ELINDUS: 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.
What changed
ELINDUS
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€18.0m
2024 · €15.9m+€2.1m
Equity
€19.3m
2024 · €21.3m-€2.0m
Cash
€46.5m
2024 · €46.8m-€308,662
Balance sheet total
€86.7m
2024 · €81.3m+€5.4m
Largest movements
Assets
- Receivables within one year +€10.6m
up €10.6m (+72.9%), from €14.6m to €25.2m
of which Trade receivables: +€12.8m
- Deferred charges and accrued income -€3.0m
down €3.0m (-17.9%), from €16.6m to €13.6m
- Current investments -€2.5m
down €2.5m (-100.0%), from €2.5m to €0
Equity and liabilities
- Other debts +€12.0m
up €12.0m (+127.8%), from €9.4m to €21.4m
- Trade debts -€3.6m
down €3.6m (-8.0%), from €44.6m to €41.0m
- Reserves -€2.0m
down €2.0m (-9.8%), from €20.3m to €18.3m
of which Distributable reserves: -€1.1m
- Advances received -€1.4m
down €1.4m (-100.0%), from €1.4m to €0
- Short-term financial debts +€876,296
up €876,296 (+74.5%), from €1.2m to €2.1m
Income statement
- Turnover +€134.1m
up €134.1m (+54.0%), from €248.5m to €382.6m
- Goods and materials +€127.6m
up €127.6m (+58.9%), from €216.5m to €344.2m
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
€15.9m
Turnover
+€134.1m
Other operating income
+€120,868
Goods and materials
-€127.6m
Services and other goods
-€2.1m
Staff costs
-€843,833
Depreciation
-€23,040
Write-downs
-€107,779
Other operating charges
-€25,224
Other operating items
-€142,043
Financial income
-€367,790
Financial charges
-€40,701
Taxes
-€847,700
Result 2025
€18.0m
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
+€17.1m
Investment
+€1.7m
Financing
-€19.1m
Cash 2024
€46.8m
From operations (derived)
+€17.1m
Net result for the year
+€18.0m
Depreciation
+€276,995
Receivables within one year
-€10.6m
Deferred charges and accrued income
+€3.0m
Trade debts
-€3.6m
Tax, wage and social debts
-€573,730
Advances received
-€1.4m
Other debts
+€12.0m
Accrued charges and deferred income
-€29,657
Investment (derived)
+€1.7m
Investment in fixed assets (net)
-€804,182
Current investments
+€2.5m
Financing
-€19.1m
Short-term financial debts
+€876,296
Contributions, distributions and other
-€20.0m
Cash 2025
€46.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,327,894 | €86,694,669 | +€5.4m | +6.6% |
| Fixed assets | 21/28 | €834,303 | €1,361,490 | +€527,187 | +63.2% |
| Intangible fixed assets | 21 | €299,238 | €392,184 | +€92,946 | +31.1% |
| Tangible fixed assets | 22/27 | €535,065 | €969,306 | +€434,242 | +81.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €80,853 | €113,721 | +€32,868 | +40.7% |
| Other tangible fixed assets | 26 | €454,212 | €771,969 | +€317,758 | +70.0% |
| Assets under construction and advance payments | 27 | - | €83,616 | +€83,616 | |
| Current assets | 29/58 | €80,493,591 | €85,333,179 | +€4.8m | +6.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €14,570,789 | €25,199,331 | +€10.6m | +72.9% |
| Trade receivables | 40 | €7,741,504 | €20,582,713 | +€12.8m | +165.9% |
| Other amounts receivable | 41 | €6,829,285 | €4,616,618 | -€2.2m | -32.4% |
| Current investments | 50/53 | €2,500,000 | €0 | -€2.5m | -100.0% |
| Other investments | 51/53 | €2,500,000 | €0 | -€2.5m | -100.0% |
| Cash at bank and in hand | 54/58 | €46,793,969 | €46,485,306 | -€308,662 | -0.7% |
| Deferred charges and accrued income | 490/1 | €16,628,833 | €13,648,541 | -€3.0m | -17.9% |
| Total equity and liabilities | 10/49 | €81,327,894 | €86,694,669 | +€5.4m | +6.6% |
| Equity | 10/15 | €21,325,993 | €19,338,153 | -€2.0m | -9.3% |
| Contributions | 10/11 | €1,039,217 | €1,039,217 | = | 0.0% |
| Capital | 10 | €1,039,217 | €1,039,217 | = | 0.0% |
| Issued capital | 100 | €1,039,217 | €1,039,217 | = | 0.0% |
| Reserves | 13 | €20,286,776 | €18,298,936 | -€2.0m | -9.8% |
