ELIZABETH: 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.
ELIZABETH
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+25.0%), from €4.5m to €5.7m
of which Assets under construction and advance payments: +€1.3m
- Cash +€576,038
up €576,038 (+850%), from €67,730 to €643,767
mainly Other debts (+€2.2m) and Depreciation (+€166,854)
- Receivables within one year +€222,703
up €222,703 (+93.7%), from €237,671 to €460,374
of which Other amounts receivable: +€237,793
- Other debts +€2.2m
up €2.2m (+29.4%), from €7.3m to €9.5m
- Profit (loss) carried forward -€344,006
down €344,006 (-16.5%), from -€2.1m to -€2.4m
- Trade debts +€119,444
up €119,444 (+3,696%), from €3,231 to €122,676
- Gross operating margin -€67,812
down €67,812 (-117%), from -€57,904 to -€125,716
- Other operating charges -€4,183
down €4,183 (-7.6%), from €55,265 to €51,081
- Depreciation +€3,275
up €3,275 (+2.0%), from €163,579 to €166,854
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 | €5,274,420 | €7,209,858 | +€1.9m | +36.7% |
| Fixed assets | 21/28 | €4,967,842 | €6,103,809 | +€1.1m | +22.9% |
| Tangible fixed assets | 22/27 | €4,542,239 | €5,678,206 | +€1.1m | +25.0% |
| Land and buildings | 22 | €4,542,239 | €4,375,385 | -€166,854 | -3.7% |
| Assets under construction and advance payments | 27 | - | €1,302,821 | +€1.3m | |
| Financial fixed assets | 28 | €425,603 | €425,603 | = | 0.0% |
| Current assets | 29/58 | €306,578 | €1,106,049 | +€799,471 | +261% |
| Amounts receivable within one year | 40/41 | €237,671 | €460,374 | +€222,703 | +93.7% |
| Trade receivables | 40 | €15,090 | - | -€15,090 | |
| Other amounts receivable | 41 | €222,581 | €460,374 | +€237,793 | +107% |
| Cash at bank and in hand | 54/58 | €67,730 | €643,767 | +€576,038 | +850% |
| Deferred charges and accrued income | 490/1 | €1,177 | €1,907 | +€730 | +62.0% |
| Total equity and liabilities | 10/49 | €5,274,420 | €7,209,858 | +€1.9m | +36.7% |
| Equity | 10/15 | -€2,072,780 | -€2,416,786 | -€344,006 | -16.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,085,180 | -€2,429,186 | -€344,006 | -16.5% |
| Amounts payable | 17/49 | €7,347,200 | €9,626,644 | +€2.3m | +31.0% |
| Amounts payable within one year | 42/48 | €7,347,200 | €9,626,644 | +€2.3m | +31.0% |
| Trade debts | 44 | €3,231 | €122,676 | +€119,444 | +3,696% |
| Suppliers | 440/4 | €3,231 | €122,676 | +€119,444 | +3,696% |
| Other amounts payable | 47/48 | €7,343,968 | €9,503,968 | +€2.2m | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,579 | €166,854 | +€3,275 | +2.0% |
| Other operating charges | 640/8 | €55,265 | €51,081 | -€4,183 | -7.6% |
| Gross operating margin | 9900 | -€57,904 | -€125,716 | -€67,812 | -117% |
| Operating profit (loss) | 9901 | -€276,748 | -€343,651 | -€66,904 | -24.2% |
| Financial charges | 65/66B | €150 | €355 | +€205 | +137% |
| Recurring financial charges | 65 | €150 | €355 | +€205 | +137% |
| Profit (loss) for the period before taxes | 9903 | -€276,898 | -€344,006 | -€67,109 | -24.2% |
| Profit (loss) for the period | 9904 | -€276,898 | -€344,006 | -€67,109 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€276,898 | -€344,006 | -€67,109 | -24.2% |
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 15 October 2026 via checked.be.