ELMARO: 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.
ELMARO
Largest movements
- Receivables within one year +€117,759
up €117,759 (+53.6%), from €219,829 to €337,588
of which Trade receivables: +€100,959
- Cash -€53,277
down €53,277 (-23.5%), from €226,739 to €173,462
mainly Receivables within one year (-€117,759) and Investment in fixed assets (net) (-€35,239)
- Deferred charges and accrued income +€10,076
up €10,076 (+144%), from €6,995 to €17,070
- Tangible fixed assets +€9,283
up €9,283 (+8.6%), from €107,762 to €117,045
of which Furniture and vehicles: +€6,988
- Stocks and contracts +€8,218
up €8,218 (+16.2%), from €50,766 to €58,984
- Tax, wage and social debts +€55,574
up €55,574 (+73.6%), from €75,507 to €131,081
of which Taxes: +€48,820
- Reserves +€46,838
up €46,838 (+13.4%), from €349,827 to €396,664
of which Distributable reserves: +€46,838
- Current portion of long-term debt -€16,273
down €16,273 (-30.2%), from €53,964 to €37,691
- Trade debts +€14,091
up €14,091 (+29.6%), from €47,540 to €61,630
- Gross operating margin -€95,412
down €95,412 (-15.6%), from €613,274 to €517,862
- Staff costs -€55,511
down €55,511 (-11.7%), from €474,875 to €419,364
- Depreciation -€15,784
down €15,784 (-37.8%), from €41,740 to €25,956
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 | €618,180 | €710,238 | +€92,058 | +14.9% |
| Fixed assets | 21/28 | €113,852 | €123,135 | +€9,283 | +8.2% |
| Tangible fixed assets | 22/27 | €107,762 | €117,045 | +€9,283 | +8.6% |
| Plant, machinery and equipment | 23 | €50,474 | €54,620 | +€4,146 | +8.2% |
| Furniture and vehicles | 24 | €18,917 | €25,905 | +€6,988 | +36.9% |
| Other tangible fixed assets | 26 | €38,371 | €36,520 | -€1,851 | -4.8% |
| Financial fixed assets | 28 | €6,090 | €6,090 | = | 0.0% |
| Current assets | 29/58 | €504,328 | €587,104 | +€82,776 | +16.4% |
| Stocks and contracts in progress | 3 | €50,766 | €58,984 | +€8,218 | +16.2% |
| Stocks | 30/36 | €50,766 | €58,984 | +€8,218 | +16.2% |
| Amounts receivable within one year | 40/41 | €219,829 | €337,588 | +€117,759 | +53.6% |
| Trade receivables | 40 | €67,506 | €168,464 | +€100,959 | +150% |
| Other amounts receivable | 41 | €152,323 | €169,124 | +€16,800 | +11.0% |
| Cash at bank and in hand | 54/58 | €226,739 | €173,462 | -€53,277 | -23.5% |
| Deferred charges and accrued income | 490/1 | €6,995 | €17,070 | +€10,076 | +144% |
| Total equity and liabilities | 10/49 | €618,180 | €710,238 | +€92,058 | +14.9% |
| Equity | 10/15 | €411,827 | €458,664 | +€46,838 | +11.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €349,827 | €396,664 | +€46,838 | +13.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €343,627 | €390,464 | +€46,838 | +13.6% |
| Amounts payable | 17/49 | €206,354 | €251,574 | +€45,220 | +21.9% |
| Amounts payable after more than one year | 17 | €25,315 | €21,169 | -€4,145 | -16.4% |
| Financial debts | 170/4 | €25,315 | €21,169 | -€4,145 | -16.4% |
| Amounts payable within one year | 42/48 | €177,011 | €230,405 | +€53,394 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €53,964 | €37,691 | -€16,273 | -30.2% |
| Trade debts | 44 | €47,540 | €61,630 | +€14,091 | +29.6% |
| Suppliers | 440/4 | €47,540 | €61,630 | +€14,091 | +29.6% |
| Advances received on contracts in progress | 46 | - | €2 | +€2 | |
| Taxes, remuneration and social security | 45 | €75,507 | €131,081 | +€55,574 | +73.6% |
| Taxes | 450/3 | €19,676 | €68,497 | +€48,820 | +248% |
| Remuneration and social security | 454/9 | €55,831 | €62,584 | +€6,754 | +12.1% |
| Accrued charges and deferred income | 492/3 | €4,029 | €0 | -€4,029 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €474,875 | €419,364 | -€55,511 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,740 | €25,956 | -€15,784 | -37.8% |
| Other operating charges | 640/8 | €5,333 | €4,890 | -€443 | -8.3% |
| Gross operating margin | 9900 | €613,274 | €517,862 | -€95,412 | -15.6% |
| Operating profit (loss) | 9901 | €91,327 | €67,652 | -€23,675 | -25.9% |
| Financial income | 75/76B | €7,720 | €9,899 | +€2,179 | +28.2% |
| Recurring financial income | 75 | €7,720 | €9,899 | +€2,179 | +28.2% |
| Financial charges | 65/66B | €8,903 | €7,820 | -€1,083 | -12.2% |
| Recurring financial charges | 65 | €8,903 | €7,820 | -€1,083 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €90,144 | €69,731 | -€20,413 | -22.6% |
| Income taxes | 67/77 | €28,484 | €22,893 | -€5,591 | -19.6% |
| Profit (loss) for the period | 9904 | €61,660 | €46,838 | -€14,822 | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,660 | €46,838 | -€14,822 | -24.0% |
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 24 October 2026 via checked.be.