ELMA: what changed
Two fiscal 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 -€5,760
down €5,760 (-6.2%), from €93,266 to €87,506
of which Plant, machinery and equipment: -€3,978
- Receivables within one year +€2,857
up €2,857 (+11.6%), from €24,616 to €27,473
of which Trade receivables: +€4,555
- Cash +€2,160
up €2,160 (+91.1%), from €2,370 to €4,530
mainly Net result for the year (+€32,425) and Depreciation (+€5,760)
- Reserves +€32,425
up €32,425 (+70.5%), from €45,965 to €78,390
- Tax, wage and social debts -€20,084
down €20,084 (-76.6%), from €26,207 to €6,123
- Other debts -€12,848
down €12,848 (-62.2%), from €20,645 to €7,797
- Gross operating margin -€18,814
down €18,814 (-24.6%), from €76,459 to €57,645
- Taxes -€4,651
down €4,651 (-20.6%), from €22,524 to €17,873
- Depreciation +€1,378
up €1,378 (+31.4%), from €4,382 to €5,760
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 | €120,252 | €119,711 | -€541 | -0.4% |
| Fixed assets | 21/28 | €93,266 | €87,506 | -€5,760 | -6.2% |
| Tangible fixed assets | 22/27 | €93,266 | €87,506 | -€5,760 | -6.2% |
| Land and buildings | 22 | €80,896 | €79,114 | -€1,782 | -2.2% |
| Plant, machinery and equipment | 23 | €12,370 | €8,392 | -€3,978 | -32.2% |
| Current assets | 29/58 | €26,986 | €32,205 | +€5,219 | +19.3% |
| Amounts receivable within one year | 40/41 | €24,616 | €27,473 | +€2,857 | +11.6% |
| Trade receivables | 40 | €22,549 | €27,104 | +€4,555 | +20.2% |
| Other amounts receivable | 41 | €2,067 | €369 | -€1,698 | -82.1% |
| Cash at bank and in hand | 54/58 | €2,370 | €4,530 | +€2,160 | +91.1% |
| Deferred charges and accrued income | 490/1 | - | €202 | +€202 | |
| Total equity and liabilities | 10/49 | €120,252 | €119,711 | -€541 | -0.4% |
| Equity | 10/15 | €65,371 | €97,796 | +€32,425 | +49.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,965 | €78,390 | +€32,425 | +70.5% |
| Distributable reserves | 133 | €45,965 | €78,390 | +€32,425 | +70.5% |
| Profit (loss) carried forward | 14 | €806 | €806 | = | 0.0% |
| Amounts payable | 17/49 | €54,881 | €21,915 | -€32,966 | -60.1% |
| Amounts payable within one year | 42/48 | €54,881 | €21,515 | -€33,366 | -60.8% |
| Trade debts | 44 | €8,029 | €7,595 | -€434 | -5.4% |
| Suppliers | 440/4 | €8,029 | €7,595 | -€434 | -5.4% |
| Taxes, remuneration and social security | 45 | €26,207 | €6,123 | -€20,084 | -76.6% |
| Taxes | 450/3 | €26,207 | €6,123 | -€20,084 | -76.6% |
| Other amounts payable | 47/48 | €20,645 | €7,797 | -€12,848 | -62.2% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,382 | €5,760 | +€1,378 | +31.4% |
| Other operating charges | 640/8 | €823 | €1,497 | +€674 | +81.9% |
| Non-recurring operating charges | 66A | €2,700 | - | -€2,700 | |
| Gross operating margin | 9900 | €76,459 | €57,645 | -€18,814 | -24.6% |
| Operating profit (loss) | 9901 | €68,554 | €50,388 | -€18,166 | -26.5% |
| Financial income | 75/76B | €17 | €8 | -€9 | -52.9% |
| Recurring financial income | 75 | €17 | €8 | -€9 | -52.9% |
| Financial charges | 65/66B | €130 | €98 | -€32 | -24.6% |
| Recurring financial charges | 65 | €130 | €98 | -€32 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €68,441 | €50,298 | -€18,143 | -26.5% |
| Income taxes | 67/77 | €22,524 | €17,873 | -€4,651 | -20.6% |
| Profit (loss) for the period | 9904 | €45,917 | €32,425 | -€13,492 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,917 | €32,425 | -€13,492 | -29.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.