ELISABET: 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.
ELISABET
Largest movements
- Cash +€259,326
up €259,326 (+46.4%), from €558,995 to €818,321
mainly Other debts (+€616,938) and Net result for the year (+€307,025)
- Tangible fixed assets -€37,898
down €37,898 (-19.6%), from €193,346 to €155,448
- Other debts +€616,938
up €616,938 (+2,087%), from €29,563 to €646,501
- Profit (loss) carried forward -€406,203
down €406,203 (-89.6%), from €453,228 to €47,025
- Tax, wage and social debts +€49,372
up €49,372 (+100%), from €49,126 to €98,498
of which Taxes: +€49,372
- Trade debts -€34,566
down €34,566 (-73.0%), from €47,353 to €12,787
- Gross operating margin +€45,262
up €45,262 (+11.4%), from €397,685 to €442,947
- Taxes +€12,702
up €12,702 (+14.8%), from €85,851 to €98,553
- Depreciation +€6,762
up €6,762 (+21.0%), from €32,266 to €39,028
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 | €763,460 | €988,551 | +€225,090 | +29.5% |
| Fixed assets | 21/28 | €193,346 | €155,448 | -€37,898 | -19.6% |
| Tangible fixed assets | 22/27 | €193,346 | €155,448 | -€37,898 | -19.6% |
| Plant, machinery and equipment | 23 | €66,781 | €52,131 | -€14,650 | -21.9% |
| Furniture and vehicles | 24 | €44,580 | €27,051 | -€17,528 | -39.3% |
| Other tangible fixed assets | 26 | €81,985 | €76,265 | -€5,719 | -7.0% |
| Current assets | 29/58 | €570,115 | €833,103 | +€262,988 | +46.1% |
| Stocks and contracts in progress | 3 | €2,914 | €7,697 | +€4,783 | +164% |
| Stocks | 30/36 | €2,914 | €7,697 | +€4,783 | +164% |
| Amounts receivable within one year | 40/41 | €5,069 | €3,919 | -€1,151 | -22.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,069 | €3,919 | -€1,151 | -22.7% |
| Cash at bank and in hand | 54/58 | €558,995 | €818,321 | +€259,326 | +46.4% |
| Deferred charges and accrued income | 490/1 | €3,136 | €3,166 | +€30 | +1.0% |
| Total equity and liabilities | 10/49 | €763,460 | €988,551 | +€225,090 | +29.5% |
| Equity | 10/15 | €636,968 | €230,764 | -€406,203 | -63.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €182,739 | €182,739 | = | 0.0% |
| Distributable reserves | 133 | €182,739 | €182,739 | = | 0.0% |
| Profit (loss) carried forward | 14 | €453,228 | €47,025 | -€406,203 | -89.6% |
| Amounts payable | 17/49 | €126,492 | €757,786 | +€631,294 | +499% |
| Amounts payable within one year | 42/48 | €126,042 | €757,786 | +€631,744 | +501% |
| Trade debts | 44 | €47,353 | €12,787 | -€34,566 | -73.0% |
| Suppliers | 440/4 | €47,353 | €12,787 | -€34,566 | -73.0% |
| Taxes, remuneration and social security | 45 | €49,126 | €98,498 | +€49,372 | +100% |
| Taxes | 450/3 | €47,126 | €96,498 | +€49,372 | +105% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €29,563 | €646,501 | +€616,938 | +2,087% |
| Accrued charges and deferred income | 492/3 | €450 | €0 | -€450 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,266 | €39,028 | +€6,762 | +21.0% |
| Other operating charges | 640/8 | €1,017 | €1,128 | +€111 | +10.9% |
| Gross operating margin | 9900 | €397,685 | €442,947 | +€45,262 | +11.4% |
| Operating profit (loss) | 9901 | €364,402 | €402,791 | +€38,389 | +10.5% |
| Financial income | 75/76B | €3,819 | €5,135 | +€1,316 | +34.5% |
| Recurring financial income | 75 | €3,819 | €5,135 | +€1,316 | +34.5% |
| Financial charges | 65/66B | €1,638 | €2,349 | +€711 | +43.4% |
| Recurring financial charges | 65 | €1,638 | €2,349 | +€711 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €366,584 | €405,578 | +€38,994 | +10.6% |
| Income taxes | 67/77 | €85,851 | €98,553 | +€12,702 | +14.8% |
| Profit (loss) for the period | 9904 | €280,733 | €307,025 | +€26,292 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €280,733 | €307,025 | +€26,292 | +9.4% |
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 19 October 2026 via checked.be.