ELMD: 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.
ELMD
Largest movements
- Current investments +€30,160
up €30,160 (+83.8%), from €35,998 to €66,158
- Receivables within one year -€23,023
down €23,023 (-12.1%), from €190,812 to €167,789
of which Trade receivables: -€20,920
- Tangible fixed assets -€21,530
down €21,530 (-9.2%), from €233,229 to €211,699
of which Furniture and vehicles: -€13,537
- Other debts +€113,236
up €113,236 (+109.0%), from €103,858 to €217,094
- Trade debts -€53,896
down €53,896 (-34.1%), from €158,282 to €104,386
- Reserves -€45,874
down €45,874 (-17.2%), from €267,080 to €221,206
of which Distributable reserves: -€45,874
- Debts after one year -€29,945
down €29,945 (-42.4%), from €70,570 to €40,625
- Gross operating margin +€22,537
up €22,537 (+21.5%), from €104,735 to €127,273
- Depreciation +€11,231
up €11,231 (+83.2%), from €13,503 to €24,734
- Financial charges +€6,245
up €6,245 (+102.5%), from €6,094 to €12,338
- Taxes +€1,528
up €1,528 (+6.2%), from €24,500 to €26,028
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 | €653,805 | €637,517 | -€16,288 | -2.5% |
| Fixed assets | 21/28 | €241,629 | €220,099 | -€21,530 | -8.9% |
| Tangible fixed assets | 22/27 | €233,229 | €211,699 | -€21,530 | -9.2% |
| Land and buildings | 22 | €152,668 | €145,881 | -€6,786 | -4.4% |
| Furniture and vehicles | 24 | €64,598 | €51,061 | -€13,537 | -21.0% |
| Other tangible fixed assets | 26 | €15,964 | €14,757 | -€1,207 | -7.6% |
| Financial fixed assets | 28 | €8,400 | €8,400 | = | 0.0% |
| Current assets | 29/58 | €412,176 | €417,418 | +€5,242 | +1.3% |
| Amounts receivable within one year | 40/41 | €190,812 | €167,789 | -€23,023 | -12.1% |
| Trade receivables | 40 | €188,476 | €167,555 | -€20,920 | -11.1% |
| Other amounts receivable | 41 | €2,336 | €234 | -€2,102 | -90.0% |
| Current investments | 50/53 | €35,998 | €66,158 | +€30,160 | +83.8% |
| Cash at bank and in hand | 54/58 | €184,500 | €182,134 | -€2,365 | -1.3% |
| Deferred charges and accrued income | 490/1 | €866 | €1,336 | +€470 | +54.3% |
| Total equity and liabilities | 10/49 | €653,805 | €637,517 | -€16,288 | -2.5% |
| Equity | 10/15 | €273,280 | €227,406 | -€45,874 | -16.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €267,080 | €221,206 | -€45,874 | -17.2% |
| Tax-exempt reserves | 132 | €253 | €253 | = | 0.0% |
| Distributable reserves | 133 | €266,827 | €220,953 | -€45,874 | -17.2% |
| Amounts payable | 17/49 | €380,525 | €410,110 | +€29,586 | +7.8% |
| Amounts payable after more than one year | 17 | €70,570 | €40,625 | -€29,945 | -42.4% |
| Financial debts | 170/4 | €70,570 | €40,625 | -€29,945 | -42.4% |
| Amounts payable within one year | 42/48 | €307,159 | €369,486 | +€62,327 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €28,071 | €29,945 | +€1,874 | +6.7% |
| Trade debts | 44 | €158,282 | €104,386 | -€53,896 | -34.1% |
| Suppliers | 440/4 | €158,282 | €104,386 | -€53,896 | -34.1% |
| Taxes, remuneration and social security | 45 | €16,949 | €18,061 | +€1,112 | +6.6% |
| Taxes | 450/3 | €13,363 | €15,395 | +€2,032 | +15.2% |
| Remuneration and social security | 454/9 | €3,586 | €2,666 | -€920 | -25.6% |
| Other amounts payable | 47/48 | €103,858 | €217,094 | +€113,236 | +109.0% |
| Accrued charges and deferred income | 492/3 | €2,796 | - | -€2,796 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,503 | €24,734 | +€11,231 | +83.2% |
| Other operating charges | 640/8 | €850 | €711 | -€139 | -16.3% |
| Gross operating margin | 9900 | €104,735 | €127,273 | +€22,537 | +21.5% |
| Operating profit (loss) | 9901 | €90,382 | €101,828 | +€11,445 | +12.7% |
| Financial income | 75/76B | €564 | €969 | +€405 | +71.9% |
| Recurring financial income | 75 | €564 | €969 | +€405 | +71.9% |
| Financial charges | 65/66B | €6,094 | €12,338 | +€6,245 | +102.5% |
| Recurring financial charges | 65 | €6,094 | €12,338 | +€6,245 | +102.5% |
| Profit (loss) for the period before taxes | 9903 | €84,852 | €90,458 | +€5,606 | +6.6% |
| Income taxes | 67/77 | €24,500 | €26,028 | +€1,528 | +6.2% |
| Profit (loss) for the period | 9904 | €60,353 | €64,430 | +€4,077 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,353 | €64,430 | +€4,077 | +6.8% |
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 7 October 2026 via checked.be.