ELLU: what changed
What changed
ELLU
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€249,827
2024 · -€2.9m+€3.2m
Equity
€3.1m
2024 · €1.7m+€1.4m
Cash
€35,945
2024 · €184,261-€148,316
Balance sheet total
€12.7m
2024 · €11.6m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+10.0%), from €11.4m to €12.5m
- Cash -€148,316
down €148,316 (-80.5%), from €184,261 to €35,945
mainly Debts after one year (-€3.3m) and Investment in fixed assets (net) (-€1.1m)
Equity and liabilities
- Debts after one year -€3.3m
down €3.3m (-39.4%), from €8.3m to €5.0m
of which Other amounts payable: -€3.0m
- Short-term financial debts +€3.0m
new in 2025: €3.0m
- Revaluation surpluses +€1.1m
new in 2025: €1.1m
- Profit (loss) carried forward +€249,827
up €249,827 (+10.1%), from -€2.5m to -€2.2m
Income statement
- Provisions -€1.6m
down €1.6m, from €1.6m to -€23,659
- Depreciation -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Gross operating margin +€531,215
up €531,215 (+3,099%), from €17,139 to €548,354
- Financial charges +€104,168
up €104,168 (+51.7%), from €201,642 to €305,811
- Other operating charges +€9,983
up €9,983 (+118%), from €8,452 to €18,435
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€2.9m
Gross operating margin
+€531,215
Depreciation
+€1.1m
Provisions
+€1.6m
Other operating charges
-€9,983
Financial income
-€1,237
Financial charges
-€104,168
Taxes
+€31
Result 2025
€249,827
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€101,684
Investment
-€1.1m
Financing
+€889,218
Cash 2024
€184,261
From operations (derived)
+€101,684
Net result for the year
+€249,827
Receivables within one year
-€83,110
Provisions
-€23,659
Trade debts
-€39,827
Tax, wage and social debts
+€28,749
Other debts
-€407
Accrued charges and deferred income
-€29,889
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€889,218
Debts after one year
-€3.3m
Short-term financial debts
+€3.0m
Contributions, distributions and other
+€1.1m
Cash 2025
€35,945
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,644,583 | €12,718,594 | +€1.1m | +9.2% |
| Fixed assets | 21/28 | €11,381,080 | €12,520,298 | +€1.1m | +10.0% |
| Tangible fixed assets | 22/27 | €11,381,080 | €12,520,298 | +€1.1m | +10.0% |
| Land and buildings | 22 | €11,381,080 | €12,520,298 | +€1.1m | +10.0% |
| Current assets | 29/58 | €263,503 | €198,296 | -€65,206 | -24.7% |
| Amounts receivable within one year | 40/41 | €79,241 | €162,351 | +€83,110 | +105% |
| Trade receivables | 40 | €36,345 | €141,103 | +€104,757 | +288% |
| Other amounts receivable | 41 | €42,896 | €21,248 | -€21,648 | -50.5% |
| Cash at bank and in hand | 54/58 | €184,261 | €35,945 | -€148,316 | -80.5% |
| Total equity and liabilities | 10/49 | €11,644,583 | €12,718,594 | +€1.1m | +9.2% |
| Equity | 10/15 | €1,709,259 | €3,098,303 | +€1.4m | +81.3% |
| Contributions | 10/11 | €4,166,000 | €4,166,000 | = | 0.0% |
| Capital | 10 | €4,166,000 | €4,166,000 | = | 0.0% |
| Issued capital | 100 | €7,616,000 | €7,616,000 | = | 0.0% |
| Uncalled capital | 101 | €3,450,000 | €3,450,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,139,218 | +€1.1m | |
| Reserves | 13 | €15,546 | €15,546 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,546 | €15,546 | = | 0.0% |
| Legal reserve | 130 | €15,546 | €15,546 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,472,287 | -€2,222,461 | +€249,827 | +10.1% |
| Provisions and deferred taxes | 16 | €1,600,000 | €1,576,341 | -€23,659 | -1.5% |
| Provisions for liabilities and charges | 160/5 | €1,600,000 | €1,576,341 | -€23,659 | -1.5% |
| Major repairs and maintenance | 162 | - | €1,576,341 | +€1.6m | |
| Environmental obligations | 163 | €1,600,000 | - | -€1.6m | |
| Amounts payable | 17/49 | €8,335,324 | €8,043,949 | -€291,374 | -3.5% |
| Amounts payable after more than one year | 17 | €8,250,000 | €5,000,000 | -€3.3m | -39.4% |
| Financial debts | 170/4 | €5,250,000 | €5,000,000 | -€250,000 | -4.8% |
| Other amounts payable | 178/9 | €3,000,000 | €0 | -€3.0m | -100% |
| Amounts payable within one year | 42/48 | €52,657 | €3,041,172 | +€3.0m | +5,675% |
| Financial debts | 43 | - | €3,000,000 | +€3.0m | |
| Other loans | 439 | - | €3,000,000 | +€3.0m | |
| Trade debts | 44 | €52,250 | €12,423 | -€39,827 | -76.2% |
| Suppliers | 440/4 | €52,250 | €12,423 | -€39,827 | -76.2% |
| Taxes, remuneration and social security | 45 | - | €28,749 | +€28,749 | |
| Taxes | 450/3 | - | €28,749 | +€28,749 | |
| Other amounts payable | 47/48 | €407 | €0 | -€407 | -100% |
| Accrued charges and deferred income | 492/3 | €32,667 | €2,777 | -€29,889 | -91.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,139,218 | €0 | -€1.1m | -100% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,600,000 | -€23,659 | -€1.6m | |
| Other operating charges | 640/8 | €8,452 | €18,435 | +€9,983 | +118% |
| Gross operating margin | 9900 | €17,139 | €548,354 | +€531,215 | +3,099% |
| Operating profit (loss) | 9901 | -€2,730,531 | €553,578 | +€3.3m | |
| Financial income | 75/76B | €3,281 | €2,044 | -€1,237 | -37.7% |
| Recurring financial income | 75 | €3,281 | €2,044 | -€1,237 | -37.7% |
| Financial charges | 65/66B | €201,642 | €305,811 | +€104,168 | +51.7% |
| Recurring financial charges | 65 | €201,642 | €305,811 | +€104,168 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,928,892 | €249,811 | +€3.2m | |
| Income taxes | 67/77 | €15 | -€15 | -€31 | |
| Profit (loss) for the period | 9904 | -€2,928,908 | €249,827 | +€3.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,928,908 | €249,827 | +€3.2m |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.