ELEUTHEROS: 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.
ELEUTHEROS
Largest movements
- Stocks and contracts -€462,339
down €462,339 (-36.1%), from €1.3m to €817,600
- Receivables within one year +€418,402
up €418,402 (+2591.6%), from €16,145 to €434,546
of which Other amounts receivable: +€433,209
- Tangible fixed assets -€303,817
down €303,817 (-100.0%), from €303,817 to €0
of which Land and buildings: -€303,817
- Receivables after one year -€162,500
down €162,500 (-33.3%), from €487,500 to €325,000
- Deferred charges and accrued income +€26,256
up €26,256 (+19067.9%), from €138 to €26,394
- Revaluation surpluses -€419,482
down €419,482 (-100.0%), from €419,482 to €0
- Debts after one year -€162,500
down €162,500 (-14.6%), from €1.1m to €949,150
- Reserves +€50,113
up €50,113 (+15.7%), from €318,825 to €368,938
- Other debts +€21,066
up €21,066 (+12.0%), from €176,168 to €197,233
- Gross operating margin -€141,107
down €141,107 (-35.9%), from €392,885 to €251,778
- Financial charges -€50,463
down €50,463 (-55.2%), from €91,467 to €41,004
- Financial income +€26,147
up €26,147 (+24384.5%), from €107 to €26,255
- Taxes -€5,283
down €5,283 (-22.5%), from €23,525 to €18,242
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 | €2,090,341 | €1,605,793 | -€484,548 | -23.2% |
| Fixed assets | 21/28 | €303,817 | €0 | -€303,817 | -100.0% |
| Tangible fixed assets | 22/27 | €303,817 | €0 | -€303,817 | -100.0% |
| Land and buildings | 22 | €303,817 | €0 | -€303,817 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €1,786,525 | €1,605,793 | -€180,732 | -10.1% |
| Amounts receivable after more than one year | 29 | €487,500 | €325,000 | -€162,500 | -33.3% |
| Other amounts receivable | 291 | €487,500 | €325,000 | -€162,500 | -33.3% |
| Stocks and contracts in progress | 3 | €1,279,939 | €817,600 | -€462,339 | -36.1% |
| Stocks | 30/36 | €1,279,939 | €817,600 | -€462,339 | -36.1% |
| Amounts receivable within one year | 40/41 | €16,145 | €434,546 | +€418,402 | +2591.6% |
| Trade receivables | 40 | €14,808 | €0 | -€14,808 | -100.0% |
| Other amounts receivable | 41 | €1,337 | €434,546 | +€433,209 | +32400.4% |
| Cash at bank and in hand | 54/58 | €2,804 | €2,253 | -€551 | -19.7% |
| Deferred charges and accrued income | 490/1 | €138 | €26,394 | +€26,256 | +19067.9% |
| Total equity and liabilities | 10/49 | €2,090,341 | €1,605,793 | -€484,548 | -23.2% |
| Equity | 10/15 | €756,907 | €387,538 | -€369,369 | -48.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €419,482 | €0 | -€419,482 | -100.0% |
| Reserves | 13 | €318,825 | €368,938 | +€50,113 | +15.7% |
| Distributable reserves | 133 | €318,825 | €368,938 | +€50,113 | +15.7% |
| Amounts payable | 17/49 | €1,333,434 | €1,218,256 | -€115,179 | -8.6% |
| Amounts payable after more than one year | 17 | €1,111,650 | €949,150 | -€162,500 | -14.6% |
| Financial debts | 170/4 | €1,111,650 | €949,150 | -€162,500 | -14.6% |
| Amounts payable within one year | 42/48 | €204,702 | €239,001 | +€34,299 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €5,009 | €0 | -€5,009 | -100.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €23,525 | €41,767 | +€18,242 | +77.5% |
| Taxes | 450/3 | €23,525 | €41,767 | +€18,242 | +77.5% |
| Other amounts payable | 47/48 | €176,168 | €197,233 | +€21,066 | +12.0% |
| Accrued charges and deferred income | 492/3 | €17,083 | €30,105 | +€13,023 | +76.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117 | €0 | -€117 | -100.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €162,500 | €162,500 | = | 0.0% |
| Other operating charges | 640/8 | €4,838 | €6,173 | +€1,336 | +27.6% |
| Gross operating margin | 9900 | €392,885 | €251,778 | -€141,107 | -35.9% |
| Operating profit (loss) | 9901 | €225,430 | €83,104 | -€142,326 | -63.1% |
| Financial income | 75/76B | €107 | €26,255 | +€26,147 | +24384.5% |
| Recurring financial income | 75 | €107 | €26,255 | +€26,147 | +24384.5% |
| Financial charges | 65/66B | €91,467 | €41,004 | -€50,463 | -55.2% |
| Recurring financial charges | 65 | €91,467 | €41,004 | -€50,463 | -55.2% |
| Profit (loss) for the period before taxes | 9903 | €134,070 | €68,355 | -€65,716 | -49.0% |
| Income taxes | 67/77 | €23,525 | €18,242 | -€5,283 | -22.5% |
| Profit (loss) for the period | 9904 | €110,545 | €50,113 | -€60,433 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €110,545 | €50,113 | -€60,433 | -54.7% |
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 10 October 2026 via checked.be.