ElCo Solar: what changed
ElCo Solar
Largest movements
- Financial fixed assets +€37,878
new in 2025: €37,878
- Receivables within one year +€14,427
up €14,427 (+15.4%), from €93,669 to €108,096
of which Other amounts receivable: +€19,902
- Cash -€13,183
down €13,183 (-96.0%), from €13,729 to €546
mainly Investment in fixed assets (net) (-€41,600) and Current portion of long-term debt (-€24,315)
- Tangible fixed assets -€9,805
down €9,805 (-22.1%), from €44,400 to €34,595
of which Furniture and vehicles: -€6,800
- Stocks and contracts -€8,590
no longer reported in 2025 (was €8,590)
- Reserves +€42,106
up €42,106 (+128%), from €32,819 to €74,924
- Current portion of long-term debt -€24,315
down €24,315 (-63.2%), from €38,472 to €14,158
- Short-term financial debts +€22,073
new in 2025: €22,073
- Debts after one year -€14,158
down €14,158 (-39.3%), from €35,980 to €21,822
- Trade debts -€8,915
down €8,915 (-43.2%), from €20,657 to €11,742
- Gross operating margin +€35,301
up €35,301 (+34.4%), from €102,753 to €138,054
- Taxes +€12,726
up €12,726 (+1,638%), from €777 to €13,503
- Depreciation -€4,782
down €4,782 (-26.1%), from €18,308 to €13,526
- Financial charges -€2,622
down €2,622 (-15.7%), from €16,660 to €14,038
- Staff costs -€1,401
down €1,401 (-2.4%), from €57,815 to €56,414
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €161,336 | €182,114 | +€20,778 | +12.9% |
| Fixed assets | 21/28 | €44,400 | €72,474 | +€28,074 | +63.2% |
| Tangible fixed assets | 22/27 | €44,400 | €34,595 | -€9,805 | -22.1% |
| Plant, machinery and equipment | 23 | €11,005 | €8,000 | -€3,005 | -27.3% |
| Furniture and vehicles | 24 | €33,395 | €26,596 | -€6,800 | -20.4% |
| Financial fixed assets | 28 | - | €37,878 | +€37,878 | |
| Current assets | 29/58 | €116,936 | €109,640 | -€7,295 | -6.2% |
| Stocks and contracts in progress | 3 | €8,590 | - | -€8,590 | |
| Stocks | 30/36 | €8,590 | - | -€8,590 | |
| Amounts receivable within one year | 40/41 | €93,669 | €108,096 | +€14,427 | +15.4% |
| Trade receivables | 40 | €39,043 | €33,568 | -€5,475 | -14.0% |
| Other amounts receivable | 41 | €54,626 | €74,528 | +€19,902 | +36.4% |
| Cash at bank and in hand | 54/58 | €13,729 | €546 | -€13,183 | -96.0% |
| Deferred charges and accrued income | 490/1 | €948 | €999 | +€51 | +5.4% |
| Total equity and liabilities | 10/49 | €161,336 | €182,114 | +€20,778 | +12.9% |
| Equity | 10/15 | €51,514 | €93,524 | +€42,010 | +81.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,819 | €74,924 | +€42,106 | +128% |
| Distributable reserves | 133 | €32,819 | €74,924 | +€42,106 | +128% |
| Profit (loss) carried forward | 14 | €96 | - | -€96 | |
| Amounts payable | 17/49 | €109,821 | €88,590 | -€21,232 | -19.3% |
| Amounts payable after more than one year | 17 | €35,980 | €21,822 | -€14,158 | -39.3% |
| Financial debts | 170/4 | €35,980 | €21,822 | -€14,158 | -39.3% |
| Amounts payable within one year | 42/48 | €73,841 | €66,767 | -€7,074 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €38,472 | €14,158 | -€24,315 | -63.2% |
| Financial debts | 43 | - | €22,073 | +€22,073 | |
| Credit institutions | 430/8 | - | €22,073 | +€22,073 | |
| Trade debts | 44 | €20,657 | €11,742 | -€8,915 | -43.2% |
| Suppliers | 440/4 | €20,657 | €11,742 | -€8,915 | -43.2% |
| Taxes, remuneration and social security | 45 | €14,712 | €18,795 | +€4,083 | +27.8% |
| Taxes | 450/3 | €10,600 | €14,685 | +€4,086 | +38.5% |
| Remuneration and social security | 454/9 | €4,112 | €4,109 | -€3 | -0.1% |
| Remuneration, social security and pensions | 62 | €57,815 | €56,414 | -€1,401 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,308 | €13,526 | -€4,782 | -26.1% |
| Other operating charges | 640/8 | €1,750 | €1,988 | +€237 | +13.6% |
| Non-recurring operating charges | 66A | €11,372 | - | -€11,372 | |
| Gross operating margin | 9900 | €102,753 | €138,054 | +€35,301 | +34.4% |
| Operating profit (loss) | 9901 | €13,508 | €66,126 | +€52,619 | +390% |
| Financial income | 75/76B | €3,311 | €3,424 | +€114 | +3.4% |
| Recurring financial income | 75 | €3,311 | €3,424 | +€114 | +3.4% |
| Financial charges | 65/66B | €16,660 | €14,038 | -€2,622 | -15.7% |
| Recurring financial charges | 65 | €16,660 | €14,038 | -€2,622 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €158 | €55,513 | +€55,354 | +34,961% |
| Income taxes | 67/77 | €777 | €13,503 | +€12,726 | +1,638% |
| Profit (loss) for the period | 9904 | -€619 | €42,010 | +€42,628 | |
| Profit (loss) for the period to be appropriated | 9905 | -€619 | €42,010 | +€42,628 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.