ELINA'O: what changed
ELINA'O
Largest movements
- Tangible fixed assets +€331,016
up €331,016 (+367%), from €90,119 to €421,136
of which Plant, machinery and equipment: +€275,336
- Intangible fixed assets +€82,450
up €82,450 (+296%), from €27,827 to €110,277
- Stocks and contracts +€71,374
new in 2025: €71,374
- Cash -€50,454
down €50,454 (-88.3%), from €57,110 to €6,657
mainly Investment in fixed assets (net) (-€510,867) and Net result for the year (-€194,712)
- Receivables within one year +€24,352
up €24,352 (+183%), from €13,317 to €37,669
of which Other amounts receivable: +€13,445
- Debts after one year +€452,161
up €452,161 (+422%), from €107,200 to €559,361
- Profit (loss) carried forward -€194,712
down €194,712, from €46,478 to -€148,233
- Current portion of long-term debt +€96,946
up €96,946 (+534%), from €18,155 to €115,100
- Trade debts +€61,271
up €61,271 (+14,923%), from €411 to €61,681
- Other debts +€44,866
up €44,866 (+348%), from €12,888 to €57,754
- Gross operating margin -€116,202
down €116,202, from €97,791 to -€18,410
- Depreciation +€65,728
up €65,728 (+217%), from €30,273 to €96,001
- Financial charges +€17,172
up €17,172 (+440%), from €3,902 to €21,074
of which Financial charges: +€14,306
- Staff costs -€6,443
down €6,443 (-10.4%), from €61,944 to €55,501
- Taxes +€4,341
up €4,341, from -€2,081 to €2,260
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €195,924 | €662,982 | +€467,058 | +238% |
| Fixed assets | 21/28 | €117,946 | €532,813 | +€414,867 | +352% |
| Intangible fixed assets | 21 | €27,827 | €110,277 | +€82,450 | +296% |
| Tangible fixed assets | 22/27 | €90,119 | €421,136 | +€331,016 | +367% |
| Plant, machinery and equipment | 23 | €41,517 | €316,853 | +€275,336 | +663% |
| Furniture and vehicles | 24 | €48,602 | €104,283 | +€55,681 | +115% |
| Financial fixed assets | 28 | - | €1,400 | +€1,400 | |
| Current assets | 29/58 | €77,978 | €130,169 | +€52,192 | +66.9% |
| Amounts receivable after more than one year | 29 | - | €7,715 | +€7,715 | |
| Trade receivables | 290 | - | €7,715 | +€7,715 | |
| Stocks and contracts in progress | 3 | - | €71,374 | +€71,374 | |
| Stocks | 30/36 | - | €71,374 | +€71,374 | |
| Amounts receivable within one year | 40/41 | €13,317 | €37,669 | +€24,352 | +183% |
| Trade receivables | 40 | €9,635 | €20,542 | +€10,907 | +113% |
| Other amounts receivable | 41 | €3,683 | €17,128 | +€13,445 | +365% |
| Cash at bank and in hand | 54/58 | €57,110 | €6,657 | -€50,454 | -88.3% |
| Deferred charges and accrued income | 490/1 | €7,550 | €6,754 | -€796 | -10.5% |
| Total equity and liabilities | 10/49 | €195,924 | €662,982 | +€467,058 | +238% |
| Equity | 10/15 | €49,478 | -€145,233 | -€194,712 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,478 | -€148,233 | -€194,712 | |
| Investment grants | 15 | - | €0 | = | |
| Amounts payable | 17/49 | €146,446 | €808,216 | +€661,770 | +452% |
| Amounts payable after more than one year | 17 | €107,200 | €559,361 | +€452,161 | +422% |
| Financial debts | 170/4 | €107,200 | €559,361 | +€452,161 | +422% |
| Amounts payable within one year | 42/48 | €39,246 | €242,361 | +€203,115 | +518% |
| Current portion of amounts payable after more than one year | 42 | €18,155 | €115,100 | +€96,946 | +534% |
| Trade debts | 44 | €411 | €61,681 | +€61,271 | +14,923% |
| Suppliers | 440/4 | €411 | €61,681 | +€61,271 | +14,923% |
| Taxes, remuneration and social security | 45 | €7,792 | €7,825 | +€33 | +0.4% |
| Taxes | 450/3 | €745 | €525 | -€220 | -29.5% |
| Remuneration and social security | 454/9 | €7,048 | €7,300 | +€252 | +3.6% |
| Other amounts payable | 47/48 | €12,888 | €57,754 | +€44,866 | +348% |
| Accrued charges and deferred income | 492/3 | - | €6,494 | +€6,494 | |
| Remuneration, social security and pensions | 62 | €61,944 | €55,501 | -€6,443 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,273 | €96,001 | +€65,728 | +217% |
| Other operating charges | 640/8 | €1,631 | €1,272 | -€359 | -22.0% |
| Non-recurring operating charges | 66A | €783 | €324 | -€459 | -58.6% |
| Gross operating margin | 9900 | €97,791 | -€18,410 | -€116,202 | |
| Operating profit (loss) | 9901 | €3,160 | -€171,508 | -€174,668 | |
| Financial income | 75/76B | €2 | €131 | +€129 | +8,070% |
| Recurring financial income | 75 | €2 | €131 | +€129 | +8,070% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €3,902 | €21,074 | +€17,172 | +440% |
| Recurring financial charges | 65 | €3,902 | €18,209 | +€14,306 | +367% |
| Non-recurring financial charges | 66B | - | €2,866 | +€2,866 | |
| Profit (loss) for the period before taxes | 9903 | -€741 | -€192,452 | -€191,711 | -25,864% |
| Income taxes | 67/77 | -€2,081 | €2,260 | +€4,341 | |
| Profit (loss) for the period | 9904 | €1,340 | -€194,712 | -€196,051 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,340 | -€194,712 | -€196,051 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.