ELMIECO: 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.
ELMIECO
Largest movements
- Cash +€672,607
up €672,607 (+443%), from €151,931 to €824,537
mainly Current investments (+€350,017) and Receivables within one year (+€202,274)
- Current investments -€350,017
down €350,017 (-33.4%), from €1.0m to €697,216
- Receivables within one year -€202,274
down €202,274 (-9.4%), from €2.1m to €1.9m
of which Trade receivables: -€121,000
- Tangible fixed assets -€73,120
down €73,120 (-40.7%), from €179,874 to €106,754
- Profit (loss) carried forward +€193,701
up €193,701 (+27.2%), from -€711,058 to -€517,357
- Trade debts -€112,712
down €112,712 (-93.1%), from €121,029 to €8,317
- Gross operating margin +€201,299
up €201,299 (+1,399%), from €14,385 to €215,685
- Financial charges +€28,804
up €28,804 (+2,447%), from €1,177 to €29,981
- Financial income +€12,121
up €12,121 (+38.6%), from €31,388 to €43,509
- Other operating charges +€10,485
up €10,485 (+170%), from €6,184 to €16,668
- Taxes +€8,249
new in 2025: €8,249
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 | €3,754,431 | €3,801,140 | +€46,710 | +1.2% |
| Fixed assets | 21/28 | €406,382 | €333,262 | -€73,120 | -18.0% |
| Tangible fixed assets | 22/27 | €179,874 | €106,754 | -€73,120 | -40.7% |
| Land and buildings | 22 | €179,874 | €106,754 | -€73,120 | -40.7% |
| Financial fixed assets | 28 | €226,508 | €226,508 | = | 0.0% |
| Current assets | 29/58 | €3,348,048 | €3,467,878 | +€119,830 | +3.6% |
| Amounts receivable within one year | 40/41 | €2,143,069 | €1,940,795 | -€202,274 | -9.4% |
| Trade receivables | 40 | €121,000 | €0 | -€121,000 | -100% |
| Other amounts receivable | 41 | €2,022,069 | €1,940,795 | -€81,274 | -4.0% |
| Current investments | 50/53 | €1,047,233 | €697,216 | -€350,017 | -33.4% |
| Cash at bank and in hand | 54/58 | €151,931 | €824,537 | +€672,607 | +443% |
| Deferred charges and accrued income | 490/1 | €5,816 | €5,330 | -€486 | -8.4% |
| Total equity and liabilities | 10/49 | €3,754,431 | €3,801,140 | +€46,710 | +1.2% |
| Equity | 10/15 | €1,148,101 | €1,341,802 | +€193,701 | +16.9% |
| Contributions | 10/11 | €1,690,467 | €1,690,467 | = | 0.0% |
| Capital | 10 | €1,686,915 | €1,686,915 | = | 0.0% |
| Issued capital | 100 | €1,686,915 | €1,686,915 | = | 0.0% |
| Contributions outside capital | 11 | €3,552 | €3,552 | = | 0.0% |
| Share premium | 1100/10 | €3,552 | €3,552 | = | 0.0% |
| Reserves | 13 | €168,692 | €168,692 | = | 0.0% |
| Non-distributable reserves | 130/1 | €168,692 | €168,692 | = | 0.0% |
| Legal reserve | 130 | €168,692 | €168,692 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€711,058 | -€517,357 | +€193,701 | +27.2% |
| Amounts payable | 17/49 | €2,606,330 | €2,459,338 | -€146,991 | -5.6% |
| Amounts payable within one year | 42/48 | €2,606,205 | €2,459,213 | -€146,991 | -5.6% |
| Trade debts | 44 | €121,029 | €8,317 | -€112,712 | -93.1% |
| Suppliers | 440/4 | €121,029 | €8,317 | -€112,712 | -93.1% |
| Advances received on contracts in progress | 46 | €25,000 | €0 | -€25,000 | -100% |
| Taxes, remuneration and social security | 45 | €630 | €2,246 | +€1,616 | +257% |
| Taxes | 450/3 | €630 | €2,246 | +€1,616 | +257% |
| Other amounts payable | 47/48 | €2,459,546 | €2,448,650 | -€10,896 | -0.4% |
| Accrued charges and deferred income | 492/3 | €125 | €125 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,655 | €10,594 | -€5,061 | -32.3% |
| Other operating charges | 640/8 | €6,184 | €16,668 | +€10,485 | +170% |
| Gross operating margin | 9900 | €14,385 | €215,685 | +€201,299 | +1,399% |
| Operating profit (loss) | 9901 | -€7,454 | €188,422 | +€195,876 | |
| Financial income | 75/76B | €31,388 | €43,509 | +€12,121 | +38.6% |
| Recurring financial income | 75 | €31,388 | €43,509 | +€12,121 | +38.6% |
| Financial charges | 65/66B | €1,177 | €29,981 | +€28,804 | +2,447% |
| Recurring financial charges | 65 | €1,177 | €29,981 | +€28,804 | +2,447% |
| Profit (loss) for the period before taxes | 9903 | €22,758 | €201,950 | +€179,193 | +787% |
| Income taxes | 67/77 | - | €8,249 | +€8,249 | |
| Profit (loss) for the period | 9904 | €22,758 | €193,701 | +€170,943 | +751% |
| Profit (loss) for the period to be appropriated | 9905 | €22,758 | €193,701 | +€170,943 | +751% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.