ELIZABET: 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.
ELIZABET
Largest movements
- Financial fixed assets -€400,000
down €400,000 (-50.0%), from €800,000 to €400,000
- Cash +€39,780
up €39,780 (+3,456%), from €1,151 to €40,931
mainly Investment in fixed assets (net) (+€400,000) and Net result for the year (+€167,448)
- Stocks and contracts +€38,000
up €38,000 (+7.7%), from €494,052 to €532,052
- Receivables within one year +€22,449
up €22,449 (+10.5%), from €213,069 to €235,518
of which Other amounts receivable: +€60,286
- Debts after one year -€354,379
down €354,379 (-51.6%), from €687,195 to €332,816
of which Other amounts payable: -€334,693
- Profit (loss) carried forward +€167,448
up €167,448 (+46.6%), from €359,573 to €527,022
- Trade debts -€93,673
down €93,673 (-37.7%), from €248,170 to €154,497
- Other debts -€79,161
no longer reported in 2025 (was €79,161)
- Advances received +€40,440
new in 2025: €40,440
- Financial income +€84,781
up €84,781 (+565%), from €14,993 to €99,774
- Gross operating margin -€52,140
down €52,140 (-32.8%), from €158,766 to €106,626
- Other operating charges -€11,116
down €11,116 (-77.7%), from €14,302 to €3,186
- Financial charges -€5,753
down €5,753 (-27.3%), from €21,094 to €15,341
- Write-downs +€1,825
new in 2025: €1,825
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 | €1,511,952 | €1,208,946 | -€303,005 | -20.0% |
| Fixed assets | 21/28 | €802,000 | €400,000 | -€402,000 | -50.1% |
| Tangible fixed assets | 22/27 | €2,000 | - | -€2,000 | |
| Other tangible fixed assets | 26 | €2,000 | - | -€2,000 | |
| Financial fixed assets | 28 | €800,000 | €400,000 | -€400,000 | -50.0% |
| Current assets | 29/58 | €709,952 | €808,946 | +€98,995 | +13.9% |
| Stocks and contracts in progress | 3 | €494,052 | €532,052 | +€38,000 | +7.7% |
| Stocks | 30/36 | €494,052 | €532,052 | +€38,000 | +7.7% |
| Amounts receivable within one year | 40/41 | €213,069 | €235,518 | +€22,449 | +10.5% |
| Trade receivables | 40 | €105,060 | €67,224 | -€37,837 | -36.0% |
| Other amounts receivable | 41 | €108,009 | €168,295 | +€60,286 | +55.8% |
| Cash at bank and in hand | 54/58 | €1,151 | €40,931 | +€39,780 | +3,456% |
| Deferred charges and accrued income | 490/1 | €1,679 | €445 | -€1,235 | -73.5% |
| Total equity and liabilities | 10/49 | €1,511,952 | €1,208,946 | -€303,005 | -20.0% |
| Equity | 10/15 | €380,024 | €547,473 | +€167,448 | +44.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €359,573 | €527,022 | +€167,448 | +46.6% |
| Amounts payable | 17/49 | €1,131,927 | €661,473 | -€470,454 | -41.6% |
| Amounts payable after more than one year | 17 | €687,195 | €332,816 | -€354,379 | -51.6% |
| Financial debts | 170/4 | €348,962 | €329,277 | -€19,685 | -5.6% |
| Other amounts payable | 178/9 | €338,232 | €3,539 | -€334,693 | -99.0% |
| Amounts payable within one year | 42/48 | €444,732 | €328,657 | -€116,075 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €104,922 | €115,815 | +€10,893 | +10.4% |
| Trade debts | 44 | €248,170 | €154,497 | -€93,673 | -37.7% |
| Suppliers | 440/4 | €248,170 | €154,497 | -€93,673 | -37.7% |
| Advances received on contracts in progress | 46 | - | €40,440 | +€40,440 | |
| Taxes, remuneration and social security | 45 | €12,479 | €17,905 | +€5,426 | +43.5% |
| Taxes | 450/3 | €4,578 | €2,597 | -€1,981 | -43.3% |
| Remuneration and social security | 454/9 | €7,901 | €15,308 | +€7,407 | +93.8% |
| Other amounts payable | 47/48 | €79,161 | - | -€79,161 | |
| Remuneration, social security and pensions | 62 | €16,792 | €15,451 | -€1,341 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,000 | €2,000 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,825 | +€1,825 | |
| Other operating charges | 640/8 | €14,302 | €3,186 | -€11,116 | -77.7% |
| Gross operating margin | 9900 | €158,766 | €106,626 | -€52,140 | -32.8% |
| Operating profit (loss) | 9901 | €125,672 | €84,164 | -€41,508 | -33.0% |
| Financial income | 75/76B | €14,993 | €99,774 | +€84,781 | +565% |
| Recurring financial income | 75 | €14,993 | €99,774 | +€84,781 | +565% |
| Financial charges | 65/66B | €21,094 | €15,341 | -€5,753 | -27.3% |
| Recurring financial charges | 65 | €21,094 | €15,341 | -€5,753 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €119,571 | €168,598 | +€49,026 | +41.0% |
| Income taxes | 67/77 | €1,459 | €1,149 | -€309 | -21.2% |
| Profit (loss) for the period | 9904 | €118,113 | €167,448 | +€49,336 | +41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €118,113 | €167,448 | +€49,336 | +41.8% |
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 22 October 2026 via checked.be.