ELMA: 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.
ELMA
Largest movements
- Tangible fixed assets +€252,936
up €252,936 (+1,795%), from €14,088 to €267,024
of which Land and buildings: +€253,460
- Financial fixed assets -€6,000
no longer reported in 2025 (was €6,000)
- Debts after one year +€170,539
new in 2025: €170,539
- Reserves +€36,117
up €36,117 (+30.4%), from €118,903 to €155,019
- Other debts +€26,604
up €26,604 (+247%), from €10,765 to €37,369
- Current portion of long-term debt +€10,304
new in 2025: €10,304
- Gross operating margin +€28,989
up €28,989 (+52.1%), from €55,686 to €84,675
- Depreciation +€8,231
up €8,231 (+281%), from €2,927 to €11,159
- Financial charges +€7,786
up €7,786 (+866%), from €899 to €8,685
- Taxes +€7,773
up €7,773 (+55.8%), from €13,926 to €21,699
- Other operating charges +€4,099
up €4,099 (+293%), from €1,399 to €5,498
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 | €164,352 | €407,462 | +€243,109 | +148% |
| Fixed assets | 21/28 | €20,088 | €267,024 | +€246,936 | +1,229% |
| Tangible fixed assets | 22/27 | €14,088 | €267,024 | +€252,936 | +1,795% |
| Land and buildings | 22 | €1,945 | €255,405 | +€253,460 | +13,032% |
| Plant, machinery and equipment | 23 | €1,982 | €2,007 | +€25 | +1.3% |
| Furniture and vehicles | 24 | €10,162 | €9,613 | -€549 | -5.4% |
| Financial fixed assets | 28 | €6,000 | - | -€6,000 | |
| Current assets | 29/58 | €144,264 | €140,437 | -€3,827 | -2.7% |
| Amounts receivable within one year | 40/41 | €25,603 | €22,282 | -€3,321 | -13.0% |
| Trade receivables | 40 | €25,603 | €21,900 | -€3,703 | -14.5% |
| Other amounts receivable | 41 | - | €382 | +€382 | |
| Cash at bank and in hand | 54/58 | €117,396 | €117,011 | -€385 | -0.3% |
| Deferred charges and accrued income | 490/1 | €1,264 | €1,144 | -€120 | -9.5% |
| Total equity and liabilities | 10/49 | €164,352 | €407,462 | +€243,109 | +148% |
| Equity | 10/15 | €119,903 | €156,019 | +€36,117 | +30.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €118,903 | €155,019 | +€36,117 | +30.4% |
| Distributable reserves | 133 | €118,903 | €155,019 | +€36,117 | +30.4% |
| Amounts payable | 17/49 | €44,450 | €251,443 | +€206,993 | +466% |
| Amounts payable after more than one year | 17 | - | €170,539 | +€170,539 | |
| Financial debts | 170/4 | - | €170,539 | +€170,539 | |
| Amounts payable within one year | 42/48 | €42,344 | €78,233 | +€35,888 | +84.8% |
| Current portion of amounts payable after more than one year | 42 | - | €10,304 | +€10,304 | |
| Trade debts | 44 | €12,139 | €9,788 | -€2,351 | -19.4% |
| Suppliers | 440/4 | €12,139 | €9,788 | -€2,351 | -19.4% |
| Taxes, remuneration and social security | 45 | €19,440 | €20,772 | +€1,331 | +6.8% |
| Taxes | 450/3 | €19,440 | €20,772 | +€1,331 | +6.8% |
| Other amounts payable | 47/48 | €10,765 | €37,369 | +€26,604 | +247% |
| Accrued charges and deferred income | 492/3 | €2,106 | €2,671 | +€565 | +26.9% |
| Remuneration, social security and pensions | 62 | €2,491 | €1,552 | -€938 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,927 | €11,159 | +€8,231 | +281% |
| Other operating charges | 640/8 | €1,399 | €5,498 | +€4,099 | +293% |
| Gross operating margin | 9900 | €55,686 | €84,675 | +€28,989 | +52.1% |
| Operating profit (loss) | 9901 | €48,869 | €66,466 | +€17,598 | +36.0% |
| Financial income | 75/76B | €47 | €33 | -€13 | -28.6% |
| Recurring financial income | 75 | €47 | €33 | -€13 | -28.6% |
| Financial charges | 65/66B | €899 | €8,685 | +€7,786 | +866% |
| Recurring financial charges | 65 | €899 | €8,685 | +€7,786 | +866% |
| Profit (loss) for the period before taxes | 9903 | €48,017 | €57,815 | +€9,799 | +20.4% |
| Income taxes | 67/77 | €13,926 | €21,699 | +€7,773 | +55.8% |
| Profit (loss) for the period | 9904 | €34,091 | €36,117 | +€2,026 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,091 | €36,117 | +€2,026 | +5.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.