ELCOM: 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.
ELCOM
Largest movements
- Cash +€48,849
up €48,849 (+11.7%), from €416,640 to €465,489
mainly Net result for the year (+€144,538) and Depreciation (+€13,510)
- Tangible fixed assets -€13,510
down €13,510 (-49.1%), from €27,515 to €14,005
of which Furniture and vehicles: -€7,051
- Receivables within one year +€7,649
up €7,649 (+4.8%), from €160,133 to €167,782
of which Trade receivables: +€13,964
- Reserves +€36,393
up €36,393 (+8.1%), from €451,180 to €487,573
of which Non-distributable reserves: +€36,393
- Tax, wage and social debts +€6,703
up €6,703 (+73.8%), from €9,083 to €15,786
- Gross operating margin +€93,803
up €93,803 (+79.7%), from €117,760 to €211,562
- Taxes +€38,301
up €38,301 (+158.2%), from €24,206 to €62,507
- Financial income +€7,703
up €7,703 (+248.2%), from €3,104 to €10,808
- Depreciation -€2,782
down €2,782 (-17.1%), from €16,292 to €13,510
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 | €604,636 | €647,624 | +€42,988 | +7.1% |
| Fixed assets | 21/28 | €27,863 | €14,353 | -€13,510 | -48.5% |
| Tangible fixed assets | 22/27 | €27,515 | €14,005 | -€13,510 | -49.1% |
| Plant, machinery and equipment | 23 | €20,275 | €13,815 | -€6,460 | -31.9% |
| Furniture and vehicles | 24 | €7,240 | €190 | -€7,051 | -97.4% |
| Financial fixed assets | 28 | €348 | €348 | = | 0.0% |
| Current assets | 29/58 | €576,773 | €633,271 | +€56,498 | +9.8% |
| Amounts receivable within one year | 40/41 | €160,133 | €167,782 | +€7,649 | +4.8% |
| Trade receivables | 40 | €132,808 | €146,772 | +€13,964 | +10.5% |
| Other amounts receivable | 41 | €27,325 | €21,010 | -€6,315 | -23.1% |
| Cash at bank and in hand | 54/58 | €416,640 | €465,489 | +€48,849 | +11.7% |
| Total equity and liabilities | 10/49 | €604,636 | €647,624 | +€42,988 | +7.1% |
| Equity | 10/15 | €575,397 | €611,790 | +€36,393 | +6.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €451,180 | €487,573 | +€36,393 | +8.1% |
| Non-distributable reserves | 130/1 | €393,344 | €429,738 | +€36,393 | +9.3% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €387,144 | €423,538 | +€36,393 | +9.4% |
| Tax-exempt reserves | 132 | €57,835 | €57,835 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,217 | €62,217 | = | 0.0% |
| Amounts payable | 17/49 | €29,240 | €35,834 | +€6,594 | +22.6% |
| Amounts payable within one year | 42/48 | €29,240 | €35,834 | +€6,594 | +22.6% |
| Trade debts | 44 | €13,545 | €15,119 | +€1,573 | +11.6% |
| Suppliers | 440/4 | €13,545 | €15,119 | +€1,573 | +11.6% |
| Taxes, remuneration and social security | 45 | €9,083 | €15,786 | +€6,703 | +73.8% |
| Taxes | 450/3 | €9,083 | €15,786 | +€6,703 | +73.8% |
| Other amounts payable | 47/48 | €6,612 | €4,929 | -€1,682 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,292 | €13,510 | -€2,782 | -17.1% |
| Other operating charges | 640/8 | €149 | €444 | +€295 | +197.4% |
| Gross operating margin | 9900 | €117,760 | €211,562 | +€93,803 | +79.7% |
| Operating profit (loss) | 9901 | €101,318 | €197,608 | +€96,290 | +95.0% |
| Financial income | 75/76B | €3,104 | €10,808 | +€7,703 | +248.2% |
| Recurring financial income | 75 | €3,104 | €10,808 | +€7,703 | +248.2% |
| Financial charges | 65/66B | €1,160 | €1,372 | +€212 | +18.3% |
| Recurring financial charges | 65 | €1,160 | €1,372 | +€212 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €103,263 | €207,044 | +€103,782 | +100.5% |
| Income taxes | 67/77 | €24,206 | €62,507 | +€38,301 | +158.2% |
| Profit (loss) for the period | 9904 | €79,057 | €144,538 | +€65,481 | +82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,057 | €144,538 | +€65,481 | +82.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.