ELCEM: 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.
ELCEM
Largest movements
- Tangible fixed assets +€76,942
up €76,942 (+70.7%), from €108,889 to €185,831
of which Other tangible fixed assets: +€84,117
- Receivables within one year +€20,229
up €20,229 (+21.0%), from €96,438 to €116,667
of which Trade receivables: +€24,222
- Cash +€10,005
up €10,005 (+15.3%), from €65,189 to €75,194
mainly Debts after one year (+€49,965) and Depreciation (+€44,089)
- Debts after one year +€49,965
new in 2025: €49,965
- Tax, wage and social debts +€26,701
up €26,701 (+63.9%), from €41,774 to €68,475
of which Remuneration and social security: +€22,028
- Reserves +€16,752
up €16,752 (+9.0%), from €185,930 to €202,682
of which Distributable reserves: +€16,752
- Current portion of long-term debt +€14,990
new in 2025: €14,990
- Trade debts -€6,208
down €6,208 (-18.2%), from €34,029 to €27,821
- Gross operating margin +€69,330
up €69,330 (+46.5%), from €149,065 to €218,395
- Staff costs +€45,573
up €45,573 (+47.4%), from €96,247 to €141,820
- Depreciation +€18,150
up €18,150 (+70.0%), from €25,939 to €44,089
- Write-downs +€6,000
new in 2025: €6,000
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 | €281,803 | €390,768 | +€108,964 | +38.7% |
| Fixed assets | 21/28 | €109,364 | €186,306 | +€76,942 | +70.4% |
| Tangible fixed assets | 22/27 | €108,889 | €185,831 | +€76,942 | +70.7% |
| Plant, machinery and equipment | 23 | €52,814 | €33,015 | -€19,799 | -37.5% |
| Furniture and vehicles | 24 | - | €12,624 | +€12,624 | |
| Other tangible fixed assets | 26 | €56,075 | €140,192 | +€84,117 | +150.0% |
| Financial fixed assets | 28 | €475 | €475 | = | 0.0% |
| Current assets | 29/58 | €172,439 | €204,462 | +€32,023 | +18.6% |
| Stocks and contracts in progress | 3 | €3,480 | €2,770 | -€710 | -20.4% |
| Stocks | 30/36 | €3,480 | €2,770 | -€710 | -20.4% |
| Amounts receivable within one year | 40/41 | €96,438 | €116,667 | +€20,229 | +21.0% |
| Trade receivables | 40 | €92,190 | €116,413 | +€24,222 | +26.3% |
| Other amounts receivable | 41 | €4,247 | €254 | -€3,993 | -94.0% |
| Cash at bank and in hand | 54/58 | €65,189 | €75,194 | +€10,005 | +15.3% |
| Deferred charges and accrued income | 490/1 | €7,333 | €9,832 | +€2,499 | +34.1% |
| Total equity and liabilities | 10/49 | €281,803 | €390,768 | +€108,964 | +38.7% |
| Equity | 10/15 | €204,522 | €221,274 | +€16,752 | +8.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Share premium | 1100/10 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €185,930 | €202,682 | +€16,752 | +9.0% |
| Tax-exempt reserves | 132 | €17,764 | €17,764 | = | 0.0% |
| Distributable reserves | 133 | €168,165 | €184,918 | +€16,752 | +10.0% |
| Amounts payable | 17/49 | €77,282 | €169,494 | +€92,212 | +119.3% |
| Amounts payable after more than one year | 17 | - | €49,965 | +€49,965 | |
| Financial debts | 170/4 | - | €49,965 | +€49,965 | |
| Amounts payable within one year | 42/48 | €77,282 | €113,528 | +€36,247 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | - | €14,990 | +€14,990 | |
| Financial debts | 43 | €483 | €483 | = | 0.0% |
| Credit institutions | 430/8 | €483 | €483 | = | 0.0% |
| Trade debts | 44 | €34,029 | €27,821 | -€6,208 | -18.2% |
| Suppliers | 440/4 | €34,029 | €27,821 | -€6,208 | -18.2% |
| Taxes, remuneration and social security | 45 | €41,774 | €68,475 | +€26,701 | +63.9% |
| Taxes | 450/3 | €14,343 | €19,015 | +€4,672 | +32.6% |
| Remuneration and social security | 454/9 | €27,431 | €49,459 | +€22,028 | +80.3% |
| Other amounts payable | 47/48 | €995 | €1,759 | +€764 | +76.9% |
| Accrued charges and deferred income | 492/3 | - | €6,000 | +€6,000 | |
| Non-recurring operating income | 76A | - | €8,272 | +€8,272 | |
| Remuneration, social security and pensions | 62 | €96,247 | €141,820 | +€45,573 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,939 | €44,089 | +€18,150 | +70.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,000 | +€6,000 | |
| Other operating charges | 640/8 | €2,155 | €2,151 | -€4 | -0.2% |
| Non-recurring operating charges | 66A | €880 | €960 | +€80 | +9.1% |
| Gross operating margin | 9900 | €149,065 | €218,395 | +€69,330 | +46.5% |
| Operating profit (loss) | 9901 | €23,844 | €23,375 | -€470 | -2.0% |
| Financial income | 75/76B | - | €101 | +€101 | |
| Recurring financial income | 75 | - | €101 | +€101 | |
| Financial charges | 65/66B | €604 | €1,349 | +€745 | +123.3% |
| Recurring financial charges | 65 | €604 | €1,349 | +€745 | +123.3% |
| Profit (loss) for the period before taxes | 9903 | €23,240 | €22,127 | -€1,114 | -4.8% |
| Income taxes | 67/77 | €5,897 | €5,374 | -€523 | -8.9% |
| Profit (loss) for the period | 9904 | €17,343 | €16,752 | -€591 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,343 | €16,752 | -€591 | -3.4% |
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 11 October 2026 via checked.be.