ELEX: 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.
What changed
ELEX
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€253.7m
2024 · -€64.7m+€318.4m
Equity
€1.74bn
2024 · €1.48bn+€253.7m
Cash
€120.7m
2024 · €200.1m-€79.4m
Balance sheet total
€2.05bn
2024 · €1.94bn+€109.5m
Largest movements
Assets
- Receivables within one year +€148.7m
up €148.7m (+660%), from €22.5m to €171.3m
of which Other amounts receivable: +€152.8m
- Financial fixed assets +€79.4m
up €79.4m (+4.9%), from €1.63bn to €1.71bn
of which Other financial fixed assets: +€166.8m
- Cash -€79.4m
down €79.4m (-39.7%), from €200.1m to €120.7m
mainly Receivables within one year (-€148.7m) and Investment in fixed assets (net) (-€79.4m)
- Current investments -€27.8m
down €27.8m (-82.1%), from €33.9m to €6.1m
of which Other investments: -€27.8m
Equity and liabilities
- Profit (loss) carried forward +€253.7m
up €253.7m (+19.6%), from €1.29bn to €1.55bn
- Accrued charges and deferred income -€52.4m
down €52.4m (-21.5%), from €243.7m to €191.3m
- Debts after one year -€45.4m
down €45.4m (-65.4%), from €69.3m to €24.0m
- Current portion of long-term debt -€35.0m
down €35.0m (-86.0%), from €40.7m to €5.7m
Income statement
- Financial charges -€263.1m
down €263.1m, from €245.3m to -€17.8m
of which Financial charges: -€256.9m
- Financial income +€44.3m
up €44.3m (+22.6%), from €195.6m to €239.9m
of which Non-recurring financial income: +€34.0m
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.
Result 2024
-€64.7m
Staff costs
+€10,504
Depreciation
+€4,866
Other operating charges
+€1.0m
Other operating items
-€1.5m
Financial income
+€44.3m
Financial charges
+€263.1m
Taxes
+€11.5m
Result 2025
€253.7m
raises the resultnot broken down further in the accounts
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.
From operations
+€54.0m
Investment
-€51.6m
Financing
-€81.8m
Cash 2024
€200.1m
From operations (derived)
+€54.0m
Net result for the year
+€253.7m
Depreciation
+€4,081
Receivables after one year
-€3.0m
Stocks and contracts
+€14.6m
Receivables within one year
-€148.7m
Smaller working-capital items
-€40,129
Tax, wage and social debts
-€10.1m
Accrued charges and deferred income
-€52.4m
Investment (derived)
-€51.6m
Investment in fixed assets (net)
-€79.4m
Current investments
+€27.8m
Financing
-€81.8m
Debts after one year
-€45.4m
Current portion of long-term debt
-€35.0m
Short-term financial debts
-€1.4m
Cash 2025
€120.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,935,897,154 | €2,045,368,976 | +€109.5m | +5.7% |
| Fixed assets | 21/28 | €1,626,301,112 | €1,705,681,487 | +€79.4m | +4.9% |
| Tangible fixed assets | 22/27 | €4,341 | €260 | -€4,081 | -94.0% |
| Plant, machinery and equipment | 23 | €308 | - | -€308 | |
| Furniture and vehicles | 24 | €4,033 | €260 | -€3,773 | -93.6% |
| Financial fixed assets | 28 | €1,626,296,771 | €1,705,681,227 | +€79.4m | +4.9% |
| Affiliated companies | 280/1 | €401,824,561 | €313,805,705 | -€88.0m | -21.9% |
| Participating interests | 280 | €235,609,390 | €256,889,481 | +€21.3m | +9.0% |
| Amounts receivable | 281 | €166,215,171 | €56,916,224 | -€109.3m | -65.8% |
| Companies linked by participating interests | 282/3 | €1,041,078,356 | €1,041,707,054 | +€628,698 | +0.1% |
| Participating interests | 282 | €1,038,978,356 | €1,039,607,054 | +€628,698 | +0.1% |
| Amounts receivable | 283 | €2,100,000 | €2,100,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €183,393,855 | €350,168,469 | +€166.8m | +90.9% |
| Shares | 284 | €183,393,855 | €350,168,469 | +€166.8m | +90.9% |
| Current assets | 29/58 | €309,596,041 | €339,687,489 | +€30.1m | +9.7% |
| Amounts receivable after more than one year | 29 | €33,152,092 | €36,165,144 | +€3.0m | +9.1% |
| Other amounts receivable | 291 | €33,152,092 | €36,165,144 | +€3.0m | +9.1% |
| Stocks and contracts in progress | 3 | €19,716,780 | €5,150,973 | -€14.6m | -73.9% |
| Contracts in progress | 37 | €19,716,780 | €5,150,973 | -€14.6m | -73.9% |
| Amounts receivable within one year | 40/41 | €22,546,859 | €171,274,174 | +€148.7m | +660% |
| Trade receivables | 40 | €13,752,163 | €9,639,363 | -€4.1m | -29.9% |
| Other amounts receivable | 41 | €8,794,696 | €161,634,811 | +€152.8m | +1,738% |
| Current investments | 50/53 | €33,876,813 | €6,067,955 | -€27.8m | -82.1% |
| Own shares | 50 | €900,124 | €900,124 | = | 0.0% |
| Other investments | 51/53 | €32,976,689 | €5,167,831 | -€27.8m | -84.3% |
| Cash at bank and in hand | 54/58 | €200,091,296 | €120,719,239 | -€79.4m | -39.7% |
| Deferred charges and accrued income | 490/1 | €212,200 | €310,003 | +€97,804 | +46.1% |
