ELESA: 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.
ELESA
Largest movements
- Stocks and contracts -€639,800
down €639,800 (-96.7%), from €661,400 to €21,600
- Tangible fixed assets +€462,010
up €462,010 (+300%), from €153,836 to €615,846
of which Land and buildings: +€454,134
- Receivables within one year -€139,717
down €139,717 (-52.5%), from €266,284 to €126,567
of which Trade receivables: -€100,831
- Cash -€75,851
down €75,851 (-60.2%), from €126,018 to €50,167
- Short-term financial debts -€389,646
no longer reported in 2025 (was €389,646)
- Other debts +€170,137
up €170,137 (+174%), from €97,596 to €267,733
- Trade debts -€158,185
down €158,185 (-89.6%), from €176,614 to €18,429
- Current portion of long-term debt -€55,305
down €55,305 (-83.1%), from €66,590 to €11,285
- Debts after one year +€21,751
up €21,751 (+6.3%), from €346,483 to €368,234
- Staff costs +€49,415
up €49,415 (+122%), from €40,514 to €89,929
- Depreciation +€25,672
up €25,672 (+74.0%), from €34,674 to €60,346
- Taxes -€17,816
down €17,816 (-73.2%), from €24,338 to €6,522
- Write-downs -€15,025
down €15,025, from €8,625 to -€6,400
- Financial charges +€9,771
up €9,771 (+60.0%), from €16,273 to €26,044
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,214,750 | €822,885 | -€391,865 | -32.3% |
| Fixed assets | 21/28 | €154,199 | €616,209 | +€462,010 | +300% |
| Tangible fixed assets | 22/27 | €153,836 | €615,846 | +€462,010 | +300% |
| Land and buildings | 22 | - | €454,134 | +€454,134 | |
| Plant, machinery and equipment | 23 | €8,492 | €39,047 | +€30,555 | +360% |
| Furniture and vehicles | 24 | €9,164 | €11,829 | +€2,665 | +29.1% |
| Leasing and similar rights | 25 | €136,180 | €35,437 | -€100,743 | -74.0% |
| Other tangible fixed assets | 26 | - | €75,399 | +€75,399 | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €1,060,551 | €206,676 | -€853,875 | -80.5% |
| Stocks and contracts in progress | 3 | €661,400 | €21,600 | -€639,800 | -96.7% |
| Stocks | 30/36 | €661,400 | €21,600 | -€639,800 | -96.7% |
| Amounts receivable within one year | 40/41 | €266,284 | €126,567 | -€139,717 | -52.5% |
| Trade receivables | 40 | €208,747 | €107,916 | -€100,831 | -48.3% |
| Other amounts receivable | 41 | €57,537 | €18,651 | -€38,886 | -67.6% |
| Cash at bank and in hand | 54/58 | €126,018 | €50,167 | -€75,851 | -60.2% |
| Deferred charges and accrued income | 490/1 | €6,849 | €8,342 | +€1,493 | +21.8% |
| Total equity and liabilities | 10/49 | €1,214,750 | €822,885 | -€391,865 | -32.3% |
| Equity | 10/15 | €129,211 | €129,863 | +€652 | +0.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,751 | €109,403 | +€652 | +0.6% |
| Amounts payable | 17/49 | €1,085,539 | €693,022 | -€392,517 | -36.2% |
| Amounts payable after more than one year | 17 | €346,483 | €368,234 | +€21,751 | +6.3% |
| Financial debts | 170/4 | €346,483 | €368,234 | +€21,751 | +6.3% |
| Amounts payable within one year | 42/48 | €736,481 | €316,673 | -€419,808 | -57.0% |
| Current portion of amounts payable after more than one year | 42 | €66,590 | €11,285 | -€55,305 | -83.1% |
| Financial debts | 43 | €389,646 | - | -€389,646 | |
| Credit institutions | 430/8 | €389,646 | - | -€389,646 | |
| Trade debts | 44 | €176,614 | €18,429 | -€158,185 | -89.6% |
| Suppliers | 440/4 | €176,614 | €18,429 | -€158,185 | -89.6% |
| Taxes, remuneration and social security | 45 | €6,035 | €19,226 | +€13,191 | +219% |
| Taxes | 450/3 | - | €18,405 | +€18,405 | |
| Remuneration and social security | 454/9 | €6,035 | €821 | -€5,214 | -86.4% |
| Other amounts payable | 47/48 | €97,596 | €267,733 | +€170,137 | +174% |
| Accrued charges and deferred income | 492/3 | €2,575 | €8,115 | +€5,540 | +215% |
| Non-recurring operating income | 76A | - | €21,225 | +€21,225 | |
| Remuneration, social security and pensions | 62 | €40,514 | €89,929 | +€49,415 | +122% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,674 | €60,346 | +€25,672 | +74.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,625 | -€6,400 | -€15,025 | |
| Other operating charges | 640/8 | €5,998 | €13,217 | +€7,219 | +120% |
| Non-recurring operating charges | 66A | - | €12,906 | +€12,906 | |
| Gross operating margin | 9900 | €202,744 | €203,042 | +€298 | +0.1% |
| Operating profit (loss) | 9901 | €112,933 | €33,044 | -€79,889 | -70.7% |
| Financial income | 75/76B | €56 | €174 | +€118 | +211% |
| Recurring financial income | 75 | €56 | €174 | +€118 | +211% |
| Financial charges | 65/66B | €16,273 | €26,044 | +€9,771 | +60.0% |
| Recurring financial charges | 65 | €16,273 | €26,044 | +€9,771 | +60.0% |
| Profit (loss) for the period before taxes | 9903 | €96,716 | €7,174 | -€89,542 | -92.6% |
| Income taxes | 67/77 | €24,338 | €6,522 | -€17,816 | -73.2% |
| Profit (loss) for the period | 9904 | €72,378 | €652 | -€71,726 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,378 | €652 | -€71,726 | -99.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.