ElNu2sea: 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.
What changed
ElNu2sea
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€48,637
2024 · -€13,324-€35,314
Equity
€31.9m
2024 · €26.1m+€5.8m
Cash
€9,738
2024 · €183,733-€173,995
Balance sheet total
€31.9m
2024 · €26.1m+€5.8m
Largest movements
Assets
- Financial fixed assets +€5.5m
up €5.5m (+21.1%), from €25.9m to €31.4m
- Current investments +€468,750
new in 2025: €468,750
Equity and liabilities
- Contributions +€5.8m
up €5.8m (+21.6%), from €26.8m to €32.6m
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
-€13,324
Other operating charges
-€180
Other operating items
-€1,914
Financial income
-€28,288
Financial charges
-€4,932
Result 2025
-€48,637
lowers the resultnot broken down further in the accounts
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.
From operations
-€38,993
Investment
-€5.9m
Financing
+€5.8m
Cash 2024
€183,733
From operations (derived)
-€38,993
Net result for the year
-€48,637
Smaller working-capital items
+€9,644
Investment (derived)
-€5.9m
Investment in fixed assets (net)
-€5.5m
Current investments
-€468,750
Financing
+€5.8m
Contributions, distributions and other
+€5.8m
Cash 2025
€9,738
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,117,078 | €31,871,050 | +€5.8m | +22.0% |
| Fixed assets | 21/28 | €25,919,909 | €31,386,161 | +€5.5m | +21.1% |
| Financial fixed assets | 28 | €25,919,909 | €31,386,161 | +€5.5m | +21.1% |
| Companies linked by participating interests | 282/3 | €25,919,909 | €31,386,161 | +€5.5m | +21.1% |
| Participating interests | 282 | €25,919,909 | €31,386,161 | +€5.5m | +21.1% |
| Current assets | 29/58 | €197,169 | €484,890 | +€287,720 | +146% |
| Amounts receivable within one year | 40/41 | €13,437 | €5,811 | -€7,626 | -56.8% |
| Trade receivables | 40 | €13,437 | - | -€13,437 | |
| Other amounts receivable | 41 | - | €5,811 | +€5,811 | |
| Current investments | 50/53 | - | €468,750 | +€468,750 | |
| Other investments | 51/53 | - | €468,750 | +€468,750 | |
| Cash at bank and in hand | 54/58 | €183,733 | €9,738 | -€173,995 | -94.7% |
| Deferred charges and accrued income | 490/1 | - | €591 | +€591 | |
| Total equity and liabilities | 10/49 | €26,117,078 | €31,871,050 | +€5.8m | +22.0% |
| Equity | 10/15 | €26,112,356 | €31,863,718 | +€5.8m | +22.0% |
| Contributions | 10/11 | €26,817,500 | €32,617,500 | +€5.8m | +21.6% |
| Capital | 10 | €26,817,500 | €32,617,500 | +€5.8m | +21.6% |
| Issued capital | 100 | €27,817,500 | €32,617,500 | +€4.8m | +17.3% |
| Uncalled capital | 101 | €1,000,000 | - | -€1.0m | |
| Profit (loss) carried forward | 14 | -€705,144 | -€753,782 | -€48,637 | -6.9% |
| Amounts payable | 17/49 | €4,723 | €7,332 | +€2,609 | +55.3% |
| Amounts payable within one year | 42/48 | €4,723 | €7,155 | +€2,432 | +51.5% |
| Trade debts | 44 | €4,723 | €7,155 | +€2,432 | +51.5% |
| Suppliers | 440/4 | €4,723 | €7,155 | +€2,432 | +51.5% |
| Accrued charges and deferred income | 492/3 | - | €177 | +€177 | |
| Operating charges | 60/66A | €38,264 | €40,358 | +€2,094 | +5.5% |
| Services and other goods | 61 | €37,047 | €38,961 | +€1,914 | +5.2% |
| Other operating charges | 640/8 | €1,218 | €1,397 | +€180 | +14.8% |
| Operating profit (loss) | 9901 | -€38,264 | -€40,358 | -€2,094 | -5.5% |
| Financial income | 75/76B | €34,687 | €6,400 | -€28,288 | -81.6% |
| Recurring financial income | 75 | €34,687 | €6,400 | -€28,288 | -81.6% |
| Income from current assets | 751 | €14,754 | €4,615 | -€10,139 | -68.7% |
| Other financial income | 752/9 | €19,933 | €1,784 | -€18,149 | -91.0% |
| Financial charges | 65/66B | €9,747 | €14,679 | +€4,932 | +50.6% |
| Recurring financial charges | 65 | €9,747 | €14,679 | +€4,932 | +50.6% |
| Debt charges | 650 | €7 | - | -€7 | |
| Other financial charges | 652/9 | €9,740 | €14,679 | +€4,939 | +50.7% |
| Profit (loss) for the period before taxes | 9903 | -€13,324 | -€48,637 | -€35,314 | -265% |
| Profit (loss) for the period | 9904 | -€13,324 | -€48,637 | -€35,314 | -265% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,324 | -€48,637 | -€35,314 | -265% |
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 20 October 2026 via checked.be.