ELFAM: 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.
ELFAM
Largest movements
- Stocks and contracts -€900,032
down €900,032 (-65.7%), from €1.4m to €469,391
- Tangible fixed assets +€827,220
new in 2025: €827,220
- Receivables after one year +€379,682
up €379,682 (+38.4%), from €989,318 to €1.4m
- Cash -€177,655
down €177,655 (-86.9%), from €204,552 to €26,896
mainly Investment in fixed assets (net) (-€834,082) and Receivables after one year (-€379,682)
- Other debts +€320,000
up €320,000 (+25.0%), from €1.3m to €1.6m
- Current portion of long-term debt -€223,581
down €223,581 (-23.3%), from €961,416 to €737,835
- Gross operating margin -€24,135
down €24,135 (-64.9%), from €37,165 to €13,030
- Financial charges -€8,665
down €8,665 (-22.1%), from €39,136 to €30,471
- Depreciation +€6,862
new in 2025: €6,862
- Financial income +€5,698
up €5,698 (+25.7%), from €22,192 to €27,890
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 | €5,275,130 | €5,407,933 | +€132,803 | +2.5% |
| Fixed assets | 21/28 | €2,705,000 | €3,532,220 | +€827,220 | +30.6% |
| Tangible fixed assets | 22/27 | - | €827,220 | +€827,220 | |
| Land and buildings | 22 | - | €827,220 | +€827,220 | |
| Financial fixed assets | 28 | €2,705,000 | €2,705,000 | = | 0.0% |
| Current assets | 29/58 | €2,570,130 | €1,875,713 | -€694,417 | -27.0% |
| Amounts receivable after more than one year | 29 | €989,318 | €1,369,000 | +€379,682 | +38.4% |
| Other amounts receivable | 291 | €989,318 | €1,369,000 | +€379,682 | +38.4% |
| Stocks and contracts in progress | 3 | €1,369,422 | €469,391 | -€900,032 | -65.7% |
| Stocks | 30/36 | €1,369,422 | €469,391 | -€900,032 | -65.7% |
| Amounts receivable within one year | 40/41 | €4,591 | €4,405 | -€186 | -4.1% |
| Trade receivables | 40 | €3,534 | €4,143 | +€609 | +17.2% |
| Other amounts receivable | 41 | €1,058 | €262 | -€796 | -75.2% |
| Cash at bank and in hand | 54/58 | €204,552 | €26,896 | -€177,655 | -86.9% |
| Deferred charges and accrued income | 490/1 | €2,246 | €6,021 | +€3,774 | +168.0% |
| Total equity and liabilities | 10/49 | €5,275,130 | €5,407,933 | +€132,803 | +2.5% |
| Equity | 10/15 | €3,021,004 | €3,023,450 | +€2,445 | +0.1% |
| Contributions | 10/11 | €2,725,000 | €2,725,000 | = | 0.0% |
| Capital | 10 | €2,725,000 | €2,725,000 | = | 0.0% |
| Issued capital | 100 | €2,725,000 | €2,725,000 | = | 0.0% |
| Reserves | 13 | €298,631 | €298,631 | = | 0.0% |
| Non-distributable reserves | 130/1 | €47,601 | €47,601 | = | 0.0% |
| Legal reserve | 130 | €47,601 | €47,601 | = | 0.0% |
| Distributable reserves | 133 | €251,030 | €251,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,626 | -€181 | +€2,445 | +93.1% |
| Amounts payable | 17/49 | €2,254,125 | €2,384,483 | +€130,358 | +5.8% |
| Amounts payable within one year | 42/48 | €2,250,142 | €2,383,555 | +€133,412 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €961,416 | €737,835 | -€223,581 | -23.3% |
| Trade debts | 44 | €2,245 | €2,046 | -€199 | -8.9% |
| Suppliers | 440/4 | €2,245 | €1,249 | -€996 | -44.4% |
| Bills of exchange payable | 441 | - | €797 | +€797 | |
| Taxes, remuneration and social security | 45 | €6,850 | €44,042 | +€37,192 | +543.0% |
| Taxes | 450/3 | €6,850 | €44,042 | +€37,192 | +543.0% |
| Other amounts payable | 47/48 | €1,279,632 | €1,599,632 | +€320,000 | +25.0% |
| Accrued charges and deferred income | 492/3 | €3,983 | €928 | -€3,054 | -76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,862 | +€6,862 | |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €37,165 | €13,030 | -€24,135 | -64.9% |
| Operating profit (loss) | 9901 | €36,057 | €5,026 | -€31,031 | -86.1% |
| Financial income | 75/76B | €22,192 | €27,890 | +€5,698 | +25.7% |
| Recurring financial income | 75 | €22,192 | €27,890 | +€5,698 | +25.7% |
| Financial charges | 65/66B | €39,136 | €30,471 | -€8,665 | -22.1% |
| Recurring financial charges | 65 | €39,136 | €30,471 | -€8,665 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €19,113 | €2,445 | -€16,668 | -87.2% |
| Profit (loss) for the period | 9904 | €19,113 | €2,445 | -€16,668 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,113 | €2,445 | -€16,668 | -87.2% |
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 12 October 2026 via checked.be.