ELFA CREA: 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 CREA
Largest movements
- Financial fixed assets -€920,000
down €920,000 (-98.9%), from €930,000 to €10,000
- Receivables within one year -€120,261
down €120,261 (-90.1%), from €133,410 to €13,148
of which Trade receivables: -€119,713
- Tangible fixed assets -€23,061
down €23,061 (-2.6%), from €887,577 to €864,516
of which Land and buildings: -€16,348
- Profit (loss) carried forward -€805,031
down €805,031 (-3,405%), from -€23,643 to -€828,674
- Other debts -€192,387
down €192,387 (-50.0%), from €384,405 to €192,018
- Trade debts -€53,260
down €53,260 (-75.4%), from €70,675 to €17,415
- Debts after one year -€50,151
down €50,151 (-8.0%), from €630,083 to €579,932
- Tax, wage and social debts +€37,990
up €37,990 (+276%), from €13,774 to €51,764
- Financial charges +€900,715
up €900,715 (+2,982%), from €30,206 to €930,921
of which Non-recurring financial charges: +€920,000
- Gross operating margin +€78,061
up €78,061 (+91.7%), from €85,158 to €163,219
- Taxes -€3,817
down €3,817 (-100%), from €3,817 to €0
- Depreciation +€2,062
up €2,062 (+7.4%), from €27,704 to €29,766
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 | €1,955,824 | €891,033 | -€1.1m | -54.4% |
| Fixed assets | 21/28 | €1,817,577 | €874,516 | -€943,061 | -51.9% |
| Tangible fixed assets | 22/27 | €887,577 | €864,516 | -€23,061 | -2.6% |
| Land and buildings | 22 | €806,809 | €790,461 | -€16,348 | -2.0% |
| Plant, machinery and equipment | 23 | €3,593 | €2,627 | -€966 | -26.9% |
| Furniture and vehicles | 24 | €21,347 | €15,877 | -€5,470 | -25.6% |
| Other tangible fixed assets | 26 | €55,829 | €55,552 | -€277 | -0.5% |
| Financial fixed assets | 28 | €930,000 | €10,000 | -€920,000 | -98.9% |
| Current assets | 29/58 | €138,247 | €16,516 | -€121,731 | -88.1% |
| Amounts receivable within one year | 40/41 | €133,410 | €13,148 | -€120,261 | -90.1% |
| Trade receivables | 40 | €132,621 | €12,908 | -€119,713 | -90.3% |
| Other amounts receivable | 41 | €788 | €240 | -€548 | -69.6% |
| Cash at bank and in hand | 54/58 | €4,838 | €3,368 | -€1,470 | -30.4% |
| Total equity and liabilities | 10/49 | €1,955,824 | €891,033 | -€1.1m | -54.4% |
| Equity | 10/15 | €781,050 | -€26,219 | -€807,269 | |
| Contributions | 10/11 | €442,781 | €442,781 | = | 0.0% |
| Reserves | 13 | €361,911 | €359,673 | -€2,238 | -0.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €301,241 | €299,003 | -€2,238 | -0.7% |
| Distributable reserves | 133 | €60,670 | €60,670 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,643 | -€828,674 | -€805,031 | -3,405% |
| Provisions and deferred taxes | 16 | €22,976 | €22,230 | -€746 | -3.2% |
| Deferred taxes | 168 | €22,976 | €22,230 | -€746 | -3.2% |
| Amounts payable | 17/49 | €1,151,799 | €895,022 | -€256,777 | -22.3% |
| Amounts payable after more than one year | 17 | €630,083 | €579,932 | -€50,151 | -8.0% |
| Financial debts | 170/4 | €630,083 | €579,932 | -€50,151 | -8.0% |
| Amounts payable within one year | 42/48 | €521,717 | €315,091 | -€206,626 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €52,862 | €53,894 | +€1,032 | +2.0% |
| Trade debts | 44 | €70,675 | €17,415 | -€53,260 | -75.4% |
| Suppliers | 440/4 | €70,675 | €17,415 | -€53,260 | -75.4% |
| Taxes, remuneration and social security | 45 | €13,774 | €51,764 | +€37,990 | +276% |
| Taxes | 450/3 | €13,774 | €51,764 | +€37,990 | +276% |
| Other amounts payable | 47/48 | €384,405 | €192,018 | -€192,387 | -50.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,704 | €29,766 | +€2,062 | +7.4% |
| Other operating charges | 640/8 | €10,828 | €10,546 | -€282 | -2.6% |
| Gross operating margin | 9900 | €85,158 | €163,219 | +€78,061 | +91.7% |
| Operating profit (loss) | 9901 | €46,626 | €122,906 | +€76,281 | +164% |
| Financial charges | 65/66B | €30,206 | €930,921 | +€900,715 | +2,982% |
| Recurring financial charges | 65 | €30,206 | €10,921 | -€19,285 | -63.8% |
| Non-recurring financial charges | 66B | - | €920,000 | +€920,000 | |
| Profit (loss) for the period before taxes | 9903 | €16,420 | -€808,015 | -€824,435 | |
| Transfer from deferred taxes | 780 | €746 | €746 | = | 0.0% |
| Income taxes | 67/77 | €3,817 | €0 | -€3,817 | -100% |
| Profit (loss) for the period | 9904 | €13,349 | -€807,269 | -€820,618 | |
| Transfer from tax-exempt reserves | 789 | €2,238 | €2,238 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,586 | -€805,031 | -€820,618 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.