ELINA: 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.
ELINA
Largest movements
- Stocks and contracts +€304,385
up €304,385 (+153.3%), from €198,525 to €502,909
- Cash -€28,641
down €28,641 (-49.2%), from €58,189 to €29,548
mainly Stocks and contracts (-€304,385) and Receivables within one year (-€7,187)
- Receivables within one year +€7,187
up €7,187 (+84.6%), from €8,491 to €15,678
- Other debts +€279,774
up €279,774 (+446.6%), from €62,640 to €342,414
- Gross operating margin +€5,973
up €5,973 (+173.8%), from €3,436 to €9,409
- Taxes +€1,458
up €1,458 (+287.4%), from €507 to €1,966
- Other operating charges +€464
up €464 (+62.2%), from €746 to €1,210
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 | €279,666 | €556,809 | +€277,143 | +99.1% |
| Fixed assets | 21/28 | €13,855 | €8,674 | -€5,181 | -37.4% |
| Tangible fixed assets | 22/27 | €13,855 | €8,674 | -€5,181 | -37.4% |
| Plant, machinery and equipment | 23 | €12,750 | €8,250 | -€4,500 | -35.3% |
| Furniture and vehicles | 24 | €1,105 | €424 | -€681 | -61.7% |
| Current assets | 29/58 | €265,811 | €548,135 | +€282,324 | +106.2% |
| Stocks and contracts in progress | 3 | €198,525 | €502,909 | +€304,385 | +153.3% |
| Contracts in progress | 37 | €198,525 | €502,909 | +€304,385 | +153.3% |
| Amounts receivable within one year | 40/41 | €8,491 | €15,678 | +€7,187 | +84.6% |
| Other amounts receivable | 41 | €8,491 | €15,678 | +€7,187 | +84.6% |
| Cash at bank and in hand | 54/58 | €58,189 | €29,548 | -€28,641 | -49.2% |
| Deferred charges and accrued income | 490/1 | €606 | - | -€606 | |
| Total equity and liabilities | 10/49 | €279,666 | €556,809 | +€277,143 | +99.1% |
| Equity | 10/15 | €213,038 | €214,047 | +€1,008 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €194,438 | €195,447 | +€1,008 | +0.5% |
| 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 | €192,578 | €193,587 | +€1,008 | +0.5% |
| Amounts payable | 17/49 | €66,628 | €342,762 | +€276,134 | +414.4% |
| Amounts payable within one year | 42/48 | €66,628 | €342,762 | +€276,134 | +414.4% |
| Trade debts | 44 | €3,988 | €323 | -€3,666 | -91.9% |
| Suppliers | 440/4 | €3,988 | €323 | -€3,666 | -91.9% |
| Taxes, remuneration and social security | 45 | - | €26 | +€26 | |
| Taxes | 450/3 | - | €26 | +€26 | |
| Other amounts payable | 47/48 | €62,640 | €342,414 | +€279,774 | +446.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,181 | €5,181 | = | 0.0% |
| Other operating charges | 640/8 | €746 | €1,210 | +€464 | +62.2% |
| Gross operating margin | 9900 | €3,436 | €9,409 | +€5,973 | +173.8% |
| Operating profit (loss) | 9901 | -€2,491 | €3,018 | +€5,509 | |
| Financial charges | 65/66B | €46 | €44 | -€2 | -4.0% |
| Recurring financial charges | 65 | €46 | €44 | -€2 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,537 | €2,974 | +€5,511 | |
| Income taxes | 67/77 | €507 | €1,966 | +€1,458 | +287.4% |
| Profit (loss) for the period | 9904 | -€3,045 | €1,008 | +€4,053 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,045 | €1,008 | +€4,053 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.