ELICAM: 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.
What changed
ELICAM
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €1.0m+€278,450
Equity
€7.2m
2024 · €6.0m+€1.2m
Cash
€3.0m
2024 · €885,832+€2.1m
Balance sheet total
€8.9m
2024 · €8.2m+€660,282
Largest movements
Assets
- Cash +€2.1m
up €2.1m (+241.1%), from €885,832 to €3.0m
mainly Net result for the year (+€1.3m) and Current investments (+€1.1m)
- Current investments -€1.1m
down €1.1m (-100.0%), from €1.1m to €500
- Tangible fixed assets -€335,294
down €335,294 (-8.8%), from €3.8m to €3.5m
of which Land and buildings: -€274,412
Equity and liabilities
- Profit (loss) carried forward +€892,403
up €892,403 (+17.8%), from €5.0m to €5.9m
- Debts after one year -€749,299
down €749,299 (-41.8%), from €1.8m to €1.0m
- Reserves +€286,568
up €286,568 (+32.2%), from €890,577 to €1.2m
of which Distributable reserves: +€143,291
- Other debts +€123,944
up €123,944 (+198.4%), from €62,470 to €186,414
Income statement
- Gross operating margin +€399,053
up €399,053 (+26.0%), from €1.5m to €1.9m
- Taxes +€80,823
up €80,823 (+24.5%), from €330,409 to €411,232
- Depreciation -€19,691
down €19,691 (-7.5%), from €261,717 to €242,026
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.
Result 2024
€1.0m
Gross operating margin
+€399,053
Depreciation
+€19,691
Other operating charges
-€731
Other operating items
-€4,200
Financial income
-€15,664
Financial charges
+€2,229
Taxes
-€80,823
Deferred taxes and other
-€41,105
Result 2025
€1.3m
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.
From operations
+€1.8m
Investment
+€1.2m
Financing
-€902,032
Cash 2024
€885,832
From operations (derived)
+€1.8m
Net result for the year
+€1.3m
Depreciation
+€242,026
Receivables after one year
+€7,401
Receivables within one year
+€5,522
Provisions
+€40,544
Smaller working-capital items
-€2,040
Tax, wage and social debts
+€79,986
Other debts
+€123,944
Investment (derived)
+€1.2m
Investment in fixed assets (net)
+€120,893
Current investments
+€1.1m
Financing
-€902,032
Debts after one year
-€749,299
Current portion of long-term debt
-€11,824
Contributions, distributions and other
-€140,909
Cash 2025
€3.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,242,284 | €8,902,566 | +€660,282 | +8.0% |
| Fixed assets | 21/28 | €5,524,165 | €5,161,246 | -€362,919 | -6.6% |
| Tangible fixed assets | 22/27 | €3,820,868 | €3,485,574 | -€335,294 | -8.8% |
| Land and buildings | 22 | €3,638,154 | €3,363,742 | -€274,412 | -7.5% |
| Plant, machinery and equipment | 23 | €2,105 | €2,892 | +€787 | +37.4% |
| Furniture and vehicles | 24 | €180,609 | €118,940 | -€61,669 | -34.1% |
| Financial fixed assets | 28 | €1,703,297 | €1,675,672 | -€27,625 | -1.6% |
| Current assets | 29/58 | €2,718,119 | €3,741,320 | +€1.0m | +37.6% |
| Amounts receivable after more than one year | 29 | €528,018 | €520,617 | -€7,401 | -1.4% |
| Other amounts receivable | 291 | €528,018 | €520,617 | -€7,401 | -1.4% |
| Amounts receivable within one year | 40/41 | €203,769 | €198,247 | -€5,522 | -2.7% |
| Trade receivables | 40 | €4,008 | €9,754 | +€5,746 | +143.4% |
| Other amounts receivable | 41 | €199,761 | €188,493 | -€11,268 | -5.6% |
| Current investments | 50/53 | €1,100,500 | €500 | -€1.1m | -100.0% |
| Cash at bank and in hand | 54/58 | €885,832 | €3,021,956 | +€2.1m | +241.1% |
| Total equity and liabilities | 10/49 | €8,242,284 | €8,902,566 | +€660,282 | +8.0% |
| Equity | 10/15 | €6,014,410 | €7,193,381 | +€1.2m | +19.6% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €890,577 | €1,177,145 | +€286,568 | +32.2% |
| Tax-exempt reserves | 132 | €158,250 | €301,527 | +€143,277 | +90.5% |
| Distributable reserves | 133 | €732,327 | €875,618 | +€143,291 | +19.6% |
| Profit (loss) carried forward | 14 | €5,013,833 | €5,906,236 | +€892,403 | +17.8% |
| Provisions and deferred taxes | 16 | €5,613 | €46,157 | +€40,544 | +722.3% |
| Deferred taxes | 168 | €5,613 | €46,157 | +€40,544 | +722.3% |
| Amounts payable | 17/49 | €2,222,261 | €1,663,028 | -€559,233 | -25.2% |
| Amounts payable after more than one year | 17 | €1,792,945 | €1,043,646 | -€749,299 | -41.8% |
| Financial debts | 170/4 | €1,792,945 | €1,043,646 | -€749,299 | -41.8% |
| Amounts payable within one year | 42/48 | €411,914 | €601,863 | +€189,949 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €262,408 | €250,584 | -€11,824 | -4.5% |
| Trade debts | 44 | €6,627 | €4,470 | -€2,157 | -32.5% |
| Suppliers | 440/4 | €6,627 | €4,470 | -€2,157 | -32.5% |
| Taxes, remuneration and social security | 45 | €80,409 | €160,395 | +€79,986 | +99.5% |
| Taxes | 450/3 | €80,409 | €156,895 | +€76,486 | +95.1% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €62,470 | €186,414 | +€123,944 | +198.4% |
| Accrued charges and deferred income | 492/3 | €17,402 | €17,519 | +€117 | +0.7% |
| Non-recurring operating income | 76A | - | €201,618 | +€201,618 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €261,717 | €242,026 | -€19,691 | -7.5% |
| Other operating charges | 640/8 | €21,229 | €21,960 | +€731 | +3.4% |
| Non-recurring operating charges | 66A | - | €4,200 | +€4,200 | |
| Gross operating margin | 9900 | €1,535,440 | €1,934,493 | +€399,053 | +26.0% |
| Operating profit (loss) | 9901 | €1,252,494 | €1,666,307 | +€413,813 | +33.0% |
| Financial income | 75/76B | €159,882 | €144,218 | -€15,664 | -9.8% |
| Recurring financial income | 75 | €159,882 | €144,218 | -€15,664 | -9.8% |
| Financial charges | 65/66B | €41,098 | €38,869 | -€2,229 | -5.4% |
| Recurring financial charges | 65 | €41,098 | €38,869 | -€2,229 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €1,371,278 | €1,771,656 | +€400,378 | +29.2% |
| Transfer from deferred taxes | 780 | €561 | €562 | +€1 | +0.2% |
| Transfer to deferred taxes | 680 | - | €41,106 | +€41,106 | |
| Income taxes | 67/77 | €330,409 | €411,232 | +€80,823 | +24.5% |
| Profit (loss) for the period | 9904 | €1,041,430 | €1,319,880 | +€278,450 | +26.7% |
| Transfer from tax-exempt reserves | 789 | €43,190 | €85,290 | +€42,100 | +97.5% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €228,567 | +€165,417 | +261.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,021,470 | €1,176,603 | +€155,133 | +15.2% |
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 10 October 2026 via checked.be.