ELICITY: 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.
ELICITY
Largest movements
- Stocks and contracts -€2.1m
down €2.1m (-89.2%), from €2.3m to €252,386
- Receivables within one year -€824,115
down €824,115 (-93.3%), from €883,539 to €59,424
of which Trade receivables: -€824,373
- Tangible fixed assets +€256,253
up €256,253 (+62.0%), from €413,252 to €669,505
of which Plant, machinery and equipment: +€352,626
- Intangible fixed assets +€150,723
up €150,723 (+97.8%), from €154,063 to €304,786
- Other debts -€3.2m
down €3.2m (-92.0%), from €3.4m to €275,104
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Profit (loss) carried forward -€384,102
down €384,102, from €131,040 to -€253,061
- Trade debts +€60,269
up €60,269 (+123.0%), from €49,016 to €109,285
- Staff costs +€614,227
up €614,227 (+204.0%), from €301,049 to €915,276
- Gross operating margin +€501,772
up €501,772 (+97.6%), from €514,327 to €1.0m
- Depreciation +€224,796
up €224,796 (+428.1%), from €52,511 to €277,307
- Write-downs +€101,135
new in 2025: €101,135
- Financial charges +€80,872
up €80,872 (+4639.9%), from €1,743 to €82,615
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,822,707 | €1,320,962 | -€2.5m | -65.4% |
| Fixed assets | 21/28 | €568,230 | €975,206 | +€406,975 | +71.6% |
| Intangible fixed assets | 21 | €154,063 | €304,786 | +€150,723 | +97.8% |
| Tangible fixed assets | 22/27 | €413,252 | €669,505 | +€256,253 | +62.0% |
| Plant, machinery and equipment | 23 | €195,584 | €548,209 | +€352,626 | +180.3% |
| Furniture and vehicles | 24 | €106,843 | €30,930 | -€75,913 | -71.1% |
| Other tangible fixed assets | 26 | €110,825 | €90,366 | -€20,459 | -18.5% |
| Financial fixed assets | 28 | €915 | €915 | = | 0.0% |
| Current assets | 29/58 | €3,254,476 | €345,756 | -€2.9m | -89.4% |
| Stocks and contracts in progress | 3 | €2,340,560 | €252,386 | -€2.1m | -89.2% |
| Stocks | 30/36 | €2,340,560 | €252,386 | -€2.1m | -89.2% |
| Amounts receivable within one year | 40/41 | €883,539 | €59,424 | -€824,115 | -93.3% |
| Trade receivables | 40 | €875,011 | €50,637 | -€824,373 | -94.2% |
| Other amounts receivable | 41 | €8,528 | €8,787 | +€259 | +3.0% |
| Cash at bank and in hand | 54/58 | €28,372 | €27,655 | -€718 | -2.5% |
| Deferred charges and accrued income | 490/1 | €2,006 | €6,292 | +€4,286 | +213.7% |
| Total equity and liabilities | 10/49 | €3,822,707 | €1,320,962 | -€2.5m | -65.4% |
| Equity | 10/15 | €181,040 | -€203,061 | -€384,102 | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,040 | -€253,061 | -€384,102 | |
| Amounts payable | 17/49 | €3,641,666 | €1,524,023 | -€2.1m | -58.2% |
| Amounts payable within one year | 42/48 | €3,639,331 | €1,524,023 | -€2.1m | -58.1% |
| Financial debts | 43 | - | €1,000,000 | +€1.0m | |
| Credit institutions | 430/8 | - | €1,000,000 | +€1.0m | |
| Trade debts | 44 | €49,016 | €109,285 | +€60,269 | +123.0% |
| Suppliers | 440/4 | €49,016 | €109,285 | +€60,269 | +123.0% |
| Taxes, remuneration and social security | 45 | €148,350 | €139,634 | -€8,715 | -5.9% |
| Taxes | 450/3 | €110,053 | €96,146 | -€13,907 | -12.6% |
| Remuneration and social security | 454/9 | €38,297 | €43,488 | +€5,192 | +13.6% |
| Other amounts payable | 47/48 | €3,441,965 | €275,104 | -€3.2m | -92.0% |
| Accrued charges and deferred income | 492/3 | €2,335 | - | -€2,335 | |
| Non-recurring operating income | 76A | - | €77 | +€77 | |
| Remuneration, social security and pensions | 62 | €301,049 | €915,276 | +€614,227 | +204.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,511 | €277,307 | +€224,796 | +428.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €101,135 | +€101,135 | |
| Other operating charges | 640/8 | - | €624 | +€624 | |
| Non-recurring operating charges | 66A | - | €22,927 | +€22,927 | |
| Gross operating margin | 9900 | €514,327 | €1,016,099 | +€501,772 | +97.6% |
| Operating profit (loss) | 9901 | €160,767 | -€301,169 | -€461,936 | |
| Financial income | 75/76B | €8,233 | €695 | -€7,537 | -91.6% |
| Recurring financial income | 75 | €8,233 | €695 | -€7,537 | -91.6% |
| Financial charges | 65/66B | €1,743 | €82,615 | +€80,872 | +4639.9% |
| Recurring financial charges | 65 | €1,743 | €82,615 | +€80,872 | +4639.9% |
| Profit (loss) for the period before taxes | 9903 | €167,257 | -€383,089 | -€550,346 | |
| Income taxes | 67/77 | €36,216 | €1,012 | -€35,204 | -97.2% |
| Profit (loss) for the period | 9904 | €131,040 | -€384,102 | -€515,142 | |
| Profit (loss) for the period to be appropriated | 9905 | €131,040 | -€384,102 | -€515,142 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.