ELFRAJO: 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.
ELFRAJO
Largest movements
- Receivables within one year +€18,165
up €18,165 (+67027.8%), from €27 to €18,192
of which Trade receivables: +€18,192
- Cash -€15,521
down €15,521 (-65.8%), from €23,571 to €8,050
mainly Receivables within one year (-€18,165) and Accrued charges and deferred income (-€5,400)
- Tangible fixed assets +€1,525
up €1,525 (+16.8%), from €9,094 to €10,619
of which Plant, machinery and equipment: +€2,127
- Accrued charges and deferred income -€5,400
down €5,400 (-100.0%), from €5,400 to €0
- Tax, wage and social debts +€4,422
up €4,422 (+174.7%), from €2,531 to €6,953
of which Taxes: +€4,626
- Profit (loss) carried forward +€2,931
up €2,931 (+23.7%), from -€12,356 to -€9,425
- Other debts +€1,319
up €1,319 (+319.8%), from €413 to €1,732
- Gross operating margin +€15,560
up €15,560, from -€7,643 to €7,918
- Other operating charges +€262
up €262 (+35.2%), from €743 to €1,005
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 | €34,431 | €38,201 | +€3,770 | +10.9% |
| Formation expenses | 20 | €596 | €281 | -€315 | -52.9% |
| Fixed assets | 21/28 | €9,094 | €10,619 | +€1,525 | +16.8% |
| Tangible fixed assets | 22/27 | €9,094 | €10,619 | +€1,525 | +16.8% |
| Plant, machinery and equipment | 23 | €240 | €2,367 | +€2,127 | +885.5% |
| Furniture and vehicles | 24 | €8,854 | €8,252 | -€602 | -6.8% |
| Current assets | 29/58 | €24,741 | €27,301 | +€2,560 | +10.3% |
| Amounts receivable within one year | 40/41 | €27 | €18,192 | +€18,165 | +67027.8% |
| Trade receivables | 40 | €0 | €18,192 | +€18,192 | |
| Other amounts receivable | 41 | €27 | €0 | -€27 | -100.0% |
| Cash at bank and in hand | 54/58 | €23,571 | €8,050 | -€15,521 | -65.8% |
| Deferred charges and accrued income | 490/1 | €1,143 | €1,059 | -€84 | -7.3% |
| Total equity and liabilities | 10/49 | €34,431 | €38,201 | +€3,770 | +10.9% |
| Equity | 10/15 | €23,787 | €26,718 | +€2,931 | +12.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €31,142 | €31,142 | = | 0.0% |
| Distributable reserves | 133 | €31,142 | €31,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,356 | -€9,425 | +€2,931 | +23.7% |
| Amounts payable | 17/49 | €10,645 | €11,483 | +€839 | +7.9% |
| Amounts payable within one year | 42/48 | €5,245 | €11,483 | +€6,239 | +118.9% |
| Trade debts | 44 | €1,701 | €1,899 | +€197 | +11.6% |
| Suppliers | 440/4 | €1,701 | €1,899 | +€197 | +11.6% |
| Advances received on contracts in progress | 46 | €600 | €900 | +€300 | +50.0% |
| Taxes, remuneration and social security | 45 | €2,531 | €6,953 | +€4,422 | +174.7% |
| Taxes | 450/3 | €327 | €4,953 | +€4,626 | +1414.4% |
| Remuneration and social security | 454/9 | €2,204 | €2,000 | -€204 | -9.2% |
| Other amounts payable | 47/48 | €413 | €1,732 | +€1,319 | +319.8% |
| Accrued charges and deferred income | 492/3 | €5,400 | €0 | -€5,400 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,662 | €3,665 | +€3 | +0.1% |
| Other operating charges | 640/8 | €743 | €1,005 | +€262 | +35.2% |
| Gross operating margin | 9900 | -€7,643 | €7,918 | +€15,560 | |
| Operating profit (loss) | 9901 | -€12,048 | €3,248 | +€15,296 | |
| Financial income | 75/76B | €1 | €5 | +€5 | +619.2% |
| Recurring financial income | 75 | €1 | €5 | +€5 | +619.2% |
| Financial charges | 65/66B | €99 | €100 | +€1 | +0.6% |
| Recurring financial charges | 65 | €99 | €100 | +€1 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,146 | €3,154 | +€15,300 | |
| Income taxes | 67/77 | €210 | €223 | +€13 | +6.1% |
| Profit (loss) for the period | 9904 | -€12,356 | €2,931 | +€15,287 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,356 | €2,931 | +€15,287 |
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 11 October 2026 via checked.be.