ELISABETH: 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.
ELISABETH
Largest movements
- Tangible fixed assets -€189,029
down €189,029 (-8.1%), from €2.3m to €2.2m
of which Land and buildings: -€164,001
- Cash +€144,075
up €144,075 (+86.0%), from €167,576 to €311,651
mainly Depreciation (+€190,026) and Net result for the year (+€133,066)
- Receivables within one year -€79,201
down €79,201 (-47.8%), from €165,622 to €86,421
of which Other amounts receivable: -€50,510
- Debts after one year -€350,295
down €350,295 (-20.5%), from €1.7m to €1.4m
of which Financial debts: -€246,368
- Reserves +€133,066
up €133,066 (+55.4%), from €240,261 to €373,326
of which Distributable reserves: +€133,066
- Current portion of long-term debt +€107,613
up €107,613 (+44.3%), from €242,681 to €350,295
- Trade debts -€64,905
down €64,905 (-74.8%), from €86,780 to €21,875
- Gross operating margin +€148,322
up €148,322 (+31.0%), from €478,520 to €626,843
- Taxes +€51,063
up €51,063 (+1283.5%), from €3,978 to €55,041
- Depreciation +€10,243
up €10,243 (+5.7%), from €179,782 to €190,026
- Other operating charges -€10,031
down €10,031 (-56.7%), from €17,684 to €7,653
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 | €2,714,985 | €2,585,340 | -€129,644 | -4.8% |
| Fixed assets | 21/28 | €2,344,098 | €2,154,830 | -€189,269 | -8.1% |
| Tangible fixed assets | 22/27 | €2,343,858 | €2,154,830 | -€189,029 | -8.1% |
| Land and buildings | 22 | €2,203,526 | €2,039,525 | -€164,001 | -7.4% |
| Plant, machinery and equipment | 23 | €2,357 | €2,234 | -€123 | -5.2% |
| Furniture and vehicles | 24 | €56,454 | €44,163 | -€12,291 | -21.8% |
| Other tangible fixed assets | 26 | €81,521 | €68,908 | -€12,614 | -15.5% |
| Financial fixed assets | 28 | €240 | €0 | -€240 | -100.0% |
| Current assets | 29/58 | €370,886 | €430,511 | +€59,624 | +16.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €35,798 | €31,817 | -€3,981 | -11.1% |
| Stocks | 30/36 | €35,798 | €31,817 | -€3,981 | -11.1% |
| Amounts receivable within one year | 40/41 | €165,622 | €86,421 | -€79,201 | -47.8% |
| Trade receivables | 40 | €73,015 | €44,324 | -€28,691 | -39.3% |
| Other amounts receivable | 41 | €92,607 | €42,097 | -€50,510 | -54.5% |
| Cash at bank and in hand | 54/58 | €167,576 | €311,651 | +€144,075 | +86.0% |
| Deferred charges and accrued income | 490/1 | €1,890 | €621 | -€1,269 | -67.1% |
| Total equity and liabilities | 10/49 | €2,714,985 | €2,585,340 | -€129,644 | -4.8% |
| Equity | 10/15 | €402,811 | €535,876 | +€133,066 | +33.0% |
| Contributions | 10/11 | €162,550 | €162,550 | = | 0.0% |
| Reserves | 13 | €240,261 | €373,326 | +€133,066 | +55.4% |
| Tax-exempt reserves | 132 | €19,204 | €19,204 | = | 0.0% |
| Distributable reserves | 133 | €221,057 | €354,123 | +€133,066 | +60.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,312,174 | €2,049,464 | -€262,710 | -11.4% |
| Amounts payable after more than one year | 17 | €1,712,186 | €1,361,891 | -€350,295 | -20.5% |
| Financial debts | 170/4 | €1,308,259 | €1,061,891 | -€246,368 | -18.8% |
| Other amounts payable | 178/9 | €403,927 | €300,000 | -€103,927 | -25.7% |
| Amounts payable within one year | 42/48 | €581,576 | €652,238 | +€70,662 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €242,681 | €350,295 | +€107,613 | +44.3% |
| Trade debts | 44 | €86,780 | €21,875 | -€64,905 | -74.8% |
| Suppliers | 440/4 | €86,780 | €21,875 | -€64,905 | -74.8% |
| Taxes, remuneration and social security | 45 | €59,571 | €69,530 | +€9,959 | +16.7% |
| Taxes | 450/3 | €36,016 | €52,137 | +€16,121 | +44.8% |
| Remuneration and social security | 454/9 | €23,555 | €17,393 | -€6,162 | -26.2% |
| Other amounts payable | 47/48 | €192,543 | €210,539 | +€17,995 | +9.3% |
| Accrued charges and deferred income | 492/3 | €18,412 | €35,334 | +€16,922 | +91.9% |
| Remuneration, social security and pensions | 62 | €158,538 | €164,278 | +€5,741 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,782 | €190,026 | +€10,243 | +5.7% |
| Other operating charges | 640/8 | €17,684 | €7,653 | -€10,031 | -56.7% |
| Gross operating margin | 9900 | €478,520 | €626,843 | +€148,322 | +31.0% |
| Operating profit (loss) | 9901 | €122,517 | €264,886 | +€142,370 | +116.2% |
| Financial income | 75/76B | €193 | €5,317 | +€5,123 | +2649.8% |
| Recurring financial income | 75 | €193 | €5,317 | +€5,123 | +2649.8% |
| Financial charges | 65/66B | €80,980 | €82,096 | +€1,116 | +1.4% |
| Recurring financial charges | 65 | €80,980 | €82,096 | +€1,116 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €41,730 | €188,107 | +€146,377 | +350.8% |
| Income taxes | 67/77 | €3,978 | €55,041 | +€51,063 | +1283.5% |
| Profit (loss) for the period | 9904 | €37,752 | €133,066 | +€95,314 | +252.5% |
| Transfer from tax-exempt reserves | 789 | €632 | €0 | -€632 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,383 | €133,066 | +€94,682 | +246.7% |
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 9 October 2026 via checked.be.