ELCOFIN: 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
ELCOFIN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€440,747
2024 · €512,480-€71,733
Equity
€12.2m
2024 · €12.0m+€140,747
Cash
€116,123
2024 · €77,288+€38,835
Balance sheet total
€14.5m
2024 · €13.3m+€1.2m
Largest movements
Assets
- Financial fixed assets +€1.1m
up €1.1m (+8.5%), from €12.9m to €14.0m
Equity and liabilities
- Debts after one year +€1.1m
up €1.1m, from €0 to €1.1m
of which Other amounts payable: +€1.1m
Income statement
- Financial income -€65,140
down €65,140 (-33.2%), from €196,274 to €131,135
- Financial charges +€10,999
up €10,999 (+42.9%), from €25,617 to €36,616
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
€512,480
Gross operating margin
+€3,076
Other operating charges
+€82
Financial income
-€65,140
Financial charges
-€10,999
Taxes
+€1,247
Result 2025
€440,747
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
+€367,407
Investment
-€1.1m
Financing
+€771,428
Cash 2024
€77,288
From operations (derived)
+€367,407
Net result for the year
+€440,747
Receivables within one year
-€75,287
Deferred charges and accrued income
-€2,803
Trade debts
-€5,058
Tax, wage and social debts
+€102,904
Other debts
-€110,000
Accrued charges and deferred income
+€16,903
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€771,428
Debts after one year
+€1.1m
Current portion of long-term debt
-€28,572
Contributions, distributions and other
-€300,000
Cash 2025
€116,123
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,314,833 | €14,531,758 | +€1.2m | +9.1% |
| Fixed assets | 21/28 | €12,932,664 | €14,032,664 | +€1.1m | +8.5% |
| Financial fixed assets | 28 | €12,932,664 | €14,032,664 | +€1.1m | +8.5% |
| Current assets | 29/58 | €382,169 | €499,094 | +€116,925 | +30.6% |
| Amounts receivable within one year | 40/41 | €304,881 | €380,168 | +€75,287 | +24.7% |
| Trade receivables | 40 | €84,623 | €120,168 | +€35,545 | +42.0% |
| Other amounts receivable | 41 | €220,258 | €260,000 | +€39,742 | +18.0% |
| Cash at bank and in hand | 54/58 | €77,288 | €116,123 | +€38,835 | +50.2% |
| Deferred charges and accrued income | 490/1 | - | €2,803 | +€2,803 | |
| Total equity and liabilities | 10/49 | €13,314,833 | €14,531,758 | +€1.2m | +9.1% |
| Equity | 10/15 | €12,022,454 | €12,163,202 | +€140,747 | +1.2% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €10,022,000 | €10,163,000 | +€141,000 | +1.4% |
| Non-distributable reserves | 130/1 | €200,000 | €200,000 | = | 0.0% |
| Legal reserve | 130 | €200,000 | €200,000 | = | 0.0% |
| Distributable reserves | 133 | €9,822,000 | €9,963,000 | +€141,000 | +1.4% |
| Profit (loss) carried forward | 14 | €454 | €202 | -€253 | -55.6% |
| Amounts payable | 17/49 | €1,292,378 | €2,368,556 | +€1.1m | +83.3% |
| Amounts payable after more than one year | 17 | €0 | €1,100,000 | +€1.1m | |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | - | €1,100,000 | +€1.1m | |
| Amounts payable within one year | 42/48 | €1,292,378 | €1,251,653 | -€40,725 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €28,572 | €0 | -€28,572 | -100.0% |
| Trade debts | 44 | €6,049 | €992 | -€5,058 | -83.6% |
| Suppliers | 440/4 | €6,049 | €992 | -€5,058 | -83.6% |
| Taxes, remuneration and social security | 45 | €42,984 | €145,888 | +€102,904 | +239.4% |
| Taxes | 450/3 | €42,984 | €145,888 | +€102,904 | +239.4% |
| Other amounts payable | 47/48 | €1,214,774 | €1,104,774 | -€110,000 | -9.1% |
| Accrued charges and deferred income | 492/3 | €0 | €16,903 | +€16,903 | |
| Other operating charges | 640/8 | €1,359 | €1,276 | -€82 | -6.0% |
| Gross operating margin | 9900 | €450,683 | €453,760 | +€3,076 | +0.7% |
| Operating profit (loss) | 9901 | €449,325 | €452,483 | +€3,159 | +0.7% |
| Financial income | 75/76B | €196,274 | €131,135 | -€65,140 | -33.2% |
| Recurring financial income | 75 | €196,274 | €131,135 | -€65,140 | -33.2% |
| Financial charges | 65/66B | €25,617 | €36,616 | +€10,999 | +42.9% |
| Recurring financial charges | 65 | €25,617 | €36,616 | +€10,999 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €619,983 | €547,002 | -€72,980 | -11.8% |
| Income taxes | 67/77 | €107,502 | €106,255 | -€1,247 | -1.2% |
| Profit (loss) for the period | 9904 | €512,480 | €440,747 | -€71,733 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €512,480 | €440,747 | -€71,733 | -14.0% |
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.