ELMANO: 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.
ELMANO
Largest movements
- Receivables within one year +€36,676
up €36,676 (+34.3%), from €106,799 to €143,475
of which Trade receivables: +€45,952
- Cash +€28,979
up €28,979 (+2197.1%), from €1,319 to €30,298
mainly Other debts (+€179,304) and Trade debts (+€56,839)
- Tangible fixed assets +€22,786
up €22,786 (+3.5%), from €650,240 to €673,026
of which Land and buildings: +€50,291
- Reserves -€206,662
down €206,662 (-47.6%), from €433,721 to €227,059
of which Distributable reserves: -€206,662
- Other debts +€179,304
up €179,304 (+2046.3%), from €8,763 to €188,067
- Trade debts +€56,839
up €56,839 (+552.5%), from €10,288 to €67,127
- Debts after one year +€52,099
up €52,099 (+31.8%), from €163,805 to €215,904
of which Financial debts: +€46,721
- Current portion of long-term debt -€33,579
down €33,579 (-100.0%), from €33,579 to €0
- Gross operating margin -€20,321
down €20,321 (-20.9%), from €97,194 to €76,873
- Taxes -€5,821
down €5,821 (-52.6%), from €11,067 to €5,246
- Depreciation +€4,546
up €4,546 (+14.0%), from €32,563 to €37,109
- Financial charges -€1,351
down €1,351 (-14.8%), from €9,114 to €7,762
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 | €759,944 | €848,161 | +€88,217 | +11.6% |
| Fixed assets | 21/28 | €650,240 | €673,026 | +€22,786 | +3.5% |
| Tangible fixed assets | 22/27 | €650,240 | €673,026 | +€22,786 | +3.5% |
| Land and buildings | 22 | €137,152 | €187,443 | +€50,291 | +36.7% |
| Leasing and similar rights | 25 | €13,062 | €0 | -€13,062 | -100.0% |
| Other tangible fixed assets | 26 | €500,025 | €485,583 | -€14,442 | -2.9% |
| Current assets | 29/58 | €109,704 | €175,134 | +€65,431 | +59.6% |
| Amounts receivable within one year | 40/41 | €106,799 | €143,475 | +€36,676 | +34.3% |
| Trade receivables | 40 | €80,210 | €126,161 | +€45,952 | +57.3% |
| Other amounts receivable | 41 | €26,589 | €17,314 | -€9,276 | -34.9% |
| Cash at bank and in hand | 54/58 | €1,319 | €30,298 | +€28,979 | +2197.1% |
| Deferred charges and accrued income | 490/1 | €1,586 | €1,361 | -€224 | -14.1% |
| Total equity and liabilities | 10/49 | €759,944 | €848,161 | +€88,217 | +11.6% |
| Equity | 10/15 | €533,721 | €327,059 | -€206,662 | -38.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €433,721 | €227,059 | -€206,662 | -47.6% |
| Tax-exempt reserves | 132 | €392 | €392 | = | 0.0% |
| Distributable reserves | 133 | €433,329 | €226,667 | -€206,662 | -47.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €226,222 | €521,101 | +€294,879 | +130.3% |
| Amounts payable after more than one year | 17 | €163,805 | €215,904 | +€52,099 | +31.8% |
| Financial debts | 170/4 | €68,000 | €114,721 | +€46,721 | +68.7% |
| Other amounts payable | 178/9 | €95,805 | €101,183 | +€5,378 | +5.6% |
| Amounts payable within one year | 42/48 | €62,418 | €304,994 | +€242,577 | +388.6% |
| Current portion of amounts payable after more than one year | 42 | €33,579 | €0 | -€33,579 | -100.0% |
| Financial debts | 43 | €6,250 | €12,950 | +€6,700 | +107.2% |
| Credit institutions | 430/8 | €6,250 | €12,950 | +€6,700 | +107.2% |
| Trade debts | 44 | €10,288 | €67,127 | +€56,839 | +552.5% |
| Suppliers | 440/4 | €10,288 | €67,127 | +€56,839 | +552.5% |
| Taxes, remuneration and social security | 45 | €3,539 | €36,851 | +€33,313 | +941.4% |
| Taxes | 450/3 | €3,539 | €36,851 | +€33,313 | +941.4% |
| Other amounts payable | 47/48 | €8,763 | €188,067 | +€179,304 | +2046.3% |
| Accrued charges and deferred income | 492/3 | €0 | €203 | +€203 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,563 | €37,109 | +€4,546 | +14.0% |
| Other operating charges | 640/8 | €4,276 | €4,006 | -€271 | -6.3% |
| Gross operating margin | 9900 | €97,194 | €76,873 | -€20,321 | -20.9% |
| Operating profit (loss) | 9901 | €60,355 | €35,758 | -€24,597 | -40.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €9,114 | €7,762 | -€1,351 | -14.8% |
| Recurring financial charges | 65 | €9,114 | €7,762 | -€1,351 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €51,241 | €27,996 | -€23,245 | -45.4% |
| Income taxes | 67/77 | €11,067 | €5,246 | -€5,821 | -52.6% |
| Profit (loss) for the period | 9904 | €40,174 | €22,750 | -€17,424 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,174 | €22,750 | -€17,424 | -43.4% |
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 9 October 2026 via checked.be.