ELOMAX: 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.
ELOMAX
Largest movements
- Cash -€58,177
down €58,177 (-15.3%), from €379,101 to €320,924
mainly Contributions, distributions and other (-€1.3m) and Receivables within one year (-€13,020)
- Profit (loss) carried forward -€121,892
down €121,892 (-9.7%), from €1.3m to €1.1m
- Financial income +€800,000
new in 2025: €800,000
- Gross operating margin -€94,434
down €94,434 (-10.3%), from €918,515 to €824,080
- Staff costs -€21,735
down €21,735 (-6.5%), from €332,002 to €310,266
- Taxes -€15,609
down €15,609 (-11.8%), from €132,692 to €117,083
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 | €4,601,041 | €4,516,554 | -€84,488 | -1.8% |
| Fixed assets | 21/28 | €4,217,074 | €4,178,892 | -€38,181 | -0.9% |
| Tangible fixed assets | 22/27 | €116,492 | €77,146 | -€39,346 | -33.8% |
| Furniture and vehicles | 24 | €116,492 | €77,146 | -€39,346 | -33.8% |
| Financial fixed assets | 28 | €4,100,582 | €4,101,747 | +€1,165 | 0.0% |
| Current assets | 29/58 | €383,967 | €337,661 | -€46,306 | -12.1% |
| Amounts receivable within one year | 40/41 | €0 | €13,020 | +€13,020 | |
| Trade receivables | 40 | €0 | €102 | +€102 | |
| Other amounts receivable | 41 | €0 | €12,917 | +€12,917 | |
| Cash at bank and in hand | 54/58 | €379,101 | €320,924 | -€58,177 | -15.3% |
| Deferred charges and accrued income | 490/1 | €4,866 | €3,718 | -€1,149 | -23.6% |
| Total equity and liabilities | 10/49 | €4,601,041 | €4,516,554 | -€84,488 | -1.8% |
| Equity | 10/15 | €1,267,874 | €1,145,982 | -€121,892 | -9.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,262,874 | €1,140,982 | -€121,892 | -9.7% |
| Amounts payable | 17/49 | €3,333,167 | €3,370,571 | +€37,405 | +1.1% |
| Amounts payable after more than one year | 17 | €3,074,510 | €3,109,394 | +€34,883 | +1.1% |
| Financial debts | 170/4 | €607,010 | €498,124 | -€108,887 | -17.9% |
| Other amounts payable | 178/9 | €2,467,500 | €2,611,270 | +€143,770 | +5.8% |
| Amounts payable within one year | 42/48 | €256,512 | €259,333 | +€2,820 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €168,237 | €168,887 | +€649 | +0.4% |
| Trade debts | 44 | €1,758 | €12,808 | +€11,051 | +628.7% |
| Suppliers | 440/4 | €1,758 | €12,808 | +€11,051 | +628.7% |
| Taxes, remuneration and social security | 45 | €36,691 | €30,880 | -€5,811 | -15.8% |
| Taxes | 450/3 | €26,971 | €19,386 | -€7,586 | -28.1% |
| Remuneration and social security | 454/9 | €9,719 | €11,494 | +€1,774 | +18.3% |
| Other amounts payable | 47/48 | €49,826 | €46,758 | -€3,068 | -6.2% |
| Accrued charges and deferred income | 492/3 | €2,144 | €1,845 | -€299 | -14.0% |
| Remuneration, social security and pensions | 62 | €332,002 | €310,266 | -€21,735 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,312 | €46,186 | -€1,126 | -2.4% |
| Other operating charges | 640/8 | €5,028 | €2,394 | -€2,634 | -52.4% |
| Gross operating margin | 9900 | €918,515 | €824,080 | -€94,434 | -10.3% |
| Operating profit (loss) | 9901 | €534,173 | €465,234 | -€68,939 | -12.9% |
| Financial income | 75/76B | - | €800,000 | +€800,000 | |
| Recurring financial income | 75 | - | €800,000 | +€800,000 | |
| Financial charges | 65/66B | €9,382 | €8,044 | -€1,338 | -14.3% |
| Recurring financial charges | 65 | €9,382 | €8,044 | -€1,338 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €524,792 | €1,257,191 | +€732,399 | +139.6% |
| Income taxes | 67/77 | €132,692 | €117,083 | -€15,609 | -11.8% |
| Profit (loss) for the period | 9904 | €392,100 | €1,140,108 | +€748,008 | +190.8% |
| Profit (loss) for the period to be appropriated | 9905 | €392,100 | €1,140,108 | +€748,008 | +190.8% |
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 9 October 2026 via checked.be.