ELC: 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.
ELC
Largest movements
- Stocks and contracts +€56,400
up €56,400 (+16.7%), from €338,600 to €395,000
- Receivables within one year +€5,316
up €5,316 (+16.5%), from €32,263 to €37,580
of which Other amounts receivable: +€5,203
- Reserves +€133,085
up €133,085 (+221%), from €60,158 to €193,244
of which Distributable reserves: +€133,085
- Debts after one year -€109,730
down €109,730 (-85.4%), from €128,441 to €18,711
- Tax, wage and social debts +€33,796
up €33,796 (+188%), from €17,932 to €51,728
- Trade debts +€4,791
up €4,791 (+135%), from €3,544 to €8,335
- Gross operating margin +€167,876
up €167,876 (+455%), from €36,861 to €204,737
- Taxes +€41,776
up €41,776 (+1,351%), from €3,093 to €44,870
- Depreciation +€2,107
up €2,107 (+79.4%), from €2,655 to €4,762
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €386,915 | €448,737 | +€61,822 | +16.0% |
| Fixed assets | 21/28 | €12,568 | €11,024 | -€1,544 | -12.3% |
| Tangible fixed assets | 22/27 | €12,568 | €11,024 | -€1,544 | -12.3% |
| Furniture and vehicles | 24 | €3,382 | €2,971 | -€411 | -12.1% |
| Other tangible fixed assets | 26 | €9,186 | €8,053 | -€1,134 | -12.3% |
| Current assets | 29/58 | €374,347 | €437,713 | +€63,366 | +16.9% |
| Stocks and contracts in progress | 3 | €338,600 | €395,000 | +€56,400 | +16.7% |
| Contracts in progress | 37 | €338,600 | €395,000 | +€56,400 | +16.7% |
| Amounts receivable within one year | 40/41 | €32,263 | €37,580 | +€5,316 | +16.5% |
| Trade receivables | 40 | €19,893 | €20,006 | +€113 | +0.6% |
| Other amounts receivable | 41 | €12,371 | €17,574 | +€5,203 | +42.1% |
| Deferred charges and accrued income | 490/1 | €3,483 | €5,134 | +€1,650 | +47.4% |
| Total equity and liabilities | 10/49 | €386,915 | €448,737 | +€61,822 | +16.0% |
| Equity | 10/15 | €62,658 | €195,744 | +€133,085 | +212% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €60,158 | €193,244 | +€133,085 | +221% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Distributable reserves | 133 | €59,908 | €192,994 | +€133,085 | +222% |
| Amounts payable | 17/49 | €324,256 | €252,993 | -€71,263 | -22.0% |
| Amounts payable after more than one year | 17 | €128,441 | €18,711 | -€109,730 | -85.4% |
| Financial debts | 170/4 | €128,441 | €18,711 | -€109,730 | -85.4% |
| Amounts payable within one year | 42/48 | €195,816 | €232,352 | +€36,536 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €19,520 | €21,289 | +€1,769 | +9.1% |
| Financial debts | 43 | €154,820 | €151,000 | -€3,820 | -2.5% |
| Credit institutions | 430/8 | €154,820 | €151,000 | -€3,820 | -2.5% |
| Trade debts | 44 | €3,544 | €8,335 | +€4,791 | +135% |
| Suppliers | 440/4 | €3,544 | €8,335 | +€4,791 | +135% |
| Taxes, remuneration and social security | 45 | €17,932 | €51,728 | +€33,796 | +188% |
| Taxes | 450/3 | €17,932 | €51,728 | +€33,796 | +188% |
| Accrued charges and deferred income | 492/3 | - | €1,930 | +€1,930 | |
| Non-recurring operating income | 76A | €13,157 | - | -€13,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,655 | €4,762 | +€2,107 | +79.4% |
| Other operating charges | 640/8 | €1,462 | €784 | -€677 | -46.3% |
| Gross operating margin | 9900 | €36,861 | €204,737 | +€167,876 | +455% |
| Operating profit (loss) | 9901 | €32,744 | €199,190 | +€166,446 | +508% |
| Financial income | 75/76B | €601 | €829 | +€228 | +38.0% |
| Recurring financial income | 75 | €601 | €829 | +€228 | +38.0% |
| Financial charges | 65/66B | €21,142 | €22,064 | +€922 | +4.4% |
| Recurring financial charges | 65 | €21,142 | €22,064 | +€922 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €12,203 | €177,955 | +€165,752 | +1,358% |
| Income taxes | 67/77 | €3,093 | €44,870 | +€41,776 | +1,351% |
| Profit (loss) for the period | 9904 | €9,110 | €133,085 | +€123,976 | +1,361% |
| Profit (loss) for the period to be appropriated | 9905 | €9,110 | €133,085 | +€123,976 | +1,361% |
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 16 October 2026 via checked.be.