ELM - CONSULT: 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.
ELM - CONSULT
Largest movements
- Financial fixed assets -€154,000
down €154,000 (-5.8%), from €2.7m to €2.5m
- Current investments -€79,548
down €79,548 (-26.3%), from €302,809 to €223,261
- Tangible fixed assets -€48,084
down €48,084 (-8.9%), from €541,735 to €493,652
of which Land and buildings: -€25,745
- Cash -€44,426
down €44,426 (-86.1%), from €51,619 to €7,192
mainly Debts after one year (-€260,570) and Net result for the year (-€162,095)
- Receivables after one year +€40,000
up €40,000 (+25.0%), from €160,000 to €200,000
- Debts after one year -€260,570
down €260,570 (-10.1%), from €2.6m to €2.3m
- Other debts +€168,000
up €168,000 (+31.1%), from €539,616 to €707,616
- Profit (loss) carried forward -€159,592
down €159,592 (-41.6%), from €383,632 to €224,041
- Financial charges +€120,489
up €120,489 (+281.5%), from €42,806 to €163,295
of which Non-recurring financial charges: +€130,504
- Gross operating margin -€66,076
down €66,076 (-57.8%), from €114,400 to €48,324
- Financial income +€17,869
up €17,869 (+51.6%), from €34,601 to €52,470
- Depreciation +€4,869
up €4,869 (+11.3%), from €43,215 to €48,084
- Taxes -€2,894
down €2,894 (-89.1%), from €3,248 to €354
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 | €3,782,678 | €3,517,084 | -€265,594 | -7.0% |
| Fixed assets | 21/28 | €3,195,348 | €2,993,265 | -€202,084 | -6.3% |
| Tangible fixed assets | 22/27 | €541,735 | €493,652 | -€48,084 | -8.9% |
| Land and buildings | 22 | €484,813 | €459,069 | -€25,745 | -5.3% |
| Plant, machinery and equipment | 23 | €14,000 | €14,000 | = | 0.0% |
| Furniture and vehicles | 24 | €42,922 | €20,583 | -€22,339 | -52.0% |
| Financial fixed assets | 28 | €2,653,613 | €2,499,613 | -€154,000 | -5.8% |
| Current assets | 29/58 | €587,330 | €523,819 | -€63,510 | -10.8% |
| Amounts receivable after more than one year | 29 | €160,000 | €200,000 | +€40,000 | +25.0% |
| Other amounts receivable | 291 | €160,000 | €200,000 | +€40,000 | +25.0% |
| Amounts receivable within one year | 40/41 | €70,956 | €93,366 | +€22,410 | +31.6% |
| Trade receivables | 40 | €29,418 | €20,620 | -€8,798 | -29.9% |
| Other amounts receivable | 41 | €41,538 | €72,746 | +€31,208 | +75.1% |
| Current investments | 50/53 | €302,809 | €223,261 | -€79,548 | -26.3% |
| Cash at bank and in hand | 54/58 | €51,619 | €7,192 | -€44,426 | -86.1% |
| Deferred charges and accrued income | 490/1 | €1,946 | €0 | -€1,946 | -100.0% |
| Total equity and liabilities | 10/49 | €3,782,678 | €3,517,084 | -€265,594 | -7.0% |
| Equity | 10/15 | €524,217 | €362,122 | -€162,095 | -30.9% |
| Contributions | 10/11 | €89,242 | €89,242 | = | 0.0% |
| Capital | 10 | €89,242 | €89,242 | = | 0.0% |
| Issued capital | 100 | €92,960 | €92,960 | = | 0.0% |
| Uncalled capital | 101 | €3,718 | €3,718 | = | 0.0% |
| Reserves | 13 | €51,343 | €48,840 | -€2,503 | -4.9% |
| Non-distributable reserves | 130/1 | €9,296 | €9,296 | = | 0.0% |
| Legal reserve | 130 | €9,296 | €9,296 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,931 | €36,428 | -€2,503 | -6.4% |
| Distributable reserves | 133 | €3,116 | €3,116 | = | 0.0% |
| Profit (loss) carried forward | 14 | €383,632 | €224,041 | -€159,592 | -41.6% |
| Provisions and deferred taxes | 16 | €19,880 | €17,942 | -€1,938 | -9.7% |
| Provisions for liabilities and charges | 160/5 | €705 | €0 | -€705 | -100.0% |
| Environmental obligations | 163 | €705 | €0 | -€705 | -100.0% |
| Deferred taxes | 168 | €19,175 | €17,942 | -€1,233 | -6.4% |
| Amounts payable | 17/49 | €3,238,580 | €3,137,020 | -€101,561 | -3.1% |
| Amounts payable after more than one year | 17 | €2,592,006 | €2,331,436 | -€260,570 | -10.1% |
| Financial debts | 170/4 | €2,592,006 | €2,331,436 | -€260,570 | -10.1% |
| Amounts payable within one year | 42/48 | €646,575 | €805,584 | +€159,009 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €59,057 | €55,570 | -€3,487 | -5.9% |
| Trade debts | 44 | €23,170 | €8,281 | -€14,890 | -64.3% |
| Suppliers | 440/4 | €23,170 | €8,281 | -€14,890 | -64.3% |
| Taxes, remuneration and social security | 45 | €24,731 | €34,118 | +€9,387 | +38.0% |
| Taxes | 450/3 | €17,133 | €26,312 | +€9,179 | +53.6% |
| Remuneration and social security | 454/9 | €7,598 | €7,806 | +€208 | +2.7% |
| Other amounts payable | 47/48 | €539,616 | €707,616 | +€168,000 | +31.1% |
| Remuneration, social security and pensions | 62 | €44,586 | €46,205 | +€1,619 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,215 | €48,084 | +€4,869 | +11.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€705 | -€705 | = | 0.0% |
| Other operating charges | 640/8 | €7,298 | €6,890 | -€408 | -5.6% |
| Gross operating margin | 9900 | €114,400 | €48,324 | -€66,076 | -57.8% |
| Operating profit (loss) | 9901 | €20,006 | -€52,149 | -€72,155 | |
| Financial income | 75/76B | €34,601 | €52,470 | +€17,869 | +51.6% |
| Recurring financial income | 75 | €34,601 | €52,470 | +€17,869 | +51.6% |
| Financial charges | 65/66B | €42,806 | €163,295 | +€120,489 | +281.5% |
| Recurring financial charges | 65 | €42,806 | €32,791 | -€10,015 | -23.4% |
| Non-recurring financial charges | 66B | - | €130,504 | +€130,504 | |
| Profit (loss) for the period before taxes | 9903 | €11,801 | -€162,974 | -€174,775 | |
| Transfer from deferred taxes | 780 | €1,233 | €1,233 | = | 0.0% |
| Income taxes | 67/77 | €3,248 | €354 | -€2,894 | -89.1% |
| Profit (loss) for the period | 9904 | €9,786 | -€162,095 | -€171,881 | |
| Transfer from tax-exempt reserves | 789 | €2,503 | €2,503 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,290 | -€159,592 | -€171,881 |
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 10 October 2026 via checked.be.