ELIPSA: 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.
ELIPSA
Largest movements
- Current investments +€20,000
up €20,000 (+66.7%), from €30,000 to €50,000
- Cash +€4,781
up €4,781 (+9.1%), from €52,363 to €57,144
mainly Net result for the year (+€23,703) and Depreciation (+€3,001)
- Tangible fixed assets -€3,217
down €3,217 (-25.8%), from €12,462 to €9,245
of which Other tangible fixed assets: -€1,760
- Receivables within one year -€2,291
down €2,291 (-100.0%), from €2,291 to €0
- Deferred charges and accrued income +€2,239
up €2,239 (+91.0%), from €2,461 to €4,700
- Reserves +€23,703
up €23,703 (+31.2%), from €75,916 to €99,619
- Trade debts -€2,475
down €2,475 (-72.8%), from €3,401 to €926
- Current portion of long-term debt -€1,272
down €1,272 (-100.0%), from €1,272 to €0
- Gross operating margin -€3,115
down €3,115 (-7.6%), from €40,936 to €37,821
- Depreciation -€796
down €796 (-21.0%), from €3,796 to €3,001
- Other operating charges +€669
up €669 (+35.4%), from €1,887 to €2,556
- Taxes +€664
up €664 (+7.4%), from €8,923 to €9,586
- Financial income +€530
up €530 (+74.2%), from €715 to €1,245
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 | €102,727 | €124,239 | +€21,512 | +20.9% |
| Fixed assets | 21/28 | €15,612 | €12,395 | -€3,217 | -20.6% |
| Tangible fixed assets | 22/27 | €12,462 | €9,245 | -€3,217 | -25.8% |
| Plant, machinery and equipment | 23 | €745 | €0 | -€745 | -100.0% |
| Furniture and vehicles | 24 | €1,862 | €1,150 | -€712 | -38.3% |
| Other tangible fixed assets | 26 | €9,855 | €8,095 | -€1,760 | -17.9% |
| Financial fixed assets | 28 | €3,150 | €3,150 | = | 0.0% |
| Current assets | 29/58 | €87,115 | €111,844 | +€24,729 | +28.4% |
| Amounts receivable within one year | 40/41 | €2,291 | €0 | -€2,291 | -100.0% |
| Trade receivables | 40 | €2,291 | €0 | -€2,291 | -100.0% |
| Current investments | 50/53 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €52,363 | €57,144 | +€4,781 | +9.1% |
| Deferred charges and accrued income | 490/1 | €2,461 | €4,700 | +€2,239 | +91.0% |
| Total equity and liabilities | 10/49 | €102,727 | €124,239 | +€21,512 | +20.9% |
| Equity | 10/15 | €75,916 | €99,619 | +€23,703 | +31.2% |
| Reserves | 13 | €75,916 | €99,619 | +€23,703 | +31.2% |
| Distributable reserves | 133 | €75,916 | €99,619 | +€23,703 | +31.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €26,811 | €24,620 | -€2,191 | -8.2% |
| Amounts payable after more than one year | 17 | €275 | €275 | = | 0.0% |
| Other amounts payable | 178/9 | €275 | €275 | = | 0.0% |
| Amounts payable within one year | 42/48 | €25,631 | €23,895 | -€1,736 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €1,272 | €0 | -€1,272 | -100.0% |
| Trade debts | 44 | €3,401 | €926 | -€2,475 | -72.8% |
| Suppliers | 440/4 | €3,401 | €926 | -€2,475 | -72.8% |
| Taxes, remuneration and social security | 45 | €2,208 | €3,213 | +€1,005 | +45.5% |
| Taxes | 450/3 | €2,208 | €3,213 | +€1,005 | +45.5% |
| Other amounts payable | 47/48 | €18,750 | €19,756 | +€1,006 | +5.4% |
| Accrued charges and deferred income | 492/3 | €905 | €450 | -€455 | -50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,796 | €3,001 | -€796 | -21.0% |
| Other operating charges | 640/8 | €1,887 | €2,556 | +€669 | +35.4% |
| Gross operating margin | 9900 | €40,936 | €37,821 | -€3,115 | -7.6% |
| Operating profit (loss) | 9901 | €35,253 | €32,264 | -€2,988 | -8.5% |
| Financial income | 75/76B | €715 | €1,245 | +€530 | +74.2% |
| Recurring financial income | 75 | €715 | €1,245 | +€530 | +74.2% |
| Financial charges | 65/66B | €418 | €220 | -€198 | -47.4% |
| Recurring financial charges | 65 | €418 | €220 | -€198 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €35,549 | €33,289 | -€2,260 | -6.4% |
| Income taxes | 67/77 | €8,923 | €9,586 | +€664 | +7.4% |
| Profit (loss) for the period | 9904 | €26,627 | €23,703 | -€2,923 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,627 | €23,703 | -€2,923 | -11.0% |
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 3 October 2026 via checked.be.