ELM'S VISION: 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'S VISION
Largest movements
- Receivables within one year -€10,805
down €10,805 (-5.4%), from €198,515 to €187,710
of which Trade receivables: -€59,706
- Trade debts -€48,849
down €48,849 (-84.9%), from €57,529 to €8,680
- Reserves +€38,782
up €38,782 (+54.2%), from €71,546 to €110,328
- Tax, wage and social debts -€5,505
down €5,505 (-9.6%), from €57,050 to €51,545
- Short-term financial debts +€5,217
up €5,217 (+143%), from €3,648 to €8,865
- Gross operating margin -€7,155
down €7,155 (-11.5%), from €61,999 to €54,844
- Other operating charges -€2,480
down €2,480 (-65.6%), from €3,778 to €1,298
- Taxes -€1,597
down €1,597 (-12.8%), from €12,488 to €10,891
- Financial charges +€740
up €740 (+44.4%), from €1,667 to €2,407
From the 2023 result to the 2024 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €199,773 | €189,418 | -€10,355 | -5.2% |
| Fixed assets | 21/28 | €1,258 | €1,708 | +€450 | +35.8% |
| Tangible fixed assets | 22/27 | €1,258 | €1,708 | +€450 | +35.8% |
| Plant, machinery and equipment | 23 | - | €609 | +€609 | |
| Furniture and vehicles | 24 | €1,258 | €1,099 | -€159 | -12.6% |
| Current assets | 29/58 | €198,515 | €187,710 | -€10,805 | -5.4% |
| Amounts receivable within one year | 40/41 | €198,515 | €187,710 | -€10,805 | -5.4% |
| Trade receivables | 40 | €111,787 | €52,081 | -€59,706 | -53.4% |
| Other amounts receivable | 41 | €86,728 | €135,629 | +€48,901 | +56.4% |
| Total equity and liabilities | 10/49 | €199,773 | €189,418 | -€10,355 | -5.2% |
| Equity | 10/15 | €81,546 | €120,328 | +€38,782 | +47.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €71,546 | €110,328 | +€38,782 | +54.2% |
| Distributable reserves | 133 | €71,546 | €110,328 | +€38,782 | +54.2% |
| Amounts payable | 17/49 | €118,227 | €69,090 | -€49,137 | -41.6% |
| Amounts payable within one year | 42/48 | €118,227 | €69,090 | -€49,137 | -41.6% |
| Financial debts | 43 | €3,648 | €8,865 | +€5,217 | +143% |
| Credit institutions | 430/8 | €3,648 | €8,865 | +€5,217 | +143% |
| Trade debts | 44 | €57,529 | €8,680 | -€48,849 | -84.9% |
| Suppliers | 440/4 | €57,529 | €8,680 | -€48,849 | -84.9% |
| Taxes, remuneration and social security | 45 | €57,050 | €51,545 | -€5,505 | -9.6% |
| Taxes | 450/3 | €57,050 | €51,545 | -€5,505 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,259 | €1,466 | +€207 | +16.4% |
| Other operating charges | 640/8 | €3,778 | €1,298 | -€2,480 | -65.6% |
| Gross operating margin | 9900 | €61,999 | €54,844 | -€7,155 | -11.5% |
| Operating profit (loss) | 9901 | €56,962 | €52,080 | -€4,882 | -8.6% |
| Financial charges | 65/66B | €1,667 | €2,407 | +€740 | +44.4% |
| Recurring financial charges | 65 | €1,667 | €2,407 | +€740 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €55,295 | €49,673 | -€5,622 | -10.2% |
| Income taxes | 67/77 | €12,488 | €10,891 | -€1,597 | -12.8% |
| Profit (loss) for the period | 9904 | €42,807 | €38,782 | -€4,025 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,807 | €38,782 | -€4,025 | -9.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.