ELEPHANT EVENTS: 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 EVENTS
Largest movements
- Cash -€70,723
down €70,723 (-30.7%), from €230,309 to €159,586
mainly Investment in fixed assets (net) (-€108,730) and Receivables within one year (-€55,751)
- Receivables within one year +€55,751
up €55,751 (+161%), from €34,566 to €90,317
of which Trade receivables: +€29,659
- Deferred charges and accrued income -€19,837
no longer reported in 2025 (was €19,837)
- Tangible fixed assets -€15,748
down €15,748 (-1.9%), from €827,397 to €811,649
of which Land and buildings: -€43,526
- Trade debts +€51,817
up €51,817 (+89.0%), from €58,233 to €110,050
- Profit (loss) carried forward -€48,150
new in 2025: -€48,150
- Other debts -€46,271
down €46,271 (-64.2%), from €72,101 to €25,830
- Advances received +€26,484
up €26,484 (+13.0%), from €202,945 to €229,429
- Debts after one year -€23,740
down €23,740 (-10.1%), from €234,952 to €211,212
- Gross operating margin -€267,947
down €267,947 (-36.9%), from €725,174 to €457,227
- Taxes -€51,577
down €51,577 (-99.8%), from €51,662 to €86
- Staff costs -€51,208
down €51,208 (-12.3%), from €417,225 to €366,017
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 | €1,192,035 | €1,140,410 | -€51,625 | -4.3% |
| Fixed assets | 21/28 | €829,323 | €812,507 | -€16,816 | -2.0% |
| Intangible fixed assets | 21 | €1,440 | €372 | -€1,068 | -74.2% |
| Tangible fixed assets | 22/27 | €827,397 | €811,649 | -€15,748 | -1.9% |
| Land and buildings | 22 | €640,653 | €597,127 | -€43,526 | -6.8% |
| Plant, machinery and equipment | 23 | €82,840 | €103,978 | +€21,138 | +25.5% |
| Furniture and vehicles | 24 | €103,905 | €110,544 | +€6,640 | +6.4% |
| Financial fixed assets | 28 | €486 | €486 | = | 0.0% |
| Current assets | 29/58 | €362,712 | €327,903 | -€34,809 | -9.6% |
| Amounts receivable within one year | 40/41 | €34,566 | €90,317 | +€55,751 | +161% |
| Trade receivables | 40 | €11,947 | €41,606 | +€29,659 | +248% |
| Other amounts receivable | 41 | €22,619 | €48,712 | +€26,092 | +115% |
| Current investments | 50/53 | €78,000 | €78,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €230,309 | €159,586 | -€70,723 | -30.7% |
| Deferred charges and accrued income | 490/1 | €19,837 | - | -€19,837 | |
| Total equity and liabilities | 10/49 | €1,192,035 | €1,140,410 | -€51,625 | -4.3% |
| Equity | 10/15 | €538,974 | €487,321 | -€51,653 | -9.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €489,834 | €489,834 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €484,834 | €484,834 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€48,150 | -€48,150 | |
| Investment grants | 15 | €49,040 | €45,537 | -€3,503 | -7.1% |
| Amounts payable | 17/49 | €653,061 | €653,089 | +€28 | 0.0% |
| Amounts payable after more than one year | 17 | €234,952 | €211,212 | -€23,740 | -10.1% |
| Financial debts | 170/4 | €234,952 | €211,212 | -€23,740 | -10.1% |
| Amounts payable within one year | 42/48 | €418,109 | €441,876 | +€23,768 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €35,033 | €23,740 | -€11,293 | -32.2% |
| Trade debts | 44 | €58,233 | €110,050 | +€51,817 | +89.0% |
| Suppliers | 440/4 | €58,233 | €110,050 | +€51,817 | +89.0% |
| Advances received on contracts in progress | 46 | €202,945 | €229,429 | +€26,484 | +13.0% |
| Taxes, remuneration and social security | 45 | €49,796 | €52,827 | +€3,030 | +6.1% |
| Taxes | 450/3 | €22,255 | €22,627 | +€371 | +1.7% |
| Remuneration and social security | 454/9 | €27,541 | €30,200 | +€2,659 | +9.7% |
| Other amounts payable | 47/48 | €72,101 | €25,830 | -€46,271 | -64.2% |
| Remuneration, social security and pensions | 62 | €417,225 | €366,017 | -€51,208 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,722 | €125,546 | -€2,175 | -1.7% |
| Other operating charges | 640/8 | €12,817 | €8,352 | -€4,465 | -34.8% |
| Gross operating margin | 9900 | €725,174 | €457,227 | -€267,947 | -36.9% |
| Operating profit (loss) | 9901 | €167,410 | -€42,688 | -€210,098 | |
| Financial income | 75/76B | €1,196 | €1,029 | -€167 | -14.0% |
| Recurring financial income | 75 | €1,196 | €1,029 | -€167 | -14.0% |
| Financial charges | 65/66B | €7,247 | €6,406 | -€841 | -11.6% |
| Recurring financial charges | 65 | €7,247 | €6,406 | -€841 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €161,359 | -€48,065 | -€209,424 | |
| Income taxes | 67/77 | €51,662 | €86 | -€51,577 | -99.8% |
| Profit (loss) for the period | 9904 | €109,697 | -€48,150 | -€157,847 | |
| Profit (loss) for the period to be appropriated | 9905 | €109,697 | -€48,150 | -€157,847 |
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 27 October 2026 via checked.be.