ELH-law: 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.
ELH-law
Largest movements
- Cash +€48,485
up €48,485 (+38.9%), from €124,709 to €173,193
mainly Net result for the year (+€78,557) and Trade debts (+€734)
- Receivables within one year +€27,937
up €27,937 (+800%), from €3,493 to €31,430
of which Other amounts receivable: +€28,331
- Profit (loss) carried forward +€78,557
up €78,557 (+60.8%), from €129,310 to €207,867
- Gross operating margin -€67,837
down €67,837 (-40.7%), from €166,555 to €98,718
- Taxes -€16,506
down €16,506 (-44.6%), from €37,026 to €20,521
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 | €132,824 | €211,701 | +€78,876 | +59.4% |
| Fixed assets | 21/28 | €3,549 | €5,553 | +€2,004 | +56.5% |
| Tangible fixed assets | 22/27 | €1,249 | €3,253 | +€2,004 | +160% |
| Furniture and vehicles | 24 | €1,249 | €3,253 | +€2,004 | +160% |
| Financial fixed assets | 28 | €2,300 | €2,300 | = | 0.0% |
| Current assets | 29/58 | €129,275 | €206,148 | +€76,872 | +59.5% |
| Amounts receivable within one year | 40/41 | €3,493 | €31,430 | +€27,937 | +800% |
| Trade receivables | 40 | €796 | €401 | -€394 | -49.6% |
| Other amounts receivable | 41 | €2,697 | €31,028 | +€28,331 | +1,050% |
| Cash at bank and in hand | 54/58 | €124,709 | €173,193 | +€48,485 | +38.9% |
| Deferred charges and accrued income | 490/1 | €1,074 | €1,524 | +€451 | +42.0% |
| Total equity and liabilities | 10/49 | €132,824 | €211,701 | +€78,876 | +59.4% |
| Equity | 10/15 | €132,310 | €210,867 | +€78,557 | +59.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,310 | €207,867 | +€78,557 | +60.8% |
| Amounts payable | 17/49 | €515 | €834 | +€319 | +62.0% |
| Amounts payable within one year | 42/48 | €515 | €834 | +€319 | +62.0% |
| Trade debts | 44 | €100 | €834 | +€734 | +734% |
| Suppliers | 440/4 | €100 | €834 | +€734 | +734% |
| Taxes, remuneration and social security | 45 | €415 | - | -€415 | |
| Taxes | 450/3 | €415 | - | -€415 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204 | €627 | +€423 | +208% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €166,555 | €98,718 | -€67,837 | -40.7% |
| Operating profit (loss) | 9901 | €165,964 | €97,692 | -€68,272 | -41.1% |
| Financial income | 75/76B | €373 | €1,423 | +€1,050 | +281% |
| Recurring financial income | 75 | €373 | €1,423 | +€1,050 | +281% |
| Financial charges | 65/66B | €0 | €37 | +€37 | +7,459% |
| Recurring financial charges | 65 | €0 | €37 | +€37 | +7,459% |
| Profit (loss) for the period before taxes | 9903 | €166,336 | €99,077 | -€67,259 | -40.4% |
| Income taxes | 67/77 | €37,026 | €20,521 | -€16,506 | -44.6% |
| Profit (loss) for the period | 9904 | €129,310 | €78,557 | -€50,753 | -39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €129,310 | €78,557 | -€50,753 | -39.2% |
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 30 October 2026 via checked.be.