ELEM: 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.
ELEM
Largest movements
- Tangible fixed assets -€22,393
down €22,393 (-18.0%), from €124,393 to €102,000
of which Plant, machinery and equipment: -€13,075
- Deferred charges and accrued income +€4,230
up €4,230 (+109.7%), from €3,855 to €8,084
- Cash +€3,973
up €3,973 (+3.8%), from €103,413 to €107,386
mainly Depreciation (+€35,147) and Net result for the year (+€17,516)
- Provisions -€25,751
down €25,751 (-100.0%), from €25,751 to €0
- Debts after one year -€20,485
down €20,485 (-38.4%), from €53,311 to €32,826
- Reserves +€17,516
up €17,516 (+11.6%), from €151,220 to €168,736
of which Distributable reserves: +€17,516
- Trade debts +€10,489
up €10,489 (+642.3%), from €1,633 to €12,122
- Tax, wage and social debts +€10,099
up €10,099 (+55.0%), from €18,353 to €28,451
of which Taxes: +€7,421
- Staff costs +€21,010
up €21,010 (+18.1%), from €115,885 to €136,896
- Provisions -€20,751
down €20,751 (-415.0%), from -€5,000 to -€25,751
- Gross operating margin -€13,924
down €13,924 (-7.2%), from €193,916 to €179,992
- Taxes -€5,467
down €5,467 (-35.1%), from €15,586 to €10,119
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 | €283,272 | €271,536 | -€11,736 | -4.1% |
| Fixed assets | 21/28 | €124,393 | €102,000 | -€22,393 | -18.0% |
| Tangible fixed assets | 22/27 | €124,393 | €102,000 | -€22,393 | -18.0% |
| Land and buildings | 22 | €73,228 | €70,464 | -€2,764 | -3.8% |
| Plant, machinery and equipment | 23 | €36,081 | €23,006 | -€13,075 | -36.2% |
| Furniture and vehicles | 24 | €15,084 | €8,530 | -€6,554 | -43.4% |
| Current assets | 29/58 | €158,879 | €169,536 | +€10,657 | +6.7% |
| Stocks and contracts in progress | 3 | €47,125 | €48,125 | +€1,000 | +2.1% |
| Stocks | 30/36 | €47,125 | €48,125 | +€1,000 | +2.1% |
| Amounts receivable within one year | 40/41 | €4,486 | €5,941 | +€1,455 | +32.4% |
| Trade receivables | 40 | €3,906 | €0 | -€3,906 | -100.0% |
| Other amounts receivable | 41 | €580 | €5,941 | +€5,361 | +924.3% |
| Cash at bank and in hand | 54/58 | €103,413 | €107,386 | +€3,973 | +3.8% |
| Deferred charges and accrued income | 490/1 | €3,855 | €8,084 | +€4,230 | +109.7% |
| Total equity and liabilities | 10/49 | €283,272 | €271,536 | -€11,736 | -4.1% |
| Equity | 10/15 | €157,720 | €175,236 | +€17,516 | +11.1% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €151,220 | €168,736 | +€17,516 | +11.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €149,360 | €166,876 | +€17,516 | +11.7% |
| Provisions and deferred taxes | 16 | €25,751 | €0 | -€25,751 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €25,751 | €0 | -€25,751 | -100.0% |
| Pensions and similar obligations | 160 | €25,751 | €0 | -€25,751 | -100.0% |
| Amounts payable | 17/49 | €99,801 | €96,299 | -€3,502 | -3.5% |
| Amounts payable after more than one year | 17 | €53,311 | €32,826 | -€20,485 | -38.4% |
| Financial debts | 170/4 | €53,311 | €32,826 | -€20,485 | -38.4% |
| Amounts payable within one year | 42/48 | €46,490 | €63,473 | +€16,983 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €25,708 | €22,168 | -€3,541 | -13.8% |
| Trade debts | 44 | €1,633 | €12,122 | +€10,489 | +642.3% |
| Suppliers | 440/4 | €1,633 | €12,122 | +€10,489 | +642.3% |
| Taxes, remuneration and social security | 45 | €18,353 | €28,451 | +€10,099 | +55.0% |
| Taxes | 450/3 | €878 | €8,299 | +€7,421 | +845.7% |
| Remuneration and social security | 454/9 | €17,475 | €20,153 | +€2,678 | +15.3% |
| Other amounts payable | 47/48 | €796 | €733 | -€63 | -7.9% |
| Remuneration, social security and pensions | 62 | €115,885 | €136,896 | +€21,010 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,405 | €35,147 | +€742 | +2.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€5,000 | -€25,751 | -€20,751 | -415.0% |
| Other operating charges | 640/8 | €958 | €1,188 | +€230 | +24.0% |
| Non-recurring operating charges | 66A | - | €421 | +€421 | |
| Gross operating margin | 9900 | €193,916 | €179,992 | -€13,924 | -7.2% |
| Operating profit (loss) | 9901 | €47,667 | €32,091 | -€15,576 | -32.7% |
| Financial income | 75/76B | €546 | €722 | +€176 | +32.2% |
| Recurring financial income | 75 | €546 | €722 | +€176 | +32.2% |
| Financial charges | 65/66B | €4,731 | €5,178 | +€447 | +9.5% |
| Recurring financial charges | 65 | €4,731 | €5,178 | +€447 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €43,483 | €27,635 | -€15,847 | -36.4% |
| Income taxes | 67/77 | €15,586 | €10,119 | -€5,467 | -35.1% |
| Profit (loss) for the period | 9904 | €27,896 | €17,516 | -€10,380 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,896 | €17,516 | -€10,380 | -37.2% |
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 3 October 2026 via checked.be.