Elfina Management: 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.
Elfina Management
Largest movements
- Cash +€13,733
up €13,733 (+46.8%), from €29,333 to €43,065
mainly Net result for the year (+€25,683) and Tax, wage and social debts (+€5,401)
- Receivables within one year +€7,021
up €7,021 (+74.1%), from €9,470 to €16,490
of which Trade receivables: +€5,050
- Tangible fixed assets +€3,415
new in 2025: €3,415
- Reserves +€25,683
up €25,683 (+184%), from €13,946 to €39,629
- Other debts -€8,075
down €8,075 (-100%), from €8,075 to €0
- Tax, wage and social debts +€5,401
up €5,401 (+37.7%), from €14,318 to €19,718
- Trade debts +€1,399
up €1,399 (+2,593%), from €54 to €1,453
- Gross operating margin +€16,869
up €16,869 (+81.4%), from €20,724 to €37,593
- Taxes +€4,198
up €4,198 (+71.9%), from €5,841 to €10,039
- Financial charges +€1,056
up €1,056 (+127%), from €829 to €1,884
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 | €38,803 | €62,971 | +€24,168 | +62.3% |
| Fixed assets | 21/28 | - | €3,415 | +€3,415 | |
| Tangible fixed assets | 22/27 | - | €3,415 | +€3,415 | |
| Plant, machinery and equipment | 23 | - | €3,415 | +€3,415 | |
| Current assets | 29/58 | €38,803 | €59,556 | +€20,753 | +53.5% |
| Amounts receivable within one year | 40/41 | €9,470 | €16,490 | +€7,021 | +74.1% |
| Trade receivables | 40 | €9,470 | €14,520 | +€5,050 | +53.3% |
| Other amounts receivable | 41 | - | €1,970 | +€1,970 | |
| Cash at bank and in hand | 54/58 | €29,333 | €43,065 | +€13,733 | +46.8% |
| Total equity and liabilities | 10/49 | €38,803 | €62,971 | +€24,168 | +62.3% |
| Equity | 10/15 | €15,946 | €41,629 | +€25,683 | +161% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €13,946 | €39,629 | +€25,683 | +184% |
| Distributable reserves | 133 | €13,946 | €39,629 | +€25,683 | +184% |
| Amounts payable | 17/49 | €22,856 | €21,341 | -€1,515 | -6.6% |
| Amounts payable within one year | 42/48 | €22,453 | €21,171 | -€1,281 | -5.7% |
| Financial debts | 43 | €6 | €0 | -€6 | -100% |
| Credit institutions | 430/8 | €6 | €0 | -€6 | -100% |
| Trade debts | 44 | €54 | €1,453 | +€1,399 | +2,593% |
| Suppliers | 440/4 | €54 | €1,453 | +€1,399 | +2,593% |
| Taxes, remuneration and social security | 45 | €14,318 | €19,718 | +€5,401 | +37.7% |
| Taxes | 450/3 | €14,318 | €19,718 | +€5,401 | +37.7% |
| Other amounts payable | 47/48 | €8,075 | €0 | -€8,075 | -100% |
| Accrued charges and deferred income | 492/3 | €404 | €170 | -€234 | -57.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €185 | +€185 | |
| Other operating charges | 640/8 | €118 | €108 | -€11 | -9.0% |
| Gross operating margin | 9900 | €20,724 | €37,593 | +€16,869 | +81.4% |
| Operating profit (loss) | 9901 | €20,606 | €37,300 | +€16,694 | +81.0% |
| Financial income | 75/76B | €10 | €306 | +€296 | +2,965% |
| Recurring financial income | 75 | €10 | €306 | +€296 | +2,965% |
| Financial charges | 65/66B | €829 | €1,884 | +€1,056 | +127% |
| Recurring financial charges | 65 | €829 | €1,884 | +€1,056 | +127% |
| Profit (loss) for the period before taxes | 9903 | €19,787 | €35,722 | +€15,935 | +80.5% |
| Income taxes | 67/77 | €5,841 | €10,039 | +€4,198 | +71.9% |
| Profit (loss) for the period | 9904 | €13,946 | €25,683 | +€11,737 | +84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,946 | €25,683 | +€11,737 | +84.2% |
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 22 October 2026 via checked.be.