| Total equity and liabilities | 10/49 | €1,935,897,154 | €2,045,368,976 | +€109.5m | +5.7% |
| Equity | 10/15 | €1,483,006,506 | €1,736,686,708 | +€253.7m | +17.1% |
| Contributions | 10/11 | €173,282,084 | €173,282,084 | = | 0.0% |
| Capital | 10 | €173,282,084 | €173,282,084 | = | 0.0% |
| Issued capital | 100 | €173,282,084 | €173,282,084 | = | 0.0% |
| Reserves | 13 | €18,228,333 | €18,228,333 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,228,333 | €18,228,333 | = | 0.0% |
| Legal reserve | 130 | €17,328,208 | €17,328,208 | = | 0.0% |
| Own shares acquired | 1312 | €900,124 | €900,124 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,291,496,090 | €1,545,176,292 | +€253.7m | +19.6% |
| Amounts payable | 17/49 | €452,890,648 | €308,682,268 | -€144.2m | -31.8% |
| Amounts payable after more than one year | 17 | €69,320,505 | €23,968,252 | -€45.4m | -65.4% |
| Financial debts | 170/4 | €69,320,505 | €23,968,252 | -€45.4m | -65.4% |
| Credit institutions | 173 | €59,285,715 | €14,285,715 | -€45.0m | -75.9% |
| Other loans | 174 | €10,034,790 | €9,682,537 | -€352,253 | -3.5% |
| Amounts payable within one year | 42/48 | €139,909,636 | €93,455,709 | -€46.5m | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €40,714,307 | €5,714,285 | -€35.0m | -86.0% |
| Financial debts | 43 | €83,500,000 | €82,056,878 | -€1.4m | -1.7% |
| Credit institutions | 430/8 | €83,500,000 | €64,285,750 | -€19.2m | -23.0% |
| Other loans | 439 | - | €17,771,128 | +€17.8m | |
| Trade debts | 44 | €75,864 | €133,538 | +€57,674 | +76.0% |
| Suppliers | 440/4 | €75,864 | €133,538 | +€57,674 | +76.0% |
| Taxes, remuneration and social security | 45 | €15,605,465 | €5,537,007 | -€10.1m | -64.5% |
| Taxes | 450/3 | €15,573,746 | €5,489,201 | -€10.1m | -64.8% |
| Remuneration and social security | 454/9 | €31,718 | €47,807 | +€16,089 | +50.7% |
| Other amounts payable | 47/48 | €14,000 | €14,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €243,660,507 | €191,258,307 | -€52.4m | -21.5% |
| Operating income | 70/76A | €6,025,300 | €1,322,184 | -€4.7m | -78.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €4,813,328 | €1,101,624 | -€3.7m | -77.1% |
| Other operating income | 74 | €1,211,972 | €214,675 | -€997,297 | -82.3% |
| Non-recurring operating income | 76A | - | €5,885 | +€5,885 | |
| Operating charges | 60/66A | €7,960,736 | €3,682,012 | -€4.3m | -53.7% |
| Goods for resale, raw materials and consumables | 60 | €4,229,505 | €877,055 | -€3.4m | -79.3% |
| Change in stocks: decrease (increase) | 609 | €4,229,505 | €877,055 | -€3.4m | -79.3% |
| Services and other goods | 61 | €1,577,361 | €1,693,583 | +€116,221 | +7.4% |
| Remuneration, social security and pensions | 62 | €338,288 | €327,784 | -€10,504 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,947 | €4,081 | -€4,866 | -54.4% |
| Other operating charges | 640/8 | €1,806,635 | €779,510 | -€1.0m | -56.9% |
| Operating profit (loss) | 9901 | -€1,935,436 | -€2,359,828 | -€424,393 | -21.9% |
| Financial income | 75/76B | €195,617,476 | €239,895,086 | +€44.3m | +22.6% |
| Recurring financial income | 75 | €195,617,476 | €205,883,900 | +€10.3m | +5.2% |
| Income from financial fixed assets | 750 | €58,623,502 | €58,475,183 | -€148,319 | -0.3% |
| Income from current assets | 751 | €3,014,941 | €3,776,553 | +€761,612 | +25.3% |
| Other financial income | 752/9 | €133,979,033 | €143,632,165 | +€9.7m | +7.2% |
| Non-recurring financial income | 76B | - | €34,011,186 | +€34.0m | |
| Financial charges | 65/66B | €245,300,977 | -€17,775,198 | -€263.1m | |
| Recurring financial charges | 65 | €224,148,359 | -€32,775,228 | -€256.9m | |
| Debt charges | 650 | €4,458,329 | €5,355,041 | +€896,713 | +20.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €2,437,937 | +€2.4m | |
| Other financial charges | 652/9 | €219,690,030 | -€40,568,207 | -€260.3m | |
| Non-recurring financial charges | 66B | €21,152,619 | €15,000,030 | -€6.2m | -29.1% |
| Profit (loss) for the period before taxes | 9903 | -€51,618,937 | €255,310,456 | +€306.9m | |
| Income taxes | 67/77 | €13,091,281 | €1,630,255 | -€11.5m | -87.5% |
| Taxes | 670/3 | €13,091,281 | €1,781,637 | -€11.3m | -86.4% |
| Tax adjustments and reversals of tax provisions | 77 | - | €151,383 | +€151,383 | |
| Profit (loss) for the period | 9904 | -€64,710,219 | €253,680,202 | +€318.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€64,710,219 | €253,680,202 | +€318.4m |
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 31 October 2026 via checked.be.