ELM CONCEPTION: what changed
Two fiscal 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.
ELM CONCEPTION
Largest movements
- Tangible fixed assets +€99,021
new in 2025: €99,021
of which Land and buildings: +€94,388
- Receivables within one year -€72,031
down €72,031 (-59.8%), from €120,377 to €48,346
of which Other amounts receivable: -€81,025
- Cash +€44,498
up €44,498 (+100.5%), from €44,258 to €88,756
mainly Receivables within one year (+€72,031) and Net result for the year (+€58,305)
- Deferred charges and accrued income +€2,427
new in 2025: €2,427
- Profit (loss) carried forward +€58,305
up €58,305 (+100.2%), from €58,210 to €116,515
- Trade debts +€35,900
up €35,900 (+137.6%), from €26,089 to €61,989
- Accrued charges and deferred income -€33,010
no longer reported in 2025 (was €33,010)
- Tax, wage and social debts +€12,721
up €12,721 (+85.8%), from €14,826 to €27,547
of which Taxes: +€10,618
- Provisions -€30,000
no longer reported in 2025 (was €30,000)
- Gross operating margin +€16,539
up €16,539 (+22.1%), from €74,931 to €91,470
- Taxes +€12,858
up €12,858 (+205.5%), from €6,256 to €19,114
- Staff costs -€2,534
down €2,534 (-18.8%), from €13,500 to €10,966
- Other operating charges +€2,365
up €2,365 (+1608.5%), from €147 to €2,512
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.
Cash bridge derived
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 | €164,635 | €238,550 | +€73,915 | +44.9% |
| Fixed assets | 21/28 | - | €99,021 | +€99,021 | |
| Tangible fixed assets | 22/27 | - | €99,021 | +€99,021 | |
| Land and buildings | 22 | - | €94,388 | +€94,388 | |
| Plant, machinery and equipment | 23 | - | €580 | +€580 | |
| Furniture and vehicles | 24 | - | €4,053 | +€4,053 | |
| Current assets | 29/58 | €164,635 | €139,529 | -€25,106 | -15.2% |
| Amounts receivable within one year | 40/41 | €120,377 | €48,346 | -€72,031 | -59.8% |
| Trade receivables | 40 | - | €8,994 | +€8,994 | |
| Other amounts receivable | 41 | €120,377 | €39,352 | -€81,025 | -67.3% |
| Cash at bank and in hand | 54/58 | €44,258 | €88,756 | +€44,498 | +100.5% |
| Deferred charges and accrued income | 490/1 | - | €2,427 | +€2,427 | |
| Total equity and liabilities | 10/49 | €164,635 | €238,550 | +€73,915 | +44.9% |
| Equity | 10/15 | €60,710 | €119,015 | +€58,305 | +96.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,210 | €116,515 | +€58,305 | +100.2% |
| Provisions and deferred taxes | 16 | €30,000 | €30,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €30,000 | €30,000 | = | 0.0% |
| Environmental obligations | 163 | €30,000 | - | -€30,000 | |
| Other liabilities and charges | 164/5 | - | €30,000 | +€30,000 | |
| Amounts payable | 17/49 | €73,925 | €89,536 | +€15,611 | +21.1% |
| Amounts payable within one year | 42/48 | €40,915 | €89,536 | +€48,621 | +118.8% |
| Trade debts | 44 | €26,089 | €61,989 | +€35,900 | +137.6% |
| Suppliers | 440/4 | €26,089 | €61,989 | +€35,900 | +137.6% |
| Taxes, remuneration and social security | 45 | €14,826 | €27,547 | +€12,721 | +85.8% |
| Taxes | 450/3 | €14,826 | €25,444 | +€10,618 | +71.6% |
| Remuneration and social security | 454/9 | - | €2,102 | +€2,102 | |
| Accrued charges and deferred income | 492/3 | €33,010 | - | -€33,010 | |
| Remuneration, social security and pensions | 62 | €13,500 | €10,966 | -€2,534 | -18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €561 | +€561 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €30,000 | - | -€30,000 | |
| Other operating charges | 640/8 | €147 | €2,512 | +€2,365 | +1608.5% |
| Gross operating margin | 9900 | €74,931 | €91,470 | +€16,539 | +22.1% |
| Operating profit (loss) | 9901 | €31,284 | €77,431 | +€46,147 | +147.5% |
| Financial income | 75/76B | - | €45 | +€45 | |
| Recurring financial income | 75 | - | €45 | +€45 | |
| Financial charges | 65/66B | - | €58 | +€58 | |
| Recurring financial charges | 65 | - | €58 | +€58 | |
| Profit (loss) for the period before taxes | 9903 | €31,284 | €77,419 | +€46,135 | +147.5% |
| Income taxes | 67/77 | €6,256 | €19,114 | +€12,858 | +205.5% |
| Profit (loss) for the period | 9904 | €25,028 | €58,305 | +€33,277 | +133.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,028 | €58,305 | +€33,277 | +133.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.