | €70,214 | €81,016 | +€10,803 | +15.4% |
| Other tangible fixed assets | 26 | €724 | €0 | -€724 | -100% |
| Financial fixed assets | 28 | €193,800 | €193,800 | = | 0.0% |
| Current assets | 29/58 | €439,505 | €667,120 | +€227,615 | +51.8% |
| Amounts receivable after more than one year | 29 | €6,073 | €6,224 | +€152 | +2.5% |
| Other amounts receivable | 291 | €6,073 | €6,224 | +€152 | +2.5% |
| Amounts receivable within one year | 40/41 | €329,531 | €357,974 | +€28,443 | +8.6% |
| Trade receivables | 40 | €33,328 | €49,922 | +€16,594 | +49.8% |
| Other amounts receivable | 41 | €296,203 | €308,051 | +€11,848 | +4.0% |
| Current investments | 50/53 | €47,192 | €47,192 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,709 | €253,978 | +€197,269 | +348% |
| Deferred charges and accrued income | 490/1 | - | €1,752 | +€1,752 | |
| Total equity and liabilities | 10/49 | €2,155,637 | €3,087,290 | +€931,653 | +43.2% |
| Equity | 10/15 | €1,324,804 | €1,712,375 | +€387,570 | +29.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,306,204 | €1,693,775 | +€387,570 | +29.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €301,183 | €293,281 | -€7,902 | -2.6% |
| Distributable reserves | 133 | €1,003,162 | €1,398,634 | +€395,472 | +39.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €75,296 | €73,320 | -€1,975 | -2.6% |
| Deferred taxes | 168 | €75,296 | €73,320 | -€1,975 | -2.6% |
| Amounts payable | 17/49 | €755,537 | €1,301,595 | +€546,058 | +72.3% |
| Amounts payable after more than one year | 17 | €340,419 | €940,584 | +€600,165 | +176% |
| Financial debts | 170/4 | €340,419 | €940,584 | +€600,165 | +176% |
| Amounts payable within one year | 42/48 | €415,119 | €350,511 | -€64,608 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €51,748 | €90,044 | +€38,296 | +74.0% |
| Trade debts | 44 | €12,956 | €5,990 | -€6,966 | -53.8% |
| Suppliers | 440/4 | €12,956 | €5,990 | -€6,966 | -53.8% |
| Taxes, remuneration and social security | 45 | €59,457 | €141,116 | +€81,658 | +137% |
| Taxes | 450/3 | €53,431 | €139,680 | +€86,249 | +161% |
| Remuneration and social security | 454/9 | €6,026 | €1,435 | -€4,591 | -76.2% |
| Other amounts payable | 47/48 | €290,957 | €113,362 | -€177,596 | -61.0% |
| Accrued charges and deferred income | 492/3 | - | €10,500 | +€10,500 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,730 | €72,294 | -€51,436 | -41.6% |
| Other operating charges | 640/8 | €9,126 | €30,126 | +€21,000 | +230% |
| Gross operating margin | 9900 | €488,072 | €689,205 | +€201,132 | +41.2% |
| Operating profit (loss) | 9901 | €355,216 | €586,784 | +€231,568 | +65.2% |
| Financial income | 75/76B | €11,654 | €12,229 | +€575 | +4.9% |
| Recurring financial income | 75 | €11,654 | €12,229 | +€575 | +4.9% |
| Financial charges | 65/66B | €15,925 | €30,336 | +€14,410 | +90.5% |
| Recurring financial charges | 65 | €15,925 | €30,336 | +€14,410 | +90.5% |
| Profit (loss) for the period before taxes | 9903 | €350,944 | €568,677 | +€217,733 | +62.0% |
| Transfer from deferred taxes | 780 | €1,491 | €1,975 | +€484 | +32.5% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €111,606 | €183,082 | +€71,476 | +64.0% |
| Profit (loss) for the period | 9904 | €240,829 | €387,570 | +€146,741 | +60.9% |
| Transfer from tax-exempt reserves | 789 | €5,964 | €7,902 | +€1,938 | +32.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €246,793 | €395,472 | +€148,679 | +60.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.