ELMI: 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.
ELMI
Largest movements
- Current investments +€825,382
up €825,382 (+474%), from €174,181 to €999,562
- Cash -€590,359
down €590,359 (-48.2%), from €1.2m to €634,238
mainly Current investments (-€825,382) and Other debts (-€812,197)
- Financial fixed assets +€447,272
new in 2025: €447,272
- Tangible fixed assets -€166,223
down €166,223 (-5.7%), from €2.9m to €2.8m
of which Land and buildings: -€227,762
- Stocks and contracts -€74,617
down €74,617 (-7.9%), from €946,142 to €871,525
- Reserves +€1.7m
up €1.7m (+75.0%), from €2.3m to €4.0m
of which Tax-exempt reserves: +€863,050
- Other debts -€812,197
down €812,197 (-95.7%), from €849,118 to €36,922
- Debts after one year -€410,813
down €410,813 (-23.6%), from €1.7m to €1.3m
- Trade debts -€128,570
down €128,570 (-53.8%), from €238,798 to €110,228
- Accrued charges and deferred income +€93,295
up €93,295 (+369%), from €25,306 to €118,601
- Gross operating margin +€2.6m
up €2.6m (+98.5%), from €2.6m to €5.1m
- Staff costs +€625,905
up €625,905 (+38.3%), from €1.6m to €2.3m
- Taxes +€548,454
up €548,454 (+2,963%), from €18,512 to €566,966
- Other operating charges +€101,434
up €101,434 (+367%), from €27,623 to €129,057
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,631,482 | €6,121,158 | +€489,676 | +8.7% |
| Fixed assets | 21/28 | €2,917,705 | €3,198,754 | +€281,049 | +9.6% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €2,917,704 | €2,751,481 | -€166,223 | -5.7% |
| Land and buildings | 22 | €2,702,040 | €2,474,278 | -€227,762 | -8.4% |
| Plant, machinery and equipment | 23 | €140,722 | €104,925 | -€35,797 | -25.4% |
| Furniture and vehicles | 24 | €74,942 | €122,378 | +€47,436 | +63.3% |
| Assets under construction and advance payments | 27 | - | €49,900 | +€49,900 | |
| Financial fixed assets | 28 | - | €447,272 | +€447,272 | |
| Current assets | 29/58 | €2,713,778 | €2,922,404 | +€208,627 | +7.7% |
| Stocks and contracts in progress | 3 | €946,142 | €871,525 | -€74,617 | -7.9% |
| Stocks | 30/36 | €946,142 | €871,525 | -€74,617 | -7.9% |
| Amounts receivable within one year | 40/41 | €313,935 | €387,652 | +€73,717 | +23.5% |
| Trade receivables | 40 | €9,482 | €22,816 | +€13,334 | +141% |
| Other amounts receivable | 41 | €304,452 | €364,835 | +€60,383 | +19.8% |
| Current investments | 50/53 | €174,181 | €999,562 | +€825,382 | +474% |
| Cash at bank and in hand | 54/58 | €1,224,597 | €634,238 | -€590,359 | -48.2% |
| Deferred charges and accrued income | 490/1 | €54,923 | €29,427 | -€25,496 | -46.4% |
| Total equity and liabilities | 10/49 | €5,631,482 | €6,121,158 | +€489,676 | +8.7% |
| Equity | 10/15 | €2,341,276 | €4,046,535 | +€1.7m | +72.8% |
| Contributions | 10/11 | €66,200 | €66,200 | = | 0.0% |
| Reserves | 13 | €2,275,076 | €3,980,335 | +€1.7m | +75.0% |
| Tax-exempt reserves | 132 | - | €863,050 | +€863,050 | |
| Distributable reserves | 133 | €2,275,076 | €3,117,285 | +€842,209 | +37.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,290,206 | €2,074,624 | -€1.2m | -36.9% |
| Amounts payable after more than one year | 17 | €1,742,678 | €1,331,865 | -€410,813 | -23.6% |
| Financial debts | 170/4 | €1,742,678 | €1,331,865 | -€410,813 | -23.6% |
| Amounts payable within one year | 42/48 | €1,522,223 | €624,158 | -€898,065 | -59.0% |
| Current portion of amounts payable after more than one year | 42 | €414,913 | €410,913 | -€4,000 | -1.0% |
| Trade debts | 44 | €238,798 | €110,228 | -€128,570 | -53.8% |
| Suppliers | 440/4 | €238,798 | €110,228 | -€128,570 | -53.8% |
| Taxes, remuneration and social security | 45 | €19,393 | €66,095 | +€46,702 | +241% |
| Taxes | 450/3 | €0 | €35,926 | +€35,926 | |
| Remuneration and social security | 454/9 | €19,393 | €30,169 | +€10,775 | +55.6% |
| Other amounts payable | 47/48 | €849,118 | €36,922 | -€812,197 | -95.7% |
| Accrued charges and deferred income | 492/3 | €25,306 | €118,601 | +€93,295 | +369% |
| Non-recurring operating income | 76A | €1,995 | €4,500 | +€2,505 | +126% |
| Remuneration, social security and pensions | 62 | €1,636,166 | €2,262,071 | +€625,905 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €518,063 | €519,591 | +€1,528 | +0.3% |
| Other operating charges | 640/8 | €27,623 | €129,057 | +€101,434 | +367% |
| Non-recurring operating charges | 66A | €1,500 | €0 | -€1,500 | -100% |
| Gross operating margin | 9900 | €2,589,834 | €5,141,807 | +€2.6m | +98.5% |
| Operating profit (loss) | 9901 | €406,481 | €2,231,087 | +€1.8m | +449% |
| Financial income | 75/76B | €90,585 | €88,789 | -€1,796 | -2.0% |
| Recurring financial income | 75 | €90,585 | €88,789 | -€1,796 | -2.0% |
| Financial charges | 65/66B | €71,706 | €47,652 | -€24,054 | -33.5% |
| Recurring financial charges | 65 | €71,706 | €47,652 | -€24,054 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €425,360 | €2,272,225 | +€1.8m | +434% |
| Income taxes | 67/77 | €18,512 | €566,966 | +€548,454 | +2,963% |
| Profit (loss) for the period | 9904 | €406,849 | €1,705,259 | +€1.3m | +319% |
| Transfer to tax-exempt reserves | 689 | - | €863,050 | +€863,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €406,849 | €842,209 | +€435,360 | +107% |
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 14 October 2026 via checked.be.