ELFABO: 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.
ELFABO
Largest movements
- Tangible fixed assets -€47,448
down €47,448 (-8.2%), from €577,665 to €530,217
of which Land and buildings: -€42,855
- Cash +€6,611
up €6,611 (+16.1%), from €41,067 to €47,678
mainly Depreciation (+€48,967) and Current portion of long-term debt (+€1,153)
- Debts after one year -€40,782
down €40,782 (-10.4%), from €391,843 to €351,061
of which Financial debts: -€41,972
- Gross operating margin -€13,871
down €13,871 (-17.8%), from €77,717 to €63,846
- Depreciation +€1,312
up €1,312 (+2.8%), from €47,654 to €48,967
- Financial charges -€1,048
down €1,048 (-9.0%), from €11,654 to €10,606
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 | €625,022 | €583,576 | -€41,446 | -6.6% |
| Fixed assets | 21/28 | €581,877 | €532,910 | -€48,967 | -8.4% |
| Intangible fixed assets | 21 | €4,211 | €2,693 | -€1,519 | -36.1% |
| Tangible fixed assets | 22/27 | €577,665 | €530,217 | -€47,448 | -8.2% |
| Land and buildings | 22 | €563,072 | €520,218 | -€42,855 | -7.6% |
| Plant, machinery and equipment | 23 | €12,310 | €8,230 | -€4,081 | -33.1% |
| Furniture and vehicles | 24 | €2,283 | €1,770 | -€513 | -22.5% |
| Current assets | 29/58 | €43,145 | €50,666 | +€7,520 | +17.4% |
| Amounts receivable within one year | 40/41 | €1,083 | €1,984 | +€901 | +83.2% |
| Trade receivables | 40 | €1,083 | €1,982 | +€899 | +83.0% |
| Other amounts receivable | 41 | - | €2 | +€2 | |
| Cash at bank and in hand | 54/58 | €41,067 | €47,678 | +€6,611 | +16.1% |
| Deferred charges and accrued income | 490/1 | €995 | €1,003 | +€8 | +0.8% |
| Total equity and liabilities | 10/49 | €625,022 | €583,576 | -€41,446 | -6.6% |
| Equity | 10/15 | €49,313 | €47,703 | -€1,610 | -3.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,687 | -€27,297 | -€1,610 | -6.3% |
| Amounts payable | 17/49 | €575,709 | €535,873 | -€39,836 | -6.9% |
| Amounts payable after more than one year | 17 | €391,843 | €351,061 | -€40,782 | -10.4% |
| Financial debts | 170/4 | €391,843 | €349,871 | -€41,972 | -10.7% |
| Other amounts payable | 178/9 | €0 | €1,190 | +€1,190 | |
| Amounts payable within one year | 42/48 | €183,866 | €184,812 | +€946 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €40,819 | €41,972 | +€1,153 | +2.8% |
| Financial debts | 43 | €35 | €0 | -€35 | -100.0% |
| Other loans | 439 | €35 | €0 | -€35 | -100.0% |
| Trade debts | 44 | €1,230 | €771 | -€459 | -37.3% |
| Suppliers | 440/4 | €1,230 | €771 | -€459 | -37.3% |
| Taxes, remuneration and social security | 45 | €981 | €1,380 | +€399 | +40.6% |
| Taxes | 450/3 | €981 | €1,380 | +€399 | +40.6% |
| Other amounts payable | 47/48 | €140,801 | €140,689 | -€112 | -0.1% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,654 | €48,967 | +€1,312 | +2.8% |
| Other operating charges | 640/8 | €5,199 | €5,883 | +€684 | +13.1% |
| Gross operating margin | 9900 | €77,717 | €63,846 | -€13,871 | -17.8% |
| Operating profit (loss) | 9901 | €24,864 | €8,996 | -€15,867 | -63.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €11,654 | €10,606 | -€1,048 | -9.0% |
| Recurring financial charges | 65 | €11,654 | €10,606 | -€1,048 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €13,210 | -€1,610 | -€14,820 | |
| Profit (loss) for the period | 9904 | €13,210 | -€1,610 | -€14,820 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,210 | -€1,610 | -€14,820 |
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.