ELMASI: 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.
ELMASI
Largest movements
- Receivables after one year -€305,469
down €305,469 (-100.0%), from €305,469 to €0
- Current investments +€217,871
up €217,871 (+62.5%), from €348,349 to €566,220
- Cash -€172,340
down €172,340 (-69.5%), from €248,060 to €75,720
mainly Contributions, distributions and other (-€617,900) and Current investments (-€217,871)
- Receivables within one year -€127,544
down €127,544 (-54.8%), from €232,944 to €105,399
of which Other amounts receivable: -€127,609
- Tangible fixed assets -€16,529
down €16,529 (-31.9%), from €51,744 to €35,215
of which Furniture and vehicles: -€16,297
- Reserves -€422,931
down €422,931 (-36.6%), from €1.2m to €732,064
of which Distributable reserves: -€422,931
- Tax, wage and social debts +€17,321
up €17,321 (+65.8%), from €26,325 to €43,646
- Gross operating margin +€80,313
up €80,313 (+46.7%), from €171,923 to €252,236
- Financial income -€36,558
down €36,558 (-40.7%), from €89,874 to €53,316
- Taxes +€20,206
up €20,206 (+33.2%), from €60,876 to €81,082
- Financial charges +€5,740
up €5,740 (+112.4%), from €5,109 to €10,849
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 | €1,187,520 | €784,158 | -€403,362 | -34.0% |
| Fixed assets | 21/28 | €51,744 | €35,215 | -€16,529 | -31.9% |
| Tangible fixed assets | 22/27 | €51,744 | €35,215 | -€16,529 | -31.9% |
| Plant, machinery and equipment | 23 | €802 | €571 | -€231 | -28.8% |
| Furniture and vehicles | 24 | €50,942 | €34,645 | -€16,297 | -32.0% |
| Current assets | 29/58 | €1,135,776 | €748,943 | -€386,834 | -34.1% |
| Amounts receivable after more than one year | 29 | €305,469 | €0 | -€305,469 | -100.0% |
| Other amounts receivable | 291 | €305,469 | €0 | -€305,469 | -100.0% |
| Amounts receivable within one year | 40/41 | €232,944 | €105,399 | -€127,544 | -54.8% |
| Trade receivables | 40 | €105,223 | €105,287 | +€64 | +0.1% |
| Other amounts receivable | 41 | €127,721 | €112 | -€127,609 | -99.9% |
| Current investments | 50/53 | €348,349 | €566,220 | +€217,871 | +62.5% |
| Cash at bank and in hand | 54/58 | €248,060 | €75,720 | -€172,340 | -69.5% |
| Deferred charges and accrued income | 490/1 | €954 | €1,604 | +€649 | +68.0% |
| Total equity and liabilities | 10/49 | €1,187,520 | €784,158 | -€403,362 | -34.0% |
| Equity | 10/15 | €1,161,196 | €738,264 | -€422,931 | -36.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,154,996 | €732,064 | -€422,931 | -36.6% |
| Tax-exempt reserves | 132 | €46,500 | €46,500 | = | 0.0% |
| Distributable reserves | 133 | €1,108,496 | €685,564 | -€422,931 | -38.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,325 | €45,894 | +€19,569 | +74.3% |
| Amounts payable within one year | 42/48 | €26,325 | €45,894 | +€19,569 | +74.3% |
| Trade debts | 44 | €0 | €646 | +€646 | |
| Suppliers | 440/4 | €0 | €646 | +€646 | |
| Taxes, remuneration and social security | 45 | €26,325 | €43,646 | +€17,321 | +65.8% |
| Taxes | 450/3 | €26,325 | €43,646 | +€17,321 | +65.8% |
| Other amounts payable | 47/48 | €0 | €1,603 | +€1,603 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,989 | €17,109 | +€120 | +0.7% |
| Other operating charges | 640/8 | €1,165 | €1,543 | +€379 | +32.5% |
| Non-recurring operating charges | 66A | €204 | €0 | -€204 | -100.0% |
| Gross operating margin | 9900 | €171,923 | €252,236 | +€80,313 | +46.7% |
| Operating profit (loss) | 9901 | €153,565 | €233,584 | +€80,018 | +52.1% |
| Financial income | 75/76B | €89,874 | €53,316 | -€36,558 | -40.7% |
| Recurring financial income | 75 | €89,874 | €53,316 | -€36,558 | -40.7% |
| Financial charges | 65/66B | €5,109 | €10,849 | +€5,740 | +112.4% |
| Recurring financial charges | 65 | €5,109 | €10,849 | +€5,740 | +112.4% |
| Profit (loss) for the period before taxes | 9903 | €238,330 | €276,051 | +€37,721 | +15.8% |
| Income taxes | 67/77 | €60,876 | €81,082 | +€20,206 | +33.2% |
| Profit (loss) for the period | 9904 | €177,454 | €194,968 | +€17,515 | +9.9% |
| Transfer to tax-exempt reserves | 689 | €46,500 | €0 | -€46,500 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €130,954 | €194,968 | +€64,015 | +48.9% |
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.