ELENA V: 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.
ELENA V
Largest movements
- Cash +€135,916
up €135,916 (+8,928%), from €1,522 to €137,438
mainly Current investments (+€90,000) and Other debts (+€51,000)
- Current investments -€90,000
no longer reported in 2025 (was €90,000)
- Tangible fixed assets -€10,019
down €10,019 (-31.0%), from €32,275 to €22,256
- Receivables within one year -€9,560
down €9,560 (-95.0%), from €10,059 to €500
of which Trade receivables: -€9,680
- Other debts +€51,000
new in 2025: €51,000
- Reserves -€16,771
down €16,771 (-19.4%), from €86,301 to €69,530
- Debts after one year -€10,633
down €10,633 (-53.5%), from €19,880 to €9,247
- Tax, wage and social debts +€2,905
up €2,905 (+35.3%), from €8,222 to €11,127
- Gross operating margin +€24,517
up €24,517 (+52.4%), from €46,798 to €71,315
- Depreciation +€9,348
up €9,348 (+365%), from €2,564 to €11,912
- Taxes +€6,028
up €6,028 (+64.6%), from €9,324 to €15,352
- Financial income +€1,680
up €1,680 (+692%), from €243 to €1,923
- Financial charges +€985
up €985 (+235%), from €419 to €1,403
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.
Derived cash bridge
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 | €136,066 | €163,236 | +€27,170 | +20.0% |
| Fixed assets | 21/28 | €32,275 | €22,256 | -€10,019 | -31.0% |
| Tangible fixed assets | 22/27 | €32,275 | €22,256 | -€10,019 | -31.0% |
| Furniture and vehicles | 24 | €32,275 | €22,256 | -€10,019 | -31.0% |
| Current assets | 29/58 | €103,792 | €140,980 | +€37,188 | +35.8% |
| Amounts receivable within one year | 40/41 | €10,059 | €500 | -€9,560 | -95.0% |
| Trade receivables | 40 | €9,680 | - | -€9,680 | |
| Other amounts receivable | 41 | €379 | €500 | +€120 | +31.8% |
| Current investments | 50/53 | €90,000 | - | -€90,000 | |
| Cash at bank and in hand | 54/58 | €1,522 | €137,438 | +€135,916 | +8,928% |
| Deferred charges and accrued income | 490/1 | €2,210 | €3,042 | +€832 | +37.6% |
| Total equity and liabilities | 10/49 | €136,066 | €163,236 | +€27,170 | +20.0% |
| Equity | 10/15 | €96,301 | €79,530 | -€16,771 | -17.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €86,301 | €69,530 | -€16,771 | -19.4% |
| Distributable reserves | 133 | €86,301 | €69,530 | -€16,771 | -19.4% |
| Amounts payable | 17/49 | €39,766 | €83,706 | +€43,940 | +110% |
| Amounts payable after more than one year | 17 | €19,880 | €9,247 | -€10,633 | -53.5% |
| Financial debts | 170/4 | €19,880 | €9,247 | -€10,633 | -53.5% |
| Amounts payable within one year | 42/48 | €18,886 | €73,459 | +€54,573 | +289% |
| Current portion of amounts payable after more than one year | 42 | €10,149 | €10,633 | +€484 | +4.8% |
| Trade debts | 44 | €515 | €699 | +€184 | +35.8% |
| Suppliers | 440/4 | €515 | €699 | +€184 | +35.8% |
| Taxes, remuneration and social security | 45 | €8,222 | €11,127 | +€2,905 | +35.3% |
| Taxes | 450/3 | €8,222 | €11,127 | +€2,905 | +35.3% |
| Other amounts payable | 47/48 | - | €51,000 | +€51,000 | |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,564 | €11,912 | +€9,348 | +365% |
| Other operating charges | 640/8 | €1,606 | €1,341 | -€265 | -16.5% |
| Gross operating margin | 9900 | €46,798 | €71,315 | +€24,517 | +52.4% |
| Operating profit (loss) | 9901 | €42,628 | €58,062 | +€15,434 | +36.2% |
| Financial income | 75/76B | €243 | €1,923 | +€1,680 | +692% |
| Recurring financial income | 75 | €243 | €1,923 | +€1,680 | +692% |
| Financial charges | 65/66B | €419 | €1,403 | +€985 | +235% |
| Recurring financial charges | 65 | €419 | €1,403 | +€985 | +235% |
| Profit (loss) for the period before taxes | 9903 | €42,452 | €58,581 | +€16,129 | +38.0% |
| Income taxes | 67/77 | €9,324 | €15,352 | +€6,028 | +64.6% |
| Profit (loss) for the period | 9904 | €33,128 | €43,229 | +€10,101 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,128 | €43,229 | +€10,101 | +30.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.