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
- Receivables within one year +€28,347
up €28,347 (+34.1%), from €83,072 to €111,419
of which Trade receivables: +€29,244
- Tangible fixed assets +€18,476
up €18,476 (+60.7%), from €30,439 to €48,915
of which Furniture and vehicles: +€18,685
- Cash -€4,478
down €4,478 (-23.2%), from €19,287 to €14,808
mainly Receivables within one year (-€28,347) and Investment in fixed assets (net) (-€22,368)
- Stocks and contracts -€3,696
down €3,696 (-9.2%), from €40,130 to €36,434
- Reserves +€13,375
up €13,375 (+16.4%), from €81,684 to €95,060
of which Distributable reserves: +€13,375
- Debts after one year +€9,225
new in 2025: €9,225
- Trade debts +€7,555
up €7,555 (+21.6%), from €34,941 to €42,495
- Current portion of long-term debt +€6,563
new in 2025: €6,563
- Tax, wage and social debts +€3,169
up €3,169 (+45.0%), from €7,042 to €10,211
- Gross operating margin +€2,935
up €2,935 (+12.0%), from €24,434 to €27,368
- Staff costs -€2,684
down €2,684 (-94.7%), from €2,833 to €149
- Taxes +€1,950
up €1,950 (+50.2%), from €3,881 to €5,831
- Other operating charges -€1,526
down €1,526 (-60.0%), from €2,545 to €1,019
- Depreciation -€1,249
down €1,249 (-24.3%), from €5,141 to €3,892
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 | €172,928 | €211,612 | +€38,684 | +22.4% |
| Fixed assets | 21/28 | €30,439 | €48,915 | +€18,476 | +60.7% |
| Tangible fixed assets | 22/27 | €30,439 | €48,915 | +€18,476 | +60.7% |
| Plant, machinery and equipment | 23 | €820 | €610 | -€210 | -25.6% |
| Furniture and vehicles | 24 | €2,434 | €21,120 | +€18,685 | +767.6% |
| Leasing and similar rights | 25 | €27,185 | €27,185 | = | 0.0% |
| Current assets | 29/58 | €142,489 | €162,697 | +€20,209 | +14.2% |
| Stocks and contracts in progress | 3 | €40,130 | €36,434 | -€3,696 | -9.2% |
| Stocks | 30/36 | €40,130 | €36,434 | -€3,696 | -9.2% |
| Amounts receivable within one year | 40/41 | €83,072 | €111,419 | +€28,347 | +34.1% |
| Trade receivables | 40 | €82,175 | €111,419 | +€29,244 | +35.6% |
| Other amounts receivable | 41 | €897 | - | -€897 | |
| Cash at bank and in hand | 54/58 | €19,287 | €14,808 | -€4,478 | -23.2% |
| Deferred charges and accrued income | 490/1 | - | €36 | +€36 | |
| Total equity and liabilities | 10/49 | €172,928 | €211,612 | +€38,684 | +22.4% |
| Equity | 10/15 | €87,882 | €101,257 | +€13,375 | +15.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €81,684 | €95,060 | +€13,375 | +16.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €79,825 | €93,201 | +€13,375 | +16.8% |
| Amounts payable | 17/49 | €85,046 | €110,355 | +€25,309 | +29.8% |
| Amounts payable after more than one year | 17 | - | €9,225 | +€9,225 | |
| Financial debts | 170/4 | - | €9,225 | +€9,225 | |
| Amounts payable within one year | 42/48 | €85,046 | €101,130 | +€16,083 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | - | €6,563 | +€6,563 | |
| Financial debts | 43 | €30,000 | €30,000 | = | 0.0% |
| Credit institutions | 430/8 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €34,941 | €42,495 | +€7,555 | +21.6% |
| Suppliers | 440/4 | €34,941 | €42,495 | +€7,555 | +21.6% |
| Taxes, remuneration and social security | 45 | €7,042 | €10,211 | +€3,169 | +45.0% |
| Taxes | 450/3 | €7,042 | €10,211 | +€3,169 | +45.0% |
| Other amounts payable | 47/48 | €13,064 | €11,861 | -€1,203 | -9.2% |
| Remuneration, social security and pensions | 62 | €2,833 | €149 | -€2,684 | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,141 | €3,892 | -€1,249 | -24.3% |
| Other operating charges | 640/8 | €2,545 | €1,019 | -€1,526 | -60.0% |
| Gross operating margin | 9900 | €24,434 | €27,368 | +€2,935 | +12.0% |
| Operating profit (loss) | 9901 | €13,914 | €22,308 | +€8,394 | +60.3% |
| Financial income | 75/76B | €32 | €218 | +€186 | +581.5% |
| Recurring financial income | 75 | €32 | €218 | +€186 | +581.5% |
| Financial charges | 65/66B | €3,238 | €3,320 | +€82 | +2.5% |
| Recurring financial charges | 65 | €3,238 | €3,320 | +€82 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €10,708 | €19,206 | +€8,498 | +79.4% |
| Income taxes | 67/77 | €3,881 | €5,831 | +€1,950 | +50.2% |
| Profit (loss) for the period | 9904 | €6,827 | €13,375 | +€6,549 | +95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,827 | €13,375 | +€6,549 | +95.9% |
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 6 October 2026 via checked.be.