ELISE D: 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.
ELISE D
Largest movements
- Stocks and contracts -€274,830
down €274,830 (-82.9%), from €331,569 to €56,739
- Tangible fixed assets +€74,596
up €74,596 (+42.4%), from €175,903 to €250,499
of which Plant, machinery and equipment: +€77,222
- Receivables within one year -€50,636
down €50,636 (-34.6%), from €146,452 to €95,816
of which Trade receivables: -€92,534
- Cash -€28,357
down €28,357 (-51.8%), from €54,758 to €26,401
mainly Short-term financial debts (-€243,120) and Investment in fixed assets (net) (-€115,586)
- Short-term financial debts -€243,120
no longer reported in 2025 (was €243,120)
- Other debts -€85,603
down €85,603 (-40.5%), from €211,483 to €125,880
- Debts after one year +€59,350
up €59,350 (+115.6%), from €51,331 to €110,681
- Trade debts -€22,189
down €22,189 (-83.2%), from €26,654 to €4,465
- Reserves +€16,056
up €16,056 (+14.7%), from €109,168 to €125,224
- Gross operating margin -€27,696
down €27,696 (-17.4%), from €159,313 to €131,617
- Financial charges -€27,074
down €27,074 (-60.5%), from €44,767 to €17,693
- Depreciation +€9,585
up €9,585 (+30.5%), from €31,405 to €40,990
- Staff costs -€5,311
down €5,311 (-10.4%), from €51,030 to €45,719
- Taxes +€4,667
up €4,667 (+78.8%), from €5,924 to €10,591
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 | €708,682 | €429,455 | -€279,227 | -39.4% |
| Fixed assets | 21/28 | €175,903 | €250,499 | +€74,596 | +42.4% |
| Tangible fixed assets | 22/27 | €175,903 | €250,499 | +€74,596 | +42.4% |
| Plant, machinery and equipment | 23 | €131,029 | €208,251 | +€77,222 | +58.9% |
| Furniture and vehicles | 24 | €44,874 | €42,248 | -€2,626 | -5.9% |
| Current assets | 29/58 | €532,779 | €178,956 | -€353,823 | -66.4% |
| Stocks and contracts in progress | 3 | €331,569 | €56,739 | -€274,830 | -82.9% |
| Stocks | 30/36 | €331,569 | €56,739 | -€274,830 | -82.9% |
| Amounts receivable within one year | 40/41 | €146,452 | €95,816 | -€50,636 | -34.6% |
| Trade receivables | 40 | €92,534 | - | -€92,534 | |
| Other amounts receivable | 41 | €53,918 | €95,816 | +€41,898 | +77.7% |
| Cash at bank and in hand | 54/58 | €54,758 | €26,401 | -€28,357 | -51.8% |
| Total equity and liabilities | 10/49 | €708,682 | €429,455 | -€279,227 | -39.4% |
| Equity | 10/15 | €129,628 | €145,684 | +€16,056 | +12.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €109,168 | €125,224 | +€16,056 | +14.7% |
| Distributable reserves | 133 | €109,168 | €125,224 | +€16,056 | +14.7% |
| Amounts payable | 17/49 | €579,054 | €283,771 | -€295,283 | -51.0% |
| Amounts payable after more than one year | 17 | €51,331 | €110,681 | +€59,350 | +115.6% |
| Financial debts | 170/4 | €51,331 | €110,681 | +€59,350 | +115.6% |
| Amounts payable within one year | 42/48 | €527,723 | €173,090 | -€354,633 | -67.2% |
| Current portion of amounts payable after more than one year | 42 | €24,652 | €33,244 | +€8,592 | +34.9% |
| Financial debts | 43 | €243,120 | - | -€243,120 | |
| Credit institutions | 430/8 | €243,120 | - | -€243,120 | |
| Trade debts | 44 | €26,654 | €4,465 | -€22,189 | -83.2% |
| Suppliers | 440/4 | €26,654 | €4,465 | -€22,189 | -83.2% |
| Taxes, remuneration and social security | 45 | €21,814 | €9,501 | -€12,313 | -56.4% |
| Taxes | 450/3 | €21,814 | €9,501 | -€12,313 | -56.4% |
| Other amounts payable | 47/48 | €211,483 | €125,880 | -€85,603 | -40.5% |
| Remuneration, social security and pensions | 62 | €51,030 | €45,719 | -€5,311 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,405 | €40,990 | +€9,585 | +30.5% |
| Other operating charges | 640/8 | €792 | €869 | +€77 | +9.7% |
| Gross operating margin | 9900 | €159,313 | €131,617 | -€27,696 | -17.4% |
| Operating profit (loss) | 9901 | €76,086 | €44,039 | -€32,047 | -42.1% |
| Financial income | 75/76B | €1,147 | €301 | -€846 | -73.8% |
| Recurring financial income | 75 | €1,147 | €301 | -€846 | -73.8% |
| Financial charges | 65/66B | €44,767 | €17,693 | -€27,074 | -60.5% |
| Recurring financial charges | 65 | €44,767 | €17,693 | -€27,074 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €32,466 | €26,647 | -€5,819 | -17.9% |
| Income taxes | 67/77 | €5,924 | €10,591 | +€4,667 | +78.8% |
| Profit (loss) for the period | 9904 | €26,542 | €16,056 | -€10,486 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,542 | €16,056 | -€10,486 | -39.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.