ELEX: 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.
ELEX
Largest movements
- Receivables within one year -€24,763
down €24,763 (-79.4%), from €31,175 to €6,412
of which Trade receivables: -€24,850
- Stocks and contracts -€13,877
down €13,877 (-70.8%), from €19,597 to €5,720
of which Stocks: -€7,299
- Tangible fixed assets -€10,180
down €10,180 (-26.6%), from €38,240 to €28,060
of which Leasing and similar rights: -€35,739
- Current investments -€4,100
no longer reported in 2025 (was €4,100)
- Cash +€2,164
up €2,164 (+474.0%), from €457 to €2,621
mainly Receivables within one year (+€24,763) and Stocks and contracts (+€13,877)
- Profit (loss) carried forward -€17,209
down €17,209 (-37.4%), from -€46,017 to -€63,227
- Trade debts -€13,715
down €13,715 (-89.0%), from €15,415 to €1,701
- Debts after one year -€12,488
down €12,488 (-38.8%), from €32,203 to €19,715
- Short-term financial debts -€6,107
down €6,107 (-60.0%), from €10,173 to €4,067
of which Credit institutions: -€6,147
- Tax, wage and social debts -€3,099
down €3,099 (-88.1%), from €3,516 to €417
- Gross operating margin -€36,937
down €36,937, from €35,647 to -€1,290
- Financial charges -€1,866
down €1,866 (-41.3%), from €4,515 to €2,649
- Financial income +€507
up €507 (+1014120.0%), from €0 to €507
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 | €96,188 | €44,273 | -€51,915 | -54.0% |
| Fixed assets | 21/28 | €38,240 | €28,060 | -€10,180 | -26.6% |
| Tangible fixed assets | 22/27 | €38,240 | €28,060 | -€10,180 | -26.6% |
| Land and buildings | 22 | €38 | - | -€38 | |
| Plant, machinery and equipment | 23 | €2,463 | €3,674 | +€1,211 | +49.2% |
| Furniture and vehicles | 24 | - | €24,386 | +€24,386 | |
| Leasing and similar rights | 25 | €35,739 | - | -€35,739 | |
| Current assets | 29/58 | €57,948 | €16,213 | -€41,735 | -72.0% |
| Stocks and contracts in progress | 3 | €19,597 | €5,720 | -€13,877 | -70.8% |
| Stocks | 30/36 | €13,019 | €5,720 | -€7,299 | -56.1% |
| Contracts in progress | 37 | €6,578 | - | -€6,578 | |
| Amounts receivable within one year | 40/41 | €31,175 | €6,412 | -€24,763 | -79.4% |
| Trade receivables | 40 | €30,536 | €5,686 | -€24,850 | -81.4% |
| Other amounts receivable | 41 | €639 | €725 | +€87 | +13.6% |
| Current investments | 50/53 | €4,100 | - | -€4,100 | |
| Cash at bank and in hand | 54/58 | €457 | €2,621 | +€2,164 | +474.0% |
| Deferred charges and accrued income | 490/1 | €2,620 | €1,460 | -€1,160 | -44.3% |
| Total equity and liabilities | 10/49 | €96,188 | €44,273 | -€51,915 | -54.0% |
| Equity | 10/15 | €27,832 | €10,622 | -€17,209 | -61.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,249 | €55,249 | = | 0.0% |
| Distributable reserves | 133 | €55,249 | €55,249 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,017 | -€63,227 | -€17,209 | -37.4% |
| Amounts payable | 17/49 | €68,357 | €33,650 | -€34,706 | -50.8% |
| Amounts payable after more than one year | 17 | €32,203 | €19,715 | -€12,488 | -38.8% |
| Financial debts | 170/4 | €32,203 | €19,715 | -€12,488 | -38.8% |
| Amounts payable within one year | 42/48 | €36,154 | €13,936 | -€22,218 | -61.5% |
| Current portion of amounts payable after more than one year | 42 | €6,602 | €7,725 | +€1,123 | +17.0% |
| Financial debts | 43 | €10,173 | €4,067 | -€6,107 | -60.0% |
| Credit institutions | 430/8 | €6,147 | - | -€6,147 | |
| Other loans | 439 | €4,026 | €4,067 | +€40 | +1.0% |
| Trade debts | 44 | €15,415 | €1,701 | -€13,715 | -89.0% |
| Suppliers | 440/4 | €15,415 | €1,701 | -€13,715 | -89.0% |
| Taxes, remuneration and social security | 45 | €3,516 | €417 | -€3,099 | -88.1% |
| Taxes | 450/3 | €3,516 | €417 | -€3,099 | -88.1% |
| Other amounts payable | 47/48 | €447 | €26 | -€421 | -94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,301 | €13,180 | -€120 | -0.9% |
| Other operating charges | 640/8 | €568 | €526 | -€43 | -7.5% |
| Gross operating margin | 9900 | €35,647 | -€1,290 | -€36,937 | |
| Operating profit (loss) | 9901 | €21,778 | -€14,995 | -€36,774 | |
| Financial income | 75/76B | €0 | €507 | +€507 | +1014120.0% |
| Recurring financial income | 75 | €0 | €507 | +€507 | +1014120.0% |
| Financial charges | 65/66B | €4,515 | €2,649 | -€1,866 | -41.3% |
| Recurring financial charges | 65 | €4,515 | €2,649 | -€1,866 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €17,263 | -€17,137 | -€34,400 | |
| Income taxes | 67/77 | €77 | €72 | -€5 | -6.2% |
| Profit (loss) for the period | 9904 | €17,186 | -€17,209 | -€34,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,186 | -€17,209 | -€34,396 |
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 4 October 2026 via checked.be.