ELMER: 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.
ELMER
Largest movements
- Tangible fixed assets -€211,259
down €211,259 (-6.6%), from €3.2m to €3.0m
- Cash -€86,536
down €86,536 (-14.6%), from €594,386 to €507,850
mainly Contributions, distributions and other (-€168,651) and Receivables within one year (-€83,723)
- Receivables within one year +€83,723
up €83,723 (+19.6%), from €426,134 to €509,857
of which Other amounts receivable: +€83,681
- Investment grants -€168,651
down €168,651 (-7.7%), from €2.2m to €2.0m
- Debts within one year +€65,561
up €65,561 (+10.4%), from €630,980 to €696,541
of which Tax, wage and social debts: +€89,900
- Debts after one year -€60,000
down €60,000 (-22.9%), from €261,666 to €201,666
- Accrued charges and deferred income -€42,801
down €42,801 (-25.9%), from €165,139 to €122,337
- Staff costs +€496,340
up €496,340 (+10.7%), from €4.6m to €5.1m
- Gross operating margin +€437,125
up €437,125 (+8.9%), from €4.9m to €5.4m
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 | €4,231,574 | €4,010,787 | -€220,787 | -5.2% |
| Fixed assets | 21/28 | €3,181,806 | €2,970,546 | -€211,259 | -6.6% |
| Tangible fixed assets | 22/27 | €3,181,676 | €2,970,416 | -€211,259 | -6.6% |
| Land and buildings | 22 | €2,550,006 | €2,452,921 | -€97,084 | -3.8% |
| Plant, machinery and equipment | 23 | €80,756 | €67,822 | -€12,934 | -16.0% |
| Furniture and vehicles | 24 | €91,967 | €88,695 | -€3,272 | -3.6% |
| Leasing and similar rights | 25 | €458,947 | €360,979 | -€97,968 | -21.3% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €1,049,768 | €1,040,240 | -€9,528 | -0.9% |
| Amounts receivable within one year | 40/41 | €426,134 | €509,857 | +€83,723 | +19.6% |
| Trade receivables | 40 | €49,051 | €49,093 | +€42 | +0.1% |
| Other amounts receivable | 41 | €377,083 | €460,764 | +€83,681 | +22.2% |
| Cash at bank and in hand | 54/58 | €594,386 | €507,850 | -€86,536 | -14.6% |
| Deferred charges and accrued income | 490/1 | €29,248 | €22,533 | -€6,715 | -23.0% |
| Total equity and liabilities | 10/49 | €4,231,574 | €4,010,787 | -€220,787 | -5.2% |
| Equity | 10/15 | €3,121,622 | €2,953,393 | -€168,229 | -5.4% |
| Reserves | 13 | €972,351 | €972,351 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,006 | -€31,584 | +€422 | +1.3% |
| Investment grants | 15 | €2,181,277 | €2,012,626 | -€168,651 | -7.7% |
| Provisions and deferred taxes | 16 | €52,168 | €36,849 | -€15,318 | -29.4% |
| Provisions for liabilities and charges | 160/5 | €52,168 | €36,849 | -€15,318 | -29.4% |
| Major repairs and maintenance | 162 | €52,168 | €36,849 | -€15,318 | -29.4% |
| Amounts payable | 17/49 | €1,057,784 | €1,020,544 | -€37,241 | -3.5% |
| Amounts payable after more than one year | 17 | €261,666 | €201,666 | -€60,000 | -22.9% |
| Financial debts | 170/4 | €261,666 | €201,666 | -€60,000 | -22.9% |
| Amounts payable within one year | 42/48 | €630,980 | €696,541 | +€65,561 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €71,279 | €48,232 | -€23,047 | -32.3% |
| Suppliers | 440/4 | €71,279 | €48,232 | -€23,047 | -32.3% |
| Advances received on contracts in progress | 46 | €11,590 | €11,590 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €482,384 | €572,284 | +€89,900 | +18.6% |
| Remuneration and social security | 454/9 | €482,384 | €572,284 | +€89,900 | +18.6% |
| Accrued charges and deferred income | 492/3 | €165,139 | €122,337 | -€42,801 | -25.9% |
| Non-recurring operating income | 76A | - | €22 | +€22 | |
| Remuneration, social security and pensions | 62 | €4,621,351 | €5,117,690 | +€496,340 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,650 | €260,027 | -€23,622 | -8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€527 | €0 | +€527 | |
| Other operating charges | 640/8 | €2,283 | €2,325 | +€42 | +1.8% |
| Non-recurring operating charges | 66A | €336 | €0 | -€336 | -100.0% |
| Gross operating margin | 9900 | €4,931,311 | €5,368,436 | +€437,125 | +8.9% |
| Operating profit (loss) | 9901 | €17,334 | €3,711 | -€13,623 | -78.6% |
| Financial income | 75/76B | €3,645 | €2,910 | -€735 | -20.2% |
| Recurring financial income | 75 | €3,645 | €2,910 | -€735 | -20.2% |
| Financial charges | 65/66B | €7,117 | €6,200 | -€918 | -12.9% |
| Recurring financial charges | 65 | €7,117 | €6,200 | -€918 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €13,862 | €422 | -€13,440 | -97.0% |
| Profit (loss) for the period | 9904 | €13,862 | €422 | -€13,440 | -97.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,862 | €422 | -€13,440 | -97.0% |
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 10 October 2026 via checked.be.