ELF: 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.
ELF
Largest movements
- Stocks and contracts -€165,000
down €165,000 (-100.0%), from €165,000 to €0
- Cash +€133,834
up €133,834 (+120.7%), from €110,885 to €244,720
mainly Stocks and contracts (+€165,000) and Receivables within one year (+€34,876)
- Receivables within one year -€34,876
down €34,876 (-100.0%), from €34,876 to €0
- Tangible fixed assets +€5,558
new in 2025: €5,558
- Other debts -€80,062
down €80,062 (-79.7%), from €100,424 to €20,362
- Reserves +€19,000
up €19,000 (+42.2%), from €45,000 to €64,000
- Gross operating margin -€31,226
down €31,226 (-42.8%), from €73,016 to €41,790
- Financial charges -€23,651
down €23,651 (-62.9%), from €37,616 to €13,965
- Depreciation +€1,342
new in 2025: €1,342
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 | €310,762 | €250,278 | -€60,483 | -19.5% |
| Fixed assets | 21/28 | - | €5,558 | +€5,558 | |
| Tangible fixed assets | 22/27 | - | €5,558 | +€5,558 | |
| Furniture and vehicles | 24 | - | €5,558 | +€5,558 | |
| Current assets | 29/58 | €310,762 | €244,720 | -€66,042 | -21.3% |
| Stocks and contracts in progress | 3 | €165,000 | €0 | -€165,000 | -100.0% |
| Stocks | 30/36 | €165,000 | €0 | -€165,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €34,876 | €0 | -€34,876 | -100.0% |
| Trade receivables | 40 | €34,876 | €0 | -€34,876 | -100.0% |
| Cash at bank and in hand | 54/58 | €110,885 | €244,720 | +€133,834 | +120.7% |
| Total equity and liabilities | 10/49 | €310,762 | €250,278 | -€60,483 | -19.5% |
| Equity | 10/15 | €55,317 | €74,426 | +€19,109 | +34.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €45,000 | €64,000 | +€19,000 | +42.2% |
| Distributable reserves | 133 | €45,000 | €64,000 | +€19,000 | +42.2% |
| Profit (loss) carried forward | 14 | €317 | €426 | +€109 | +34.4% |
| Amounts payable | 17/49 | €255,445 | €175,852 | -€79,593 | -31.2% |
| Amounts payable after more than one year | 17 | €145,000 | €145,000 | = | 0.0% |
| Financial debts | 170/4 | €145,000 | €145,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €110,445 | €30,852 | -€79,593 | -72.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €446 | €490 | +€44 | +9.9% |
| Suppliers | 440/4 | €446 | €490 | +€44 | +9.9% |
| Taxes, remuneration and social security | 45 | €9,575 | €10,000 | +€425 | +4.4% |
| Taxes | 450/3 | €9,575 | €10,000 | +€425 | +4.4% |
| Other amounts payable | 47/48 | €100,424 | €20,362 | -€80,062 | -79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,342 | +€1,342 | |
| Other operating charges | 640/8 | €877 | €934 | +€57 | +6.5% |
| Gross operating margin | 9900 | €73,016 | €41,790 | -€31,226 | -42.8% |
| Operating profit (loss) | 9901 | €72,139 | €39,514 | -€32,625 | -45.2% |
| Financial income | 75/76B | - | €541 | +€541 | |
| Recurring financial income | 75 | - | €541 | +€541 | |
| Financial charges | 65/66B | €37,616 | €13,965 | -€23,651 | -62.9% |
| Recurring financial charges | 65 | €37,616 | €13,965 | -€23,651 | -62.9% |
| Profit (loss) for the period before taxes | 9903 | €34,523 | €26,089 | -€8,433 | -24.4% |
| Income taxes | 67/77 | €7,077 | €6,980 | -€97 | -1.4% |
| Profit (loss) for the period | 9904 | €27,446 | €19,109 | -€8,337 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,446 | €19,109 | -€8,337 | -30.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.