Elipi: 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.
Elipi
Largest movements
- Tangible fixed assets +€44,967
up €44,967 (+26.3%), from €170,836 to €215,803
of which Other tangible fixed assets: +€48,856
- Financial fixed assets +€16,666
up €16,666 (+11110.7%), from €150 to €16,816
- Cash +€8,168
up €8,168 (+9.4%), from €86,564 to €94,732
mainly Other debts (+€201,552) and Net result for the year (+€117,630)
- Receivables within one year -€5,490
down €5,490 (-26.7%), from €20,536 to €15,046
of which Trade receivables: -€10,990
- Receivables after one year +€5,000
up €5,000 (+22.2%), from €22,500 to €27,500
- Other debts +€201,552
new in 2025: €201,552
- Reserves -€132,500
down €132,500 (-53.0%), from €250,000 to €117,500
- Current portion of long-term debt -€5,327
no longer reported in 2025 (was €5,327)
- Accrued charges and deferred income +€4,994
up €4,994 (+587.6%), from €850 to €5,844
- Tax, wage and social debts +€4,876
up €4,876 (+47.0%), from €10,373 to €15,250
- Gross operating margin +€78,751
up €78,751 (+68.3%), from €115,292 to €194,043
- Financial charges +€18,256
up €18,256 (+291.3%), from €6,266 to €24,522
- Taxes +€10,031
up €10,031 (+34.0%), from €29,528 to €39,559
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 | €301,656 | €374,294 | +€72,638 | +24.1% |
| Fixed assets | 21/28 | €170,986 | €232,619 | +€61,633 | +36.0% |
| Tangible fixed assets | 22/27 | €170,836 | €215,803 | +€44,967 | +26.3% |
| Plant, machinery and equipment | 23 | €7,064 | €5,234 | -€1,830 | -25.9% |
| Furniture and vehicles | 24 | €3,923 | €1,864 | -€2,059 | -52.5% |
| Other tangible fixed assets | 26 | €159,849 | €208,705 | +€48,856 | +30.6% |
| Financial fixed assets | 28 | €150 | €16,816 | +€16,666 | +11110.7% |
| Current assets | 29/58 | €130,670 | €141,675 | +€11,005 | +8.4% |
| Amounts receivable after more than one year | 29 | €22,500 | €27,500 | +€5,000 | +22.2% |
| Other amounts receivable | 291 | €22,500 | €27,500 | +€5,000 | +22.2% |
| Amounts receivable within one year | 40/41 | €20,536 | €15,046 | -€5,490 | -26.7% |
| Trade receivables | 40 | €20,536 | €9,546 | -€10,990 | -53.5% |
| Other amounts receivable | 41 | - | €5,500 | +€5,500 | |
| Cash at bank and in hand | 54/58 | €86,564 | €94,732 | +€8,168 | +9.4% |
| Deferred charges and accrued income | 490/1 | €1,070 | €4,397 | +€3,328 | +311.1% |
| Total equity and liabilities | 10/49 | €301,656 | €374,294 | +€72,638 | +24.1% |
| Equity | 10/15 | €269,337 | €136,967 | -€132,370 | -49.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €250,000 | €117,500 | -€132,500 | -53.0% |
| Distributable reserves | 133 | €250,000 | €117,500 | -€132,500 | -53.0% |
| Profit (loss) carried forward | 14 | €737 | €867 | +€130 | +17.6% |
| Amounts payable | 17/49 | €32,319 | €237,327 | +€205,009 | +634.3% |
| Amounts payable within one year | 42/48 | €31,469 | €231,483 | +€200,014 | +635.6% |
| Current portion of amounts payable after more than one year | 42 | €5,327 | - | -€5,327 | |
| Trade debts | 44 | €15,768 | €14,682 | -€1,087 | -6.9% |
| Suppliers | 440/4 | €15,768 | €14,682 | -€1,087 | -6.9% |
| Taxes, remuneration and social security | 45 | €10,373 | €15,250 | +€4,876 | +47.0% |
| Taxes | 450/3 | €10,373 | €15,250 | +€4,876 | +47.0% |
| Other amounts payable | 47/48 | - | €201,552 | +€201,552 | |
| Accrued charges and deferred income | 492/3 | €850 | €5,844 | +€4,994 | +587.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,213 | €10,828 | +€615 | +6.0% |
| Other operating charges | 640/8 | €1,673 | €2,841 | +€1,168 | +69.8% |
| Gross operating margin | 9900 | €115,292 | €194,043 | +€78,751 | +68.3% |
| Operating profit (loss) | 9901 | €103,405 | €180,374 | +€76,969 | +74.4% |
| Financial income | 75/76B | €1,250 | €1,336 | +€86 | +6.9% |
| Recurring financial income | 75 | €1,250 | €1,336 | +€86 | +6.9% |
| Financial charges | 65/66B | €6,266 | €24,522 | +€18,256 | +291.3% |
| Recurring financial charges | 65 | €6,266 | €24,522 | +€18,256 | +291.3% |
| Profit (loss) for the period before taxes | 9903 | €98,389 | €157,188 | +€58,799 | +59.8% |
| Income taxes | 67/77 | €29,528 | €39,559 | +€10,031 | +34.0% |
| Profit (loss) for the period | 9904 | €68,861 | €117,630 | +€48,769 | +70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,861 | €117,630 | +€48,769 | +70.8% |
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 4 October 2026 via checked.be.