ELGEAL: 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.
What changed
ELGEAL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€22,219
2024 · €8,619+€13,601
Equity
€368,622
2024 · €444,902-€76,281
Cash
€89,249
2024 · €63,213+€26,036
Balance sheet total
€3.4m
2024 · €2.4m+€942,549
Largest movements
Assets
- Financial fixed assets +€1.1m
up €1.1m (+5,692%), from €18,448 to €1.1m
- Receivables within one year -€793,768
down €793,768 (-87.2%), from €910,479 to €116,711
of which Other amounts receivable: -€713,516
- Stocks and contracts +€646,335
up €646,335 (+1,171%), from €55,208 to €701,542
Equity and liabilities
- Short-term financial debts +€588,901
up €588,901 (+34.6%), from €1.7m to €2.3m
of which Credit institutions: +€488,901
- Debts after one year +€304,898
up €304,898 (+201%), from €152,051 to €456,949
of which Financial debts: +€300,838
- Other debts +€106,868
up €106,868 (+546%), from €19,559 to €126,427
- Reserves -€76,100
down €76,100 (-20.4%), from €373,300 to €297,200
Income statement
- Turnover +€322,445
new in 2025: €322,445
- Purchases and services +€247,070
new in 2025: €247,070
- Gross operating margin +€106,560
up €106,560 (+78.6%), from €135,580 to €242,140
- Other operating charges +€38,329
up €38,329 (+618%), from €6,200 to €44,529
- Write-downs +€19,000
no longer reported in 2025 (was -€19,000)
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.
Result 2024
€8,619
Gross operating margin
+€106,560
Depreciation
-€13,141
Write-downs
-€19,000
Other operating charges
-€38,329
Financial income
+€90
Financial charges
-€12,435
Taxes
-€10,145
Result 2025
€22,219
raises the resultlowers the result
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.
From operations
+€365,582
Investment
-€1.1m
Financing
+€790,172
Cash 2024
€63,213
From operations (derived)
+€365,582
Net result for the year
+€22,219
Depreciation
+€67,537
Stocks and contracts
-€646,335
Receivables within one year
+€793,768
Deferred charges and accrued income
-€1,765
Trade debts
-€4,555
Tax, wage and social debts
+€15,299
Other debts
+€106,868
Accrued charges and deferred income
+€12,545
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€790,172
Debts after one year
+€304,898
Current portion of long-term debt
-€5,127
Short-term financial debts
+€588,901
Contributions, distributions and other
-€98,500
Cash 2025
€89,249
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,419,820 | €3,362,369 | +€942,549 | +39.0% |
| Fixed assets | 21/28 | €1,389,094 | €2,451,275 | +€1.1m | +76.5% |
| Tangible fixed assets | 22/27 | €1,370,646 | €1,382,827 | +€12,181 | +0.9% |
| Land and buildings | 22 | €1,366,679 | €1,368,840 | +€2,161 | +0.2% |
| Furniture and vehicles | 24 | €3,967 | €8,986 | +€5,019 | +127% |
| Other tangible fixed assets | 26 | - | €5,000 | +€5,000 | |
| Financial fixed assets | 28 | €18,448 | €1,068,448 | +€1.1m | +5,692% |
| Current assets | 29/58 | €1,030,726 | €911,094 | -€119,632 | -11.6% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | €55,208 | €701,542 | +€646,335 | +1,171% |
| Stocks | 30/36 | €55,208 | €701,542 | +€646,335 | +1,171% |
| Amounts receivable within one year | 40/41 | €910,479 | €116,711 | -€793,768 | -87.2% |
| Trade receivables | 40 | €93,184 | €12,932 | -€80,252 | -86.1% |
| Other amounts receivable | 41 | €817,295 | €103,779 | -€713,516 | -87.3% |
| Cash at bank and in hand | 54/58 | €63,213 | €89,249 | +€26,036 | +41.2% |
| Deferred charges and accrued income | 490/1 | €1,827 | €3,592 | +€1,765 | +96.6% |
| Total equity and liabilities | 10/49 | €2,419,820 | €3,362,369 | +€942,549 | +39.0% |
| Equity | 10/15 | €444,902 | €368,622 | -€76,281 | -17.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €373,300 | €297,200 | -€76,100 | -20.4% |
| Distributable reserves | 133 | €373,300 | €297,200 | -€76,100 | -20.4% |
| Profit (loss) carried forward | 14 | €51,602 | €51,422 | -€181 | -0.4% |
| Amounts payable | 17/49 | €1,974,918 | €2,993,747 | +€1.0m | +51.6% |
| Amounts payable after more than one year | 17 | €152,051 | €456,949 | +€304,898 | +201% |
| Financial debts | 170/4 | €146,651 | €447,489 | +€300,838 | +205% |
| Other amounts payable | 178/9 | €5,400 | €9,460 | +€4,060 | +75.2% |
| Amounts payable within one year | 42/48 | €1,806,117 | €2,507,503 | +€701,386 | +38.8% |
| Current portion of amounts payable after more than one year | 42 | €24,288 | €19,162 | -€5,127 | -21.1% |
| Financial debts | 43 | €1,700,694 | €2,289,595 | +€588,901 | +34.6% |
| Credit institutions | 430/8 | €1,500,694 | €1,989,595 | +€488,901 | +32.6% |
| Other loans | 439 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Trade debts | 44 | €51,036 | €46,481 | -€4,555 | -8.9% |
| Suppliers | 440/4 | €51,036 | €46,481 | -€4,555 | -8.9% |
| Taxes, remuneration and social security | 45 | €10,540 | €25,838 | +€15,299 | +145% |
| Taxes | 450/3 | €9,540 | €24,838 | +€15,299 | +160% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €19,559 | €126,427 | +€106,868 | +546% |
| Accrued charges and deferred income | 492/3 | €16,750 | €29,295 | +€12,545 | +74.9% |
| Turnover | 70 | - | €322,445 | +€322,445 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €247,070 | +€247,070 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,397 | €67,537 | +€13,141 | +24.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,000 | - | +€19,000 | |
| Other operating charges | 640/8 | €6,200 | €44,529 | +€38,329 | +618% |
| Gross operating margin | 9900 | €135,580 | €242,140 | +€106,560 | +78.6% |
| Operating profit (loss) | 9901 | €93,983 | €130,073 | +€36,090 | +38.4% |
| Financial income | 75/76B | €1 | €91 | +€90 | +11,719% |
| Recurring financial income | 75 | €1 | €91 | +€90 | +11,719% |
| Financial charges | 65/66B | €77,534 | €89,968 | +€12,435 | +16.0% |
| Recurring financial charges | 65 | €77,534 | €89,968 | +€12,435 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €16,450 | €40,196 | +€23,746 | +144% |
| Income taxes | 67/77 | €7,831 | €17,977 | +€10,145 | +130% |
| Profit (loss) for the period | 9904 | €8,619 | €22,219 | +€13,601 | +158% |
| Profit (loss) for the period to be appropriated | 9905 | €8,619 | €22,219 | +€13,601 | +158% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.