ELLINORE: 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.
ELLINORE
Largest movements
- Stocks and contracts -€308,319
down €308,319 (-36.4%), from €846,866 to €538,547
- Receivables within one year +€77,034
up €77,034 (+221%), from €34,836 to €111,870
- Cash +€74,408
up €74,408 (+46.2%), from €160,894 to €235,302
mainly Stocks and contracts (+€308,319) and Debts after one year (+€72,000)
- Other debts -€243,353
down €243,353 (-31.4%), from €774,089 to €530,736
- Debts after one year +€72,000
new in 2025: €72,000
- Trade debts +€35,392
up €35,392 (+108%), from €32,675 to €68,067
- Tax, wage and social debts -€22,683
down €22,683 (-61.3%), from €37,017 to €14,334
of which Taxes: -€26,786
- Staff costs +€56,354
new in 2025: €56,354
- Gross operating margin -€38,053
down €38,053 (-29.5%), from €128,795 to €90,742
- Taxes -€9,913
down €9,913 (-96.2%), from €10,309 to €396
- Other operating charges +€3,514
up €3,514 (+35.0%), from €10,031 to €13,545
- Depreciation +€1,726
up €1,726 (+124%), from €1,397 to €3,123
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 | €1,051,620 | €905,165 | -€146,455 | -13.9% |
| Fixed assets | 21/28 | €4,801 | €11,777 | +€6,977 | +145% |
| Tangible fixed assets | 22/27 | €3,001 | €9,977 | +€6,977 | +232% |
| Plant, machinery and equipment | 23 | €1,430 | €2,670 | +€1,241 | +86.8% |
| Furniture and vehicles | 24 | €1,571 | €7,307 | +€5,736 | +365% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €1,046,819 | €893,388 | -€153,431 | -14.7% |
| Stocks and contracts in progress | 3 | €846,866 | €538,547 | -€308,319 | -36.4% |
| Stocks | 30/36 | €846,866 | €538,547 | -€308,319 | -36.4% |
| Amounts receivable within one year | 40/41 | €34,836 | €111,870 | +€77,034 | +221% |
| Trade receivables | 40 | €34,836 | €111,870 | +€77,034 | +221% |
| Cash at bank and in hand | 54/58 | €160,894 | €235,302 | +€74,408 | +46.2% |
| Deferred charges and accrued income | 490/1 | €4,223 | €7,669 | +€3,446 | +81.6% |
| Total equity and liabilities | 10/49 | €1,051,620 | €905,165 | -€146,455 | -13.9% |
| Equity | 10/15 | €207,839 | €217,008 | +€9,169 | +4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,720 | €2,720 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €860 | €860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €186,519 | €195,688 | +€9,169 | +4.9% |
| Amounts payable | 17/49 | €843,781 | €688,157 | -€155,624 | -18.4% |
| Amounts payable after more than one year | 17 | - | €72,000 | +€72,000 | |
| Other amounts payable | 178/9 | - | €72,000 | +€72,000 | |
| Amounts payable within one year | 42/48 | €843,781 | €613,957 | -€229,824 | -27.2% |
| Trade debts | 44 | €32,675 | €68,067 | +€35,392 | +108% |
| Suppliers | 440/4 | €32,675 | €68,067 | +€35,392 | +108% |
| Advances received on contracts in progress | 46 | - | €820 | +€820 | |
| Taxes, remuneration and social security | 45 | €37,017 | €14,334 | -€22,683 | -61.3% |
| Taxes | 450/3 | €37,017 | €10,232 | -€26,786 | -72.4% |
| Remuneration and social security | 454/9 | - | €4,103 | +€4,103 | |
| Other amounts payable | 47/48 | €774,089 | €530,736 | -€243,353 | -31.4% |
| Accrued charges and deferred income | 492/3 | - | €2,200 | +€2,200 | |
| Remuneration, social security and pensions | 62 | - | €56,354 | +€56,354 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,397 | €3,123 | +€1,726 | +124% |
| Other operating charges | 640/8 | €10,031 | €13,545 | +€3,514 | +35.0% |
| Non-recurring operating charges | 66A | - | €8,120 | +€8,120 | |
| Gross operating margin | 9900 | €128,795 | €90,742 | -€38,053 | -29.5% |
| Operating profit (loss) | 9901 | €117,366 | €9,599 | -€107,767 | -91.8% |
| Financial income | 75/76B | €103 | €30 | -€73 | -70.9% |
| Recurring financial income | 75 | €103 | €30 | -€73 | -70.9% |
| Financial charges | 65/66B | €33 | €64 | +€31 | +95.5% |
| Recurring financial charges | 65 | €33 | €64 | +€31 | +95.5% |
| Profit (loss) for the period before taxes | 9903 | €117,437 | €9,565 | -€107,871 | -91.9% |
| Income taxes | 67/77 | €10,309 | €396 | -€9,913 | -96.2% |
| Profit (loss) for the period | 9904 | €107,127 | €9,169 | -€97,958 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €107,127 | €9,169 | -€97,958 | -91.4% |
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 27 October 2026 via checked.be.