ELMAT: 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.
What changed
ELMAT
NACE 82.100, Office administrative and support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€106,205
2024 · €43,243+€62,962
Equity
€1.0m
2024 · €918,603+€105,760
Cash
€114,584
2024 · €311,726-€197,142
Balance sheet total
€2.3m
2024 · €2.7m-€331,335
Largest movements
Assets
- Cash -€197,142
down €197,142 (-63.2%), from €311,726 to €114,584
mainly Other debts (-€365,061) and Investment in fixed assets (net) (-€123,729)
- Receivables within one year -€69,432
down €69,432 (-70.3%), from €98,769 to €29,337
of which Trade receivables: -€63,956
- Tangible fixed assets -€66,665
down €66,665 (-3.5%), from €1.9m to €1.8m
Equity and liabilities
- Other debts -€365,061
down €365,061 (-100%), from €365,061 to €0
- Reserves +€106,205
up €106,205 (+12.5%), from €848,591 to €954,796
of which Distributable reserves: +€129,671
- Debts after one year -€67,022
down €67,022 (-5.7%), from €1.2m to €1.1m
Income statement
- Depreciation -€50,078
down €50,078 (-20.7%), from €241,966 to €191,888
- Staff costs -€13,066
down €13,066 (-11.8%), from €110,788 to €97,722
- Gross operating margin -€6,391
down €6,391 (-1.3%), from €490,456 to €484,065
- Financial charges -€5,469
down €5,469 (-10.7%), from €51,215 to €45,746
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.
Result 2024
€43,243
Gross operating margin
-€6,391
Staff costs
+€13,066
Depreciation
+€50,078
Other operating charges
+€2,445
Financial income
+€28
Financial charges
+€5,469
Taxes
+€4,681
Deferred taxes and other
-€6,414
Result 2025
€106,205
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2,268
Investment
-€123,729
Financing
-€75,681
Cash 2024
€311,726
From operations (derived)
+€2,268
Net result for the year
+€106,205
Depreciation
+€191,888
Receivables after one year
-€5,634
Receivables within one year
+€69,432
Deferred charges and accrued income
+€2,235
Provisions
-€7,822
Trade debts
+€6,978
Tax, wage and social debts
+€4,067
Other debts
-€365,061
Accrued charges and deferred income
-€21
Investment (derived)
-€123,729
Investment in fixed assets (net)
-€123,729
Financing
-€75,681
Debts after one year
-€67,022
Current portion of long-term debt
-€8,214
Contributions, distributions and other
-€445
Cash 2025
€114,584
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,665,163 | €2,333,828 | -€331,335 | -12.4% |
| Fixed assets | 21/28 | €1,900,762 | €1,832,603 | -€68,159 | -3.6% |
| Intangible fixed assets | 21 | €19,420 | €17,926 | -€1,494 | -7.7% |
| Tangible fixed assets | 22/27 | €1,879,342 | €1,812,676 | -€66,665 | -3.5% |
| Land and buildings | 22 | €1,359,068 | €1,333,666 | -€25,402 | -1.9% |
| Plant, machinery and equipment | 23 | €204,642 | €182,657 | -€21,986 | -10.7% |
| Furniture and vehicles | 24 | €282,134 | €266,439 | -€15,695 | -5.6% |
| Other tangible fixed assets | 26 | €33,497 | €29,915 | -€3,582 | -10.7% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €764,401 | €501,225 | -€263,176 | -34.4% |
| Amounts receivable after more than one year | 29 | €325,850 | €331,484 | +€5,634 | +1.7% |
| Other amounts receivable | 291 | €325,850 | €331,484 | +€5,634 | +1.7% |
| Amounts receivable within one year | 40/41 | €98,769 | €29,337 | -€69,432 | -70.3% |
| Trade receivables | 40 | €90,384 | €26,428 | -€63,956 | -70.8% |
| Other amounts receivable | 41 | €8,385 | €2,909 | -€5,476 | -65.3% |
| Cash at bank and in hand | 54/58 | €311,726 | €114,584 | -€197,142 | -63.2% |
| Deferred charges and accrued income | 490/1 | €28,056 | €25,821 | -€2,235 | -8.0% |
| Total equity and liabilities | 10/49 | €2,665,163 | €2,333,828 | -€331,335 | -12.4% |
| Equity | 10/15 | €918,603 | €1,024,363 | +€105,760 | +11.5% |
| 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 | €848,591 | €954,796 | +€106,205 | +12.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €167,076 | €143,610 | -€23,466 | -14.0% |
| Distributable reserves | 133 | €675,315 | €804,986 | +€129,671 | +19.2% |
| Investment grants | 15 | €8,012 | €7,567 | -€445 | -5.6% |
| Provisions and deferred taxes | 16 | €85,259 | €77,437 | -€7,822 | -9.2% |
| Deferred taxes | 168 | €85,259 | €77,437 | -€7,822 | -9.2% |
| Amounts payable | 17/49 | €1,661,300 | €1,232,028 | -€429,272 | -25.8% |
| Amounts payable after more than one year | 17 | €1,176,566 | €1,109,544 | -€67,022 | -5.7% |
| Financial debts | 170/4 | €1,176,566 | €1,109,544 | -€67,022 | -5.7% |
| Amounts payable within one year | 42/48 | €484,713 | €122,484 | -€362,229 | -74.7% |
| Current portion of amounts payable after more than one year | 42 | €88,793 | €80,579 | -€8,214 | -9.3% |
| Trade debts | 44 | €4,609 | €11,587 | +€6,978 | +151% |
| Suppliers | 440/4 | €4,609 | €11,587 | +€6,978 | +151% |
| Taxes, remuneration and social security | 45 | €26,250 | €30,318 | +€4,067 | +15.5% |
| Taxes | 450/3 | €9,284 | €12,908 | +€3,624 | +39.0% |
| Remuneration and social security | 454/9 | €16,967 | €17,410 | +€443 | +2.6% |
| Other amounts payable | 47/48 | €365,061 | €0 | -€365,061 | -100% |
| Accrued charges and deferred income | 492/3 | €21 | €0 | -€21 | -100% |
| Non-recurring operating income | 76A | €9,091 | €0 | -€9,091 | -100% |
| Remuneration, social security and pensions | 62 | €110,788 | €97,722 | -€13,066 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,966 | €191,888 | -€50,078 | -20.7% |
| Other operating charges | 640/8 | €15,998 | €13,553 | -€2,445 | -15.3% |
| Gross operating margin | 9900 | €490,456 | €484,065 | -€6,391 | -1.3% |
| Operating profit (loss) | 9901 | €121,705 | €180,902 | +€59,197 | +48.6% |
| Financial income | 75/76B | €6,210 | €6,238 | +€28 | +0.5% |
| Recurring financial income | 75 | €6,210 | €6,238 | +€28 | +0.5% |
| Financial charges | 65/66B | €51,215 | €45,746 | -€5,469 | -10.7% |
| Recurring financial charges | 65 | €51,215 | €45,746 | -€5,469 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €76,699 | €141,394 | +€64,695 | +84.3% |
| Transfer from deferred taxes | 780 | €14,236 | €7,822 | -€6,414 | -45.1% |
| Income taxes | 67/77 | €47,692 | €43,011 | -€4,681 | -9.8% |
| Profit (loss) for the period | 9904 | €43,243 | €106,205 | +€62,962 | +146% |
| Transfer from tax-exempt reserves | 789 | €42,707 | €23,466 | -€19,241 | -45.1% |
| Profit (loss) for the period to be appropriated | 9905 | €85,950 | €129,671 | +€43,721 | +50.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.