ELGEPA: 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.
ELGEPA
Largest movements
- Cash +€98,624
up €98,624 (+99.5%), from €99,089 to €197,713
mainly Net result for the year (+€65,830) and Depreciation (+€32,149)
- Tangible fixed assets -€23,479
down €23,479 (-9.1%), from €257,361 to €233,882
of which Plant, machinery and equipment: -€16,274
- Reserves +€65,830
up €65,830 (+82.8%), from €79,461 to €145,290
- Debts after one year -€18,583
down €18,583 (-9.5%), from €195,839 to €177,256
- Tax, wage and social debts +€17,455
up €17,455 (+45.0%), from €38,829 to €56,285
of which Remuneration and social security: +€9,467
- Gross operating margin +€54,141
up €54,141 (+38.4%), from €141,068 to €195,209
- Staff costs +€28,219
up €28,219 (+80.4%), from €35,097 to €63,316
- Taxes +€12,935
up €12,935 (+82.7%), from €15,646 to €28,581
- Financial income +€8,652
up €8,652 (+494%), from €1,753 to €10,405
of which Non-recurring financial income: +€10,380
- Financial charges +€2,224
up €2,224 (+19.9%), from €11,161 to €13,385
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 | €471,982 | €545,254 | +€73,272 | +15.5% |
| Fixed assets | 21/28 | €257,361 | €233,882 | -€23,479 | -9.1% |
| Tangible fixed assets | 22/27 | €257,361 | €233,882 | -€23,479 | -9.1% |
| Land and buildings | 22 | €204,504 | €193,529 | -€10,975 | -5.4% |
| Plant, machinery and equipment | 23 | €46,639 | €30,366 | -€16,274 | -34.9% |
| Furniture and vehicles | 24 | €6,218 | €9,988 | +€3,769 | +60.6% |
| Current assets | 29/58 | €214,621 | €311,372 | +€96,751 | +45.1% |
| Stocks and contracts in progress | 3 | €32,864 | €32,752 | -€112 | -0.3% |
| Stocks | 30/36 | €32,864 | €32,752 | -€112 | -0.3% |
| Amounts receivable within one year | 40/41 | €77,560 | €75,554 | -€2,006 | -2.6% |
| Trade receivables | 40 | €77,560 | €75,554 | -€2,006 | -2.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €99,089 | €197,713 | +€98,624 | +99.5% |
| Deferred charges and accrued income | 490/1 | €5,107 | €5,353 | +€246 | +4.8% |
| Total equity and liabilities | 10/49 | €471,982 | €545,254 | +€73,272 | +15.5% |
| Equity | 10/15 | €98,061 | €163,890 | +€65,830 | +67.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,461 | €145,290 | +€65,830 | +82.8% |
| Distributable reserves | 133 | €79,461 | €145,290 | +€65,830 | +82.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €373,921 | €381,364 | +€7,442 | +2.0% |
| Amounts payable after more than one year | 17 | €195,839 | €177,256 | -€18,583 | -9.5% |
| Financial debts | 170/4 | €195,839 | €177,256 | -€18,583 | -9.5% |
| Amounts payable within one year | 42/48 | €174,985 | €200,836 | +€25,851 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €17,872 | €18,583 | +€712 | +4.0% |
| Trade debts | 44 | €35,687 | €38,703 | +€3,016 | +8.5% |
| Suppliers | 440/4 | €35,687 | €38,703 | +€3,016 | +8.5% |
| Taxes, remuneration and social security | 45 | €38,829 | €56,285 | +€17,455 | +45.0% |
| Taxes | 450/3 | €33,668 | €41,656 | +€7,988 | +23.7% |
| Remuneration and social security | 454/9 | €5,162 | €14,629 | +€9,467 | +183% |
| Other amounts payable | 47/48 | €82,597 | €87,265 | +€4,668 | +5.7% |
| Accrued charges and deferred income | 492/3 | €3,097 | €3,272 | +€175 | +5.6% |
| Non-recurring operating income | 76A | €225 | €0 | -€225 | -100% |
| Remuneration, social security and pensions | 62 | €35,097 | €63,316 | +€28,219 | +80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,198 | €32,149 | +€1,951 | +6.5% |
| Other operating charges | 640/8 | €1,819 | €2,353 | +€534 | +29.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €141,068 | €195,209 | +€54,141 | +38.4% |
| Operating profit (loss) | 9901 | €73,954 | €97,391 | +€23,437 | +31.7% |
| Financial income | 75/76B | €1,753 | €10,405 | +€8,652 | +494% |
| Recurring financial income | 75 | €1,753 | €25 | -€1,728 | -98.6% |
| Non-recurring financial income | 76B | - | €10,380 | +€10,380 | |
| Financial charges | 65/66B | €11,161 | €13,385 | +€2,224 | +19.9% |
| Recurring financial charges | 65 | €11,161 | €13,385 | +€2,224 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €64,546 | €94,411 | +€29,865 | +46.3% |
| Income taxes | 67/77 | €15,646 | €28,581 | +€12,935 | +82.7% |
| Profit (loss) for the period | 9904 | €48,900 | €65,830 | +€16,929 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,900 | €65,830 | +€16,929 | +34.6% |
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 29 October 2026 via checked.be.