ELDEMAR: 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.
ELDEMAR
Largest movements
- Financial fixed assets -€891,474
down €891,474 (-24.9%), from €3.6m to €2.7m
- Tangible fixed assets -€859,199
down €859,199 (-18.8%), from €4.6m to €3.7m
of which Land and buildings: -€877,554
- Cash +€221,602
up €221,602 (+772.8%), from €28,677 to €250,279
mainly Net result for the year (+€2.9m) and Investment in fixed assets (net) (+€1.6m)
- Stocks and contracts +€141,918
up €141,918 (+56.9%), from €249,631 to €391,549
- Receivables within one year +€106,761
up €106,761 (+92.1%), from €115,873 to €222,634
of which Other amounts receivable: +€117,237
- Profit (loss) carried forward +€3.8m
no longer reported in 2025 (was -€3.8m)
- Debts after one year -€2.7m
down €2.7m (-44.6%), from €6.1m to €3.4m
- Reserves -€953,232
down €953,232 (-41.6%), from €2.3m to €1.3m
of which Distributable reserves: -€926,882
- Advances received -€496,376
down €496,376 (-99.3%), from €500,000 to €3,624
- Other debts -€486,597
down €486,597 (-61.1%), from €796,710 to €310,113
- Gross operating margin +€4.4m
up €4.4m (+1274.4%), from €348,195 to €4.8m
- Financial income +€3.4m
up €3.4m (+1953.3%), from €174,562 to €3.6m
of which Non-recurring financial income: +€3.6m
- Taxes +€714,655
up €714,655 (+93822.4%), from €762 to €715,417
- Financial charges +€572,345
up €572,345 (+14.5%), from €3.9m to €4.5m
of which Non-recurring financial charges: +€891,474
- Staff costs -€87,842
down €87,842, from €87,835 to -€7
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 | €8,584,895 | €7,360,211 | -€1.2m | -14.3% |
| Fixed assets | 21/28 | €8,163,319 | €6,412,646 | -€1.8m | -21.4% |
| Tangible fixed assets | 22/27 | €4,579,140 | €3,719,941 | -€859,199 | -18.8% |
| Land and buildings | 22 | €4,440,257 | €3,562,703 | -€877,554 | -19.8% |
| Plant, machinery and equipment | 23 | €3,809 | €0 | -€3,809 | -100.0% |
| Furniture and vehicles | 24 | €135,074 | €157,238 | +€22,164 | +16.4% |
| Financial fixed assets | 28 | €3,584,180 | €2,692,706 | -€891,474 | -24.9% |
| Current assets | 29/58 | €421,576 | €947,565 | +€525,989 | +124.8% |
| Stocks and contracts in progress | 3 | €249,631 | €391,549 | +€141,918 | +56.9% |
| Stocks | 30/36 | €249,631 | €391,549 | +€141,918 | +56.9% |
| Amounts receivable within one year | 40/41 | €115,873 | €222,634 | +€106,761 | +92.1% |
| Trade receivables | 40 | €17,559 | €7,083 | -€10,476 | -59.7% |
| Other amounts receivable | 41 | €98,314 | €215,551 | +€117,237 | +119.2% |
| Cash at bank and in hand | 54/58 | €28,677 | €250,279 | +€221,602 | +772.8% |
| Deferred charges and accrued income | 490/1 | €27,395 | €83,103 | +€55,709 | +203.4% |
| Total equity and liabilities | 10/49 | €8,584,895 | €7,360,211 | -€1.2m | -14.3% |
| Equity | 10/15 | €580,105 | €3,437,538 | +€2.9m | +492.6% |
| Contributions | 10/11 | €2,100,000 | €2,100,000 | = | 0.0% |
| Capital | 10 | €2,100,000 | €2,100,000 | = | 0.0% |
| Issued capital | 100 | €2,100,000 | €2,100,000 | = | 0.0% |
| Reserves | 13 | €2,290,770 | €1,337,538 | -€953,232 | -41.6% |
| Non-distributable reserves | 130/1 | €210,000 | €210,000 | = | 0.0% |
| Legal reserve | 130 | €210,000 | €210,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €180,770 | €154,420 | -€26,350 | -14.6% |
| Distributable reserves | 133 | €1,900,000 | €973,118 | -€926,882 | -48.8% |
| Profit (loss) carried forward | 14 | -€3,810,666 | - | +€3.8m | |
| Provisions and deferred taxes | 16 | €60,257 | €51,473 | -€8,783 | -14.6% |
| Deferred taxes | 168 | €60,257 | €51,473 | -€8,783 | -14.6% |
| Amounts payable | 17/49 | €7,944,534 | €3,871,200 | -€4.1m | -51.3% |
| Amounts payable after more than one year | 17 | €6,141,209 | €3,400,000 | -€2.7m | -44.6% |
| Financial debts | 170/4 | €6,141,209 | €3,400,000 | -€2.7m | -44.6% |
| Amounts payable within one year | 42/48 | €1,802,997 | €430,136 | -€1.4m | -76.1% |
| Current portion of amounts payable after more than one year | 42 | €274,833 | - | -€274,833 | |
| Trade debts | 44 | €128,017 | €90,252 | -€37,765 | -29.5% |
| Suppliers | 440/4 | €128,017 | €90,252 | -€37,765 | -29.5% |
| Advances received on contracts in progress | 46 | €500,000 | €3,624 | -€496,376 | -99.3% |
| Taxes, remuneration and social security | 45 | €103,437 | €26,147 | -€77,291 | -74.7% |
| Taxes | 450/3 | €103,437 | €26,147 | -€77,291 | -74.7% |
| Other amounts payable | 47/48 | €796,710 | €310,113 | -€486,597 | -61.1% |
| Accrued charges and deferred income | 492/3 | €328 | €41,064 | +€40,736 | +12415.7% |
| Remuneration, social security and pensions | 62 | €87,835 | -€7 | -€87,842 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €243,794 | €196,308 | -€47,485 | -19.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,516 | €0 | -€31,516 | -100.0% |
| Other operating charges | 640/8 | €61,658 | €89,819 | +€28,161 | +45.7% |
| Gross operating margin | 9900 | €348,195 | €4,785,723 | +€4.4m | +1274.4% |
| Operating profit (loss) | 9901 | -€76,607 | €4,499,603 | +€4.6m | |
| Financial income | 75/76B | €174,562 | €3,584,292 | +€3.4m | +1953.3% |
| Recurring financial income | 75 | €174,562 | €31,131 | -€143,431 | -82.2% |
| Non-recurring financial income | 76B | - | €3,553,161 | +€3.6m | |
| Financial charges | 65/66B | €3,947,483 | €4,519,828 | +€572,345 | +14.5% |
| Recurring financial charges | 65 | €394,322 | €75,194 | -€319,129 | -80.9% |
| Non-recurring financial charges | 66B | €3,553,161 | €4,444,634 | +€891,474 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,849,528 | €3,564,067 | +€7.4m | |
| Transfer from deferred taxes | 780 | €8,783 | €8,783 | -€0 | 0.0% |
| Income taxes | 67/77 | €762 | €715,417 | +€714,655 | +93822.4% |
| Profit (loss) for the period | 9904 | -€3,841,506 | €2,857,434 | +€6.7m | |
| Transfer from tax-exempt reserves | 789 | €26,350 | €26,350 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,815,156 | €2,883,784 | +€6.7m |
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 30 September 2026 via checked.be.