Elen, A: 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.
Elen, A
Largest movements
- Cash +€405,106
up €405,106 (+234.9%), from €172,461 to €577,567
mainly Current investments (+€350,000) and Stocks and contracts (+€73,459)
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Stocks and contracts -€73,459
no longer reported in 2025 (was €73,459)
- Receivables within one year -€31,959
down €31,959 (-49.4%), from €64,658 to €32,699
of which Trade receivables: -€26,961
- Reserves -€43,954
down €43,954 (-6.4%), from €681,655 to €637,701
- Tax, wage and social debts -€20,997
down €20,997 (-74.3%), from €28,241 to €7,244
of which Remuneration and social security: -€19,585
- Other debts +€11,634
up €11,634 (+73.1%), from €15,920 to €27,554
- Gross operating margin -€108,714
down €108,714, from €36,791 to -€71,923
- Staff costs -€70,441
down €70,441 (-97.4%), from €72,303 to €1,862
- Financial income +€30,797
up €30,797 (+371.0%), from €8,301 to €39,098
of which Non-recurring financial income: +€31,500
- Taxes -€11,307
no longer reported in 2025 (was €11,307)
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 | €763,816 | €710,499 | -€53,317 | -7.0% |
| Fixed assets | 21/28 | €103,238 | €100,233 | -€3,005 | -2.9% |
| Tangible fixed assets | 22/27 | €103,050 | €100,045 | -€3,005 | -2.9% |
| Land and buildings | 22 | €97,087 | €94,321 | -€2,766 | -2.8% |
| Plant, machinery and equipment | 23 | €4,386 | €2,362 | -€2,024 | -46.1% |
| Furniture and vehicles | 24 | €1,577 | €3,362 | +€1,785 | +113.2% |
| Financial fixed assets | 28 | €188 | €188 | = | 0.0% |
| Current assets | 29/58 | €660,578 | €610,266 | -€50,312 | -7.6% |
| Stocks and contracts in progress | 3 | €73,459 | - | -€73,459 | |
| Stocks | 30/36 | €73,459 | - | -€73,459 | |
| Amounts receivable within one year | 40/41 | €64,658 | €32,699 | -€31,959 | -49.4% |
| Trade receivables | 40 | €52,546 | €25,585 | -€26,961 | -51.3% |
| Other amounts receivable | 41 | €12,112 | €7,114 | -€4,998 | -41.3% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €172,461 | €577,567 | +€405,106 | +234.9% |
| Total equity and liabilities | 10/49 | €763,816 | €710,499 | -€53,317 | -7.0% |
| Equity | 10/15 | €719,655 | €675,701 | -€43,954 | -6.1% |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Reserves | 13 | €681,655 | €637,701 | -€43,954 | -6.4% |
| Distributable reserves | 133 | €681,655 | €637,701 | -€43,954 | -6.4% |
| Amounts payable | 17/49 | €44,161 | €34,798 | -€9,363 | -21.2% |
| Amounts payable within one year | 42/48 | €44,161 | €34,798 | -€9,363 | -21.2% |
| Taxes, remuneration and social security | 45 | €28,241 | €7,244 | -€20,997 | -74.3% |
| Taxes | 450/3 | €8,656 | €7,244 | -€1,412 | -16.3% |
| Remuneration and social security | 454/9 | €19,585 | - | -€19,585 | |
| Other amounts payable | 47/48 | €15,920 | €27,554 | +€11,634 | +73.1% |
| Remuneration, social security and pensions | 62 | €72,303 | €1,862 | -€70,441 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,264 | €5,539 | +€275 | +5.2% |
| Other operating charges | 640/8 | €3,634 | €3,662 | +€28 | +0.8% |
| Gross operating margin | 9900 | €36,791 | -€71,923 | -€108,714 | |
| Operating profit (loss) | 9901 | -€44,410 | -€82,986 | -€38,576 | -86.9% |
| Financial income | 75/76B | €8,301 | €39,098 | +€30,797 | +371.0% |
| Recurring financial income | 75 | €8,301 | €7,598 | -€703 | -8.5% |
| Non-recurring financial income | 76B | - | €31,500 | +€31,500 | |
| Financial charges | 65/66B | €715 | €66 | -€649 | -90.8% |
| Recurring financial charges | 65 | €715 | €66 | -€649 | -90.8% |
| Profit (loss) for the period before taxes | 9903 | -€36,824 | -€43,954 | -€7,130 | -19.4% |
| Income taxes | 67/77 | €11,307 | - | -€11,307 | |
| Profit (loss) for the period | 9904 | -€48,131 | -€43,954 | +€4,177 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,131 | -€43,954 | +€4,177 | +8.7% |
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 8 October 2026 via checked.be.