ELINOVA: 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.
ELINOVA
Largest movements
- Receivables within one year -€46,166
down €46,166 (-63.8%), from €72,369 to €26,203
of which Trade receivables: -€46,225
- Cash +€9,885
up €9,885 (+73.2%), from €13,499 to €23,384
mainly Receivables within one year (+€46,166) and Other debts (+€43,590)
- Current investments +€6,066
new in 2025: €6,066
- Tangible fixed assets +€3,075
up €3,075 (+103%), from €2,981 to €6,056
of which Plant, machinery and equipment: +€4,354
- Reserves -€75,656
down €75,656 (-92.7%), from €81,634 to €5,977
- Other debts +€43,590
up €43,590, from €0 to €43,590
- Tax, wage and social debts +€4,802
up €4,802, from €0 to €4,802
- Gross operating margin -€57,481
down €57,481 (-64.6%), from €88,965 to €31,484
- Taxes -€11,142
down €11,142 (-64.1%), from €17,391 to €6,248
- Financial charges -€3,228
down €3,228 (-96.7%), from €3,339 to €111
- Depreciation -€1,062
down €1,062 (-83.6%), from €1,269 to €208
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 | €90,616 | €62,986 | -€27,630 | -30.5% |
| Fixed assets | 21/28 | €3,306 | €6,381 | +€3,075 | +93.0% |
| Tangible fixed assets | 22/27 | €2,981 | €6,056 | +€3,075 | +103% |
| Plant, machinery and equipment | 23 | - | €4,354 | +€4,354 | |
| Furniture and vehicles | 24 | €2,981 | €1,701 | -€1,280 | -42.9% |
| Financial fixed assets | 28 | €325 | €325 | = | 0.0% |
| Current assets | 29/58 | €87,311 | €56,606 | -€30,705 | -35.2% |
| Amounts receivable within one year | 40/41 | €72,369 | €26,203 | -€46,166 | -63.8% |
| Trade receivables | 40 | €67,567 | €21,342 | -€46,225 | -68.4% |
| Other amounts receivable | 41 | €4,802 | €4,861 | +€59 | +1.2% |
| Current investments | 50/53 | - | €6,066 | +€6,066 | |
| Cash at bank and in hand | 54/58 | €13,499 | €23,384 | +€9,885 | +73.2% |
| Deferred charges and accrued income | 490/1 | €1,443 | €953 | -€490 | -33.9% |
| Total equity and liabilities | 10/49 | €90,616 | €62,986 | -€27,630 | -30.5% |
| Equity | 10/15 | €88,634 | €12,977 | -€75,656 | -85.4% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €81,634 | €5,977 | -€75,656 | -92.7% |
| Distributable reserves | 133 | €81,634 | €5,977 | -€75,656 | -92.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,983 | €50,009 | +€48,026 | +2,422% |
| Amounts payable within one year | 42/48 | €1,983 | €50,009 | +€48,026 | +2,422% |
| Trade debts | 44 | €1,983 | €1,617 | -€365 | -18.4% |
| Suppliers | 440/4 | €1,983 | €1,617 | -€365 | -18.4% |
| Taxes, remuneration and social security | 45 | €0 | €4,802 | +€4,802 | |
| Taxes | 450/3 | €0 | €4,802 | +€4,802 | |
| Other amounts payable | 47/48 | €0 | €43,590 | +€43,590 | |
| Non-recurring operating income | 76A | - | €19 | +€19 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,269 | €208 | -€1,062 | -83.6% |
| Other operating charges | 640/8 | €977 | €574 | -€404 | -41.3% |
| Gross operating margin | 9900 | €88,965 | €31,484 | -€57,481 | -64.6% |
| Operating profit (loss) | 9901 | €86,718 | €30,703 | -€56,015 | -64.6% |
| Financial income | 75/76B | €37 | €0 | -€37 | -99.8% |
| Recurring financial income | 75 | €37 | €0 | -€37 | -99.8% |
| Financial charges | 65/66B | €3,339 | €111 | -€3,228 | -96.7% |
| Recurring financial charges | 65 | €3,339 | €111 | -€3,228 | -96.7% |
| Profit (loss) for the period before taxes | 9903 | €83,417 | €30,592 | -€52,825 | -63.3% |
| Income taxes | 67/77 | €17,391 | €6,248 | -€11,142 | -64.1% |
| Profit (loss) for the period | 9904 | €66,026 | €24,344 | -€41,682 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,026 | €24,344 | -€41,682 | -63.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.