ELCOS: 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.
ELCOS
Largest movements
- Cash +€559,335
up €559,335 (+35.1%), from €1.6m to €2.2m
mainly Net result for the year (+€926,338) and Receivables within one year (+€139,975)
- Receivables within one year -€139,975
down €139,975 (-23.7%), from €591,539 to €451,564
of which Trade receivables: -€141,549
- Stocks and contracts -€71,317
down €71,317 (-17.1%), from €416,577 to €345,260
- Reserves +€786,338
up €786,338 (+37.6%), from €2.1m to €2.9m
- Other debts -€249,000
down €249,000 (-64.0%), from €389,000 to €140,000
- Trade debts -€144,270
down €144,270 (-32.0%), from €450,728 to €306,458
- Current portion of long-term debt -€111,818
down €111,818 (-88.2%), from €126,845 to €15,027
- Tax, wage and social debts +€100,050
up €100,050 (+223.8%), from €44,714 to €144,764
of which Taxes: +€78,558
- Staff costs +€105,286
up €105,286 (+39.0%), from €269,930 to €375,216
- Gross operating margin +€73,750
up €73,750 (+4.6%), from €1.6m to €1.7m
- Taxes +€47,555
up €47,555 (+21.0%), from €226,902 to €274,457
- Write-downs +€18,182
up €18,182 (+47.0%), from €38,721 to €56,904
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 | €3,143,123 | €3,507,596 | +€364,474 | +11.6% |
| Fixed assets | 21/28 | €517,049 | €520,304 | +€3,255 | +0.6% |
| Intangible fixed assets | 21 | €32,607 | €21,220 | -€11,387 | -34.9% |
| Tangible fixed assets | 22/27 | €483,362 | €498,004 | +€14,643 | +3.0% |
| Land and buildings | 22 | €405,743 | €389,831 | -€15,912 | -3.9% |
| Plant, machinery and equipment | 23 | €16,020 | €16,923 | +€903 | +5.6% |
| Furniture and vehicles | 24 | €61,599 | €91,251 | +€29,652 | +48.1% |
| Financial fixed assets | 28 | €1,080 | €1,080 | = | 0.0% |
| Current assets | 29/58 | €2,626,074 | €2,987,292 | +€361,218 | +13.8% |
| Stocks and contracts in progress | 3 | €416,577 | €345,260 | -€71,317 | -17.1% |
| Stocks | 30/36 | €416,577 | €345,260 | -€71,317 | -17.1% |
| Amounts receivable within one year | 40/41 | €591,539 | €451,564 | -€139,975 | -23.7% |
| Trade receivables | 40 | €577,004 | €435,454 | -€141,549 | -24.5% |
| Other amounts receivable | 41 | €14,535 | €16,109 | +€1,574 | +10.8% |
| Cash at bank and in hand | 54/58 | €1,595,459 | €2,154,793 | +€559,335 | +35.1% |
| Deferred charges and accrued income | 490/1 | €22,499 | €35,675 | +€13,175 | +58.6% |
| Total equity and liabilities | 10/49 | €3,143,123 | €3,507,596 | +€364,474 | +11.6% |
| Equity | 10/15 | €2,116,808 | €2,901,346 | +€784,538 | +37.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,092,114 | €2,878,452 | +€786,338 | +37.6% |
| Distributable reserves | 133 | €2,092,114 | €2,878,452 | +€786,338 | +37.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €6,145 | €4,345 | -€1,800 | -29.3% |
| Amounts payable | 17/49 | €1,026,314 | €606,250 | -€420,064 | -40.9% |
| Amounts payable after more than one year | 17 | €15,027 | €0 | -€15,027 | -100.0% |
| Financial debts | 170/4 | €15,027 | €0 | -€15,027 | -100.0% |
| Amounts payable within one year | 42/48 | €1,011,287 | €606,250 | -€405,037 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €126,845 | €15,027 | -€111,818 | -88.2% |
| Trade debts | 44 | €450,728 | €306,458 | -€144,270 | -32.0% |
| Suppliers | 440/4 | €450,728 | €306,458 | -€144,270 | -32.0% |
| Taxes, remuneration and social security | 45 | €44,714 | €144,764 | +€100,050 | +223.8% |
| Taxes | 450/3 | €10,023 | €88,581 | +€78,558 | +783.8% |
| Remuneration and social security | 454/9 | €34,691 | €56,183 | +€21,493 | +62.0% |
| Other amounts payable | 47/48 | €389,000 | €140,000 | -€249,000 | -64.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €269,930 | €375,216 | +€105,286 | +39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,640 | €64,076 | +€14,437 | +29.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €38,721 | €56,904 | +€18,182 | +47.0% |
| Other operating charges | 640/8 | €9,972 | €5,737 | -€4,235 | -42.5% |
| Gross operating margin | 9900 | €1,614,262 | €1,688,012 | +€73,750 | +4.6% |
| Operating profit (loss) | 9901 | €1,245,999 | €1,186,078 | -€59,921 | -4.8% |
| Financial income | 75/76B | €26,450 | €39,733 | +€13,283 | +50.2% |
| Recurring financial income | 75 | €26,450 | €39,733 | +€13,283 | +50.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €32,006 | €25,016 | -€6,989 | -21.8% |
| Recurring financial charges | 65 | €32,006 | €25,016 | -€6,989 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €1,240,443 | €1,200,794 | -€39,649 | -3.2% |
| Income taxes | 67/77 | €226,902 | €274,457 | +€47,555 | +21.0% |
| Profit (loss) for the period | 9904 | €1,013,542 | €926,338 | -€87,204 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,013,542 | €926,338 | -€87,204 | -8.6% |
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 8 October 2026 via checked.be.