eld: 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.
eld
Largest movements
- Cash +€119,877
up €119,877 (+49.7%), from €241,144 to €361,021
mainly Trade debts (+€152,274) and Deferred charges and accrued income (+€47,922)
- Deferred charges and accrued income -€47,922
down €47,922 (-48.6%), from €98,700 to €50,778
- Stocks and contracts -€33,548
down €33,548 (-6.1%), from €553,041 to €519,493
- Receivables within one year +€31,478
up €31,478 (+2.7%), from €1.2m to €1.2m
of which Other amounts receivable: +€24,266
- Trade debts +€152,274
up €152,274 (+50.4%), from €302,008 to €454,281
- Other debts -€93,000
down €93,000 (-64.8%), from €143,576 to €50,576
- Gross operating margin -€164,235
down €164,235 (-8.9%), from €1.8m to €1.7m
- Taxes -€26,987
down €26,987 (-53.4%), from €50,504 to €23,518
- Other operating charges -€23,060
down €23,060 (-68.0%), from €33,914 to €10,854
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,157,635 | €2,213,558 | +€55,923 | +2.6% |
| Fixed assets | 21/28 | €107,289 | €93,328 | -€13,961 | -13.0% |
| Tangible fixed assets | 22/27 | €40,195 | €26,234 | -€13,961 | -34.7% |
| Land and buildings | 22 | €14,122 | €9,969 | -€4,153 | -29.4% |
| Furniture and vehicles | 24 | €26,074 | €16,265 | -€9,808 | -37.6% |
| Financial fixed assets | 28 | €67,094 | €67,094 | = | 0.0% |
| Current assets | 29/58 | €2,050,346 | €2,120,230 | +€69,884 | +3.4% |
| Stocks and contracts in progress | 3 | €553,041 | €519,493 | -€33,548 | -6.1% |
| Contracts in progress | 37 | €553,041 | €519,493 | -€33,548 | -6.1% |
| Amounts receivable within one year | 40/41 | €1,157,460 | €1,188,938 | +€31,478 | +2.7% |
| Trade receivables | 40 | €936,719 | €943,931 | +€7,212 | +0.8% |
| Other amounts receivable | 41 | €220,741 | €245,007 | +€24,266 | +11.0% |
| Cash at bank and in hand | 54/58 | €241,144 | €361,021 | +€119,877 | +49.7% |
| Deferred charges and accrued income | 490/1 | €98,700 | €50,778 | -€47,922 | -48.6% |
| Total equity and liabilities | 10/49 | €2,157,635 | €2,213,558 | +€55,923 | +2.6% |
| Equity | 10/15 | €506,242 | €507,120 | +€878 | +0.2% |
| Contributions | 10/11 | €428,070 | €428,070 | = | 0.0% |
| Capital | 10 | €428,070 | €428,070 | = | 0.0% |
| Issued capital | 100 | €428,070 | €428,070 | = | 0.0% |
| Reserves | 13 | €78,172 | €79,050 | +€878 | +1.1% |
| Non-distributable reserves | 130/1 | €42,807 | €42,807 | = | 0.0% |
| Legal reserve | 130 | €42,807 | €42,807 | = | 0.0% |
| Distributable reserves | 133 | €35,365 | €36,243 | +€878 | +2.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,651,393 | €1,706,438 | +€55,045 | +3.3% |
| Amounts payable within one year | 42/48 | €1,647,980 | €1,702,947 | +€54,967 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Financial debts | 43 | €821,410 | €822,118 | +€708 | +0.1% |
| Credit institutions | 430/8 | €821,410 | €822,118 | +€708 | +0.1% |
| Trade debts | 44 | €302,008 | €454,281 | +€152,274 | +50.4% |
| Suppliers | 440/4 | €302,008 | €454,281 | +€152,274 | +50.4% |
| Taxes, remuneration and social security | 45 | €380,986 | €375,972 | -€5,014 | -1.3% |
| Taxes | 450/3 | €124,063 | €128,943 | +€4,880 | +3.9% |
| Remuneration and social security | 454/9 | €256,923 | €247,029 | -€9,894 | -3.9% |
| Other amounts payable | 47/48 | €143,576 | €50,576 | -€93,000 | -64.8% |
| Accrued charges and deferred income | 492/3 | €3,413 | €3,491 | +€78 | +2.3% |
| Non-recurring operating income | 76A | €1,033 | €0 | -€1,033 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,600,195 | €1,599,284 | -€911 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,624 | €16,957 | -€3,667 | -17.8% |
| Other operating charges | 640/8 | €33,914 | €10,854 | -€23,060 | -68.0% |
| Gross operating margin | 9900 | €1,848,672 | €1,684,437 | -€164,235 | -8.9% |
| Operating profit (loss) | 9901 | €193,939 | €57,342 | -€136,596 | -70.4% |
| Financial income | 75/76B | €3,158 | €4,895 | +€1,737 | +55.0% |
| Recurring financial income | 75 | €3,158 | €4,895 | +€1,737 | +55.0% |
| Financial charges | 65/66B | €52,642 | €37,842 | -€14,800 | -28.1% |
| Recurring financial charges | 65 | €52,642 | €37,842 | -€14,800 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €144,455 | €24,396 | -€120,059 | -83.1% |
| Income taxes | 67/77 | €50,504 | €23,518 | -€26,987 | -53.4% |
| Profit (loss) for the period | 9904 | €93,950 | €878 | -€93,072 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €93,950 | €878 | -€93,072 | -99.1% |
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 4 October 2026 via checked.be.