Elcee Belux: 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.
What changed
Elcee Belux
NACE 46.820, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€60,435
2024 · €82,534-€22,099
Equity
€2.3m
2024 · €2.3m+€60,435
Cash
€299,114
2024 · €279,373+€19,741
Balance sheet total
€7.0m
2024 · €6.8m+€174,771
Largest movements
Assets
- Stocks and contracts +€729,608
up €729,608 (+46.6%), from €1.6m to €2.3m
- Receivables within one year -€689,319
down €689,319 (-15.1%), from €4.6m to €3.9m
of which Trade receivables: -€548,156
- Tangible fixed assets +€154,988
up €154,988 (+483.8%), from €32,039 to €187,026
of which Plant, machinery and equipment: +€156,154
Equity and liabilities
- Trade debts +€429,404
up €429,404 (+12.6%), from €3.4m to €3.8m
- Debts after one year -€178,347
down €178,347 (-33.2%), from €536,540 to €358,192
- Tax, wage and social debts -€134,319
down €134,319 (-32.4%), from €414,034 to €279,715
of which Taxes: -€134,822
Income statement
- Turnover -€592,156
down €592,156 (-6.8%), from €8.6m to €8.1m
- Goods and materials -€578,071
down €578,071 (-11.2%), from €5.2m to €4.6m
of which Change in stocks: decrease (increase): -€1.4m
- Services and other goods -€443,262
down €443,262 (-21.1%), from €2.1m to €1.7m
- Write-downs +€328,237
up €328,237, from -€3,754 to €324,483
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.
Result 2024
€82,534
Turnover
-€592,156
Other operating income
-€70,712
Goods and materials
+€578,071
Services and other goods
+€443,262
Staff costs
+€50,571
Depreciation
-€22,834
Write-downs
-€328,237
Other operating charges
+€18,048
Other operating items
-€46,022
Financial income
-€54,611
Financial charges
+€7,172
Taxes
-€4,650
Result 2025
€60,435
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.
From operations
+€390,141
Investment
-€192,000
Financing
-€178,400
Cash 2024
€279,373
From operations (derived)
+€390,141
Net result for the year
+€60,435
Depreciation
+€92,329
Stocks and contracts
-€729,608
Receivables within one year
+€689,319
Deferred charges and accrued income
-€15,070
Trade debts
+€429,404
Tax, wage and social debts
-€134,319
Accrued charges and deferred income
-€2,349
Investment (derived)
-€192,000
Investment in fixed assets (net)
-€192,000
Financing
-€178,400
Debts after one year
-€178,347
Current portion of long-term debt
-€53
Cash 2025
€299,114
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,811,988 | €6,986,759 | +€174,771 | +2.6% |
| Fixed assets | 21/28 | €379,255 | €478,926 | +€99,671 | +26.3% |
| Intangible fixed assets | 21 | €337,587 | €282,270 | -€55,317 | -16.4% |
| Tangible fixed assets | 22/27 | €32,039 | €187,026 | +€154,988 | +483.8% |
| Land and buildings | 22 | €6,614 | €4,595 | -€2,018 | -30.5% |
| Plant, machinery and equipment | 23 | €20,819 | €176,973 | +€156,154 | +750.0% |
| Furniture and vehicles | 24 | €4,605 | €5,458 | +€852 | +18.5% |
| Financial fixed assets | 28 | €9,630 | €9,630 | = | 0.0% |
| Other financial fixed assets | 284/8 | €9,630 | €9,630 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €9,630 | €9,630 | = | 0.0% |
| Current assets | 29/58 | €6,432,733 | €6,507,833 | +€75,100 | +1.2% |
| Stocks and contracts in progress | 3 | €1,566,951 | €2,296,559 | +€729,608 | +46.6% |
| Stocks | 30/36 | €1,566,951 | €2,296,559 | +€729,608 | +46.6% |
| Goods purchased for resale | 34 | €1,566,951 | €2,296,559 | +€729,608 | +46.6% |
| Amounts receivable within one year | 40/41 | €4,571,902 | €3,882,583 | -€689,319 | -15.1% |
| Trade receivables | 40 | €2,154,700 | €1,606,544 | -€548,156 | -25.4% |
| Other amounts receivable | 41 | €2,417,202 | €2,276,039 | -€141,163 | -5.8% |
