ELIAC: 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.
ELIAC
Largest movements
- Receivables within one year +€27,821
up €27,821 (+111%), from €24,983 to €52,804
- Cash -€11,184
down €11,184 (-39.0%), from €28,664 to €17,480
mainly Investment in fixed assets (net) (-€44,867) and Receivables within one year (-€27,821)
- Tangible fixed assets +€5,317
up €5,317 (+3.7%), from €143,992 to €149,309
of which Plant, machinery and equipment: +€20,759
- Reserves +€23,145
up €23,145 (+11.9%), from €194,262 to €217,407
- Depreciation +€24,762
up €24,762 (+167%), from €14,788 to €39,550
- Gross operating margin -€23,902
down €23,902 (-24.3%), from €98,410 to €74,508
- Taxes -€15,276
down €15,276 (-55.0%), from €27,754 to €12,478
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 | €198,587 | €221,607 | +€23,020 | +11.6% |
| Fixed assets | 21/28 | €144,392 | €149,709 | +€5,317 | +3.7% |
| Tangible fixed assets | 22/27 | €143,992 | €149,309 | +€5,317 | +3.7% |
| Land and buildings | 22 | €4,197 | €16,327 | +€12,130 | +289% |
| Plant, machinery and equipment | 23 | €20,547 | €41,306 | +€20,759 | +101% |
| Furniture and vehicles | 24 | €119,248 | €91,676 | -€27,572 | -23.1% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €54,195 | €71,898 | +€17,703 | +32.7% |
| Amounts receivable within one year | 40/41 | €24,983 | €52,804 | +€27,821 | +111% |
| Other amounts receivable | 41 | €24,983 | €52,804 | +€27,821 | +111% |
| Cash at bank and in hand | 54/58 | €28,664 | €17,480 | -€11,184 | -39.0% |
| Deferred charges and accrued income | 490/1 | €548 | €1,614 | +€1,066 | +195% |
| Total equity and liabilities | 10/49 | €198,587 | €221,607 | +€23,020 | +11.6% |
| Equity | 10/15 | €198,462 | €221,607 | +€23,145 | +11.7% |
| Contributions | 10/11 | €4,200 | €4,200 | = | 0.0% |
| Reserves | 13 | €194,262 | €217,407 | +€23,145 | +11.9% |
| Distributable reserves | 133 | €194,262 | €217,407 | +€23,145 | +11.9% |
| Amounts payable | 17/49 | €125 | - | -€125 | |
| Amounts payable within one year | 42/48 | €125 | - | -€125 | |
| Trade debts | 44 | €125 | - | -€125 | |
| Suppliers | 440/4 | €125 | - | -€125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,788 | €39,550 | +€24,762 | +167% |
| Gross operating margin | 9900 | €98,410 | €74,508 | -€23,902 | -24.3% |
| Operating profit (loss) | 9901 | €83,622 | €34,958 | -€48,664 | -58.2% |
| Financial income | 75/76B | - | €709 | +€709 | |
| Recurring financial income | 75 | - | €709 | +€709 | |
| Financial charges | 65/66B | €721 | €44 | -€677 | -93.9% |
| Recurring financial charges | 65 | €721 | €44 | -€677 | -93.9% |
| Profit (loss) for the period before taxes | 9903 | €82,901 | €35,623 | -€47,278 | -57.0% |
| Income taxes | 67/77 | €27,754 | €12,478 | -€15,276 | -55.0% |
| Profit (loss) for the period | 9904 | €55,147 | €23,145 | -€32,002 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,147 | €23,145 | -€32,002 | -58.0% |
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 16 October 2026 via checked.be.