ELCAGO: 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.
ELCAGO
Largest movements
- Cash +€62,556
up €62,556 (+47.5%), from €131,743 to €194,300
mainly Net result for the year (+€49,151) and Depreciation (+€27,474)
- Tangible fixed assets -€27,474
down €27,474 (-42.6%), from €64,475 to €37,001
of which Land and buildings: -€25,433
- Stocks and contracts -€8,260
down €8,260 (-8.4%), from €98,639 to €90,378
- Receivables within one year -€3,548
down €3,548 (-39.6%), from €8,971 to €5,423
of which Trade receivables: -€2,901
- Reserves +€25,899
up €25,899 (+33.9%), from €76,348 to €102,247
of which Non-distributable reserves: +€25,899
- Debts after one year -€16,286
down €16,286 (-17.6%), from €92,562 to €76,277
- Tax, wage and social debts +€12,694
up €12,694 (+43.4%), from €29,247 to €41,941
of which Taxes: +€16,142
- Other debts +€9,089
up €9,089 (+21.1%), from €43,145 to €52,234
- Trade debts -€8,357
down €8,357 (-29.6%), from €28,198 to €19,841
- Staff costs -€39,204
down €39,204 (-63.8%), from €61,496 to €22,292
- Taxes +€15,841
up €15,841 (+344.8%), from €4,594 to €20,435
- Gross operating margin +€9,385
up €9,385 (+8.3%), from €112,624 to €122,009
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 | €304,153 | €327,426 | +€23,273 | +7.7% |
| Fixed assets | 21/28 | €64,800 | €37,326 | -€27,474 | -42.4% |
| Tangible fixed assets | 22/27 | €64,475 | €37,001 | -€27,474 | -42.6% |
| Land and buildings | 22 | €61,701 | €36,267 | -€25,433 | -41.2% |
| Plant, machinery and equipment | 23 | €681 | €380 | -€301 | -44.2% |
| Furniture and vehicles | 24 | €2,093 | €353 | -€1,740 | -83.1% |
| Financial fixed assets | 28 | €325 | €325 | = | 0.0% |
| Current assets | 29/58 | €239,353 | €290,100 | +€50,748 | +21.2% |
| Stocks and contracts in progress | 3 | €98,639 | €90,378 | -€8,260 | -8.4% |
| Stocks | 30/36 | €98,639 | €90,378 | -€8,260 | -8.4% |
| Amounts receivable within one year | 40/41 | €8,971 | €5,423 | -€3,548 | -39.6% |
| Trade receivables | 40 | €5,309 | €2,408 | -€2,901 | -54.6% |
| Other amounts receivable | 41 | €3,662 | €3,015 | -€647 | -17.7% |
| Cash at bank and in hand | 54/58 | €131,743 | €194,300 | +€62,556 | +47.5% |
| Total equity and liabilities | 10/49 | €304,153 | €327,426 | +€23,273 | +7.7% |
| Equity | 10/15 | €94,948 | €120,847 | +€25,899 | +27.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,348 | €102,247 | +€25,899 | +33.9% |
| Non-distributable reserves | 130/1 | €48,275 | €74,174 | +€25,899 | +53.6% |
| Reserves not available under the articles | 1311 | €48,275 | €74,174 | +€25,899 | +53.6% |
| Distributable reserves | 133 | €28,073 | €28,073 | = | 0.0% |
| Amounts payable | 17/49 | €209,204 | €206,579 | -€2,626 | -1.3% |
| Amounts payable after more than one year | 17 | €92,562 | €76,277 | -€16,286 | -17.6% |
| Financial debts | 170/4 | €92,562 | €76,277 | -€16,286 | -17.6% |
| Amounts payable within one year | 42/48 | €116,642 | €130,302 | +€13,660 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €16,052 | €16,286 | +€234 | +1.5% |
| Trade debts | 44 | €28,198 | €19,841 | -€8,357 | -29.6% |
| Suppliers | 440/4 | €28,198 | €19,841 | -€8,357 | -29.6% |
| Taxes, remuneration and social security | 45 | €29,247 | €41,941 | +€12,694 | +43.4% |
| Taxes | 450/3 | €17,909 | €34,051 | +€16,142 | +90.1% |
| Remuneration and social security | 454/9 | €11,339 | €7,890 | -€3,448 | -30.4% |
| Other amounts payable | 47/48 | €43,145 | €52,234 | +€9,089 | +21.1% |
| Remuneration, social security and pensions | 62 | €61,496 | €22,292 | -€39,204 | -63.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,536 | €27,474 | -€61 | -0.2% |
| Other operating charges | 640/8 | €2,630 | €2,335 | -€295 | -11.2% |
| Gross operating margin | 9900 | €112,624 | €122,009 | +€9,385 | +8.3% |
| Operating profit (loss) | 9901 | €20,963 | €69,908 | +€48,946 | +233.5% |
| Financial income | 75/76B | €3,323 | €2,813 | -€511 | -15.4% |
| Recurring financial income | 75 | €3,323 | €2,813 | -€511 | -15.4% |
| Financial charges | 65/66B | €3,010 | €3,135 | +€125 | +4.2% |
| Recurring financial charges | 65 | €3,010 | €3,135 | +€125 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €21,276 | €69,586 | +€48,310 | +227.1% |
| Income taxes | 67/77 | €4,594 | €20,435 | +€15,841 | +344.8% |
| Profit (loss) for the period | 9904 | €16,682 | €49,151 | +€32,469 | +194.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,682 | €49,151 | +€32,469 | +194.6% |
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 4 October 2026 via checked.be.