ELM: what changed
ELM
Largest movements
- Receivables within one year -€20,975
down €20,975 (-26.2%), from €80,117 to €59,142
of which Trade receivables: -€48,607
- Cash +€10,965
up €10,965 (+34.6%), from €31,728 to €42,693
mainly Receivables within one year (+€20,975) and Other debts (+€4,481)
- Stocks and contracts +€5,731
up €5,731 (+35.1%), from €16,350 to €22,081
- Trade debts -€7,979
down €7,979 (-9.6%), from €83,023 to €75,044
- Advances received -€7,000
down €7,000 (-100%), from €7,000 to €0
- Other debts +€4,481
up €4,481 (+9,484%), from €47 to €4,529
- Profit (loss) carried forward +€3,252
up €3,252 (+23.5%), from -€13,814 to -€10,562
- Accrued charges and deferred income +€3,000
new in 2025: €3,000
- Staff costs +€37,785
up €37,785 (+14.5%), from €260,050 to €297,835
- Gross operating margin +€29,104
up €29,104 (+10.5%), from €278,136 to €307,240
- Financial charges +€3,085
up €3,085 (+129%), from €2,385 to €5,470
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €130,518 | €125,615 | -€4,903 | -3.8% |
| Fixed assets | 21/28 | €2,323 | €1,699 | -€625 | -26.9% |
| Tangible fixed assets | 22/27 | €1,273 | €649 | -€625 | -49.0% |
| Plant, machinery and equipment | 23 | €392 | €135 | -€257 | -65.5% |
| Furniture and vehicles | 24 | €882 | €514 | -€368 | -41.7% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €128,195 | €123,916 | -€4,278 | -3.3% |
| Stocks and contracts in progress | 3 | €16,350 | €22,081 | +€5,731 | +35.1% |
| Stocks | 30/36 | €16,350 | €22,081 | +€5,731 | +35.1% |
| Amounts receivable within one year | 40/41 | €80,117 | €59,142 | -€20,975 | -26.2% |
| Trade receivables | 40 | €77,859 | €29,252 | -€48,607 | -62.4% |
| Other amounts receivable | 41 | €2,258 | €29,890 | +€27,632 | +1,224% |
| Cash at bank and in hand | 54/58 | €31,728 | €42,693 | +€10,965 | +34.6% |
| Total equity and liabilities | 10/49 | €130,518 | €125,615 | -€4,903 | -3.8% |
| Equity | 10/15 | -€3,814 | -€562 | +€3,252 | +85.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,814 | -€10,562 | +€3,252 | +23.5% |
| Amounts payable | 17/49 | €134,332 | €126,177 | -€8,155 | -6.1% |
| Amounts payable after more than one year | 17 | €22,122 | €22,122 | = | 0.0% |
| Financial debts | 170/4 | €22,122 | €22,122 | = | 0.0% |
| Amounts payable within one year | 42/48 | €112,209 | €101,055 | -€11,155 | -9.9% |
| Trade debts | 44 | €83,023 | €75,044 | -€7,979 | -9.6% |
| Suppliers | 440/4 | €83,023 | €75,044 | -€7,979 | -9.6% |
| Advances received on contracts in progress | 46 | €7,000 | €0 | -€7,000 | -100% |
| Taxes, remuneration and social security | 45 | €22,140 | €21,482 | -€657 | -3.0% |
| Taxes | 450/3 | €4,230 | €4,230 | = | 0.0% |
| Remuneration and social security | 454/9 | €17,910 | €17,253 | -€657 | -3.7% |
| Other amounts payable | 47/48 | €47 | €4,529 | +€4,481 | +9,484% |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €260,050 | €297,835 | +€37,785 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €479 | €625 | +€146 | +30.5% |
| Other operating charges | 640/8 | €1,494 | €766 | -€729 | -48.8% |
| Gross operating margin | 9900 | €278,136 | €307,240 | +€29,104 | +10.5% |
| Operating profit (loss) | 9901 | €16,113 | €8,015 | -€8,098 | -50.3% |
| Financial income | 75/76B | €52 | €707 | +€655 | +1,254% |
| Recurring financial income | 75 | €52 | €707 | +€655 | +1,254% |
| Financial charges | 65/66B | €2,385 | €5,470 | +€3,085 | +129% |
| Recurring financial charges | 65 | €2,385 | €5,470 | +€3,085 | +129% |
| Profit (loss) for the period before taxes | 9903 | €13,780 | €3,252 | -€10,528 | -76.4% |
| Profit (loss) for the period | 9904 | €13,780 | €3,252 | -€10,528 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,780 | €3,252 | -€10,528 | -76.4% |
Next steps
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 3 November 2026 via checked.be.