ELESO: 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.
ELESO
Largest movements
- Financial fixed assets +€62,526
up €62,526 (+238.1%), from €26,255 to €88,781
- Cash -€47,314
down €47,314 (-76.9%), from €61,500 to €14,187
mainly Investment in fixed assets (net) (-€62,526) and Other debts (-€36,275)
- Receivables within one year -€14,333
down €14,333 (-31.0%), from €46,242 to €31,909
of which Other amounts receivable: -€14,333
- Deferred charges and accrued income -€2,494
down €2,494 (-93.0%), from €2,681 to €187
- Debts after one year +€39,407
up €39,407 (+339.3%), from €11,614 to €51,021
- Other debts -€36,275
down €36,275 (-69.6%), from €52,083 to €15,808
- Reserves -€17,000
down €17,000 (-39.7%), from €42,800 to €25,800
- Current portion of long-term debt +€13,515
up €13,515 (+181.2%), from €7,458 to €20,973
- Tax, wage and social debts -€3,852
down €3,852 (-70.2%), from €5,489 to €1,637
of which Remuneration and social security: -€3,852
- Gross operating margin -€47,511
down €47,511, from €36,127 to -€11,384
- Financial charges -€21,124
down €21,124 (-85.4%), from €24,729 to €3,605
of which Non-recurring financial charges: -€23,751
- Taxes -€7,693
no longer reported in 2025 (was €7,693)
- Depreciation -€1,525
down €1,525 (-65.8%), from €2,317 to €792
- Financial income -€722
no longer reported in 2025 (was €722)
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 | €138,914 | €136,508 | -€2,406 | -1.7% |
| Fixed assets | 21/28 | €28,491 | €90,225 | +€61,734 | +216.7% |
| Tangible fixed assets | 22/27 | €2,235 | €1,444 | -€792 | -35.4% |
| Furniture and vehicles | 24 | €2,235 | €1,444 | -€792 | -35.4% |
| Financial fixed assets | 28 | €26,255 | €88,781 | +€62,526 | +238.1% |
| Current assets | 29/58 | €110,424 | €46,283 | -€64,141 | -58.1% |
| Amounts receivable within one year | 40/41 | €46,242 | €31,909 | -€14,333 | -31.0% |
| Trade receivables | 40 | €12,000 | €12,000 | = | 0.0% |
| Other amounts receivable | 41 | €34,242 | €19,909 | -€14,333 | -41.9% |
| Cash at bank and in hand | 54/58 | €61,500 | €14,187 | -€47,314 | -76.9% |
| Deferred charges and accrued income | 490/1 | €2,681 | €187 | -€2,494 | -93.0% |
| Total equity and liabilities | 10/49 | €138,914 | €136,508 | -€2,406 | -1.7% |
| Equity | 10/15 | €61,403 | €45,050 | -€16,353 | -26.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €42,800 | €25,800 | -€17,000 | -39.7% |
| Distributable reserves | 133 | €42,800 | €25,800 | -€17,000 | -39.7% |
| Profit (loss) carried forward | 14 | €53 | €700 | +€647 | +1230.1% |
| Amounts payable | 17/49 | €77,512 | €91,458 | +€13,946 | +18.0% |
| Amounts payable after more than one year | 17 | €11,614 | €51,021 | +€39,407 | +339.3% |
| Financial debts | 170/4 | €11,614 | €51,021 | +€39,407 | +339.3% |
| Amounts payable within one year | 42/48 | €65,898 | €40,437 | -€25,461 | -38.6% |
| Current portion of amounts payable after more than one year | 42 | €7,458 | €20,973 | +€13,515 | +181.2% |
| Trade debts | 44 | €867 | €2,018 | +€1,151 | +132.7% |
| Suppliers | 440/4 | €867 | €2,018 | +€1,151 | +132.7% |
| Taxes, remuneration and social security | 45 | €5,489 | €1,637 | -€3,852 | -70.2% |
| Taxes | 450/3 | €1,637 | €1,637 | = | 0.0% |
| Remuneration and social security | 454/9 | €3,852 | - | -€3,852 | |
| Other amounts payable | 47/48 | €52,083 | €15,808 | -€36,275 | -69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,317 | €792 | -€1,525 | -65.8% |
| Other operating charges | 640/8 | €588 | €572 | -€16 | -2.8% |
| Gross operating margin | 9900 | €36,127 | -€11,384 | -€47,511 | |
| Operating profit (loss) | 9901 | €33,222 | -€12,748 | -€45,970 | |
| Financial income | 75/76B | €722 | - | -€722 | |
| Recurring financial income | 75 | €722 | - | -€722 | |
| Financial charges | 65/66B | €24,729 | €3,605 | -€21,124 | -85.4% |
| Recurring financial charges | 65 | €977 | €3,605 | +€2,627 | +268.9% |
| Non-recurring financial charges | 66B | €23,751 | - | -€23,751 | |
| Profit (loss) for the period before taxes | 9903 | €9,215 | -€16,352 | -€25,567 | |
| Income taxes | 67/77 | €7,693 | - | -€7,693 | |
| Profit (loss) for the period | 9904 | €1,522 | -€16,352 | -€17,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,522 | -€16,352 | -€17,875 |
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 7 October 2026 via checked.be.