ELINARD: 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.
ELINARD
Largest movements
- Current investments +€125,000
new in 2025: €125,000
- Cash +€36,785
up €36,785 (+16.8%), from €219,508 to €256,294
mainly Net result for the year (+€119,528) and Short-term financial debts (+€39,000)
- Receivables within one year -€21,577
down €21,577 (-81.0%), from €26,638 to €5,062
of which Trade receivables: -€20,924
- Tangible fixed assets -€17,697
down €17,697 (-14.9%), from €118,794 to €101,097
of which Other tangible fixed assets: -€15,496
- Reserves +€119,528
up €119,528 (+62.8%), from €190,410 to €309,937
- Short-term financial debts +€39,000
new in 2025: €39,000
- Current portion of long-term debt -€18,694
down €18,694 (-65.2%), from €28,658 to €9,964
- Debts after one year -€9,964
down €9,964 (-44.3%), from €22,510 to €12,545
- Tax, wage and social debts -€9,395
down €9,395 (-16.9%), from €55,535 to €46,139
of which Remuneration and social security: -€14,726
- Taxes +€14,514
up €14,514 (+42.5%), from €34,158 to €48,672
- Depreciation -€6,038
down €6,038 (-19.1%), from €31,532 to €25,494
- Gross operating margin +€4,931
up €4,931 (+1.4%), from €359,005 to €363,936
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 | €377,531 | €498,814 | +€121,282 | +32.1% |
| Fixed assets | 21/28 | €118,794 | €101,097 | -€17,697 | -14.9% |
| Tangible fixed assets | 22/27 | €118,794 | €101,097 | -€17,697 | -14.9% |
| Plant, machinery and equipment | 23 | €57,863 | €55,388 | -€2,475 | -4.3% |
| Furniture and vehicles | 24 | €1,124 | €1,398 | +€274 | +24.4% |
| Other tangible fixed assets | 26 | €59,807 | €44,311 | -€15,496 | -25.9% |
| Current assets | 29/58 | €258,737 | €397,716 | +€138,979 | +53.7% |
| Stocks and contracts in progress | 3 | €8,763 | €9,047 | +€284 | +3.2% |
| Stocks | 30/36 | €8,763 | €9,047 | +€284 | +3.2% |
| Amounts receivable within one year | 40/41 | €26,638 | €5,062 | -€21,577 | -81.0% |
| Trade receivables | 40 | €23,242 | €2,318 | -€20,924 | -90.0% |
| Other amounts receivable | 41 | €3,396 | €2,744 | -€653 | -19.2% |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €219,508 | €256,294 | +€36,785 | +16.8% |
| Deferred charges and accrued income | 490/1 | €3,828 | €2,314 | -€1,514 | -39.5% |
| Total equity and liabilities | 10/49 | €377,531 | €498,814 | +€121,282 | +32.1% |
| Equity | 10/15 | €200,410 | €319,937 | +€119,528 | +59.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €190,410 | €309,937 | +€119,528 | +62.8% |
| Distributable reserves | 133 | €190,410 | €309,937 | +€119,528 | +62.8% |
| Amounts payable | 17/49 | €177,122 | €178,876 | +€1,755 | +1.0% |
| Amounts payable after more than one year | 17 | €22,510 | €12,545 | -€9,964 | -44.3% |
| Financial debts | 170/4 | €22,510 | €12,545 | -€9,964 | -44.3% |
| Amounts payable within one year | 42/48 | €154,612 | €166,331 | +€11,719 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €28,658 | €9,964 | -€18,694 | -65.2% |
| Financial debts | 43 | - | €39,000 | +€39,000 | |
| Credit institutions | 430/8 | - | €39,000 | +€39,000 | |
| Trade debts | 44 | €12,485 | €14,355 | +€1,870 | +15.0% |
| Suppliers | 440/4 | €12,485 | €14,355 | +€1,870 | +15.0% |
| Taxes, remuneration and social security | 45 | €55,535 | €46,139 | -€9,395 | -16.9% |
| Taxes | 450/3 | €40,809 | €46,139 | +€5,330 | +13.1% |
| Remuneration and social security | 454/9 | €14,726 | - | -€14,726 | |
| Other amounts payable | 47/48 | €57,934 | €56,872 | -€1,062 | -1.8% |
| Non-recurring operating income | 76A | - | €33,058 | +€33,058 | |
| Remuneration, social security and pensions | 62 | €172,405 | €169,606 | -€2,799 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,532 | €25,494 | -€6,038 | -19.1% |
| Other operating charges | 640/8 | €437 | €1,537 | +€1,101 | +252% |
| Non-recurring operating charges | 66A | €27 | - | -€27 | |
| Gross operating margin | 9900 | €359,005 | €363,936 | +€4,931 | +1.4% |
| Operating profit (loss) | 9901 | €154,605 | €167,299 | +€12,694 | +8.2% |
| Financial income | 75/76B | €2,332 | €2,369 | +€37 | +1.6% |
| Recurring financial income | 75 | €2,332 | €2,369 | +€37 | +1.6% |
| Financial charges | 65/66B | €1,365 | €1,468 | +€103 | +7.6% |
| Recurring financial charges | 65 | €1,365 | €1,468 | +€103 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €155,572 | €168,200 | +€12,627 | +8.1% |
| Income taxes | 67/77 | €34,158 | €48,672 | +€14,514 | +42.5% |
| Profit (loss) for the period | 9904 | €121,414 | €119,528 | -€1,887 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €121,414 | €119,528 | -€1,887 | -1.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.