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
- Cash -€238,203
down €238,203 (-67.7%), from €352,046 to €113,843
mainly Other debts (-€234,906) and Contributions, distributions and other (-€135,000)
- Tangible fixed assets -€3,795
down €3,795 (-26.7%), from €14,198 to €10,403
of which Other tangible fixed assets: -€2,037
- Other debts -€234,906
down €234,906 (-71.2%), from €330,063 to €95,156
- Reserves -€7,320
down €7,320 (-44.9%), from €16,309 to €8,989
- Gross operating margin -€95,365
down €95,365 (-35.4%), from €269,732 to €174,367
- Taxes -€22,169
down €22,169 (-36.1%), from €61,364 to €39,195
- Depreciation -€5,620
down €5,620 (-59.7%), from €9,415 to €3,795
- Financial charges -€4,095
down €4,095 (-59.1%), from €6,933 to €2,838
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 | €377,249 | €139,116 | -€238,134 | -63.1% |
| Fixed assets | 21/28 | €14,198 | €10,403 | -€3,795 | -26.7% |
| Tangible fixed assets | 22/27 | €14,198 | €10,403 | -€3,795 | -26.7% |
| Furniture and vehicles | 24 | €3,339 | €1,582 | -€1,758 | -52.6% |
| Other tangible fixed assets | 26 | €10,859 | €8,822 | -€2,037 | -18.8% |
| Current assets | 29/58 | €363,051 | €128,712 | -€234,339 | -64.5% |
| Amounts receivable within one year | 40/41 | €11,005 | €13,599 | +€2,594 | +23.6% |
| Trade receivables | 40 | €2,206 | €1,658 | -€548 | -24.8% |
| Other amounts receivable | 41 | €8,799 | €11,941 | +€3,142 | +35.7% |
| Cash at bank and in hand | 54/58 | €352,046 | €113,843 | -€238,203 | -67.7% |
| Deferred charges and accrued income | 490/1 | €0 | €1,270 | +€1,270 | |
| Total equity and liabilities | 10/49 | €377,249 | €139,116 | -€238,134 | -63.1% |
| Equity | 10/15 | €34,909 | €27,589 | -€7,320 | -21.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,309 | €8,989 | -€7,320 | -44.9% |
| Distributable reserves | 133 | €16,309 | €8,989 | -€7,320 | -44.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €342,340 | €111,526 | -€230,814 | -67.4% |
| Amounts payable within one year | 42/48 | €335,735 | €104,684 | -€231,052 | -68.8% |
| Trade debts | 44 | €416 | €1,524 | +€1,108 | +266.2% |
| Suppliers | 440/4 | €416 | €1,524 | +€1,108 | +266.2% |
| Taxes, remuneration and social security | 45 | €5,257 | €8,004 | +€2,747 | +52.3% |
| Taxes | 450/3 | €5,257 | €5,254 | -€3 | -0.1% |
| Remuneration and social security | 454/9 | - | €2,750 | +€2,750 | |
| Other amounts payable | 47/48 | €330,063 | €95,156 | -€234,906 | -71.2% |
| Accrued charges and deferred income | 492/3 | €6,604 | €6,842 | +€238 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,415 | €3,795 | -€5,620 | -59.7% |
| Other operating charges | 640/8 | €712 | €859 | +€148 | +20.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €269,732 | €174,367 | -€95,365 | -35.4% |
| Operating profit (loss) | 9901 | €259,606 | €169,713 | -€89,893 | -34.6% |
| Financial charges | 65/66B | €6,933 | €2,838 | -€4,095 | -59.1% |
| Recurring financial charges | 65 | €6,933 | €2,838 | -€4,095 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €252,673 | €166,875 | -€85,798 | -34.0% |
| Income taxes | 67/77 | €61,364 | €39,195 | -€22,169 | -36.1% |
| Profit (loss) for the period | 9904 | €191,309 | €127,680 | -€63,629 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €191,309 | €127,680 | -€63,629 | -33.3% |
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.