ELLEX: 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.
ELLEX
Largest movements
- Current investments +€12,000
up €12,000 (+57.1%), from €21,000 to €33,000
- Tangible fixed assets -€10,866
down €10,866 (-42.9%), from €25,318 to €14,451
of which Leasing and similar rights: -€9,989
- Receivables within one year +€6,448
up €6,448 (+23.4%), from €27,526 to €33,975
of which Trade receivables: +€3,639
- Cash +€4,977
up €4,977 (+3.1%), from €163,091 to €168,068
mainly Other debts (+€115,697) and Net result for the year (+€62,652)
- Other debts +€115,697
new in 2025: €115,697
- Reserves -€77,348
down €77,348 (-44.2%), from €175,024 to €97,675
- Tax, wage and social debts -€15,302
down €15,302 (-43.6%), from €35,075 to €19,773
of which Taxes: -€15,302
- Debts after one year -€10,326
down €10,326 (-85.6%), from €12,065 to €1,739
- Financial income +€1,393
up €1,393 (+557,244%), from €0 to €1,393
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 | €237,309 | €249,875 | +€12,566 | +5.3% |
| Fixed assets | 21/28 | €25,318 | €14,451 | -€10,866 | -42.9% |
| Tangible fixed assets | 22/27 | €25,318 | €14,451 | -€10,866 | -42.9% |
| Plant, machinery and equipment | 23 | €1,207 | €925 | -€282 | -23.4% |
| Furniture and vehicles | 24 | €1,916 | €1,321 | -€595 | -31.1% |
| Leasing and similar rights | 25 | €22,194 | €12,205 | -€9,989 | -45.0% |
| Current assets | 29/58 | €211,991 | €235,423 | +€23,433 | +11.1% |
| Amounts receivable within one year | 40/41 | €27,526 | €33,975 | +€6,448 | +23.4% |
| Trade receivables | 40 | €27,501 | €31,141 | +€3,639 | +13.2% |
| Other amounts receivable | 41 | €25 | €2,834 | +€2,809 | +11,241% |
| Current investments | 50/53 | €21,000 | €33,000 | +€12,000 | +57.1% |
| Cash at bank and in hand | 54/58 | €163,091 | €168,068 | +€4,977 | +3.1% |
| Deferred charges and accrued income | 490/1 | €374 | €381 | +€8 | +2.0% |
| Total equity and liabilities | 10/49 | €237,309 | €249,875 | +€12,566 | +5.3% |
| Equity | 10/15 | €179,024 | €101,675 | -€77,348 | -43.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €175,024 | €97,675 | -€77,348 | -44.2% |
| Distributable reserves | 133 | €175,024 | €97,675 | -€77,348 | -44.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €58,285 | €148,200 | +€89,915 | +154% |
| Amounts payable after more than one year | 17 | €12,065 | €1,739 | -€10,326 | -85.6% |
| Financial debts | 170/4 | €12,065 | €1,739 | -€10,326 | -85.6% |
| Amounts payable within one year | 42/48 | €46,220 | €146,460 | +€100,240 | +217% |
| Current portion of amounts payable after more than one year | 42 | €10,139 | €10,326 | +€187 | +1.8% |
| Trade debts | 44 | €1,006 | €665 | -€341 | -33.9% |
| Suppliers | 440/4 | €1,006 | €665 | -€341 | -33.9% |
| Taxes, remuneration and social security | 45 | €35,075 | €19,773 | -€15,302 | -43.6% |
| Taxes | 450/3 | €35,075 | €19,773 | -€15,302 | -43.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €115,697 | +€115,697 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,077 | €10,866 | -€211 | -1.9% |
| Other operating charges | 640/8 | €1,572 | €2,130 | +€558 | +35.5% |
| Gross operating margin | 9900 | €89,946 | €90,759 | +€812 | +0.9% |
| Operating profit (loss) | 9901 | €77,297 | €77,762 | +€465 | +0.6% |
| Financial income | 75/76B | €0 | €1,393 | +€1,393 | +557,244% |
| Recurring financial income | 75 | €0 | €1,393 | +€1,393 | +557,244% |
| Financial charges | 65/66B | €659 | €420 | -€239 | -36.3% |
| Recurring financial charges | 65 | €659 | €420 | -€239 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | €76,639 | €78,736 | +€2,097 | +2.7% |
| Income taxes | 67/77 | €16,019 | €16,084 | +€65 | +0.4% |
| Profit (loss) for the period | 9904 | €60,619 | €62,652 | +€2,032 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,619 | €62,652 | +€2,032 | +3.4% |
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 17 October 2026 via checked.be.