| Cash at bank and in hand | 54/58 | €279,373 | €299,114 | +€19,741 | +7.1% |
| Deferred charges and accrued income | 490/1 | €14,507 | €29,577 | +€15,070 | +103.9% |
| Total equity and liabilities | 10/49 | €6,811,988 | €6,986,759 | +€174,771 | +2.6% |
| Equity | 10/15 | €2,262,735 | €2,323,170 | +€60,435 | +2.7% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €1,562,735 | €1,623,170 | +€60,435 | +3.9% |
| Distributable reserves | 133 | €1,562,735 | €1,623,170 | +€60,435 | +3.9% |
| Amounts payable | 17/49 | €4,549,253 | €4,663,589 | +€114,336 | +2.5% |
| Amounts payable after more than one year | 17 | €536,540 | €358,192 | -€178,347 | -33.2% |
| Financial debts | 170/4 | €536,540 | €358,192 | -€178,347 | -33.2% |
| Other loans | 174 | €536,540 | €358,192 | -€178,347 | -33.2% |
| Amounts payable within one year | 42/48 | €4,010,364 | €4,305,397 | +€295,032 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €178,400 | €178,347 | -€53 | 0.0% |
| Financial debts | 43 | €40 | €40 | = | 0.0% |
| Credit institutions | 430/8 | €40 | €40 | = | 0.0% |
| Trade debts | 44 | €3,417,890 | €3,847,295 | +€429,404 | +12.6% |
| Suppliers | 440/4 | €3,417,890 | €3,847,295 | +€429,404 | +12.6% |
| Taxes, remuneration and social security | 45 | €414,034 | €279,715 | -€134,319 | -32.4% |
| Taxes | 450/3 | €290,865 | €156,043 | -€134,822 | -46.4% |
| Remuneration and social security | 454/9 | €123,168 | €123,672 | +€503 | +0.4% |
| Accrued charges and deferred income | 492/3 | €2,349 | - | -€2,349 | |
| Operating income | 70/76A | €8,794,744 | €8,085,853 | -€708,890 | -8.1% |
| Turnover | 70 | €8,648,064 | €8,055,908 | -€592,156 | -6.8% |
| Other operating income | 74 | €100,657 | €29,945 | -€70,712 | -70.3% |
| Non-recurring operating income | 76A | €46,022 | - | -€46,022 | |
| Operating charges | 60/66A | €8,511,385 | €7,772,505 | -€738,880 | -8.7% |
| Goods for resale, raw materials and consumables | 60 | €5,183,417 | €4,605,345 | -€578,071 | -11.2% |
| Purchases | 600/8 | €4,797,145 | €5,659,437 | +€862,292 | +18.0% |
| Change in stocks: decrease (increase) | 609 | €386,271 | -€1,054,092 | -€1.4m | |
| Services and other goods | 61 | €2,102,166 | €1,658,904 | -€443,262 | -21.1% |
| Remuneration, social security and pensions | 62 | €1,028,882 | €978,312 | -€50,571 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,495 | €92,329 | +€22,834 | +32.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,754 | €324,483 | +€328,237 | |
| Other operating charges | 640/8 | €131,179 | €113,131 | -€18,048 | -13.8% |
| Operating profit (loss) | 9901 | €283,359 | €313,349 | +€29,990 | +10.6% |
| Financial income | 75/76B | €67,790 | €13,180 | -€54,611 | -80.6% |
| Recurring financial income | 75 | €67,790 | €13,180 | -€54,611 | -80.6% |
| Other financial income | 752/9 | €67,790 | €13,180 | -€54,611 | -80.6% |
| Financial charges | 65/66B | €206,685 | €199,513 | -€7,172 | -3.5% |
| Recurring financial charges | 65 | €206,685 | €199,513 | -€7,172 | -3.5% |
| Debt charges | 650 | €67,495 | €32,166 | -€35,329 | -52.3% |
| Other financial charges | 652/9 | €139,191 | €167,347 | +€28,157 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €144,464 | €127,015 | -€17,449 | -12.1% |
| Income taxes | 67/77 | €61,930 | €66,580 | +€4,650 | +7.5% |
| Taxes | 670/3 | €63,506 | €66,580 | +€3,074 | +4.8% |
| Tax adjustments and reversals of tax provisions | 77 | €1,576 | - | -€1,576 | |
| Profit (loss) for the period | 9904 | €82,534 | €60,435 | -€22,099 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €82,534 | €60,435 | -€22,099 | -26.8% |
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 30 September 2026 via checked.be.