ELISAWAR: 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.
ELISAWAR
Largest movements
- Cash -€24,086
down €24,086 (-51.5%), from €46,802 to €22,716
mainly Investment in fixed assets (net) (-€48,440) and Current portion of long-term debt (-€34,391)
- Tangible fixed assets +€12,044
up €12,044 (+5.9%), from €203,906 to €215,950
of which Other tangible fixed assets: +€21,929
- Stocks and contracts +€7,082
up €7,082 (+22.7%), from €31,142 to €38,224
- Deferred charges and accrued income +€6,855
up €6,855 (+65.8%), from €10,415 to €17,270
- Current portion of long-term debt -€34,391
down €34,391 (-69.7%), from €49,375 to €14,984
- Debts after one year +€24,003
up €24,003 (+191%), from €12,582 to €36,584
- Reserves +€18,312
up €18,312 (+51.6%), from €35,483 to €53,795
of which Distributable reserves: +€20,172
- Tax, wage and social debts -€7,074
down €7,074 (-10.0%), from €70,855 to €63,781
of which Taxes: -€19,627
- Trade debts +€5,614
up €5,614 (+7.0%), from €79,700 to €85,314
- Gross operating margin -€95,104
down €95,104 (-14.2%), from €669,937 to €574,833
- Taxes -€19,796
down €19,796 (-74.2%), from €26,683 to €6,887
- Financial charges -€17,310
down €17,310 (-40.1%), from €43,207 to €25,897
- Staff costs -€13,512
down €13,512 (-2.8%), from €487,594 to €474,081
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 | €334,677 | €334,704 | +€27 | 0.0% |
| Fixed assets | 21/28 | €204,738 | €216,782 | +€12,044 | +5.9% |
| Tangible fixed assets | 22/27 | €203,906 | €215,950 | +€12,044 | +5.9% |
| Furniture and vehicles | 24 | €29,694 | €19,810 | -€9,885 | -33.3% |
| Other tangible fixed assets | 26 | €174,212 | €196,141 | +€21,929 | +12.6% |
| Financial fixed assets | 28 | €832 | €832 | = | 0.0% |
| Current assets | 29/58 | €129,938 | €117,922 | -€12,017 | -9.2% |
| Stocks and contracts in progress | 3 | €31,142 | €38,224 | +€7,082 | +22.7% |
| Stocks | 30/36 | €31,142 | €38,224 | +€7,082 | +22.7% |
| Amounts receivable within one year | 40/41 | €41,579 | €39,712 | -€1,867 | -4.5% |
| Trade receivables | 40 | €23,441 | €17,750 | -€5,690 | -24.3% |
| Other amounts receivable | 41 | €18,139 | €21,962 | +€3,823 | +21.1% |
| Cash at bank and in hand | 54/58 | €46,802 | €22,716 | -€24,086 | -51.5% |
| Deferred charges and accrued income | 490/1 | €10,415 | €17,270 | +€6,855 | +65.8% |
| Total equity and liabilities | 10/49 | €334,677 | €334,704 | +€27 | 0.0% |
| Equity | 10/15 | €73,001 | €88,042 | +€15,041 | +20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,483 | €53,795 | +€18,312 | +51.6% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €33,623 | €53,795 | +€20,172 | +60.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €18,917 | €15,647 | -€3,271 | -17.3% |
| Amounts payable | 17/49 | €261,676 | €246,662 | -€15,014 | -5.7% |
| Amounts payable after more than one year | 17 | €12,582 | €36,584 | +€24,003 | +191% |
| Financial debts | 170/4 | €12,582 | €36,584 | +€24,003 | +191% |
| Amounts payable within one year | 42/48 | €249,095 | €210,078 | -€39,017 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €49,375 | €14,984 | -€34,391 | -69.7% |
| Trade debts | 44 | €79,700 | €85,314 | +€5,614 | +7.0% |
| Suppliers | 440/4 | €79,700 | €85,314 | +€5,614 | +7.0% |
| Taxes, remuneration and social security | 45 | €70,855 | €63,781 | -€7,074 | -10.0% |
| Taxes | 450/3 | €41,841 | €22,214 | -€19,627 | -46.9% |
| Remuneration and social security | 454/9 | €29,014 | €41,567 | +€12,553 | +43.3% |
| Other amounts payable | 47/48 | €49,164 | €45,998 | -€3,166 | -6.4% |
| Remuneration, social security and pensions | 62 | €487,594 | €474,081 | -€13,512 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,554 | €36,396 | +€2,842 | +8.5% |
| Other operating charges | 640/8 | €10,633 | €14,341 | +€3,708 | +34.9% |
| Gross operating margin | 9900 | €669,937 | €574,833 | -€95,104 | -14.2% |
| Operating profit (loss) | 9901 | €138,156 | €50,015 | -€88,141 | -63.8% |
| Financial income | 75/76B | €1,120 | €1,081 | -€39 | -3.5% |
| Recurring financial income | 75 | €1,120 | €1,081 | -€39 | -3.5% |
| Financial charges | 65/66B | €43,207 | €25,897 | -€17,310 | -40.1% |
| Recurring financial charges | 65 | €43,207 | €25,897 | -€17,310 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €96,069 | €25,199 | -€70,870 | -73.8% |
| Income taxes | 67/77 | €26,683 | €6,887 | -€19,796 | -74.2% |
| Profit (loss) for the period | 9904 | €69,386 | €18,312 | -€51,074 | -73.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,386 | €18,312 | -€51,074 | -73.6% |
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 23 October 2026 via checked.be.