ELENI PROJECTS: 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.
ELENI PROJECTS
Largest movements
- Tangible fixed assets +€122,182
up €122,182 (+39.0%), from €313,491 to €435,673
of which Other tangible fixed assets: +€122,182
- Receivables within one year -€44,972
down €44,972 (-45.2%), from €99,527 to €54,555
of which Trade receivables: -€39,948
- Cash -€31,303
down €31,303 (-58.9%), from €53,187 to €21,884
mainly Investment in fixed assets (net) (-€130,440) and Trade debts (-€15,855)
- Profit (loss) carried forward +€64,070
up €64,070 (+36.1%), from €177,649 to €241,719
- Trade debts -€15,855
down €15,855 (-94.2%), from €16,823 to €968
- Gross operating margin +€6,453
up €6,453 (+5.0%), from €128,418 to €134,871
- Depreciation +€2,677
up €2,677 (+86.5%), from €3,095 to €5,771
- Other operating charges +€1,605
up €1,605 (+4.1%), from €39,416 to €41,021
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 | €467,155 | €515,370 | +€48,214 | +10.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €314,091 | €438,760 | +€124,668 | +39.7% |
| Intangible fixed assets | 21 | - | €2,487 | +€2,487 | |
| Tangible fixed assets | 22/27 | €313,491 | €435,673 | +€122,182 | +39.0% |
| Land and buildings | 22 | €292,936 | €292,936 | = | 0.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €20,556 | €142,737 | +€122,182 | +594.4% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €153,064 | €76,610 | -€76,454 | -49.9% |
| Amounts receivable within one year | 40/41 | €99,527 | €54,555 | -€44,972 | -45.2% |
| Trade receivables | 40 | €86,961 | €47,013 | -€39,948 | -45.9% |
| Other amounts receivable | 41 | €12,567 | €7,543 | -€5,024 | -40.0% |
| Cash at bank and in hand | 54/58 | €53,187 | €21,884 | -€31,303 | -58.9% |
| Deferred charges and accrued income | 490/1 | €349 | €171 | -€179 | -51.1% |
| Total equity and liabilities | 10/49 | €467,155 | €515,370 | +€48,214 | +10.3% |
| Equity | 10/15 | €450,332 | €514,401 | +€64,070 | +14.2% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €24,789 | €24,789 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | €177,649 | €241,719 | +€64,070 | +36.1% |
| Amounts payable | 17/49 | €16,823 | €968 | -€15,855 | -94.2% |
| Amounts payable within one year | 42/48 | €16,823 | €968 | -€15,855 | -94.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €16,823 | €968 | -€15,855 | -94.2% |
| Suppliers | 440/4 | €16,823 | €968 | -€15,855 | -94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,095 | €5,771 | +€2,677 | +86.5% |
| Other operating charges | 640/8 | €39,416 | €41,021 | +€1,605 | +4.1% |
| Gross operating margin | 9900 | €128,418 | €134,871 | +€6,453 | +5.0% |
| Operating profit (loss) | 9901 | €85,907 | €88,079 | +€2,171 | +2.5% |
| Financial charges | 65/66B | €682 | €103 | -€579 | -84.9% |
| Recurring financial charges | 65 | €682 | €103 | -€579 | -84.9% |
| Profit (loss) for the period before taxes | 9903 | €85,225 | €87,976 | +€2,751 | +3.2% |
| Income taxes | 67/77 | €23,144 | €23,906 | +€762 | +3.3% |
| Profit (loss) for the period | 9904 | €62,081 | €64,070 | +€1,989 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,081 | €64,070 | +€1,989 | +3.2% |
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 12 October 2026 via checked.be.