ELFRU: 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.
ELFRU
Largest movements
- Current investments +€461,411
up €461,411 (+53.5%), from €862,142 to €1.3m
- Cash -€107,967
down €107,967 (-26.4%), from €408,224 to €300,257
mainly Current investments (-€461,411) and Contributions, distributions and other (-€160,000)
- Tangible fixed assets -€57,908
down €57,908 (-3.0%), from €1.9m to €1.9m
of which Plant, machinery and equipment: -€97,798
- Profit (loss) carried forward +€411,824
up €411,824 (+172.3%), from €239,019 to €650,842
- Trade debts -€95,680
down €95,680 (-70.4%), from €135,857 to €40,176
- Accrued charges and deferred income +€84,824
up €84,824 (+129.6%), from €65,451 to €150,276
- Tax, wage and social debts -€46,390
down €46,390 (-29.2%), from €158,831 to €112,441
of which Taxes: -€51,422
- Financial income +€67,428
up €67,428 (+446.5%), from €15,100 to €82,528
- Staff costs -€48,685
down €48,685 (-15.8%), from €307,256 to €258,571
- Depreciation -€32,655
down €32,655 (-15.2%), from €215,067 to €182,412
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 | €3,446,815 | €3,770,626 | +€323,811 | +9.4% |
| Fixed assets | 21/28 | €1,966,462 | €1,900,777 | -€65,685 | -3.3% |
| Tangible fixed assets | 22/27 | €1,926,051 | €1,868,143 | -€57,908 | -3.0% |
| Land and buildings | 22 | €1,484,605 | €1,419,611 | -€64,994 | -4.4% |
| Plant, machinery and equipment | 23 | €370,713 | €272,915 | -€97,798 | -26.4% |
| Furniture and vehicles | 24 | €70,733 | €51,114 | -€19,619 | -27.7% |
| Assets under construction and advance payments | 27 | - | €124,504 | +€124,504 | |
| Financial fixed assets | 28 | €40,410 | €32,633 | -€7,777 | -19.2% |
| Current assets | 29/58 | €1,480,354 | €1,869,849 | +€389,496 | +26.3% |
| Stocks and contracts in progress | 3 | €13,475 | €15,350 | +€1,875 | +13.9% |
| Stocks | 30/36 | €13,475 | €15,350 | +€1,875 | +13.9% |
| Amounts receivable within one year | 40/41 | €171,898 | €202,279 | +€30,382 | +17.7% |
| Trade receivables | 40 | €121,550 | €188,074 | +€66,524 | +54.7% |
| Other amounts receivable | 41 | €50,347 | €14,205 | -€36,142 | -71.8% |
| Current investments | 50/53 | €862,142 | €1,323,553 | +€461,411 | +53.5% |
| Cash at bank and in hand | 54/58 | €408,224 | €300,257 | -€107,967 | -26.4% |
| Deferred charges and accrued income | 490/1 | €24,615 | €28,410 | +€3,795 | +15.4% |
| Total equity and liabilities | 10/49 | €3,446,815 | €3,770,626 | +€323,811 | +9.4% |
| Equity | 10/15 | €2,843,676 | €3,245,500 | +€401,824 | +14.1% |
| Contributions | 10/11 | €1,459,000 | €1,459,000 | = | 0.0% |
| Reserves | 13 | €1,145,658 | €1,135,658 | -€10,000 | -0.9% |
| Non-distributable reserves | 130/1 | €145,900 | €145,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €145,900 | €145,900 | = | 0.0% |
| Distributable reserves | 133 | €999,758 | €989,758 | -€10,000 | -1.0% |
| Profit (loss) carried forward | 14 | €239,019 | €650,842 | +€411,824 | +172.3% |
| Amounts payable | 17/49 | €603,139 | €525,126 | -€78,013 | -12.9% |
| Amounts payable after more than one year | 17 | €210,000 | €180,000 | -€30,000 | -14.3% |
| Financial debts | 170/4 | €210,000 | €180,000 | -€30,000 | -14.3% |
| Amounts payable within one year | 42/48 | €327,688 | €194,850 | -€132,837 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €33,000 | €30,000 | -€3,000 | -9.1% |
| Trade debts | 44 | €135,857 | €40,176 | -€95,680 | -70.4% |
| Suppliers | 440/4 | €135,857 | €40,176 | -€95,680 | -70.4% |
| Taxes, remuneration and social security | 45 | €158,831 | €112,441 | -€46,390 | -29.2% |
| Taxes | 450/3 | €157,354 | €105,932 | -€51,422 | -32.7% |
| Remuneration and social security | 454/9 | €1,477 | €6,509 | +€5,032 | +340.7% |
| Other amounts payable | 47/48 | - | €12,233 | +€12,233 | |
| Accrued charges and deferred income | 492/3 | €65,451 | €150,276 | +€84,824 | +129.6% |
| Non-recurring operating income | 76A | €77,000 | - | -€77,000 | |
| Remuneration, social security and pensions | 62 | €307,256 | €258,571 | -€48,685 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,067 | €182,412 | -€32,655 | -15.2% |
| Other operating charges | 640/8 | €10,796 | €14,080 | +€3,283 | +30.4% |
| Non-recurring operating charges | 66A | - | €29,927 | +€29,927 | |
| Gross operating margin | 9900 | €1,133,787 | €1,142,671 | +€8,884 | +0.8% |
| Operating profit (loss) | 9901 | €600,667 | €657,681 | +€57,014 | +9.5% |
| Financial income | 75/76B | €15,100 | €82,528 | +€67,428 | +446.5% |
| Recurring financial income | 75 | €15,100 | €82,528 | +€67,428 | +446.5% |
| Financial charges | 65/66B | €2,457 | €5,983 | +€3,526 | +143.5% |
| Recurring financial charges | 65 | €2,457 | €5,983 | +€3,526 | +143.5% |
| Profit (loss) for the period before taxes | 9903 | €613,311 | €734,227 | +€120,916 | +19.7% |
| Income taxes | 67/77 | €175,733 | €172,403 | -€3,330 | -1.9% |
| Profit (loss) for the period | 9904 | €437,578 | €561,824 | +€124,246 | +28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €437,578 | €561,824 | +€124,246 | +28.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.