ELFA: 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.
ELFA
Largest movements
- Tangible fixed assets -€12,936
down €12,936 (-31.1%), from €41,587 to €28,651
of which Furniture and vehicles: -€12,593
- Receivables within one year -€2,890
down €2,890 (-60.1%), from €4,806 to €1,917
of which Trade receivables: -€3,002
- Cash -€756
down €756 (-65.4%), from €1,155 to €399
mainly Net result for the year (-€30,955) and Trade debts (-€2,134)
- Profit (loss) carried forward -€30,955
down €30,955 (-46.4%), from -€66,784 to -€97,738
- Current portion of long-term debt +€10,510
up €10,510 (+39.5%), from €26,630 to €37,140
- Other debts +€6,832
up €6,832 (+1005.0%), from €680 to €7,512
- Trade debts -€2,134
down €2,134 (-53.5%), from €3,990 to €1,856
- Tax, wage and social debts -€809
down €809 (-81.0%), from €999 to €190
- Gross operating margin +€381
up €381 (+2.3%), from -€16,269 to -€15,888
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 | €75,297 | €58,742 | -€16,555 | -22.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €41,587 | €28,651 | -€12,936 | -31.1% |
| Tangible fixed assets | 22/27 | €41,587 | €28,651 | -€12,936 | -31.1% |
| Plant, machinery and equipment | 23 | €1,794 | €1,451 | -€343 | -19.1% |
| Furniture and vehicles | 24 | €39,792 | €27,199 | -€12,593 | -31.6% |
| Current assets | 29/58 | €33,711 | €30,091 | -€3,619 | -10.7% |
| Stocks and contracts in progress | 3 | €27,091 | €27,091 | = | 0.0% |
| Stocks | 30/36 | €27,091 | €27,091 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,806 | €1,917 | -€2,890 | -60.1% |
| Trade receivables | 40 | €4,806 | €1,804 | -€3,002 | -62.5% |
| Other amounts receivable | 41 | - | €113 | +€113 | |
| Cash at bank and in hand | 54/58 | €1,155 | €399 | -€756 | -65.4% |
| Deferred charges and accrued income | 490/1 | €658 | €684 | +€26 | +4.0% |
| Total equity and liabilities | 10/49 | €75,297 | €58,742 | -€16,555 | -22.0% |
| Equity | 10/15 | €42,999 | €12,044 | -€30,955 | -72.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,183 | €91,183 | = | 0.0% |
| Non-distributable reserves | 130/1 | €91,183 | €91,183 | = | 0.0% |
| Reserves not available under the articles | 1311 | €91,183 | €91,183 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,784 | -€97,738 | -€30,955 | -46.4% |
| Amounts payable | 17/49 | €32,298 | €46,698 | +€14,399 | +44.6% |
| Amounts payable within one year | 42/48 | €32,298 | €46,698 | +€14,399 | +44.6% |
| Current portion of amounts payable after more than one year | 42 | €26,630 | €37,140 | +€10,510 | +39.5% |
| Trade debts | 44 | €3,990 | €1,856 | -€2,134 | -53.5% |
| Suppliers | 440/4 | €3,990 | €1,856 | -€2,134 | -53.5% |
| Taxes, remuneration and social security | 45 | €999 | €190 | -€809 | -81.0% |
| Taxes | 450/3 | €999 | €190 | -€809 | -81.0% |
| Other amounts payable | 47/48 | €680 | €7,512 | +€6,832 | +1005.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,936 | €12,936 | = | 0.0% |
| Other operating charges | 640/8 | €1,689 | €1,685 | -€3 | -0.2% |
| Gross operating margin | 9900 | -€16,269 | -€15,888 | +€381 | +2.3% |
| Operating profit (loss) | 9901 | -€30,893 | -€30,509 | +€384 | +1.2% |
| Financial income | 75/76B | €98 | €57 | -€41 | -42.0% |
| Recurring financial income | 75 | €98 | €57 | -€41 | -42.0% |
| Financial charges | 65/66B | €399 | €295 | -€104 | -26.1% |
| Recurring financial charges | 65 | €399 | €295 | -€104 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | -€31,194 | -€30,747 | +€447 | +1.4% |
| Income taxes | 67/77 | €209 | €208 | -€1 | -0.7% |
| Profit (loss) for the period | 9904 | -€31,403 | -€30,955 | +€448 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,403 | -€30,955 | +€448 | +1.4% |
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 11 October 2026 via checked.be.