ELMA Holding: 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 Holding
Largest movements
- Current investments +€180,000
new in 2025: €180,000
- Cash +€103,369
up €103,369 (+62.9%), from €164,249 to €267,618
mainly Net result for the year (+€240,279) and Other debts (+€173,094)
- Financial fixed assets +€17,333
up €17,333 (+14.4%), from €120,589 to €137,922
- Receivables within one year +€8,504
up €8,504 (+25.6%), from €33,237 to €41,741
of which Trade receivables: +€7,727
- Other debts +€173,094
up €173,094 (+217%), from €79,698 to €252,793
- Profit (loss) carried forward +€115,731
up €115,731 (+70.4%), from €164,280 to €280,011
- Reserves +€53,960
new in 2025: €53,960
- Tax, wage and social debts -€15,173
down €15,173 (-46.0%), from €33,003 to €17,830
of which Remuneration and social security: -€14,612
- Trade debts -€10,979
down €10,979 (-84.7%), from €12,965 to €1,986
- Financial income +€124,833
up €124,833 (+1,248%), from €10,000 to €134,833
- Staff costs +€5,233
up €5,233 (+8.5%), from €61,258 to €66,491
- Financial charges +€3,118
up €3,118 (+127%), from €2,464 to €5,582
- Gross operating margin -€2,343
down €2,343 (-1.1%), from €223,027 to €220,684
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 | €350,611 | €654,236 | +€303,625 | +86.6% |
| Fixed assets | 21/28 | €148,439 | €163,618 | +€15,179 | +10.2% |
| Tangible fixed assets | 22/27 | €27,850 | €25,696 | -€2,154 | -7.7% |
| Plant, machinery and equipment | 23 | €22,064 | €19,536 | -€2,528 | -11.5% |
| Furniture and vehicles | 24 | €5,786 | €6,160 | +€374 | +6.5% |
| Financial fixed assets | 28 | €120,589 | €137,922 | +€17,333 | +14.4% |
| Current assets | 29/58 | €202,172 | €490,619 | +€288,446 | +143% |
| Amounts receivable within one year | 40/41 | €33,237 | €41,741 | +€8,504 | +25.6% |
| Trade receivables | 40 | €33,237 | €40,964 | +€7,727 | +23.2% |
| Other amounts receivable | 41 | - | €777 | +€777 | |
| Current investments | 50/53 | - | €180,000 | +€180,000 | |
| Cash at bank and in hand | 54/58 | €164,249 | €267,618 | +€103,369 | +62.9% |
| Deferred charges and accrued income | 490/1 | €4,686 | €1,260 | -€3,427 | -73.1% |
| Total equity and liabilities | 10/49 | €350,611 | €654,236 | +€303,625 | +86.6% |
| Equity | 10/15 | €189,280 | €358,971 | +€169,691 | +89.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €53,960 | +€53,960 | |
| Tax-exempt reserves | 132 | - | €53,960 | +€53,960 | |
| Profit (loss) carried forward | 14 | €164,280 | €280,011 | +€115,731 | +70.4% |
| Amounts payable | 17/49 | €161,331 | €295,266 | +€133,934 | +83.0% |
| Amounts payable after more than one year | 17 | €7,196 | €1,054 | -€6,142 | -85.4% |
| Financial debts | 170/4 | €7,196 | €1,054 | -€6,142 | -85.4% |
| Amounts payable within one year | 42/48 | €153,564 | €294,212 | +€140,648 | +91.6% |
| Current portion of amounts payable after more than one year | 42 | €26,756 | €20,142 | -€6,614 | -24.7% |
| Financial debts | 43 | €1,141 | €1,461 | +€320 | +28.1% |
| Credit institutions | 430/8 | €1,141 | €1,461 | +€320 | +28.1% |
| Trade debts | 44 | €12,965 | €1,986 | -€10,979 | -84.7% |
| Suppliers | 440/4 | €12,965 | €1,986 | -€10,979 | -84.7% |
| Taxes, remuneration and social security | 45 | €33,003 | €17,830 | -€15,173 | -46.0% |
| Taxes | 450/3 | €15,909 | €15,347 | -€561 | -3.5% |
| Remuneration and social security | 454/9 | €17,095 | €2,483 | -€14,612 | -85.5% |
| Other amounts payable | 47/48 | €79,698 | €252,793 | +€173,094 | +217% |
| Accrued charges and deferred income | 492/3 | €572 | €0 | -€572 | -100% |
| Remuneration, social security and pensions | 62 | €61,258 | €66,491 | +€5,233 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,635 | €4,177 | -€458 | -9.9% |
| Other operating charges | 640/8 | €4,101 | €2,737 | -€1,364 | -33.3% |
| Gross operating margin | 9900 | €223,027 | €220,684 | -€2,343 | -1.1% |
| Operating profit (loss) | 9901 | €153,033 | €147,280 | -€5,754 | -3.8% |
| Financial income | 75/76B | €10,000 | €134,833 | +€124,833 | +1,248% |
| Recurring financial income | 75 | €10,000 | €134,833 | +€124,833 | +1,248% |
| Financial charges | 65/66B | €2,464 | €5,582 | +€3,118 | +127% |
| Recurring financial charges | 65 | €2,464 | €5,582 | +€3,118 | +127% |
| Profit (loss) for the period before taxes | 9903 | €160,570 | €276,531 | +€115,961 | +72.2% |
| Income taxes | 67/77 | €35,870 | €36,252 | +€381 | +1.1% |
| Profit (loss) for the period | 9904 | €124,699 | €240,279 | +€115,580 | +92.7% |
| Transfer to tax-exempt reserves | 689 | - | €53,960 | +€53,960 | |
| Profit (loss) for the period to be appropriated | 9905 | €124,699 | €186,319 | +€61,620 | +49.4% |
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 23 October 2026 via checked.be.