ELLMARO: 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.
ELLMARO
Largest movements
- Cash +€132,587
up €132,587 (+154%), from €85,894 to €218,481
mainly Net result for the year (+€307,438) and Depreciation (+€71,050)
- Current investments +€44,093
up €44,093 (+7.8%), from €567,856 to €611,949
- Receivables within one year -€26,757
down €26,757 (-70.4%), from €38,027 to €11,270
of which Trade receivables: -€15,262
- Tangible fixed assets -€21,999
down €21,999 (-2.5%), from €884,545 to €862,546
of which Leasing and similar rights: -€28,997
- Reserves +€139,943
up €139,943 (+9.6%), from €1.5m to €1.6m
- Financial income +€33,328
up €33,328 (+37.4%), from €89,181 to €122,509
of which Financial income: +€120,416
- Gross operating margin +€23,213
up €23,213 (+6.2%), from €372,155 to €395,369
- Taxes +€11,049
up €11,049 (+9.3%), from €119,291 to €130,340
- Depreciation +€6,110
up €6,110 (+9.4%), from €64,941 to €71,050
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 | €1,576,322 | €1,704,246 | +€127,924 | +8.1% |
| Fixed assets | 21/28 | €884,545 | €862,546 | -€21,999 | -2.5% |
| Tangible fixed assets | 22/27 | €884,545 | €862,546 | -€21,999 | -2.5% |
| Land and buildings | 22 | €36,419 | €42,433 | +€6,014 | +16.5% |
| Furniture and vehicles | 24 | €9,467 | €11,308 | +€1,842 | +19.5% |
| Leasing and similar rights | 25 | €729,922 | €700,925 | -€28,997 | -4.0% |
| Other tangible fixed assets | 26 | €108,738 | €107,880 | -€858 | -0.8% |
| Current assets | 29/58 | €691,777 | €841,699 | +€149,923 | +21.7% |
| Amounts receivable within one year | 40/41 | €38,027 | €11,270 | -€26,757 | -70.4% |
| Trade receivables | 40 | €22,178 | €6,916 | -€15,262 | -68.8% |
| Other amounts receivable | 41 | €15,849 | €4,354 | -€11,495 | -72.5% |
| Current investments | 50/53 | €567,856 | €611,949 | +€44,093 | +7.8% |
| Cash at bank and in hand | 54/58 | €85,894 | €218,481 | +€132,587 | +154% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,576,322 | €1,704,246 | +€127,924 | +8.1% |
| Equity | 10/15 | €1,558,835 | €1,698,777 | +€139,943 | +9.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,458,835 | €1,598,777 | +€139,943 | +9.6% |
| Distributable reserves | 133 | €1,458,835 | €1,598,777 | +€139,943 | +9.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,487 | €5,468 | -€12,019 | -68.7% |
| Amounts payable within one year | 42/48 | €15,056 | €5,468 | -€9,587 | -63.7% |
| Trade debts | 44 | €1,146 | €158 | -€987 | -86.2% |
| Suppliers | 440/4 | €1,146 | €158 | -€987 | -86.2% |
| Taxes, remuneration and social security | 45 | €9,661 | €5,310 | -€4,351 | -45.0% |
| Taxes | 450/3 | €9,661 | €5,310 | -€4,351 | -45.0% |
| Other amounts payable | 47/48 | €4,249 | €0 | -€4,249 | -100% |
| Accrued charges and deferred income | 492/3 | €2,431 | €0 | -€2,431 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,941 | €71,050 | +€6,110 | +9.4% |
| Other operating charges | 640/8 | €10,386 | €9,022 | -€1,365 | -13.1% |
| Gross operating margin | 9900 | €372,155 | €395,369 | +€23,213 | +6.2% |
| Operating profit (loss) | 9901 | €296,828 | €315,297 | +€18,468 | +6.2% |
| Financial income | 75/76B | €89,181 | €122,509 | +€33,328 | +37.4% |
| Recurring financial income | 75 | €2,093 | €122,509 | +€120,416 | +5,752% |
| Non-recurring financial income | 76B | €87,088 | €0 | -€87,088 | -100% |
| Financial charges | 65/66B | €156 | €28 | -€128 | -82.2% |
| Recurring financial charges | 65 | €156 | €28 | -€128 | -82.2% |
| Profit (loss) for the period before taxes | 9903 | €385,854 | €437,778 | +€51,924 | +13.5% |
| Income taxes | 67/77 | €119,291 | €130,340 | +€11,049 | +9.3% |
| Profit (loss) for the period | 9904 | €266,562 | €307,438 | +€40,876 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €266,562 | €307,438 | +€40,876 | +15.3% |
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 16 October 2026 via checked.be.