ELCARO: 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.
ELCARO
Largest movements
- Cash +€37,615
up €37,615 (+255.3%), from €14,733 to €52,349
mainly Depreciation (+€15,935) and Other debts (+€10,796)
- Tangible fixed assets -€10,815
down €10,815 (-22.7%), from €47,635 to €36,820
of which Furniture and vehicles: -€8,213
- Financial fixed assets -€10,000
down €10,000 (-33.3%), from €30,000 to €20,000
- Receivables within one year -€8,900
down €8,900 (-27.2%), from €32,720 to €23,820
of which Trade receivables: -€9,582
- Other debts +€10,796
up €10,796 (+258.9%), from €4,169 to €14,965
- Debts after one year -€6,973
down €6,973 (-46.9%), from €14,864 to €7,891
- Current portion of long-term debt +€1,677
up €1,677 (+25.1%), from €6,687 to €8,364
- Gross operating margin +€2,618
up €2,618 (+8.7%), from €30,257 to €32,875
- Depreciation +€1,668
up €1,668 (+11.7%), from €14,267 to €15,935
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 | €126,842 | €134,191 | +€7,348 | +5.8% |
| Fixed assets | 21/28 | €77,635 | €56,820 | -€20,815 | -26.8% |
| Tangible fixed assets | 22/27 | €47,635 | €36,820 | -€10,815 | -22.7% |
| Land and buildings | 22 | €10,853 | €5,426 | -€5,427 | -50.0% |
| Plant, machinery and equipment | 23 | €1,322 | €4,967 | +€3,645 | +275.8% |
| Furniture and vehicles | 24 | €32,287 | €24,073 | -€8,213 | -25.4% |
| Other tangible fixed assets | 26 | €3,174 | €2,353 | -€820 | -25.8% |
| Financial fixed assets | 28 | €30,000 | €20,000 | -€10,000 | -33.3% |
| Current assets | 29/58 | €49,207 | €77,371 | +€28,164 | +57.2% |
| Amounts receivable within one year | 40/41 | €32,720 | €23,820 | -€8,900 | -27.2% |
| Trade receivables | 40 | €31,929 | €22,348 | -€9,582 | -30.0% |
| Other amounts receivable | 41 | €791 | €1,472 | +€681 | +86.1% |
| Cash at bank and in hand | 54/58 | €14,733 | €52,349 | +€37,615 | +255.3% |
| Deferred charges and accrued income | 490/1 | €1,753 | €1,202 | -€551 | -31.4% |
| Total equity and liabilities | 10/49 | €126,842 | €134,191 | +€7,348 | +5.8% |
| Equity | 10/15 | €95,514 | €95,427 | -€86 | -0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €89,314 | €89,227 | -€86 | -0.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €89,314 | €89,227 | -€86 | -0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €31,329 | €38,763 | +€7,435 | +23.7% |
| Amounts payable after more than one year | 17 | €14,864 | €7,891 | -€6,973 | -46.9% |
| Financial debts | 170/4 | €14,864 | €7,891 | -€6,973 | -46.9% |
| Amounts payable within one year | 42/48 | €16,465 | €30,872 | +€14,408 | +87.5% |
| Current portion of amounts payable after more than one year | 42 | €6,687 | €8,364 | +€1,677 | +25.1% |
| Trade debts | 44 | €117 | €1,314 | +€1,197 | +1026.9% |
| Suppliers | 440/4 | €117 | €1,314 | +€1,197 | +1026.9% |
| Taxes, remuneration and social security | 45 | €5,492 | €6,229 | +€737 | +13.4% |
| Taxes | 450/3 | €5,492 | €6,229 | +€737 | +13.4% |
| Other amounts payable | 47/48 | €4,169 | €14,965 | +€10,796 | +258.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,267 | €15,935 | +€1,668 | +11.7% |
| Other operating charges | 640/8 | €995 | €1,122 | +€128 | +12.8% |
| Gross operating margin | 9900 | €30,257 | €32,875 | +€2,618 | +8.7% |
| Operating profit (loss) | 9901 | €14,995 | €15,818 | +€823 | +5.5% |
| Financial income | 75/76B | €1,343 | €1,072 | -€271 | -20.2% |
| Recurring financial income | 75 | €1,343 | €1,072 | -€271 | -20.2% |
| Financial charges | 65/66B | €1,249 | €1,002 | -€246 | -19.7% |
| Recurring financial charges | 65 | €1,249 | €1,002 | -€246 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €15,090 | €15,887 | +€797 | +5.3% |
| Income taxes | 67/77 | €5,109 | €5,140 | +€32 | +0.6% |
| Profit (loss) for the period | 9904 | €9,981 | €10,747 | +€766 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,981 | €10,747 | +€766 | +7.7% |
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 8 October 2026 via checked.be.