ELFI CLAUDE: what changed
Two fiscal 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.
ELFI CLAUDE
Largest movements
- Receivables within one year +€49,095
up €49,095 (+85.9%), from €57,185 to €106,280
of which Trade receivables: +€48,892
- Stocks and contracts +€13,726
up €13,726 (+54.1%), from €25,358 to €39,084
- Cash -€7,571
down €7,571 (-5.8%), from €130,221 to €122,650
mainly Receivables within one year (-€49,095) and Contributions, distributions and other (-€15,000)
- Tangible fixed assets -€3,906
down €3,906 (-35.5%), from €11,001 to €7,094
- Profit (loss) carried forward +€43,625
up €43,625 (+23.5%), from €186,006 to €229,631
- Other debts +€13,092
up €13,092 (+88.3%), from €14,827 to €27,918
- Trade debts -€4,840
no longer reported in 2025 (was €4,840)
- Other operating charges -€15,537
down €15,537 (-96.8%), from €16,043 to €506
- Financial income -€7,136
down €7,136 (-98.8%), from €7,222 to €86
- Gross operating margin -€4,542
down €4,542 (-5.8%), from €77,850 to €73,308
- Depreciation -€1,053
down €1,053 (-21.2%), from €4,959 to €3,906
- Financial charges -€919
down €919 (-80.3%), from €1,144 to €225
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 | €224,673 | €275,930 | +€51,257 | +22.8% |
| Fixed assets | 21/28 | €11,001 | €7,094 | -€3,906 | -35.5% |
| Tangible fixed assets | 22/27 | €11,001 | €7,094 | -€3,906 | -35.5% |
| Furniture and vehicles | 24 | €11,001 | €7,094 | -€3,906 | -35.5% |
| Current assets | 29/58 | €213,673 | €268,836 | +€55,163 | +25.8% |
| Stocks and contracts in progress | 3 | €25,358 | €39,084 | +€13,726 | +54.1% |
| Stocks | 30/36 | €25,358 | €39,084 | +€13,726 | +54.1% |
| Amounts receivable within one year | 40/41 | €57,185 | €106,280 | +€49,095 | +85.9% |
| Trade receivables | 40 | €35,564 | €84,456 | +€48,892 | +137.5% |
| Other amounts receivable | 41 | €21,621 | €21,824 | +€203 | +0.9% |
| Cash at bank and in hand | 54/58 | €130,221 | €122,650 | -€7,571 | -5.8% |
| Deferred charges and accrued income | 490/1 | €908 | €821 | -€87 | -9.6% |
| Total equity and liabilities | 10/49 | €224,673 | €275,930 | +€51,257 | +22.8% |
| Equity | 10/15 | €191,006 | €234,631 | +€43,625 | +22.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €186,006 | €229,631 | +€43,625 | +23.5% |
| Amounts payable | 17/49 | €33,667 | €41,299 | +€7,632 | +22.7% |
| Amounts payable within one year | 42/48 | €33,667 | €41,299 | +€7,632 | +22.7% |
| Trade debts | 44 | €4,840 | - | -€4,840 | |
| Suppliers | 440/4 | €4,840 | - | -€4,840 | |
| Taxes, remuneration and social security | 45 | €14,000 | €13,381 | -€619 | -4.4% |
| Taxes | 450/3 | €14,000 | €11,287 | -€2,714 | -19.4% |
| Remuneration and social security | 454/9 | - | €2,094 | +€2,094 | |
| Other amounts payable | 47/48 | €14,827 | €27,918 | +€13,092 | +88.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,959 | €3,906 | -€1,053 | -21.2% |
| Other operating charges | 640/8 | €16,043 | €506 | -€15,537 | -96.8% |
| Gross operating margin | 9900 | €77,850 | €73,308 | -€4,542 | -5.8% |
| Operating profit (loss) | 9901 | €56,848 | €68,895 | +€12,047 | +21.2% |
| Financial income | 75/76B | €7,222 | €86 | -€7,136 | -98.8% |
| Recurring financial income | 75 | €7,222 | €86 | -€7,136 | -98.8% |
| Financial charges | 65/66B | €1,144 | €225 | -€919 | -80.3% |
| Recurring financial charges | 65 | €1,144 | €225 | -€919 | -80.3% |
| Profit (loss) for the period before taxes | 9903 | €62,927 | €68,756 | +€5,829 | +9.3% |
| Income taxes | 67/77 | €10,162 | €10,132 | -€30 | -0.3% |
| Profit (loss) for the period | 9904 | €52,765 | €58,625 | +€5,860 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,765 | €58,625 | +€5,860 | +11.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.