ELCO: 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.
ELCO
Largest movements
- Tangible fixed assets -€9,738
down €9,738 (-24.1%), from €40,476 to €30,739
of which Furniture and vehicles: -€10,284
- Receivables within one year +€9,334
up €9,334 (+12.8%), from €72,704 to €82,038
of which Other amounts receivable: +€8,140
- Cash -€7,265
down €7,265 (-10.9%), from €66,730 to €59,465
mainly Receivables within one year (-€9,334) and Debts after one year (-€8,513)
- Deferred charges and accrued income -€2,025
down €2,025 (-19.9%), from €10,192 to €8,166
- Profit (loss) carried forward +€8,973
up €8,973 (+23.1%), from €38,884 to €47,857
- Debts after one year -€8,513
down €8,513 (-100.0%), from €8,513 to €0
- Trade debts -€6,608
down €6,608 (-35.8%), from €18,476 to €11,869
- Short-term financial debts -€2,744
down €2,744 (-100.0%), from €2,744 to €0
- Staff costs +€39,421
up €39,421 (+22.8%), from €172,874 to €212,295
- Gross operating margin +€21,924
up €21,924 (+9.4%), from €232,746 to €254,670
- Other operating charges -€10,425
down €10,425 (-61.6%), from €16,929 to €6,504
- Taxes -€3,516
down €3,516 (-30.1%), from €11,686 to €8,170
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 | €190,102 | €180,409 | -€9,694 | -5.1% |
| Fixed assets | 21/28 | €40,476 | €30,739 | -€9,738 | -24.1% |
| Tangible fixed assets | 22/27 | €40,476 | €30,739 | -€9,738 | -24.1% |
| Plant, machinery and equipment | 23 | €15,067 | €15,613 | +€546 | +3.6% |
| Furniture and vehicles | 24 | €25,410 | €15,126 | -€10,284 | -40.5% |
| Current assets | 29/58 | €149,626 | €149,670 | +€44 | 0.0% |
| Amounts receivable within one year | 40/41 | €72,704 | €82,038 | +€9,334 | +12.8% |
| Trade receivables | 40 | €65,091 | €66,285 | +€1,194 | +1.8% |
| Other amounts receivable | 41 | €7,613 | €15,753 | +€8,140 | +106.9% |
| Cash at bank and in hand | 54/58 | €66,730 | €59,465 | -€7,265 | -10.9% |
| Deferred charges and accrued income | 490/1 | €10,192 | €8,166 | -€2,025 | -19.9% |
| Total equity and liabilities | 10/49 | €190,102 | €180,409 | -€9,694 | -5.1% |
| Equity | 10/15 | €137,141 | €146,114 | +€8,973 | +6.5% |
| Contributions | 10/11 | €6,198 | €6,198 | = | 0.0% |
| Reserves | 13 | €92,059 | €92,059 | = | 0.0% |
| Distributable reserves | 133 | €92,059 | €92,059 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,884 | €47,857 | +€8,973 | +23.1% |
| Amounts payable | 17/49 | €52,961 | €34,295 | -€18,667 | -35.2% |
| Amounts payable after more than one year | 17 | €8,513 | €0 | -€8,513 | -100.0% |
| Financial debts | 170/4 | €8,513 | €0 | -€8,513 | -100.0% |
| Amounts payable within one year | 42/48 | €44,448 | €34,295 | -€10,153 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €8,944 | €8,513 | -€431 | -4.8% |
| Financial debts | 43 | €2,744 | €0 | -€2,744 | -100.0% |
| Credit institutions | 430/8 | €2,744 | €0 | -€2,744 | -100.0% |
| Trade debts | 44 | €18,476 | €11,869 | -€6,608 | -35.8% |
| Suppliers | 440/4 | €18,476 | €11,869 | -€6,608 | -35.8% |
| Taxes, remuneration and social security | 45 | €14,283 | €13,913 | -€370 | -2.6% |
| Taxes | 450/3 | €2,688 | €0 | -€2,688 | -100.0% |
| Remuneration and social security | 454/9 | €11,595 | €13,913 | +€2,318 | +20.0% |
| Remuneration, social security and pensions | 62 | €172,874 | €212,295 | +€39,421 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,990 | €16,068 | +€1,078 | +7.2% |
| Other operating charges | 640/8 | €16,929 | €6,504 | -€10,425 | -61.6% |
| Gross operating margin | 9900 | €232,746 | €254,670 | +€21,924 | +9.4% |
| Operating profit (loss) | 9901 | €27,953 | €19,803 | -€8,150 | -29.2% |
| Financial income | 75/76B | €933 | €194 | -€739 | -79.2% |
| Recurring financial income | 75 | €933 | €194 | -€739 | -79.2% |
| Financial charges | 65/66B | €2,116 | €2,854 | +€739 | +34.9% |
| Recurring financial charges | 65 | €2,116 | €2,854 | +€739 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | €26,770 | €17,143 | -€9,627 | -36.0% |
| Income taxes | 67/77 | €11,686 | €8,170 | -€3,516 | -30.1% |
| Profit (loss) for the period | 9904 | €15,084 | €8,973 | -€6,111 | -40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,084 | €8,973 | -€6,111 | -40.5% |
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 3 October 2026 via checked.be.