ELFICO: 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.
ELFICO
Largest movements
- Cash -€20,045
down €20,045 (-98.3%), from €20,389 to €344
mainly Tax, wage and social debts (-€21,098) and Net result for the year (-€10,097)
- Deferred charges and accrued income -€5,086
down €5,086 (-77.8%), from €6,539 to €1,454
- Receivables within one year -€2,672
down €2,672 (-3.1%), from €85,168 to €82,496
of which Trade receivables: -€3,683
- Tax, wage and social debts -€21,098
down €21,098 (-95.5%), from €22,099 to €1,001
of which Taxes: -€16,528
- Reserves -€10,097
down €10,097 (-16.5%), from €61,334 to €51,237
- Other debts +€1,624
up €1,624 (+35.2%), from €4,610 to €6,233
- Trade debts +€1,414
up €1,414 (+24.3%), from €5,809 to €7,222
- Gross operating margin -€18,337
down €18,337, from €13,656 to -€4,681
- Taxes -€2,529
down €2,529 (-92.1%), from €2,747 to €218
- Financial charges +€1,882
up €1,882 (+77.9%), from €2,416 to €4,297
- Depreciation -€390
down €390 (-52.3%), from €744 to €355
- Financial income -€253
down €253 (-96.1%), from €264 to €10
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 | €112,451 | €84,294 | -€28,157 | -25.0% |
| Fixed assets | 21/28 | €355 | €0 | -€355 | -100% |
| Tangible fixed assets | 22/27 | €355 | €0 | -€355 | -100% |
| Furniture and vehicles | 24 | €355 | €0 | -€355 | -100% |
| Current assets | 29/58 | €112,097 | €84,294 | -€27,802 | -24.8% |
| Amounts receivable within one year | 40/41 | €85,168 | €82,496 | -€2,672 | -3.1% |
| Trade receivables | 40 | €85,159 | €81,475 | -€3,683 | -4.3% |
| Other amounts receivable | 41 | €10 | €1,021 | +€1,012 | +10,539% |
| Cash at bank and in hand | 54/58 | €20,389 | €344 | -€20,045 | -98.3% |
| Deferred charges and accrued income | 490/1 | €6,539 | €1,454 | -€5,086 | -77.8% |
| Total equity and liabilities | 10/49 | €112,451 | €84,294 | -€28,157 | -25.0% |
| Equity | 10/15 | €79,934 | €69,837 | -€10,097 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,334 | €51,237 | -€10,097 | -16.5% |
| Distributable reserves | 133 | €61,334 | €51,237 | -€10,097 | -16.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €32,517 | €14,457 | -€18,060 | -55.5% |
| Amounts payable within one year | 42/48 | €32,517 | €14,457 | -€18,060 | -55.5% |
| Trade debts | 44 | €5,809 | €7,222 | +€1,414 | +24.3% |
| Suppliers | 440/4 | €5,809 | €7,222 | +€1,414 | +24.3% |
| Taxes, remuneration and social security | 45 | €22,099 | €1,001 | -€21,098 | -95.5% |
| Taxes | 450/3 | €17,529 | €1,001 | -€16,528 | -94.3% |
| Remuneration and social security | 454/9 | €4,570 | €0 | -€4,570 | -100% |
| Other amounts payable | 47/48 | €4,610 | €6,233 | +€1,624 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €744 | €355 | -€390 | -52.3% |
| Other operating charges | 640/8 | €610 | €556 | -€54 | -8.8% |
| Gross operating margin | 9900 | €13,656 | -€4,681 | -€18,337 | |
| Operating profit (loss) | 9901 | €12,302 | -€5,592 | -€17,894 | |
| Financial income | 75/76B | €264 | €10 | -€253 | -96.1% |
| Recurring financial income | 75 | €264 | €10 | -€253 | -96.1% |
| Financial charges | 65/66B | €2,416 | €4,297 | +€1,882 | +77.9% |
| Recurring financial charges | 65 | €2,416 | €4,297 | +€1,882 | +77.9% |
| Profit (loss) for the period before taxes | 9903 | €10,151 | -€9,878 | -€20,029 | |
| Income taxes | 67/77 | €2,747 | €218 | -€2,529 | -92.1% |
| Profit (loss) for the period | 9904 | €7,403 | -€10,097 | -€17,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,403 | -€10,097 | -€17,500 |
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 16 October 2026 via checked.be.