ELM MANAGEMENT: 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 MANAGEMENT
Largest movements
- Intangible fixed assets +€151,824
up €151,824 (+154%), from €98,287 to €250,111
- Cash -€32,969
down €32,969 (-82.0%), from €40,227 to €7,257
mainly Investment in fixed assets (net) (-€175,485) and Net result for the year (-€109,823)
- Stocks and contracts -€25,620
down €25,620 (-48.3%), from €53,080 to €27,461
- Tangible fixed assets -€10,294
down €10,294 (-26.4%), from €39,034 to €28,739
- Other debts +€200,000
up €200,000 (+128%), from €156,643 to €356,643
- Profit (loss) carried forward -€109,823
down €109,823 (-252%), from -€43,560 to -€153,383
- Trade debts -€9,391
down €9,391 (-89.8%), from €10,457 to €1,066
- Investment grants +€3,521
up €3,521 (+39.2%), from €8,977 to €12,498
- Gross operating margin -€54,540
down €54,540 (-323%), from -€16,865 to -€71,406
- Depreciation +€16,652
up €16,652 (+96.2%), from €17,303 to €33,955
- Staff costs +€5,129
new in 2025: €5,129
- Financial income +€1,451
up €1,451 (+142%), from €1,023 to €2,474
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 | €232,619 | €317,453 | +€84,835 | +36.5% |
| Fixed assets | 21/28 | €137,320 | €278,850 | +€141,530 | +103% |
| Intangible fixed assets | 21 | €98,287 | €250,111 | +€151,824 | +154% |
| Tangible fixed assets | 22/27 | €39,034 | €28,739 | -€10,294 | -26.4% |
| Furniture and vehicles | 24 | €39,034 | €28,739 | -€10,294 | -26.4% |
| Current assets | 29/58 | €95,298 | €38,603 | -€56,695 | -59.5% |
| Stocks and contracts in progress | 3 | €53,080 | €27,461 | -€25,620 | -48.3% |
| Stocks | 30/36 | €53,080 | €27,461 | -€25,620 | -48.3% |
| Amounts receivable within one year | 40/41 | €274 | €2,035 | +€1,761 | +643% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €274 | €2,035 | +€1,761 | +643% |
| Cash at bank and in hand | 54/58 | €40,227 | €7,257 | -€32,969 | -82.0% |
| Deferred charges and accrued income | 490/1 | €1,718 | €1,851 | +€133 | +7.7% |
| Total equity and liabilities | 10/49 | €232,619 | €317,453 | +€84,835 | +36.5% |
| Equity | 10/15 | €65,416 | -€40,885 | -€106,302 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,560 | -€153,383 | -€109,823 | -252% |
| Investment grants | 15 | €8,977 | €12,498 | +€3,521 | +39.2% |
| Amounts payable | 17/49 | €167,202 | €358,338 | +€191,136 | +114% |
| Amounts payable within one year | 42/48 | €167,202 | €358,338 | +€191,136 | +114% |
| Trade debts | 44 | €10,457 | €1,066 | -€9,391 | -89.8% |
| Suppliers | 440/4 | €10,457 | €1,066 | -€9,391 | -89.8% |
| Taxes, remuneration and social security | 45 | €102 | €629 | +€527 | +519% |
| Taxes | 450/3 | €102 | €129 | +€27 | +26.8% |
| Remuneration and social security | 454/9 | - | €500 | +€500 | |
| Other amounts payable | 47/48 | €156,643 | €356,643 | +€200,000 | +128% |
| Remuneration, social security and pensions | 62 | - | €5,129 | +€5,129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,303 | €33,955 | +€16,652 | +96.2% |
| Other operating charges | 640/8 | €89 | €546 | +€457 | +512% |
| Gross operating margin | 9900 | -€16,865 | -€71,406 | -€54,540 | -323% |
| Operating profit (loss) | 9901 | -€34,258 | -€111,036 | -€76,778 | -224% |
| Financial income | 75/76B | €1,023 | €2,474 | +€1,451 | +142% |
| Recurring financial income | 75 | €1,023 | €2,474 | +€1,451 | +142% |
| Financial charges | 65/66B | €758 | €1,199 | +€441 | +58.2% |
| Recurring financial charges | 65 | €758 | €1,199 | +€441 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | -€33,992 | -€109,761 | -€75,768 | -223% |
| Income taxes | 67/77 | €67 | €62 | -€5 | -6.8% |
| Profit (loss) for the period | 9904 | -€34,059 | -€109,823 | -€75,764 | -222% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,059 | -€109,823 | -€75,764 | -222% |
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 20 October 2026 via checked.be.