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
- Cash +€33,365
up €33,365 (+30.3%), from €110,286 to €143,651
mainly Net result for the year (+€28,361) and Depreciation (+€20,996)
- Tangible fixed assets -€20,036
down €20,036 (-23.9%), from €83,693 to €63,657
of which Plant, machinery and equipment: -€15,243
- Receivables within one year +€3,295
up €3,295 (+259.5%), from €1,270 to €4,565
of which Other amounts receivable: +€3,340
- Reserves +€28,361
up €28,361 (+21.2%), from €133,531 to €161,892
- Trade debts -€6,502
down €6,502 (-79.2%), from €8,206 to €1,704
- Current portion of long-term debt -€5,503
down €5,503 (-51.7%), from €10,638 to €5,135
- Debts after one year -€5,135
no longer reported in 2025 (was €5,135)
- Tax, wage and social debts +€2,909
up €2,909 (+49.8%), from €5,846 to €8,755
- Gross operating margin -€7,689
down €7,689 (-9.7%), from €79,513 to €71,824
- Taxes -€2,233
down €2,233 (-12.1%), from €18,403 to €16,170
- Depreciation +€1,800
up €1,800 (+9.4%), from €19,196 to €20,996
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 | €203,519 | €217,963 | +€14,444 | +7.1% |
| Fixed assets | 21/28 | €83,693 | €63,657 | -€20,036 | -23.9% |
| Tangible fixed assets | 22/27 | €83,693 | €63,657 | -€20,036 | -23.9% |
| Land and buildings | 22 | €19,626 | €16,871 | -€2,755 | -14.0% |
| Plant, machinery and equipment | 23 | €58,435 | €43,193 | -€15,243 | -26.1% |
| Furniture and vehicles | 24 | €5,632 | €3,594 | -€2,038 | -36.2% |
| Current assets | 29/58 | €119,826 | €154,305 | +€34,480 | +28.8% |
| Stocks and contracts in progress | 3 | €6,090 | €5,589 | -€501 | -8.2% |
| Stocks | 30/36 | €6,090 | €5,589 | -€501 | -8.2% |
| Amounts receivable within one year | 40/41 | €1,270 | €4,565 | +€3,295 | +259.5% |
| Trade receivables | 40 | €780 | €734 | -€45 | -5.8% |
| Other amounts receivable | 41 | €490 | €3,830 | +€3,340 | +681.7% |
| Cash at bank and in hand | 54/58 | €110,286 | €143,651 | +€33,365 | +30.3% |
| Deferred charges and accrued income | 490/1 | €2,179 | €500 | -€1,679 | -77.0% |
| Total equity and liabilities | 10/49 | €203,519 | €217,963 | +€14,444 | +7.1% |
| Equity | 10/15 | €152,131 | €180,492 | +€28,361 | +18.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €133,531 | €161,892 | +€28,361 | +21.2% |
| Distributable reserves | 133 | €133,531 | €161,892 | +€28,361 | +21.2% |
| Amounts payable | 17/49 | €51,388 | €37,471 | -€13,918 | -27.1% |
| Amounts payable after more than one year | 17 | €5,135 | - | -€5,135 | |
| Financial debts | 170/4 | €5,135 | - | -€5,135 | |
| Amounts payable within one year | 42/48 | €44,753 | €35,971 | -€8,783 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €10,638 | €5,135 | -€5,503 | -51.7% |
| Trade debts | 44 | €8,206 | €1,704 | -€6,502 | -79.2% |
| Suppliers | 440/4 | €8,206 | €1,704 | -€6,502 | -79.2% |
| Taxes, remuneration and social security | 45 | €5,846 | €8,755 | +€2,909 | +49.8% |
| Taxes | 450/3 | €5,846 | €8,755 | +€2,909 | +49.8% |
| Other amounts payable | 47/48 | €20,063 | €20,376 | +€313 | +1.6% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | - | €2,262 | +€2,262 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,196 | €20,996 | +€1,800 | +9.4% |
| Other operating charges | 640/8 | €2,889 | €2,895 | +€5 | +0.2% |
| Gross operating margin | 9900 | €79,513 | €71,824 | -€7,689 | -9.7% |
| Operating profit (loss) | 9901 | €57,427 | €47,933 | -€9,495 | -16.5% |
| Financial income | 75/76B | - | €48 | +€48 | |
| Recurring financial income | 75 | - | €48 | +€48 | |
| Financial charges | 65/66B | €3,130 | €3,450 | +€319 | +10.2% |
| Recurring financial charges | 65 | €3,130 | €3,450 | +€319 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €54,297 | €44,531 | -€9,766 | -18.0% |
| Income taxes | 67/77 | €18,403 | €16,170 | -€2,233 | -12.1% |
| Profit (loss) for the period | 9904 | €35,894 | €28,361 | -€7,533 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,894 | €28,361 | -€7,533 | -21.0% |
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 8 October 2026 via checked.be.