ELGALEX: 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.
ELGALEX
Largest movements
- Tangible fixed assets +€19,268
up €19,268 (+349%), from €5,523 to €24,790
- Receivables within one year -€15,783
down €15,783 (-16.5%), from €95,816 to €80,033
of which Trade receivables: -€84,674
- Cash -€8,021
down €8,021 (-2.7%), from €292,830 to €284,809
mainly Tax, wage and social debts (-€63,358) and Investment in fixed assets (net) (-€26,860)
- Tax, wage and social debts -€63,358
down €63,358 (-53.7%), from €117,925 to €54,567
- Reserves +€60,000
up €60,000 (+22.1%), from €272,000 to €332,000
- Gross operating margin -€49,082
down €49,082 (-33.2%), from €147,771 to €98,689
- Taxes -€13,577
down €13,577 (-30.4%), from €44,685 to €31,108
- Depreciation +€5,409
up €5,409 (+229%), from €2,358 to €7,767
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 | €397,073 | €392,121 | -€4,952 | -1.2% |
| Formation expenses | 20 | €419 | €244 | -€175 | -41.8% |
| Fixed assets | 21/28 | €5,523 | €24,790 | +€19,268 | +349% |
| Tangible fixed assets | 22/27 | €5,523 | €24,790 | +€19,268 | +349% |
| Furniture and vehicles | 24 | €5,523 | €24,790 | +€19,268 | +349% |
| Current assets | 29/58 | €391,131 | €367,086 | -€24,045 | -6.1% |
| Amounts receivable within one year | 40/41 | €95,816 | €80,033 | -€15,783 | -16.5% |
| Trade receivables | 40 | €95,816 | €11,142 | -€84,674 | -88.4% |
| Other amounts receivable | 41 | - | €68,891 | +€68,891 | |
| Cash at bank and in hand | 54/58 | €292,830 | €284,809 | -€8,021 | -2.7% |
| Deferred charges and accrued income | 490/1 | €2,485 | €2,244 | -€241 | -9.7% |
| Total equity and liabilities | 10/49 | €397,073 | €392,121 | -€4,952 | -1.2% |
| Equity | 10/15 | €275,476 | €335,875 | +€60,398 | +21.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €272,000 | €332,000 | +€60,000 | +22.1% |
| Distributable reserves | 133 | €272,000 | €332,000 | +€60,000 | +22.1% |
| Profit (loss) carried forward | 14 | €476 | €875 | +€398 | +83.6% |
| Amounts payable | 17/49 | €121,596 | €56,246 | -€65,350 | -53.7% |
| Amounts payable within one year | 42/48 | €121,539 | €56,086 | -€65,452 | -53.9% |
| Trade debts | 44 | €1,027 | €403 | -€624 | -60.8% |
| Suppliers | 440/4 | €1,027 | €403 | -€624 | -60.8% |
| Taxes, remuneration and social security | 45 | €117,925 | €54,567 | -€63,358 | -53.7% |
| Taxes | 450/3 | €117,925 | €54,567 | -€63,358 | -53.7% |
| Other amounts payable | 47/48 | €2,587 | €1,117 | -€1,470 | -56.8% |
| Accrued charges and deferred income | 492/3 | €58 | €160 | +€102 | +175% |
| Non-recurring operating income | 76A | €3,267 | - | -€3,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,358 | €7,767 | +€5,409 | +229% |
| Other operating charges | 640/8 | €252 | €1,101 | +€850 | +338% |
| Gross operating margin | 9900 | €147,771 | €98,689 | -€49,082 | -33.2% |
| Operating profit (loss) | 9901 | €145,161 | €89,821 | -€55,340 | -38.1% |
| Financial income | 75/76B | €4,067 | €2,676 | -€1,391 | -34.2% |
| Recurring financial income | 75 | €4,067 | €2,676 | -€1,391 | -34.2% |
| Financial charges | 65/66B | €170 | €131 | -€39 | -22.7% |
| Recurring financial charges | 65 | €170 | €131 | -€39 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €149,058 | €92,365 | -€56,693 | -38.0% |
| Income taxes | 67/77 | €44,685 | €31,108 | -€13,577 | -30.4% |
| Profit (loss) for the period | 9904 | €104,373 | €61,257 | -€43,116 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €104,373 | €61,257 | -€43,116 | -41.3% |
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 13 October 2026 via checked.be.