ELF BUSINESS: 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.
ELF BUSINESS
Largest movements
- Tangible fixed assets -€3,863
down €3,863 (-38.0%), from €10,157 to €6,294
- Receivables within one year -€1,188
down €1,188 (-45.8%), from €2,594 to €1,406
of which Trade receivables: -€1,252
- Cash +€607
up €607 (+14.5%), from €4,199 to €4,807
mainly Depreciation (+€4,978) and Receivables within one year (+€1,188)
- Deferred charges and accrued income +€358
new in 2025: €358
- Other debts -€4,243
down €4,243 (-70.7%), from €6,003 to €1,761
- Trade debts +€184
up €184 (+22.5%), from €817 to €1,001
- Gross operating margin -€4,296
down €4,296 (-43.9%), from €9,791 to €5,495
- Depreciation +€1,107
up €1,107 (+28.6%), from €3,871 to €4,978
- Taxes -€1,037
no longer reported in 2025 (was €1,037)
- Other operating charges -€349
down €349 (-44.9%), from €778 to €429
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,950 | €12,865 | -€4,085 | -24.1% |
| Fixed assets | 21/28 | €10,157 | €6,294 | -€3,863 | -38.0% |
| Tangible fixed assets | 22/27 | €10,157 | €6,294 | -€3,863 | -38.0% |
| Furniture and vehicles | 24 | €10,157 | €6,294 | -€3,863 | -38.0% |
| Current assets | 29/58 | €6,793 | €6,571 | -€222 | -3.3% |
| Amounts receivable within one year | 40/41 | €2,594 | €1,406 | -€1,188 | -45.8% |
| Trade receivables | 40 | €2,558 | €1,307 | -€1,252 | -48.9% |
| Other amounts receivable | 41 | €36 | €99 | +€64 | +178% |
| Cash at bank and in hand | 54/58 | €4,199 | €4,807 | +€607 | +14.5% |
| Deferred charges and accrued income | 490/1 | - | €358 | +€358 | |
| Total equity and liabilities | 10/49 | €16,950 | €12,865 | -€4,085 | -24.1% |
| Equity | 10/15 | €9,023 | €9,066 | +€43 | +0.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,023 | €4,066 | +€43 | +1.1% |
| Amounts payable | 17/49 | €7,927 | €3,799 | -€4,128 | -52.1% |
| Amounts payable within one year | 42/48 | €7,927 | €3,799 | -€4,128 | -52.1% |
| Trade debts | 44 | €817 | €1,001 | +€184 | +22.5% |
| Suppliers | 440/4 | €817 | €1,001 | +€184 | +22.5% |
| Taxes, remuneration and social security | 45 | €1,107 | €1,037 | -€69 | -6.3% |
| Taxes | 450/3 | €1,107 | €1,037 | -€69 | -6.3% |
| Other amounts payable | 47/48 | €6,003 | €1,761 | -€4,243 | -70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,871 | €4,978 | +€1,107 | +28.6% |
| Other operating charges | 640/8 | €778 | €429 | -€349 | -44.9% |
| Gross operating margin | 9900 | €9,791 | €5,495 | -€4,296 | -43.9% |
| Operating profit (loss) | 9901 | €5,143 | €88 | -€5,054 | -98.3% |
| Financial charges | 65/66B | €83 | €45 | -€38 | -45.5% |
| Recurring financial charges | 65 | €83 | €45 | -€38 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €5,060 | €43 | -€5,017 | -99.1% |
| Income taxes | 67/77 | €1,037 | - | -€1,037 | |
| Profit (loss) for the period | 9904 | €4,023 | €43 | -€3,979 | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,023 | €43 | -€3,979 | -98.9% |
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 28 October 2026 via checked.be.