ELMO: 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.
ELMO
Largest movements
- Cash +€146,377
up €146,377 (+74.8%), from €195,600 to €341,977
mainly Net result for the year (+€169,160) and Investment in fixed assets (net) (+€68,640)
- Current investments +€101,396
up €101,396 (+133%), from €76,129 to €177,524
- Tangible fixed assets -€70,891
down €70,891 (-48.4%), from €146,465 to €75,574
of which Land and buildings: -€68,640
- Reserves +€169,160
up €169,160 (+43.2%), from €391,479 to €560,639
of which Distributable reserves: +€169,160
- Tax, wage and social debts +€8,968
up €8,968 (+58.7%), from €15,288 to €24,256
- Gross operating margin +€71,740
up €71,740 (+50.5%), from €142,118 to €213,858
- Financial income +€25,352
up €25,352 (+593%), from €4,278 to €29,630
- Taxes +€25,153
up €25,153 (+56.5%), from €44,530 to €69,683
- Depreciation -€5,743
down €5,743 (-71.8%), from €7,993 to €2,251
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 | €456,019 | €634,327 | +€178,308 | +39.1% |
| Fixed assets | 21/28 | €146,645 | €75,754 | -€70,891 | -48.3% |
| Tangible fixed assets | 22/27 | €146,465 | €75,574 | -€70,891 | -48.4% |
| Land and buildings | 22 | €140,044 | €71,404 | -€68,640 | -49.0% |
| Plant, machinery and equipment | 23 | €2,593 | €1,185 | -€1,408 | -54.3% |
| Furniture and vehicles | 24 | €3,828 | €2,985 | -€843 | -22.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €309,375 | €558,573 | +€249,199 | +80.5% |
| Amounts receivable within one year | 40/41 | €37,646 | €38,267 | +€621 | +1.7% |
| Trade receivables | 40 | €37,646 | €38,267 | +€621 | +1.7% |
| Current investments | 50/53 | €76,129 | €177,524 | +€101,396 | +133% |
| Cash at bank and in hand | 54/58 | €195,600 | €341,977 | +€146,377 | +74.8% |
| Deferred charges and accrued income | 490/1 | - | €805 | +€805 | |
| Total equity and liabilities | 10/49 | €456,019 | €634,327 | +€178,308 | +39.1% |
| Equity | 10/15 | €411,838 | €580,998 | +€169,160 | +41.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €391,479 | €560,639 | +€169,160 | +43.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €389,620 | €558,780 | +€169,160 | +43.4% |
| Profit (loss) carried forward | 14 | €1,808 | €1,808 | = | 0.0% |
| Amounts payable | 17/49 | €44,182 | €53,330 | +€9,148 | +20.7% |
| Amounts payable within one year | 42/48 | €44,182 | €53,330 | +€9,148 | +20.7% |
| Trade debts | 44 | €8,890 | €5,768 | -€3,122 | -35.1% |
| Suppliers | 440/4 | €8,890 | €5,768 | -€3,122 | -35.1% |
| Taxes, remuneration and social security | 45 | €15,288 | €24,256 | +€8,968 | +58.7% |
| Taxes | 450/3 | €15,288 | €24,256 | +€8,968 | +58.7% |
| Other amounts payable | 47/48 | €20,004 | €23,306 | +€3,302 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,993 | €2,251 | -€5,743 | -71.8% |
| Other operating charges | 640/8 | €2,186 | €2,052 | -€134 | -6.1% |
| Gross operating margin | 9900 | €142,118 | €213,858 | +€71,740 | +50.5% |
| Operating profit (loss) | 9901 | €131,939 | €209,556 | +€77,617 | +58.8% |
| Financial income | 75/76B | €4,278 | €29,630 | +€25,352 | +593% |
| Recurring financial income | 75 | €4,278 | €29,630 | +€25,352 | +593% |
| Financial charges | 65/66B | €277 | €343 | +€66 | +23.8% |
| Recurring financial charges | 65 | €277 | €343 | +€66 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €135,940 | €238,843 | +€102,903 | +75.7% |
| Income taxes | 67/77 | €44,530 | €69,683 | +€25,153 | +56.5% |
| Profit (loss) for the period | 9904 | €91,410 | €169,160 | +€77,750 | +85.1% |
| Profit (loss) for the period to be appropriated | 9905 | €91,410 | €169,160 | +€77,750 | +85.1% |
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 16 October 2026 via checked.be.