ELFIQUE: 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.
ELFIQUE
Largest movements
- Cash +€405,537
up €405,537 (+935.3%), from €43,360 to €448,897
mainly Contributions, distributions and other (+€1.3m) and Depreciation (+€371,807)
- Receivables within one year -€250,909
down €250,909 (-38.8%), from €646,687 to €395,777
of which Trade receivables: -€239,460
- Tangible fixed assets -€174,350
down €174,350 (-5.3%), from €3.3m to €3.1m
of which Plant, machinery and equipment: -€122,288
- Receivables after one year -€93,887
down €93,887 (-11.9%), from €789,097 to €695,211
- Contributions +€1.3m
up €1.3m (+49.0%), from €2.7m to €4.1m
- Profit (loss) carried forward -€687,232
down €687,232 (-39.8%), from -€1.7m to -€2.4m
- Other debts -€348,009
down €348,009 (-47.1%), from €739,583 to €391,574
- Debts after one year -€303,931
down €303,931 (-21.1%), from €1.4m to €1.1m
- Trade debts -€170,586
down €170,586 (-17.0%), from €1.0m to €834,876
- Gross operating margin -€237,241
down €237,241 (-46.1%), from €514,708 to €277,467
- Other operating charges +€132,876
up €132,876 (+163.0%), from €81,514 to €214,390
- Financial charges -€74,071
down €74,071 (-46.4%), from €159,672 to €85,601
- Staff costs -€19,327
down €19,327 (-5.2%), from €371,389 to €352,062
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 | €5,396,467 | €5,232,769 | -€163,698 | -3.0% |
| Formation expenses | 20 | €703 | €0 | -€703 | -100.0% |
| Fixed assets | 21/28 | €3,470,142 | €3,285,826 | -€184,317 | -5.3% |
| Intangible fixed assets | 21 | €16,707 | €6,740 | -€9,966 | -59.7% |
| Tangible fixed assets | 22/27 | €3,309,086 | €3,134,735 | -€174,350 | -5.3% |
| Land and buildings | 22 | €2,790,689 | €2,800,613 | +€9,924 | +0.4% |
| Plant, machinery and equipment | 23 | €381,039 | €258,751 | -€122,288 | -32.1% |
| Furniture and vehicles | 24 | €137,358 | €75,371 | -€61,987 | -45.1% |
| Financial fixed assets | 28 | €144,350 | €144,350 | = | 0.0% |
| Current assets | 29/58 | €1,925,622 | €1,946,943 | +€21,321 | +1.1% |
| Amounts receivable after more than one year | 29 | €789,097 | €695,211 | -€93,887 | -11.9% |
| Trade receivables | 290 | €789,097 | €695,211 | -€93,887 | -11.9% |
| Stocks and contracts in progress | 3 | €446,477 | €404,659 | -€41,819 | -9.4% |
| Stocks | 30/36 | €446,477 | €404,659 | -€41,819 | -9.4% |
| Amounts receivable within one year | 40/41 | €646,687 | €395,777 | -€250,909 | -38.8% |
| Trade receivables | 40 | €607,264 | €367,804 | -€239,460 | -39.4% |
| Other amounts receivable | 41 | €39,422 | €27,973 | -€11,449 | -29.0% |
| Cash at bank and in hand | 54/58 | €43,360 | €448,897 | +€405,537 | +935.3% |
| Deferred charges and accrued income | 490/1 | €0 | €2,400 | +€2,400 | |
| Total equity and liabilities | 10/49 | €5,396,467 | €5,232,769 | -€163,698 | -3.0% |
| Equity | 10/15 | €1,140,471 | €1,770,262 | +€629,791 | +55.2% |
| Contributions | 10/11 | €2,739,449 | €4,082,949 | +€1.3m | +49.0% |
| Capital | 10 | €2,739,449 | €4,082,949 | +€1.3m | +49.0% |
| Issued capital | 100 | €2,739,449 | €4,082,949 | +€1.3m | +49.0% |
| Reserves | 13 | €97,457 | €72,125 | -€25,331 | -26.0% |
| Tax-exempt reserves | 132 | €97,457 | €72,125 | -€25,331 | -26.0% |
| Profit (loss) carried forward | 14 | -€1,728,765 | -€2,415,997 | -€687,232 | -39.8% |
| Investment grants | 15 | €32,331 | €31,184 | -€1,146 | -3.5% |
| Provisions and deferred taxes | 16 | €32,486 | €24,042 | -€8,444 | -26.0% |
| Deferred taxes | 168 | €32,486 | €24,042 | -€8,444 | -26.0% |
| Amounts payable | 17/49 | €4,223,510 | €3,438,465 | -€785,045 | -18.6% |
| Amounts payable after more than one year | 17 | €1,442,899 | €1,138,969 | -€303,931 | -21.1% |
| Financial debts | 170/4 | €1,442,899 | €1,138,969 | -€303,931 | -21.1% |
| Amounts payable within one year | 42/48 | €2,686,950 | €2,259,379 | -€427,572 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €593,132 | €700,673 | +€107,541 | +18.1% |
| Financial debts | 43 | €1,304 | €0 | -€1,304 | -100.0% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €1,304 | €0 | -€1,304 | -100.0% |
| Trade debts | 44 | €1,005,462 | €834,876 | -€170,586 | -17.0% |
| Suppliers | 440/4 | €1,005,462 | €834,876 | -€170,586 | -17.0% |
| Advances received on contracts in progress | 46 | €632 | €1,526 | +€893 | +141.3% |
| Taxes, remuneration and social security | 45 | €346,837 | €330,731 | -€16,106 | -4.6% |
| Taxes | 450/3 | €205,642 | €129,181 | -€76,462 | -37.2% |
| Remuneration and social security | 454/9 | €141,195 | €201,550 | +€60,356 | +42.7% |
| Other amounts payable | 47/48 | €739,583 | €391,574 | -€348,009 | -47.1% |
| Accrued charges and deferred income | 492/3 | €93,660 | €40,118 | -€53,542 | -57.2% |
| Remuneration, social security and pensions | 62 | €371,389 | €352,062 | -€19,327 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €370,505 | €371,807 | +€1,302 | +0.4% |
| Other operating charges | 640/8 | €81,514 | €214,390 | +€132,876 | +163.0% |
| Non-recurring operating charges | 66A | - | €140 | +€140 | |
| Gross operating margin | 9900 | €514,708 | €277,467 | -€237,241 | -46.1% |
| Operating profit (loss) | 9901 | -€308,700 | -€660,931 | -€352,231 | -114.1% |
| Financial income | 75/76B | €30,013 | €25,525 | -€4,488 | -15.0% |
| Recurring financial income | 75 | €30,013 | €25,525 | -€4,488 | -15.0% |
| Financial charges | 65/66B | €159,672 | €85,601 | -€74,071 | -46.4% |
| Recurring financial charges | 65 | €159,672 | €85,601 | -€74,071 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | -€438,359 | -€721,007 | -€282,648 | -64.5% |
| Transfer from deferred taxes | 780 | €8,444 | €8,444 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€429,915 | -€712,563 | -€282,648 | -65.7% |
| Transfer from tax-exempt reserves | 789 | €25,331 | €25,331 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€404,584 | -€687,232 | -€282,648 | -69.9% |
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 1 October 2026 via checked.be.