ELMUSS: 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.
ELMUSS
Largest movements
- Tangible fixed assets +€104,410
up €104,410 (+162.3%), from €64,347 to €168,757
- Receivables within one year -€3,897
down €3,897 (-6.5%), from €60,046 to €56,149
- Profit (loss) carried forward +€128,497
up €128,497 (+322.3%), from €39,869 to €168,366
- Trade debts -€49,861
down €49,861 (-69.5%), from €71,749 to €21,888
- Tax, wage and social debts +€21,920
up €21,920 (+248.0%), from €8,838 to €30,758
- Gross operating margin +€100,047
up €100,047 (+192.5%), from €51,967 to €152,014
- Depreciation +€9,347
up €9,347 (+87.7%), from €10,653 to €20,000
- Other operating charges -€1,855
down €1,855 (-41.0%), from €4,528 to €2,673
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 | €124,456 | €225,012 | +€100,556 | +80.8% |
| Fixed assets | 21/28 | €64,347 | €168,757 | +€104,410 | +162.3% |
| Tangible fixed assets | 22/27 | €64,347 | €168,757 | +€104,410 | +162.3% |
| Furniture and vehicles | 24 | €64,347 | €168,757 | +€104,410 | +162.3% |
| Current assets | 29/58 | €60,109 | €56,255 | -€3,854 | -6.4% |
| Amounts receivable within one year | 40/41 | €60,046 | €56,149 | -€3,897 | -6.5% |
| Trade receivables | 40 | €60,046 | €56,149 | -€3,897 | -6.5% |
| Cash at bank and in hand | 54/58 | €63 | €106 | +€43 | +68.3% |
| Total equity and liabilities | 10/49 | €124,456 | €225,012 | +€100,556 | +80.8% |
| Equity | 10/15 | €43,869 | €172,366 | +€128,497 | +292.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,869 | €168,366 | +€128,497 | +322.3% |
| Amounts payable | 17/49 | €80,587 | €52,646 | -€27,941 | -34.7% |
| Amounts payable within one year | 42/48 | €80,587 | €52,646 | -€27,941 | -34.7% |
| Trade debts | 44 | €71,749 | €21,888 | -€49,861 | -69.5% |
| Suppliers | 440/4 | €71,749 | €21,888 | -€49,861 | -69.5% |
| Taxes, remuneration and social security | 45 | €8,838 | €30,758 | +€21,920 | +248.0% |
| Taxes | 450/3 | €8,838 | €30,758 | +€21,920 | +248.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,653 | €20,000 | +€9,347 | +87.7% |
| Other operating charges | 640/8 | €4,528 | €2,673 | -€1,855 | -41.0% |
| Gross operating margin | 9900 | €51,967 | €152,014 | +€100,047 | +192.5% |
| Operating profit (loss) | 9901 | €36,786 | €129,341 | +€92,555 | +251.6% |
| Financial charges | 65/66B | €448 | €844 | +€396 | +88.4% |
| Recurring financial charges | 65 | €448 | €844 | +€396 | +88.4% |
| Profit (loss) for the period before taxes | 9903 | €36,338 | €128,497 | +€92,159 | +253.6% |
| Profit (loss) for the period | 9904 | €36,338 | €128,497 | +€92,159 | +253.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,338 | €128,497 | +€92,159 | +253.6% |
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.