ELCEE: 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.
ELCEE
Largest movements
- Cash +€37,705
up €37,705 (+50.0%), from €75,427 to €113,132
mainly Net result for the year (+€41,430) and Tax, wage and social debts (+€6,793)
- Tangible fixed assets +€9,889
up €9,889 (+270.7%), from €3,653 to €13,542
of which Furniture and vehicles: +€10,543
- Reserves +€41,430
up €41,430 (+89.8%), from €46,124 to €87,553
- Tax, wage and social debts +€6,793
up €6,793 (+88.4%), from €7,682 to €14,475
of which Taxes: +€4,913
- Gross operating margin +€13,377
up €13,377 (+27.8%), from €48,048 to €61,424
- Taxes +€6,733
up €6,733 (+69.9%), from €9,635 to €16,368
- Depreciation -€796
down €796 (-22.4%), from €3,553 to €2,757
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 | €79,340 | €127,057 | +€47,717 | +60.1% |
| Fixed assets | 21/28 | €3,703 | €13,592 | +€9,889 | +267.1% |
| Tangible fixed assets | 22/27 | €3,653 | €13,542 | +€9,889 | +270.7% |
| Land and buildings | 22 | €1,910 | €1,168 | -€742 | -38.8% |
| Plant, machinery and equipment | 23 | €1,743 | €1,831 | +€88 | +5.0% |
| Furniture and vehicles | 24 | - | €10,543 | +€10,543 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €75,637 | €113,464 | +€37,828 | +50.0% |
| Cash at bank and in hand | 54/58 | €75,427 | €113,132 | +€37,705 | +50.0% |
| Deferred charges and accrued income | 490/1 | €209 | €332 | +€123 | +58.6% |
| Total equity and liabilities | 10/49 | €79,340 | €127,057 | +€47,717 | +60.1% |
| Equity | 10/15 | €64,724 | €106,153 | +€41,430 | +64.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,124 | €87,553 | +€41,430 | +89.8% |
| Distributable reserves | 133 | €46,124 | €87,553 | +€41,430 | +89.8% |
| Amounts payable | 17/49 | €14,616 | €20,903 | +€6,287 | +43.0% |
| Amounts payable within one year | 42/48 | €14,616 | €20,903 | +€6,287 | +43.0% |
| Trade debts | 44 | €634 | €358 | -€276 | -43.5% |
| Suppliers | 440/4 | €634 | €358 | -€276 | -43.5% |
| Taxes, remuneration and social security | 45 | €7,682 | €14,475 | +€6,793 | +88.4% |
| Taxes | 450/3 | €7,682 | €12,595 | +€4,913 | +64.0% |
| Remuneration and social security | 454/9 | - | €1,880 | +€1,880 | |
| Other amounts payable | 47/48 | €6,301 | €6,070 | -€231 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,553 | €2,757 | -€796 | -22.4% |
| Other operating charges | 640/8 | €1,053 | €1,148 | +€95 | +9.0% |
| Gross operating margin | 9900 | €48,048 | €61,424 | +€13,377 | +27.8% |
| Operating profit (loss) | 9901 | €43,442 | €57,519 | +€14,078 | +32.4% |
| Financial income | 75/76B | €153 | €357 | +€204 | +133.1% |
| Recurring financial income | 75 | €153 | €357 | +€204 | +133.1% |
| Financial charges | 65/66B | €77 | €78 | +€2 | +2.0% |
| Recurring financial charges | 65 | €77 | €78 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €43,518 | €57,798 | +€14,280 | +32.8% |
| Income taxes | 67/77 | €9,635 | €16,368 | +€6,733 | +69.9% |
| Profit (loss) for the period | 9904 | €33,883 | €41,430 | +€7,547 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,883 | €41,430 | +€7,547 | +22.3% |
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 9 October 2026 via checked.be.