ELMHOF: 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.
ELMHOF
Largest movements
- Financial fixed assets -€560,000
no longer reported in 2025 (was €560,000)
- Cash +€189,107
up €189,107 (+869.1%), from €21,758 to €210,865
mainly Investment in fixed assets (net) (+€559,036) and Tax, wage and social debts (+€9,790)
- Receivables after one year +€150,000
new in 2025: €150,000
- Current investments +€133,758
up €133,758 (+232.0%), from €57,660 to €191,418
- Deferred charges and accrued income +€8,718
new in 2025: €8,718
- Debts after one year -€54,740
down €54,740 (-12.7%), from €430,103 to €375,363
- Reserves -€48,523
down €48,523 (-33.4%), from €145,191 to €96,668
of which Distributable reserves: -€48,523
- Tax, wage and social debts +€9,790
up €9,790 (+1449.2%), from €676 to €10,465
- Financial charges +€85,096
up €85,096 (+1291.9%), from €6,587 to €91,683
of which Non-recurring financial charges: +€85,000
- Financial income -€27,387
down €27,387 (-49.7%), from €55,095 to €27,708
- Gross operating margin -€8,429
down €8,429 (-17.9%), from €47,043 to €38,614
- Taxes +€5,163
up €5,163 (+66.5%), from €7,766 to €12,928
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 | €703,836 | €612,248 | -€91,588 | -13.0% |
| Fixed assets | 21/28 | €616,017 | €50,028 | -€565,990 | -91.9% |
| Tangible fixed assets | 22/27 | €56,017 | €50,028 | -€5,990 | -10.7% |
| Land and buildings | 22 | €56,017 | €50,028 | -€5,990 | -10.7% |
| Financial fixed assets | 28 | €560,000 | - | -€560,000 | |
| Current assets | 29/58 | €87,819 | €562,221 | +€474,402 | +540.2% |
| Amounts receivable after more than one year | 29 | - | €150,000 | +€150,000 | |
| Other amounts receivable | 291 | - | €150,000 | +€150,000 | |
| Amounts receivable within one year | 40/41 | €8,401 | €1,220 | -€7,181 | -85.5% |
| Trade receivables | 40 | €1,180 | €1,211 | +€30 | +2.6% |
| Other amounts receivable | 41 | €7,220 | €9 | -€7,212 | -99.9% |
| Current investments | 50/53 | €57,660 | €191,418 | +€133,758 | +232.0% |
| Cash at bank and in hand | 54/58 | €21,758 | €210,865 | +€189,107 | +869.1% |
| Deferred charges and accrued income | 490/1 | - | €8,718 | +€8,718 | |
| Total equity and liabilities | 10/49 | €703,836 | €612,248 | -€91,588 | -13.0% |
| Equity | 10/15 | €218,850 | €170,327 | -€48,523 | -22.2% |
| Contributions | 10/11 | €73,659 | €73,659 | = | 0.0% |
| Reserves | 13 | €145,191 | €96,668 | -€48,523 | -33.4% |
| Non-distributable reserves | 130/1 | €8,596 | €8,596 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,596 | €8,596 | = | 0.0% |
| Distributable reserves | 133 | €136,595 | €88,072 | -€48,523 | -35.5% |
| Amounts payable | 17/49 | €484,986 | €441,921 | -€43,065 | -8.9% |
| Amounts payable after more than one year | 17 | €430,103 | €375,363 | -€54,740 | -12.7% |
| Financial debts | 170/4 | €430,103 | €375,363 | -€54,740 | -12.7% |
| Amounts payable within one year | 42/48 | €54,883 | €66,558 | +€11,675 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €54,207 | €54,815 | +€608 | +1.1% |
| Trade debts | 44 | - | €1,278 | +€1,278 | |
| Suppliers | 440/4 | - | €1,278 | +€1,278 | |
| Taxes, remuneration and social security | 45 | €676 | €10,465 | +€9,790 | +1449.2% |
| Taxes | 450/3 | €676 | €10,465 | +€9,790 | +1449.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,903 | €6,953 | +€51 | +0.7% |
| Other operating charges | 640/8 | €3,640 | €3,281 | -€359 | -9.9% |
| Gross operating margin | 9900 | €47,043 | €38,614 | -€8,429 | -17.9% |
| Operating profit (loss) | 9901 | €36,501 | €28,380 | -€8,121 | -22.2% |
| Financial income | 75/76B | €55,095 | €27,708 | -€27,387 | -49.7% |
| Recurring financial income | 75 | €55,095 | €27,708 | -€27,387 | -49.7% |
| Financial charges | 65/66B | €6,587 | €91,683 | +€85,096 | +1291.9% |
| Recurring financial charges | 65 | €6,587 | €6,683 | +€96 | +1.5% |
| Non-recurring financial charges | 66B | - | €85,000 | +€85,000 | |
| Profit (loss) for the period before taxes | 9903 | €85,009 | -€35,594 | -€120,604 | |
| Income taxes | 67/77 | €7,766 | €12,928 | +€5,163 | +66.5% |
| Profit (loss) for the period | 9904 | €77,243 | -€48,523 | -€125,766 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,243 | -€48,523 | -€125,766 |
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.