Eliaerts Management: 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.
Eliaerts Management
Largest movements
- Current investments +€250,000
up €250,000 (+125%), from €200,000 to €450,000
- Cash -€85,810
down €85,810 (-70.6%), from €121,498 to €35,688
mainly Contributions, distributions and other (-€485,000) and Current investments (-€250,000)
- Receivables within one year -€24,200
down €24,200 (-92.0%), from €26,304 to €2,104
of which Trade receivables: -€24,200
- Tangible fixed assets -€11,930
down €11,930 (-33.0%), from €36,182 to €24,252
- Other debts +€405,821
up €405,821 (+3,406%), from €11,915 to €417,736
- Reserves -€306,000
down €306,000 (-90.8%), from €336,860 to €30,860
of which Distributable reserves: -€306,000
- Tax, wage and social debts +€28,843
up €28,843 (+229%), from €12,604 to €41,447
- Gross operating margin +€62,270
up €62,270 (+35.4%), from €176,022 to €238,293
- Taxes +€16,098
up €16,098 (+43.4%), from €37,111 to €53,209
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 | €383,984 | €512,044 | +€128,060 | +33.4% |
| Fixed assets | 21/28 | €36,182 | €24,252 | -€11,930 | -33.0% |
| Tangible fixed assets | 22/27 | €36,182 | €24,252 | -€11,930 | -33.0% |
| Furniture and vehicles | 24 | €36,182 | €24,252 | -€11,930 | -33.0% |
| Current assets | 29/58 | €347,802 | €487,792 | +€139,990 | +40.2% |
| Amounts receivable within one year | 40/41 | €26,304 | €2,104 | -€24,200 | -92.0% |
| Trade receivables | 40 | €24,200 | - | -€24,200 | |
| Other amounts receivable | 41 | €2,104 | €2,104 | = | 0.0% |
| Current investments | 50/53 | €200,000 | €450,000 | +€250,000 | +125% |
| Cash at bank and in hand | 54/58 | €121,498 | €35,688 | -€85,810 | -70.6% |
| Total equity and liabilities | 10/49 | €383,984 | €512,044 | +€128,060 | +33.4% |
| Equity | 10/15 | €356,289 | €49,792 | -€306,497 | -86.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €336,860 | €30,860 | -€306,000 | -90.8% |
| 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 | €335,000 | €29,000 | -€306,000 | -91.3% |
| Profit (loss) carried forward | 14 | €829 | €332 | -€497 | -60.0% |
| Amounts payable | 17/49 | €27,696 | €462,253 | +€434,557 | +1,569% |
| Amounts payable within one year | 42/48 | €26,830 | €461,336 | +€434,506 | +1,619% |
| Trade debts | 44 | €2,311 | €2,152 | -€158 | -6.9% |
| Suppliers | 440/4 | €2,311 | €2,152 | -€158 | -6.9% |
| Taxes, remuneration and social security | 45 | €12,604 | €41,447 | +€28,843 | +229% |
| Taxes | 450/3 | €12,604 | €41,447 | +€28,843 | +229% |
| Other amounts payable | 47/48 | €11,915 | €417,736 | +€405,821 | +3,406% |
| Accrued charges and deferred income | 492/3 | €866 | €917 | +€51 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,930 | €11,930 | = | 0.0% |
| Other operating charges | 640/8 | €650 | €671 | +€21 | +3.3% |
| Gross operating margin | 9900 | €176,022 | €238,293 | +€62,270 | +35.4% |
| Operating profit (loss) | 9901 | €163,442 | €225,691 | +€62,249 | +38.1% |
| Financial income | 75/76B | €4,050 | €6,200 | +€2,150 | +53.1% |
| Recurring financial income | 75 | €4,050 | €6,200 | +€2,150 | +53.1% |
| Financial charges | 65/66B | €287 | €179 | -€107 | -37.4% |
| Recurring financial charges | 65 | €287 | €179 | -€107 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €167,205 | €231,712 | +€64,507 | +38.6% |
| Income taxes | 67/77 | €37,111 | €53,209 | +€16,098 | +43.4% |
| Profit (loss) for the period | 9904 | €130,094 | €178,503 | +€48,409 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €130,094 | €178,503 | +€48,409 | +37.2% |
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 29 October 2026 via checked.be.