ELGEMA: 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.
ELGEMA
Largest movements
- Tangible fixed assets -€21,418
down €21,418 (-1.1%), from €1.9m to €1.9m
- Other debts -€370,000
no longer reported in 2025 (was €370,000)
- Current portion of long-term debt +€173,933
up €173,933 (+320.2%), from €54,316 to €228,249
- Debts after one year +€148,140
up €148,140 (+18.9%), from €783,496 to €931,635
of which Financial debts: +€144,370
- Profit (loss) carried forward +€19,825
up €19,825 (+38.6%), from -€51,337 to -€31,513
- Gross operating margin +€67,460
up €67,460 (+185.5%), from €36,358 to €103,818
- Depreciation -€59,012
down €59,012 (-67.5%), from €87,417 to €28,405
- Financial charges +€34,268
up €34,268 (+233.3%), from €14,691 to €48,959
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 | €1,902,112 | €1,877,213 | -€24,899 | -1.3% |
| Fixed assets | 21/28 | €1,884,203 | €1,862,785 | -€21,418 | -1.1% |
| Tangible fixed assets | 22/27 | €1,884,203 | €1,862,785 | -€21,418 | -1.1% |
| Land and buildings | 22 | €1,884,203 | €1,862,785 | -€21,418 | -1.1% |
| Current assets | 29/58 | €17,909 | €14,428 | -€3,481 | -19.4% |
| Cash at bank and in hand | 54/58 | €17,909 | €14,428 | -€3,481 | -19.4% |
| Total equity and liabilities | 10/49 | €1,902,112 | €1,877,213 | -€24,899 | -1.3% |
| Equity | 10/15 | €688,663 | €708,487 | +€19,825 | +2.9% |
| Contributions | 10/11 | €740,000 | €740,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,337 | -€31,513 | +€19,825 | +38.6% |
| Amounts payable | 17/49 | €1,213,449 | €1,168,726 | -€44,723 | -3.7% |
| Amounts payable after more than one year | 17 | €783,496 | €931,635 | +€148,140 | +18.9% |
| Financial debts | 170/4 | €779,496 | €923,865 | +€144,370 | +18.5% |
| Other amounts payable | 178/9 | €4,000 | €7,770 | +€3,770 | +94.3% |
| Amounts payable within one year | 42/48 | €429,953 | €229,750 | -€200,204 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €54,316 | €228,249 | +€173,933 | +320.2% |
| Trade debts | 44 | €987 | €1,501 | +€514 | +52.1% |
| Suppliers | 440/4 | €987 | €1,501 | +€514 | +52.1% |
| Taxes, remuneration and social security | 45 | €4,651 | - | -€4,651 | |
| Taxes | 450/3 | €4,651 | - | -€4,651 | |
| Other amounts payable | 47/48 | €370,000 | - | -€370,000 | |
| Accrued charges and deferred income | 492/3 | - | €7,341 | +€7,341 | |
| Non-recurring operating income | 76A | €1,131 | - | -€1,131 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,417 | €28,405 | -€59,012 | -67.5% |
| Other operating charges | 640/8 | €7,456 | €6,630 | -€826 | -11.1% |
| Gross operating margin | 9900 | €36,358 | €103,818 | +€67,460 | +185.5% |
| Operating profit (loss) | 9901 | -€58,514 | €68,783 | +€127,297 | |
| Financial charges | 65/66B | €14,691 | €48,959 | +€34,268 | +233.3% |
| Recurring financial charges | 65 | €14,691 | €48,959 | +€34,268 | +233.3% |
| Profit (loss) for the period before taxes | 9903 | -€73,205 | €19,825 | +€93,030 | |
| Profit (loss) for the period | 9904 | -€73,205 | €19,825 | +€93,030 | |
| Profit (loss) for the period to be appropriated | 9905 | -€73,205 | €19,825 | +€93,030 |
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 8 October 2026 via checked.be.