ELI-MAT: 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.
ELI-MAT
Largest movements
- Receivables within one year +€102,783
up €102,783 (+354.2%), from €29,019 to €131,802
of which Trade receivables: +€105,163
- Trade debts +€56,979
up €56,979 (+4956.8%), from €1,150 to €58,128
- Other debts +€17,913
up €17,913 (+41.5%), from €43,174 to €61,088
- Tax, wage and social debts +€16,985
new in 2025: €16,985
of which Remuneration and social security: +€13,945
- Profit (loss) carried forward +€10,666
up €10,666 (+79.7%), from €13,389 to €24,055
- Gross operating margin -€7,009
down €7,009 (-15.3%), from €45,705 to €38,695
- Taxes +€3,040
new in 2025: €3,040
- Financial charges +€2,738
new in 2025: €2,738
- Depreciation -€1,216
down €1,216 (-72.4%), from €1,679 to €463
- Other operating charges +€1,006
up €1,006 (+145.5%), from €692 to €1,698
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 | €60,213 | €162,756 | +€102,543 | +170.3% |
| Fixed assets | 21/28 | €1,554 | €1,090 | -€463 | -29.8% |
| Tangible fixed assets | 22/27 | €1,334 | €870 | -€463 | -34.7% |
| Plant, machinery and equipment | 23 | €1,334 | €870 | -€463 | -34.7% |
| Financial fixed assets | 28 | €220 | €220 | = | 0.0% |
| Current assets | 29/58 | €58,659 | €161,665 | +€103,006 | +175.6% |
| Amounts receivable within one year | 40/41 | €29,019 | €131,802 | +€102,783 | +354.2% |
| Trade receivables | 40 | €24,496 | €129,659 | +€105,163 | +429.3% |
| Other amounts receivable | 41 | €4,523 | €2,143 | -€2,380 | -52.6% |
| Cash at bank and in hand | 54/58 | €29,505 | €29,864 | +€359 | +1.2% |
| Deferred charges and accrued income | 490/1 | €136 | - | -€136 | |
| Total equity and liabilities | 10/49 | €60,213 | €162,756 | +€102,543 | +170.3% |
| Equity | 10/15 | €15,889 | €26,555 | +€10,666 | +67.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,389 | €24,055 | +€10,666 | +79.7% |
| Amounts payable | 17/49 | €44,324 | €136,201 | +€91,877 | +207.3% |
| Amounts payable within one year | 42/48 | €44,324 | €136,201 | +€91,877 | +207.3% |
| Trade debts | 44 | €1,150 | €58,128 | +€56,979 | +4956.8% |
| Suppliers | 440/4 | €1,150 | €58,128 | +€56,979 | +4956.8% |
| Taxes, remuneration and social security | 45 | - | €16,985 | +€16,985 | |
| Taxes | 450/3 | - | €3,040 | +€3,040 | |
| Remuneration and social security | 454/9 | - | €13,945 | +€13,945 | |
| Other amounts payable | 47/48 | €43,174 | €61,088 | +€17,913 | +41.5% |
| Remuneration, social security and pensions | 62 | - | €31 | +€31 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,679 | €463 | -€1,216 | -72.4% |
| Other operating charges | 640/8 | €692 | €1,698 | +€1,006 | +145.5% |
| Non-recurring operating charges | 66A | - | €60 | +€60 | |
| Gross operating margin | 9900 | €45,705 | €38,695 | -€7,009 | -15.3% |
| Operating profit (loss) | 9901 | €43,334 | €36,443 | -€6,890 | -15.9% |
| Financial income | 75/76B | €55 | €0 | -€55 | -99.9% |
| Recurring financial income | 75 | €55 | €0 | -€55 | -99.9% |
| Financial charges | 65/66B | - | €2,738 | +€2,738 | |
| Recurring financial charges | 65 | - | €2,738 | +€2,738 | |
| Profit (loss) for the period before taxes | 9903 | €43,389 | €33,706 | -€9,683 | -22.3% |
| Income taxes | 67/77 | - | €3,040 | +€3,040 | |
| Profit (loss) for the period | 9904 | €43,389 | €30,666 | -€12,723 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,389 | €30,666 | -€12,723 | -29.3% |
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 11 October 2026 via checked.be.