ELDAR: what changed
Two financial 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.
ELDAR
Largest movements
- Receivables after one year +€1.2m
new in 2025: €1.2m
- Receivables within one year -€1.2m
down €1.2m (-99.5%), from €1.2m to €6,389
of which Other amounts receivable: -€1.2m
- Stocks and contracts +€402,273
up €402,273 (+23.3%), from €1.7m to €2.1m
- Cash +€68,589
up €68,589 (+333.7%), from €20,553 to €89,142
mainly Receivables within one year (+€1.2m) and Other debts (+€547,955)
- Current investments -€46,000
down €46,000 (-73.0%), from €63,000 to €17,000
- Other debts +€547,955
up €547,955 (+62.2%), from €881,323 to €1.4m
- Debts after one year -€66,900
down €66,900 (-5.7%), from €1.2m to €1.1m
- Tax, wage and social debts -€39,934
down €39,934 (-78.7%), from €50,751 to €10,817
- Taxes -€48,240
down €48,240 (-60.5%), from €79,777 to €31,537
- Financial income -€45,445
down €45,445 (-61.8%), from €73,532 to €28,087
of which Non-recurring financial income: -€26,435
- Gross operating margin +€30,459
up €30,459 (+48.7%), from €62,511 to €92,970
- Financial charges +€29,637
up €29,637 (+58.7%), from €50,528 to €80,166
of which Financial charges: +€29,613
- Other operating charges +€3,063
up €3,063 (+72.3%), from €4,233 to €7,296
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 | €3,205,619 | €3,667,918 | +€462,299 | +14.4% |
| Fixed assets | 21/28 | €165,972 | €156,131 | -€9,840 | -5.9% |
| Tangible fixed assets | 22/27 | €165,972 | €156,131 | -€9,840 | -5.9% |
| Land and buildings | 22 | €158,454 | €151,333 | -€7,121 | -4.5% |
| Furniture and vehicles | 24 | €7,518 | €4,799 | -€2,719 | -36.2% |
| Current assets | 29/58 | €3,039,647 | €3,511,787 | +€472,140 | +15.5% |
| Amounts receivable after more than one year | 29 | - | €1,247,925 | +€1.2m | |
| Other amounts receivable | 291 | - | €1,247,925 | +€1.2m | |
| Stocks and contracts in progress | 3 | €1,727,964 | €2,130,237 | +€402,273 | +23.3% |
| Stocks | 30/36 | €1,727,964 | €2,130,237 | +€402,273 | +23.3% |
| Amounts receivable within one year | 40/41 | €1,165,756 | €6,389 | -€1.2m | -99.5% |
| Trade receivables | 40 | €6,389 | €6,389 | = | 0.0% |
| Other amounts receivable | 41 | €1,159,367 | - | -€1.2m | |
| Current investments | 50/53 | €63,000 | €17,000 | -€46,000 | -73.0% |
| Cash at bank and in hand | 54/58 | €20,553 | €89,142 | +€68,589 | +333.7% |
| Deferred charges and accrued income | 490/1 | €62,374 | €21,094 | -€41,280 | -66.2% |
| Total equity and liabilities | 10/49 | €3,205,619 | €3,667,918 | +€462,299 | +14.4% |
| Equity | 10/15 | €934,709 | €918,297 | -€16,412 | -1.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €934,609 | €918,197 | -€16,412 | -1.8% |
| Tax-exempt reserves | 132 | €83,275 | - | -€83,275 | |
| Distributable reserves | 133 | €851,334 | €918,197 | +€66,863 | +7.9% |
| Amounts payable | 17/49 | €2,270,910 | €2,749,622 | +€478,712 | +21.1% |
| Amounts payable after more than one year | 17 | €1,174,946 | €1,108,046 | -€66,900 | -5.7% |
| Financial debts | 170/4 | €1,174,946 | €1,108,046 | -€66,900 | -5.7% |
| Amounts payable within one year | 42/48 | €1,064,119 | €1,582,029 | +€517,910 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €66,085 | €66,900 | +€815 | +1.2% |
| Financial debts | 43 | €3 | €251 | +€248 | +8287.0% |
| Credit institutions | 430/8 | €3 | €251 | +€248 | +8287.0% |
| Trade debts | 44 | €65,957 | €74,783 | +€8,826 | +13.4% |
| Suppliers | 440/4 | €65,957 | €74,783 | +€8,826 | +13.4% |
| Taxes, remuneration and social security | 45 | €50,751 | €10,817 | -€39,934 | -78.7% |
| Taxes | 450/3 | €50,751 | €10,817 | -€39,934 | -78.7% |
| Other amounts payable | 47/48 | €881,323 | €1,429,278 | +€547,955 | +62.2% |
| Accrued charges and deferred income | 492/3 | €31,845 | €59,547 | +€27,702 | +87.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,316 | €9,840 | +€1,524 | +18.3% |
| Other operating charges | 640/8 | €4,233 | €7,296 | +€3,063 | +72.3% |
| Gross operating margin | 9900 | €62,511 | €92,970 | +€30,459 | +48.7% |
| Operating profit (loss) | 9901 | €49,962 | €75,834 | +€25,873 | +51.8% |
| Financial income | 75/76B | €73,532 | €28,087 | -€45,445 | -61.8% |
| Recurring financial income | 75 | €19,562 | €552 | -€19,010 | -97.2% |
| Non-recurring financial income | 76B | €53,970 | €27,535 | -€26,435 | -49.0% |
| Financial charges | 65/66B | €50,528 | €80,166 | +€29,637 | +58.7% |
| Recurring financial charges | 65 | €50,528 | €80,142 | +€29,613 | +58.6% |
| Non-recurring financial charges | 66B | - | €24 | +€24 | |
| Profit (loss) for the period before taxes | 9903 | €72,965 | €23,756 | -€49,209 | -67.4% |
| Income taxes | 67/77 | €79,777 | €31,537 | -€48,240 | -60.5% |
| Profit (loss) for the period | 9904 | -€6,812 | -€7,782 | -€969 | -14.2% |
| Transfer from tax-exempt reserves | 789 | €212,351 | €83,275 | -€129,076 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €205,538 | €75,493 | -€130,045 | -63.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.