| Non-distributable reserves | 130/1 | €103,922 | €103,922 | = | 0.0% |
| Legal reserve | 130 | €103,922 | €103,922 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,210,493 | €3,370,846 | -€839,647 | -19.9% |
| Distributable reserves | 133 | €15,972,361 | €14,824,168 | -€1.1m | -7.2% |
| Amounts payable | 17/49 | €60,001,901 | €67,356,516 | +€7.4m | +12.3% |
| Amounts payable within one year | 42/48 | €59,894,305 | €67,278,577 | +€7.4m | +12.3% |
| Financial debts | 43 | €1,176,410 | €2,052,706 | +€876,296 | +74.5% |
| Credit institutions | 430/8 | €1,176,410 | €2,052,706 | +€876,296 | +74.5% |
| Trade debts | 44 | €44,571,718 | €41,012,874 | -€3.6m | -8.0% |
| Suppliers | 440/4 | €44,571,718 | €41,012,874 | -€3.6m | -8.0% |
| Advances received on contracts in progress | 46 | €1,357,224 | €0 | -€1.4m | -100.0% |
| Taxes, remuneration and social security | 45 | €3,400,455 | €2,826,725 | -€573,730 | -16.9% |
| Taxes | 450/3 | €1,919,415 | €1,108,499 | -€810,915 | -42.2% |
| Remuneration and social security | 454/9 | €1,481,040 | €1,718,226 | +€237,186 | +16.0% |
| Other amounts payable | 47/48 | €9,388,499 | €21,386,272 | +€12.0m | +127.8% |
| Accrued charges and deferred income | 492/3 | €107,596 | €77,939 | -€29,657 | -27.6% |
| Operating income | 70/76A | €248,994,933 | €382,950,915 | +€134.0m | +53.8% |
| Turnover | 70 | €248,487,534 | €382,582,973 | +€134.1m | +54.0% |
| Other operating income | 74 | €247,074 | €367,942 | +€120,868 | +48.9% |
| Non-recurring operating income | 76A | €260,325 | €0 | -€260,325 | -100.0% |
| Operating charges | 60/66A | €229,427,965 | €360,006,907 | +€130.6m | +56.9% |
| Goods for resale, raw materials and consumables | 60 | €216,537,047 | €344,162,529 | +€127.6m | +58.9% |
| Purchases | 600/8 | €216,537,047 | €344,162,529 | +€127.6m | +58.9% |
| Services and other goods | 61 | €7,733,508 | €9,805,374 | +€2.1m | +26.8% |
| Remuneration, social security and pensions | 62 | €4,679,321 | €5,523,154 | +€843,833 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,955 | €276,995 | +€23,040 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€394,344 | -€286,565 | +€107,779 | +27.3% |
| Other operating charges | 640/8 | €498,568 | €523,792 | +€25,224 | +5.1% |
| Non-recurring operating charges | 66A | €119,911 | €1,629 | -€118,281 | -98.6% |
| Operating profit (loss) | 9901 | €19,566,968 | €22,944,009 | +€3.4m | +17.3% |
| Financial income | 75/76B | €1,790,268 | €1,422,478 | -€367,790 | -20.5% |
| Recurring financial income | 75 | €1,790,268 | €1,422,478 | -€367,790 | -20.5% |
| Income from financial fixed assets | 750 | €32,952 | €29,765 | -€3,187 | -9.7% |
| Income from current assets | 751 | €1,753,939 | €1,392,713 | -€361,226 | -20.6% |
| Other financial income | 752/9 | €3,377 | €0 | -€3,377 | -100.0% |
| Financial charges | 65/66B | €109,666 | €150,367 | +€40,701 | +37.1% |
| Recurring financial charges | 65 | €109,666 | €150,367 | +€40,701 | +37.1% |
| Debt charges | 650 | €52,302 | €92,598 | +€40,296 | +77.0% |
| Other financial charges | 652/9 | €57,364 | €57,769 | +€405 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €21,247,570 | €24,216,120 | +€3.0m | +14.0% |
| Income taxes | 67/77 | €5,356,260 | €6,203,960 | +€847,700 | +15.8% |
| Taxes | 670/3 | €5,356,270 | €6,206,690 | +€850,420 | +15.9% |
| Tax adjustments and reversals of tax provisions | 77 | €10 | €2,730 | +€2,720 | +27674.5% |
| Profit (loss) for the period | 9904 | €15,891,310 | €18,012,160 | +€2.1m | +13.3% |
| Transfer from tax-exempt reserves | 789 | €210,500 | €839,647 | +€629,147 | +298.9% |
| Transfer to tax-exempt reserves | 689 | €999,997 | €0 | -€999,997 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,101,813 | €18,851,807 | +€3.7m | +24.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.