ELMAK: 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.
ELMAK
Largest movements
- Tangible fixed assets -€523,098
down €523,098 (-68.3%), from €765,761 to €242,663
of which Land and buildings: -€509,520
- Receivables within one year +€156,692
new in 2025: €156,692
- Cash +€154,230
up €154,230 (+536.7%), from €28,735 to €182,965
mainly Investment in fixed assets (net) (+€515,797) and Net result for the year (+€219,543)
- Contributions -€365,331
down €365,331 (-95.2%), from €383,931 to €18,600
- Reserves +€219,543
up €219,543 (+69.6%), from €315,368 to €534,911
- Other debts -€71,121
no longer reported in 2025 (was €71,121)
- Current portion of long-term debt -€24,662
no longer reported in 2025 (was €24,662)
- Tax, wage and social debts +€21,954
new in 2025: €21,954
- Gross operating margin +€289,574
up €289,574 (+729.3%), from €39,706 to €329,281
- Taxes +€84,267
up €84,267 (+1810.3%), from €4,655 to €88,922
- Depreciation -€27,934
down €27,934 (-79.3%), from €35,235 to €7,301
- Financial charges +€8,923
up €8,923 (+997.5%), from €895 to €9,817
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 | €797,010 | €582,571 | -€214,440 | -26.9% |
| Fixed assets | 21/28 | €765,761 | €242,663 | -€523,098 | -68.3% |
| Tangible fixed assets | 22/27 | €765,761 | €242,663 | -€523,098 | -68.3% |
| Land and buildings | 22 | €746,120 | €236,600 | -€509,520 | -68.3% |
| Plant, machinery and equipment | 23 | €19,641 | €6,063 | -€13,578 | -69.1% |
| Current assets | 29/58 | €31,249 | €339,907 | +€308,658 | +987.7% |
| Amounts receivable within one year | 40/41 | - | €156,692 | +€156,692 | |
| Other amounts receivable | 41 | - | €156,692 | +€156,692 | |
| Cash at bank and in hand | 54/58 | €28,735 | €182,965 | +€154,230 | +536.7% |
| Deferred charges and accrued income | 490/1 | €2,514 | €251 | -€2,263 | -90.0% |
| Total equity and liabilities | 10/49 | €797,010 | €582,571 | -€214,440 | -26.9% |
| Equity | 10/15 | €699,300 | €553,511 | -€145,789 | -20.8% |
| Contributions | 10/11 | €383,931 | €18,600 | -€365,331 | -95.2% |
| Reserves | 13 | €315,368 | €534,911 | +€219,543 | +69.6% |
| Distributable reserves | 133 | €315,368 | €534,911 | +€219,543 | +69.6% |
| Amounts payable | 17/49 | €97,711 | €29,060 | -€68,651 | -70.3% |
| Amounts payable within one year | 42/48 | €97,673 | €21,954 | -€75,719 | -77.5% |
| Current portion of amounts payable after more than one year | 42 | €24,662 | - | -€24,662 | |
| Trade debts | 44 | €1,889 | - | -€1,889 | |
| Suppliers | 440/4 | €1,889 | - | -€1,889 | |
| Taxes, remuneration and social security | 45 | - | €21,954 | +€21,954 | |
| Taxes | 450/3 | - | €21,954 | +€21,954 | |
| Other amounts payable | 47/48 | €71,121 | - | -€71,121 | |
| Accrued charges and deferred income | 492/3 | €38 | €7,105 | +€7,068 | +18716.9% |
| Non-recurring operating income | 76A | - | €352,203 | +€352,203 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,235 | €7,301 | -€27,934 | -79.3% |
| Other operating charges | 640/8 | €7,296 | €4,071 | -€3,225 | -44.2% |
| Gross operating margin | 9900 | €39,706 | €329,281 | +€289,574 | +729.3% |
| Operating profit (loss) | 9901 | -€2,825 | €317,908 | +€320,733 | |
| Financial income | 75/76B | - | €374 | +€374 | |
| Recurring financial income | 75 | - | €374 | +€374 | |
| Financial charges | 65/66B | €895 | €9,817 | +€8,923 | +997.5% |
| Recurring financial charges | 65 | €895 | €9,817 | +€8,923 | +997.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,720 | €308,465 | +€312,185 | |
| Income taxes | 67/77 | €4,655 | €88,922 | +€84,267 | +1810.3% |
| Profit (loss) for the period | 9904 | -€8,375 | €219,543 | +€227,917 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,375 | €219,543 | +€227,917 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.