ELHM: 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.
ELHM
Largest movements
- Receivables after one year +€172,179
up €172,179 (+37.0%), from €465,078 to €637,257
- Cash +€35,264
up €35,264 (+76.1%), from €46,331 to €81,594
mainly Net result for the year (+€175,533) and Tax, wage and social debts (+€27,565)
- Tangible fixed assets -€24,163
down €24,163 (-4.4%), from €553,118 to €528,955
of which Land and buildings: -€23,515
- Profit (loss) carried forward +€175,533
up €175,533 (+38.9%), from €451,387 to €626,920
- Tax, wage and social debts +€27,565
up €27,565 (+80.2%), from €34,382 to €61,947
- Debts after one year -€19,740
down €19,740 (-3.9%), from €509,066 to €489,326
- Depreciation -€64,496
down €64,496 (-72.1%), from €89,495 to €24,999
- Gross operating margin -€41,581
down €41,581 (-14.0%), from €296,100 to €254,518
- Taxes +€28,573
up €28,573 (+94.6%), from €30,207 to €58,780
- Financial income +€8,897
up €8,897 (+38.0%), from €23,427 to €32,323
- Financial charges +€7,898
up €7,898 (+69.3%), from €11,405 to €19,303
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 | €1,078,974 | €1,258,830 | +€179,856 | +16.7% |
| Fixed assets | 21/28 | €564,118 | €539,955 | -€24,163 | -4.3% |
| Tangible fixed assets | 22/27 | €553,118 | €528,955 | -€24,163 | -4.4% |
| Land and buildings | 22 | €546,040 | €522,525 | -€23,515 | -4.3% |
| Plant, machinery and equipment | 23 | €374 | €1,210 | +€836 | +223.2% |
| Furniture and vehicles | 24 | €6,704 | €5,220 | -€1,484 | -22.1% |
| Financial fixed assets | 28 | €11,000 | €11,000 | = | 0.0% |
| Current assets | 29/58 | €514,855 | €718,875 | +€204,020 | +39.6% |
| Amounts receivable after more than one year | 29 | €465,078 | €637,257 | +€172,179 | +37.0% |
| Other amounts receivable | 291 | €465,078 | €637,257 | +€172,179 | +37.0% |
| Cash at bank and in hand | 54/58 | €46,331 | €81,594 | +€35,264 | +76.1% |
| Deferred charges and accrued income | 490/1 | €3,447 | €24 | -€3,423 | -99.3% |
| Total equity and liabilities | 10/49 | €1,078,974 | €1,258,830 | +€179,856 | +16.7% |
| Equity | 10/15 | €510,801 | €686,334 | +€175,533 | +34.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,814 | €40,814 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €38,954 | €38,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | €451,387 | €626,920 | +€175,533 | +38.9% |
| Amounts payable | 17/49 | €568,173 | €572,496 | +€4,323 | +0.8% |
| Amounts payable after more than one year | 17 | €509,066 | €489,326 | -€19,740 | -3.9% |
| Financial debts | 170/4 | €509,066 | €489,326 | -€19,740 | -3.9% |
| Amounts payable within one year | 42/48 | €59,106 | €83,170 | +€24,064 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €19,044 | €19,740 | +€696 | +3.7% |
| Trade debts | 44 | €5,680 | €1,483 | -€4,198 | -73.9% |
| Suppliers | 440/4 | €5,680 | €1,483 | -€4,198 | -73.9% |
| Taxes, remuneration and social security | 45 | €34,382 | €61,947 | +€27,565 | +80.2% |
| Taxes | 450/3 | €34,382 | €61,947 | +€27,565 | +80.2% |
| Remuneration, social security and pensions | 62 | €4,528 | €4,369 | -€159 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,495 | €24,999 | -€64,496 | -72.1% |
| Other operating charges | 640/8 | €2,715 | €3,857 | +€1,142 | +42.0% |
| Gross operating margin | 9900 | €296,100 | €254,518 | -€41,581 | -14.0% |
| Operating profit (loss) | 9901 | €199,361 | €221,293 | +€21,932 | +11.0% |
| Financial income | 75/76B | €23,427 | €32,323 | +€8,897 | +38.0% |
| Recurring financial income | 75 | €23,427 | €32,323 | +€8,897 | +38.0% |
| Financial charges | 65/66B | €11,405 | €19,303 | +€7,898 | +69.3% |
| Recurring financial charges | 65 | €11,405 | €19,303 | +€7,898 | +69.3% |
| Profit (loss) for the period before taxes | 9903 | €211,383 | €234,313 | +€22,930 | +10.8% |
| Income taxes | 67/77 | €30,207 | €58,780 | +€28,573 | +94.6% |
| Profit (loss) for the period | 9904 | €181,176 | €175,533 | -€5,643 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €181,176 | €175,533 | -€5,643 | -3.1% |
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 6 October 2026 via checked.be.