ELMINA: 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.
ELMINA
Largest movements
- Cash +€212,150
up €212,150 (+112.3%), from €188,980 to €401,130
mainly Net result for the year (+€297,065) and Depreciation (+€46,165)
- Current investments +€144,652
up €144,652 (+7.9%), from €1.8m to €2.0m
- Profit (loss) carried forward +€282,212
up €282,212 (+23.1%), from €1.2m to €1.5m
- Financial income +€184,001
up €184,001 (+315.6%), from €58,299 to €242,300
of which Non-recurring financial income: +€147,199
- Gross operating margin +€26,381
up €26,381 (+18.7%), from €140,953 to €167,335
- Taxes +€22,080
up €22,080 (+550.0%), from €4,014 to €26,095
- Other operating charges +€4,650
up €4,650 (+19.6%), from €23,691 to €28,341
- Financial charges +€3,624
up €3,624 (+43.4%), from €8,345 to €11,969
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 | €3,080,124 | €3,409,814 | +€329,690 | +10.7% |
| Fixed assets | 21/28 | €1,007,463 | €989,824 | -€17,639 | -1.8% |
| Tangible fixed assets | 22/27 | €1,007,463 | €989,824 | -€17,639 | -1.8% |
| Land and buildings | 22 | €967,463 | €949,824 | -€17,639 | -1.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €2,072,661 | €2,419,990 | +€347,329 | +16.8% |
| Amounts receivable within one year | 40/41 | €18,916 | €26,772 | +€7,856 | +41.5% |
| Trade receivables | 40 | - | €4,943 | +€4,943 | |
| Other amounts receivable | 41 | €18,916 | €21,829 | +€2,913 | +15.4% |
| Current investments | 50/53 | €1,837,011 | €1,981,663 | +€144,652 | +7.9% |
| Cash at bank and in hand | 54/58 | €188,980 | €401,130 | +€212,150 | +112.3% |
| Deferred charges and accrued income | 490/1 | €27,754 | €10,425 | -€17,329 | -62.4% |
| Total equity and liabilities | 10/49 | €3,080,124 | €3,409,814 | +€329,690 | +10.7% |
| Equity | 10/15 | €3,054,012 | €3,351,077 | +€297,065 | +9.7% |
| Contributions | 10/11 | €1,752,607 | €1,752,607 | = | 0.0% |
| Capital | 10 | €1,752,607 | €1,752,607 | = | 0.0% |
| Issued capital | 100 | €1,752,607 | €1,752,607 | = | 0.0% |
| Reserves | 13 | €80,241 | €95,094 | +€14,853 | +18.5% |
| Non-distributable reserves | 130/1 | €80,241 | €95,094 | +€14,853 | +18.5% |
| Legal reserve | 130 | €80,241 | €95,094 | +€14,853 | +18.5% |
| Profit (loss) carried forward | 14 | €1,221,164 | €1,503,376 | +€282,212 | +23.1% |
| Amounts payable | 17/49 | €26,112 | €58,737 | +€32,625 | +124.9% |
| Amounts payable within one year | 42/48 | €5,483 | €29,609 | +€24,126 | +440.0% |
| Trade debts | 44 | €2,827 | €26,953 | +€24,126 | +853.4% |
| Suppliers | 440/4 | €2,827 | €26,953 | +€24,126 | +853.4% |
| Other amounts payable | 47/48 | €2,656 | €2,656 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €20,629 | €29,128 | +€8,499 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,851 | €46,165 | +€1,314 | +2.9% |
| Other operating charges | 640/8 | €23,691 | €28,341 | +€4,650 | +19.6% |
| Gross operating margin | 9900 | €140,953 | €167,335 | +€26,381 | +18.7% |
| Operating profit (loss) | 9901 | €72,412 | €92,829 | +€20,417 | +28.2% |
| Financial income | 75/76B | €58,299 | €242,300 | +€184,001 | +315.6% |
| Recurring financial income | 75 | €58,299 | €95,101 | +€36,802 | +63.1% |
| Non-recurring financial income | 76B | - | €147,199 | +€147,199 | |
| Financial charges | 65/66B | €8,345 | €11,969 | +€3,624 | +43.4% |
| Recurring financial charges | 65 | €8,345 | €11,969 | +€3,624 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €122,366 | €323,160 | +€200,794 | +164.1% |
| Income taxes | 67/77 | €4,014 | €26,095 | +€22,080 | +550.0% |
| Profit (loss) for the period | 9904 | €118,352 | €297,065 | +€178,714 | +151.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,352 | €297,065 | +€178,714 | +151.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.