ELMV: 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.
ELMV
Largest movements
- Cash -€44,751
down €44,751 (-47.2%), from €94,752 to €50,001
mainly Contributions, distributions and other (-€130,000) and Investment in fixed assets (net) (-€1,305)
- Receivables within one year -€9,958
down €9,958 (-12.8%), from €77,577 to €67,619
of which Other amounts receivable: -€22,501
- Tangible fixed assets -€5,338
down €5,338 (-50.3%), from €10,621 to €5,283
of which Other tangible fixed assets: -€3,360
- Deferred charges and accrued income -€5,140
no longer reported in 2025 (was €5,140)
- Profit (loss) carried forward -€76,557
down €76,557 (-51.0%), from €150,015 to €73,458
- Tax, wage and social debts +€11,880
up €11,880 (+46.4%), from €25,581 to €37,461
- Gross operating margin +€12,828
up €12,828 (+21.2%), from €60,525 to €73,353
- Taxes +€3,404
up €3,404 (+28.9%), from €11,785 to €15,189
- Financial income +€2,577
new in 2025: €2,577
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 | €188,339 | €123,153 | -€65,186 | -34.6% |
| Fixed assets | 21/28 | €10,871 | €5,533 | -€5,338 | -49.1% |
| Tangible fixed assets | 22/27 | €10,621 | €5,283 | -€5,338 | -50.3% |
| Furniture and vehicles | 24 | €3,191 | €1,213 | -€1,978 | -62.0% |
| Other tangible fixed assets | 26 | €7,430 | €4,070 | -€3,360 | -45.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €177,468 | €117,620 | -€59,848 | -33.7% |
| Amounts receivable within one year | 40/41 | €77,577 | €67,619 | -€9,958 | -12.8% |
| Trade receivables | 40 | €18,767 | €31,310 | +€12,543 | +66.8% |
| Other amounts receivable | 41 | €58,810 | €36,309 | -€22,501 | -38.3% |
| Cash at bank and in hand | 54/58 | €94,752 | €50,001 | -€44,751 | -47.2% |
| Deferred charges and accrued income | 490/1 | €5,140 | - | -€5,140 | |
| Total equity and liabilities | 10/49 | €188,339 | €123,153 | -€65,186 | -34.6% |
| Equity | 10/15 | €155,015 | €78,458 | -€76,557 | -49.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €150,015 | €73,458 | -€76,557 | -51.0% |
| Amounts payable | 17/49 | €33,324 | €44,695 | +€11,371 | +34.1% |
| Amounts payable within one year | 42/48 | €33,324 | €44,695 | +€11,371 | +34.1% |
| Trade debts | 44 | €7,743 | €7,234 | -€509 | -6.6% |
| Suppliers | 440/4 | €7,743 | €7,234 | -€509 | -6.6% |
| Taxes, remuneration and social security | 45 | €25,581 | €37,461 | +€11,880 | +46.4% |
| Taxes | 450/3 | €25,581 | €37,461 | +€11,880 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,912 | €6,643 | +€731 | +12.4% |
| Other operating charges | 640/8 | €1,111 | €601 | -€510 | -45.9% |
| Gross operating margin | 9900 | €60,525 | €73,353 | +€12,828 | +21.2% |
| Operating profit (loss) | 9901 | €53,502 | €66,109 | +€12,607 | +23.6% |
| Financial income | 75/76B | - | €2,577 | +€2,577 | |
| Recurring financial income | 75 | - | €2,577 | +€2,577 | |
| Financial charges | 65/66B | €301 | €55 | -€246 | -81.7% |
| Recurring financial charges | 65 | €301 | €55 | -€246 | -81.7% |
| Profit (loss) for the period before taxes | 9903 | €53,201 | €68,631 | +€15,430 | +29.0% |
| Income taxes | 67/77 | €11,785 | €15,189 | +€3,404 | +28.9% |
| Profit (loss) for the period | 9904 | €41,416 | €53,443 | +€12,027 | +29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,416 | €53,443 | +€12,027 | +29.0% |
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 3 October 2026 via checked.be.