ELEPHANT: 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.
ELEPHANT
Largest movements
- Receivables within one year -€3.1m
down €3.1m (-20.1%), from €15.2m to €12.2m
of which Other amounts receivable: -€2.4m
- Tangible fixed assets -€913,436
down €913,436 (-8.5%), from €10.7m to €9.8m
of which Land and buildings: -€958,804
- Cash +€370,661
up €370,661 (+1,083%), from €34,233 to €404,893
mainly Debts after one year (+€15.0m) and Receivables within one year (+€3.1m)
- Short-term financial debts -€18.5m
no longer reported in 2025 (was €18.5m)
- Debts after one year +€15.0m
up €15.0m (+17,751%), from €84,630 to €15.1m
of which Financial debts: +€15.0m
- Current portion of long-term debt +€1.5m
new in 2025: €1.5m
- Other debts -€1.1m
down €1.1m (-78.5%), from €1.4m to €300,344
- Accrued charges and deferred income -€794,417
down €794,417 (-53.0%), from €1.5m to €704,224
- Gross operating margin -€469,312
down €469,312 (-15.9%), from €3.0m to €2.5m
- Financial charges -€352,232
down €352,232 (-33.1%), from €1.1m to €711,943
- Financial income -€283,009
down €283,009 (-37.0%), from €765,678 to €482,669
- Taxes -€133,436
down €133,436 (-37.9%), from €352,508 to €219,072
- Other operating charges +€45,792
up €45,792 (+23.0%), from €199,035 to €244,828
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 | €25,994,907 | €22,399,043 | -€3.6m | -13.8% |
| Fixed assets | 21/28 | €10,749,211 | €9,835,775 | -€913,436 | -8.5% |
| Tangible fixed assets | 22/27 | €10,749,211 | €9,835,775 | -€913,436 | -8.5% |
| Land and buildings | 22 | €10,658,614 | €9,699,810 | -€958,804 | -9.0% |
| Plant, machinery and equipment | 23 | €63,984 | €52,021 | -€11,963 | -18.7% |
| Furniture and vehicles | 24 | €26,613 | €83,944 | +€57,331 | +215% |
| Current assets | 29/58 | €15,245,696 | €12,563,268 | -€2.7m | -17.6% |
| Amounts receivable within one year | 40/41 | €15,205,081 | €12,150,331 | -€3.1m | -20.1% |
| Trade receivables | 40 | €919,596 | €309,853 | -€609,743 | -66.3% |
| Other amounts receivable | 41 | €14,285,485 | €11,840,478 | -€2.4m | -17.1% |
| Cash at bank and in hand | 54/58 | €34,233 | €404,893 | +€370,661 | +1,083% |
| Deferred charges and accrued income | 490/1 | €6,382 | €8,043 | +€1,661 | +26.0% |
| Total equity and liabilities | 10/49 | €25,994,907 | €22,399,043 | -€3.6m | -13.8% |
| Equity | 10/15 | €3,207,229 | €3,868,571 | +€661,343 | +20.6% |
| Contributions | 10/11 | €2,910,000 | €2,910,000 | = | 0.0% |
| Capital | 10 | €2,910,000 | €2,910,000 | = | 0.0% |
| Issued capital | 100 | €2,910,000 | €2,910,000 | = | 0.0% |
| Reserves | 13 | €291,000 | €291,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €291,000 | €291,000 | = | 0.0% |
| Legal reserve | 130 | €291,000 | €291,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,229 | €667,571 | +€661,343 | +10,618% |
| Amounts payable | 17/49 | €22,787,678 | €18,530,471 | -€4.3m | -18.7% |
| Amounts payable after more than one year | 17 | €84,630 | €15,107,525 | +€15.0m | +17,751% |
| Financial debts | 170/4 | - | €15,017,500 | +€15.0m | |
| Other amounts payable | 178/9 | €84,630 | €90,025 | +€5,395 | +6.4% |
| Amounts payable within one year | 42/48 | €21,204,408 | €2,718,722 | -€18.5m | -87.2% |
| Current portion of amounts payable after more than one year | 42 | - | €1,470,000 | +€1.5m | |
| Financial debts | 43 | €18,545,130 | - | -€18.5m | |
| Credit institutions | 430/8 | €18,545,130 | - | -€18.5m | |
| Trade debts | 44 | €814,850 | €820,778 | +€5,928 | +0.7% |
| Suppliers | 440/4 | €814,850 | €820,778 | +€5,928 | +0.7% |
| Taxes, remuneration and social security | 45 | €444,428 | €127,601 | -€316,827 | -71.3% |
| Taxes | 450/3 | €444,428 | €127,601 | -€316,827 | -71.3% |
| Other amounts payable | 47/48 | €1,400,000 | €300,344 | -€1.1m | -78.5% |
| Accrued charges and deferred income | 492/3 | €1,498,641 | €704,224 | -€794,417 | -53.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €970,067 | €981,712 | +€11,645 | +1.2% |
| Other operating charges | 640/8 | €199,035 | €244,828 | +€45,792 | +23.0% |
| Gross operating margin | 9900 | €2,955,541 | €2,486,229 | -€469,312 | -15.9% |
| Operating profit (loss) | 9901 | €1,786,438 | €1,259,689 | -€526,749 | -29.5% |
| Financial income | 75/76B | €765,678 | €482,669 | -€283,009 | -37.0% |
| Recurring financial income | 75 | €765,678 | €482,669 | -€283,009 | -37.0% |
| Financial charges | 65/66B | €1,064,175 | €711,943 | -€352,232 | -33.1% |
| Recurring financial charges | 65 | €1,064,175 | €711,943 | -€352,232 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €1,487,941 | €1,030,415 | -€457,526 | -30.7% |
| Income taxes | 67/77 | €352,508 | €219,072 | -€133,436 | -37.9% |
| Profit (loss) for the period | 9904 | €1,135,433 | €811,343 | -€324,090 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,135,433 | €811,343 | -€324,090 | -28.5% |
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 28 October 2026 via checked.be.