ELISA: 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.
ELISA
Largest movements
- Current investments +€56,962
up €56,962 (+26.6%), from €213,912 to €270,874
- Cash -€40,434
down €40,434 (-59.0%), from €68,585 to €28,152
mainly Current investments (-€56,962) and Investment in fixed assets (net) (-€3,230)
- Reserves +€20,173
up €20,173 (+7.1%), from €283,161 to €303,335
- Gross operating margin -€3,436
down €3,436 (-13.5%), from €25,477 to €22,041
- Financial income -€1,931
down €1,931 (-17.2%), from €11,225 to €9,293
- Taxes -€1,701
down €1,701 (-20.4%), from €8,317 to €6,617
- Financial charges +€1,023
up €1,023 (+813.0%), from €126 to €1,149
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 | €357,529 | €377,953 | +€20,424 | +5.7% |
| Fixed assets | 21/28 | €27,119 | €28,736 | +€1,617 | +6.0% |
| Tangible fixed assets | 22/27 | €27,119 | €28,736 | +€1,617 | +6.0% |
| Land and buildings | 22 | €27,119 | €25,668 | -€1,451 | -5.4% |
| Plant, machinery and equipment | 23 | - | €3,068 | +€3,068 | |
| Current assets | 29/58 | €330,410 | €349,217 | +€18,807 | +5.7% |
| Amounts receivable within one year | 40/41 | €47,259 | €48,929 | +€1,670 | +3.5% |
| Other amounts receivable | 41 | €47,259 | €48,929 | +€1,670 | +3.5% |
| Current investments | 50/53 | €213,912 | €270,874 | +€56,962 | +26.6% |
| Cash at bank and in hand | 54/58 | €68,585 | €28,152 | -€40,434 | -59.0% |
| Deferred charges and accrued income | 490/1 | €655 | €1,263 | +€608 | +92.9% |
| Total equity and liabilities | 10/49 | €357,529 | €377,953 | +€20,424 | +5.7% |
| Equity | 10/15 | €357,529 | €377,703 | +€20,173 | +5.6% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €283,161 | €303,335 | +€20,173 | +7.1% |
| Distributable reserves | 133 | €283,161 | €303,335 | +€20,173 | +7.1% |
| Amounts payable | 17/49 | - | €250 | +€250 | |
| Amounts payable within one year | 42/48 | - | €250 | +€250 | |
| Trade debts | 44 | - | €250 | +€250 | |
| Suppliers | 440/4 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,451 | €1,613 | +€161 | +11.1% |
| Other operating charges | 640/8 | €1,855 | €1,783 | -€72 | -3.9% |
| Gross operating margin | 9900 | €25,477 | €22,041 | -€3,436 | -13.5% |
| Operating profit (loss) | 9901 | €22,171 | €18,646 | -€3,525 | -15.9% |
| Financial income | 75/76B | €11,225 | €9,293 | -€1,931 | -17.2% |
| Recurring financial income | 75 | €11,225 | €9,293 | -€1,931 | -17.2% |
| Financial charges | 65/66B | €126 | €1,149 | +€1,023 | +813.0% |
| Recurring financial charges | 65 | €126 | €1,149 | +€1,023 | +813.0% |
| Profit (loss) for the period before taxes | 9903 | €33,270 | €26,790 | -€6,480 | -19.5% |
| Income taxes | 67/77 | €8,317 | €6,617 | -€1,701 | -20.4% |
| Profit (loss) for the period | 9904 | €24,952 | €20,173 | -€4,779 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,952 | €20,173 | -€4,779 | -19.2% |
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.