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
- Stocks and contracts -€20,000
no longer reported in 2025 (was €20,000)
- Tangible fixed assets -€6,373
down €6,373 (-28.0%), from €22,786 to €16,413
- Receivables within one year +€3,453
up €3,453 (+6.0%), from €57,373 to €60,826
of which Other amounts receivable: +€15,523
- Accrued charges and deferred income -€20,700
no longer reported in 2025 (was €20,700)
- Trade debts -€13,409
down €13,409 (-48.9%), from €27,412 to €14,003
- Tax, wage and social debts +€12,311
new in 2025: €12,311
- Other debts -€10,925
no longer reported in 2025 (was €10,925)
- Profit (loss) carried forward +€10,669
up €10,669 (+51.0%), from €20,914 to €31,583
- Gross operating margin -€12,419
down €12,419 (-33.3%), from €37,339 to €24,921
- Taxes -€850
down €850 (-13.9%), from €6,135 to €5,285
- Financial charges +€747
up €747 (+97.8%), from €764 to €1,512
- Other operating charges +€534
up €534 (+97.5%), from €548 to €1,082
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 | €101,374 | €79,320 | -€22,053 | -21.8% |
| Fixed assets | 21/28 | €22,786 | €16,413 | -€6,373 | -28.0% |
| Tangible fixed assets | 22/27 | €22,786 | €16,413 | -€6,373 | -28.0% |
| Land and buildings | 22 | €22,786 | €16,413 | -€6,373 | -28.0% |
| Current assets | 29/58 | €78,588 | €62,907 | -€15,680 | -20.0% |
| Stocks and contracts in progress | 3 | €20,000 | - | -€20,000 | |
| Stocks | 30/36 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | €57,373 | €60,826 | +€3,453 | +6.0% |
| Trade receivables | 40 | €42,158 | €30,088 | -€12,070 | -28.6% |
| Other amounts receivable | 41 | €15,215 | €30,737 | +€15,523 | +102.0% |
| Cash at bank and in hand | 54/58 | €1,215 | €2,082 | +€867 | +71.3% |
| Total equity and liabilities | 10/49 | €101,374 | €79,320 | -€22,053 | -21.8% |
| Equity | 10/15 | €42,337 | €53,006 | +€10,669 | +25.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,823 | €2,823 | = | 0.0% |
| Distributable reserves | 133 | €2,823 | €2,823 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,914 | €31,583 | +€10,669 | +51.0% |
| Amounts payable | 17/49 | €59,037 | €26,314 | -€32,723 | -55.4% |
| Amounts payable within one year | 42/48 | €38,337 | €26,314 | -€12,023 | -31.4% |
| Trade debts | 44 | €27,412 | €14,003 | -€13,409 | -48.9% |
| Suppliers | 440/4 | €27,412 | €14,003 | -€13,409 | -48.9% |
| Taxes, remuneration and social security | 45 | - | €12,311 | +€12,311 | |
| Taxes | 450/3 | - | €12,311 | +€12,311 | |
| Other amounts payable | 47/48 | €10,925 | - | -€10,925 | |
| Accrued charges and deferred income | 492/3 | €20,700 | - | -€20,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,373 | €6,373 | = | 0.0% |
| Other operating charges | 640/8 | €548 | €1,082 | +€534 | +97.5% |
| Gross operating margin | 9900 | €37,339 | €24,921 | -€12,419 | -33.3% |
| Operating profit (loss) | 9901 | €30,419 | €17,466 | -€12,953 | -42.6% |
| Financial charges | 65/66B | €764 | €1,512 | +€747 | +97.8% |
| Recurring financial charges | 65 | €764 | €1,512 | +€747 | +97.8% |
| Profit (loss) for the period before taxes | 9903 | €29,654 | €15,954 | -€13,700 | -46.2% |
| Income taxes | 67/77 | €6,135 | €5,285 | -€850 | -13.9% |
| Profit (loss) for the period | 9904 | €23,520 | €10,669 | -€12,851 | -54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,520 | €10,669 | -€12,851 | -54.6% |
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 6 October 2026 via checked.be.