ELENDO: 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.
ELENDO
Largest movements
- Current investments -€230,000
no longer reported in 2025 (was €230,000)
- Cash +€75,786
up €75,786 (+91.1%), from €83,162 to €158,948
mainly Current investments (+€230,000) and Net result for the year (+€148,352)
- Receivables within one year +€16,572
up €16,572 (+157.7%), from €10,508 to €27,080
of which Trade receivables: +€12,577
- Deferred charges and accrued income -€15,459
down €15,459 (-95.7%), from €16,148 to €689
- Tangible fixed assets -€7,672
down €7,672 (-33.6%), from €22,859 to €15,188
- Other debts -€102,827
down €102,827 (-34.7%), from €296,229 to €193,403
- Provisions -€55,000
no longer reported in 2025 (was €55,000)
- Tax, wage and social debts -€4,200
down €4,200 (-67.7%), from €6,200 to €2,000
of which Taxes: -€4,200
- Gross operating margin -€60,097
down €60,097 (-25.3%), from €237,099 to €177,002
- Provisions -€55,033
down €55,033, from €33 to -€55,000
- Taxes -€13,350
down €13,350 (-33.6%), from €39,723 to €26,373
- Financial charges -€6,282
down €6,282 (-11.4%), from €55,234 to €48,952
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 | €362,677 | €201,905 | -€160,773 | -44.3% |
| Fixed assets | 21/28 | €22,859 | €15,188 | -€7,672 | -33.6% |
| Tangible fixed assets | 22/27 | €22,859 | €15,188 | -€7,672 | -33.6% |
| Furniture and vehicles | 24 | €22,859 | €15,188 | -€7,672 | -33.6% |
| Current assets | 29/58 | €339,818 | €186,717 | -€153,101 | -45.1% |
| Amounts receivable within one year | 40/41 | €10,508 | €27,080 | +€16,572 | +157.7% |
| Trade receivables | 40 | - | €12,577 | +€12,577 | |
| Other amounts receivable | 41 | €10,508 | €14,503 | +€3,995 | +38.0% |
| Current investments | 50/53 | €230,000 | - | -€230,000 | |
| Cash at bank and in hand | 54/58 | €83,162 | €158,948 | +€75,786 | +91.1% |
| Deferred charges and accrued income | 490/1 | €16,148 | €689 | -€15,459 | -95.7% |
| Total equity and liabilities | 10/49 | €362,677 | €201,905 | -€160,773 | -44.3% |
| Equity | 10/15 | €5,248 | €5,000 | -€248 | -4.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €248 | - | -€248 | |
| Provisions and deferred taxes | 16 | €55,000 | - | -€55,000 | |
| Provisions for liabilities and charges | 160/5 | €55,000 | - | -€55,000 | |
| Other liabilities and charges | 164/5 | €55,000 | - | -€55,000 | |
| Amounts payable | 17/49 | €302,429 | €196,905 | -€105,524 | -34.9% |
| Amounts payable within one year | 42/48 | €302,429 | €196,905 | -€105,524 | -34.9% |
| Trade debts | 44 | - | €1,502 | +€1,502 | |
| Suppliers | 440/4 | - | €1,502 | +€1,502 | |
| Taxes, remuneration and social security | 45 | €6,200 | €2,000 | -€4,200 | -67.7% |
| Taxes | 450/3 | €4,200 | - | -€4,200 | |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €296,229 | €193,403 | -€102,827 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,465 | €10,607 | +€1,142 | +12.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €33 | -€55,000 | -€55,033 | |
| Other operating charges | 640/8 | €635 | €637 | +€2 | +0.2% |
| Gross operating margin | 9900 | €237,099 | €177,002 | -€60,097 | -25.3% |
| Operating profit (loss) | 9901 | €226,966 | €220,758 | -€6,208 | -2.7% |
| Financial income | 75/76B | €769 | €2,919 | +€2,150 | +279.7% |
| Recurring financial income | 75 | €769 | €2,919 | +€2,150 | +279.7% |
| Financial charges | 65/66B | €55,234 | €48,952 | -€6,282 | -11.4% |
| Recurring financial charges | 65 | €55,234 | €48,952 | -€6,282 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €172,500 | €174,725 | +€2,225 | +1.3% |
| Income taxes | 67/77 | €39,723 | €26,373 | -€13,350 | -33.6% |
| Profit (loss) for the period | 9904 | €132,777 | €148,352 | +€15,575 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €132,777 | €148,352 | +€15,575 | +11.7% |
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 4 October 2026 via checked.be.