ELITSA: 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.
ELITSA
Largest movements
- Tangible fixed assets +€399,574
up €399,574 (+346.2%), from €115,403 to €514,977
of which Land and buildings: +€298,011
- Debts after one year +€360,652
up €360,652 (+544.8%), from €66,203 to €426,855
- Trade debts +€67,950
up €67,950 (+882.5%), from €7,700 to €75,649
- Other debts -€32,034
down €32,034 (-67.5%), from €47,487 to €15,453
- Profit (loss) carried forward +€9,082
up €9,082 (+26.0%), from -€34,887 to -€25,805
- Financial charges +€4,800
up €4,800 (+102.1%), from €4,701 to €9,502
- Gross operating margin +€4,386
up €4,386 (+14.8%), from €29,548 to €33,934
- Staff costs -€4,208
down €4,208 (-57.7%), from €7,288 to €3,080
- Depreciation +€2,090
up €2,090 (+56.6%), from €3,692 to €5,782
- Taxes +€1,911
new in 2025: €1,911
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 | €122,226 | €528,314 | +€406,089 | +332.2% |
| Fixed assets | 21/28 | €115,639 | €515,213 | +€399,574 | +345.5% |
| Tangible fixed assets | 22/27 | €115,403 | €514,977 | +€399,574 | +346.2% |
| Land and buildings | 22 | €114,313 | €412,324 | +€298,011 | +260.7% |
| Furniture and vehicles | 24 | €1,090 | €752 | -€338 | -31.0% |
| Assets under construction and advance payments | 27 | - | €101,901 | +€101,901 | |
| Financial fixed assets | 28 | €236 | €236 | = | 0.0% |
| Current assets | 29/58 | €6,587 | €13,101 | +€6,514 | +98.9% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €1,512 | +€1,512 | |
| Other amounts receivable | 41 | - | €1,512 | +€1,512 | |
| Cash at bank and in hand | 54/58 | - | €3,784 | +€3,784 | |
| Deferred charges and accrued income | 490/1 | €3,587 | €4,806 | +€1,219 | +34.0% |
| Total equity and liabilities | 10/49 | €122,226 | €528,314 | +€406,089 | +332.2% |
| Equity | 10/15 | -€16,102 | -€7,020 | +€9,082 | +56.4% |
| Contributions | 10/11 | €18,700 | €18,700 | = | 0.0% |
| Contributions outside capital | 11 | €18,700 | €18,700 | = | 0.0% |
| Other | 1109/19 | €18,700 | €18,700 | = | 0.0% |
| Reserves | 13 | €86 | €86 | = | 0.0% |
| Non-distributable reserves | 130/1 | €86 | €86 | = | 0.0% |
| Reserves not available under the articles | 1311 | €86 | €86 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,887 | -€25,805 | +€9,082 | +26.0% |
| Amounts payable | 17/49 | €138,328 | €535,334 | +€397,006 | +287.0% |
| Amounts payable after more than one year | 17 | €66,203 | €426,855 | +€360,652 | +544.8% |
| Financial debts | 170/4 | €66,203 | €426,855 | +€360,652 | +544.8% |
| Amounts payable within one year | 42/48 | €72,125 | €108,479 | +€36,354 | +50.4% |
| Current portion of amounts payable after more than one year | 42 | €9,165 | €11,196 | +€2,031 | +22.2% |
| Financial debts | 43 | €98 | - | -€98 | |
| Other loans | 439 | €98 | - | -€98 | |
| Trade debts | 44 | €7,700 | €75,649 | +€67,950 | +882.5% |
| Suppliers | 440/4 | €7,700 | €75,649 | +€67,950 | +882.5% |
| Taxes, remuneration and social security | 45 | €7,676 | €6,182 | -€1,495 | -19.5% |
| Taxes | 450/3 | €4,942 | €5,398 | +€456 | +9.2% |
| Remuneration and social security | 454/9 | €2,734 | €783 | -€1,951 | -71.4% |
| Other amounts payable | 47/48 | €47,487 | €15,453 | -€32,034 | -67.5% |
| Remuneration, social security and pensions | 62 | €7,288 | €3,080 | -€4,208 | -57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,692 | €5,782 | +€2,090 | +56.6% |
| Other operating charges | 640/8 | €4,764 | €4,578 | -€186 | -3.9% |
| Gross operating margin | 9900 | €29,548 | €33,934 | +€4,386 | +14.8% |
| Operating profit (loss) | 9901 | €13,804 | €20,495 | +€6,691 | +48.5% |
| Financial charges | 65/66B | €4,701 | €9,502 | +€4,800 | +102.1% |
| Recurring financial charges | 65 | €4,701 | €9,502 | +€4,800 | +102.1% |
| Profit (loss) for the period before taxes | 9903 | €9,103 | €10,993 | +€1,890 | +20.8% |
| Income taxes | 67/77 | - | €1,911 | +€1,911 | |
| Profit (loss) for the period | 9904 | €9,103 | €9,082 | -€20 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,103 | €9,082 | -€20 | -0.2% |
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 11 October 2026 via checked.be.