ELFENBANK: 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.
ELFENBANK
Largest movements
- Current investments +€126,007
up €126,007 (+51.5%), from €244,731 to €370,738
- Cash -€58,807
down €58,807 (-28.4%), from €206,873 to €148,066
mainly Current investments (-€126,007) and Other debts (-€109,888)
- Deferred charges and accrued income -€40,000
down €40,000 (-40.0%), from €100,000 to €60,000
- Receivables within one year +€13,702
up €13,702 (+90.6%), from €15,125 to €28,827
of which Other amounts receivable: +€28,827
- Reserves +€146,196
up €146,196 (+38.3%), from €382,002 to €528,198
of which Distributable reserves: +€146,196
- Other debts -€109,888
down €109,888 (-98.6%), from €111,419 to €1,531
- Gross operating margin -€116,522
down €116,522 (-33.7%), from €345,356 to €228,834
- Taxes -€35,223
down €35,223 (-32.6%), from €107,980 to €72,757
- Financial income -€13,013
down €13,013 (-93.5%), from €13,925 to €912
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 | €613,519 | €653,153 | +€39,634 | +6.5% |
| Fixed assets | 21/28 | €46,790 | €45,522 | -€1,267 | -2.7% |
| Tangible fixed assets | 22/27 | €45,210 | €43,942 | -€1,267 | -2.8% |
| Land and buildings | 22 | €42,478 | €39,142 | -€3,336 | -7.9% |
| Plant, machinery and equipment | 23 | €1,031 | €133 | -€899 | -87.1% |
| Furniture and vehicles | 24 | - | €3,365 | +€3,365 | |
| Other tangible fixed assets | 26 | €1,700 | €1,302 | -€398 | -23.4% |
| Financial fixed assets | 28 | €1,580 | €1,580 | = | 0.0% |
| Current assets | 29/58 | €566,729 | €607,631 | +€40,902 | +7.2% |
| Amounts receivable within one year | 40/41 | €15,125 | €28,827 | +€13,702 | +90.6% |
| Trade receivables | 40 | €15,125 | €0 | -€15,125 | -100% |
| Other amounts receivable | 41 | - | €28,827 | +€28,827 | |
| Current investments | 50/53 | €244,731 | €370,738 | +€126,007 | +51.5% |
| Cash at bank and in hand | 54/58 | €206,873 | €148,066 | -€58,807 | -28.4% |
| Deferred charges and accrued income | 490/1 | €100,000 | €60,000 | -€40,000 | -40.0% |
| Total equity and liabilities | 10/49 | €613,519 | €653,153 | +€39,634 | +6.5% |
| Equity | 10/15 | €482,002 | €628,198 | +€146,196 | +30.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €382,002 | €528,198 | +€146,196 | +38.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €382,002 | €528,198 | +€146,196 | +38.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €131,517 | €24,955 | -€106,562 | -81.0% |
| Amounts payable within one year | 42/48 | €131,517 | €24,955 | -€106,562 | -81.0% |
| Trade debts | 44 | €3,911 | €3,702 | -€208 | -5.3% |
| Suppliers | 440/4 | €3,911 | €3,702 | -€208 | -5.3% |
| Taxes, remuneration and social security | 45 | €16,187 | €19,722 | +€3,535 | +21.8% |
| Taxes | 450/3 | €16,187 | €19,722 | +€3,535 | +21.8% |
| Other amounts payable | 47/48 | €111,419 | €1,531 | -€109,888 | -98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,747 | €4,633 | -€114 | -2.4% |
| Other operating charges | 640/8 | €181 | €520 | +€339 | +187% |
| Gross operating margin | 9900 | €345,356 | €228,834 | -€116,522 | -33.7% |
| Operating profit (loss) | 9901 | €340,429 | €223,682 | -€116,747 | -34.3% |
| Financial income | 75/76B | €13,925 | €912 | -€13,013 | -93.5% |
| Recurring financial income | 75 | €13,925 | €912 | -€13,013 | -93.5% |
| Financial charges | 65/66B | €6,508 | €5,640 | -€868 | -13.3% |
| Recurring financial charges | 65 | €6,508 | €5,640 | -€868 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €347,845 | €218,953 | -€128,892 | -37.1% |
| Income taxes | 67/77 | €107,980 | €72,757 | -€35,223 | -32.6% |
| Profit (loss) for the period | 9904 | €239,865 | €146,196 | -€93,669 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €239,865 | €146,196 | -€93,669 | -39.1% |
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 30 October 2026 via checked.be.