elegis HEC: 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.
elegis HEC
Largest movements
- Cash -€196,244
down €196,244 (-70.3%), from €279,050 to €82,805
- Tangible fixed assets +€84,581
up €84,581 (+18.1%), from €468,506 to €553,087
of which Other tangible fixed assets: +€78,468
- Current investments +€25,236
up €25,236 (+9.5%), from €265,046 to €290,282
- Receivables within one year +€21,763
up €21,763 (+2.6%), from €826,067 to €847,830
of which Trade receivables: +€122,868
- Trade debts -€111,016
down €111,016 (-17.0%), from €652,945 to €541,929
- Other debts +€94,626
up €94,626 (+10.9%), from €866,390 to €961,016
- Debts after one year -€43,183
down €43,183 (-29.5%), from €146,343 to €103,160
- Gross operating margin +€44,915
up €44,915 (+11.6%), from €388,804 to €433,719
- Depreciation +€32,815
up €32,815 (+93.5%), from €35,078 to €67,893
- Staff costs +€17,716
up €17,716 (+5.3%), from €333,468 to €351,184
- Write-downs -€14,940
no longer reported in 2025 (was €14,940)
- Financial charges +€6,317
up €6,317 (+68.2%), from €9,255 to €15,572
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,939,067 | €1,879,742 | -€59,325 | -3.1% |
| Fixed assets | 21/28 | €468,506 | €553,087 | +€84,581 | +18.1% |
| Tangible fixed assets | 22/27 | €468,506 | €553,087 | +€84,581 | +18.1% |
| Furniture and vehicles | 24 | €50,038 | €56,151 | +€6,113 | +12.2% |
| Other tangible fixed assets | 26 | €418,468 | €496,935 | +€78,468 | +18.8% |
| Current assets | 29/58 | €1,470,561 | €1,326,655 | -€143,906 | -9.8% |
| Amounts receivable within one year | 40/41 | €826,067 | €847,830 | +€21,763 | +2.6% |
| Trade receivables | 40 | €724,332 | €847,200 | +€122,868 | +17.0% |
| Other amounts receivable | 41 | €101,735 | €630 | -€101,105 | -99.4% |
| Current investments | 50/53 | €265,046 | €290,282 | +€25,236 | +9.5% |
| Cash at bank and in hand | 54/58 | €279,050 | €82,805 | -€196,244 | -70.3% |
| Deferred charges and accrued income | 490/1 | €100,398 | €105,737 | +€5,339 | +5.3% |
| Total equity and liabilities | 10/49 | €1,939,067 | €1,879,742 | -€59,325 | -3.1% |
| Equity | 10/15 | €145,398 | €145,398 | = | 0.0% |
| Contributions | 10/11 | €145,398 | €145,398 | = | 0.0% |
| Amounts payable | 17/49 | €1,793,669 | €1,734,344 | -€59,325 | -3.3% |
| Amounts payable after more than one year | 17 | €146,343 | €103,160 | -€43,183 | -29.5% |
| Financial debts | 170/4 | €146,343 | €103,160 | -€43,183 | -29.5% |
| Amounts payable within one year | 42/48 | €1,632,264 | €1,611,633 | -€20,631 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €41,626 | €43,183 | +€1,557 | +3.7% |
| Trade debts | 44 | €652,945 | €541,929 | -€111,016 | -17.0% |
| Suppliers | 440/4 | €652,945 | €541,929 | -€111,016 | -17.0% |
| Taxes, remuneration and social security | 45 | €71,302 | €65,504 | -€5,798 | -8.1% |
| Taxes | 450/3 | €13,421 | €21,273 | +€7,853 | +58.5% |
| Remuneration and social security | 454/9 | €57,881 | €44,231 | -€13,650 | -23.6% |
| Other amounts payable | 47/48 | €866,390 | €961,016 | +€94,626 | +10.9% |
| Accrued charges and deferred income | 492/3 | €15,063 | €19,552 | +€4,489 | +29.8% |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Remuneration, social security and pensions | 62 | €333,468 | €351,184 | +€17,716 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,078 | €67,893 | +€32,815 | +93.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,940 | - | -€14,940 | |
| Other operating charges | 640/8 | €4,416 | €1,965 | -€2,451 | -55.5% |
| Non-recurring operating charges | 66A | - | €1,900 | +€1,900 | |
| Gross operating margin | 9900 | €388,804 | €433,719 | +€44,915 | +11.6% |
| Operating profit (loss) | 9901 | €902 | €10,778 | +€9,876 | +1,095% |
| Financial income | 75/76B | €6,743 | €4,794 | -€1,949 | -28.9% |
| Recurring financial income | 75 | €6,743 | €4,794 | -€1,949 | -28.9% |
| Financial charges | 65/66B | €9,255 | €15,572 | +€6,317 | +68.2% |
| Recurring financial charges | 65 | €9,255 | €15,572 | +€6,317 | +68.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,610 | - | +€1,610 | |
| Income taxes | 67/77 | -€1,610 | - | +€1,610 |
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 23 October 2026 via checked.be.