ELP: 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.
What changed
ELP
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€53,690
2024 · -€96,071+€42,381
Equity
€584,140
2024 · €637,830-€53,690
Cash
€2,155
2024 · €5,689-€3,534
Balance sheet total
€7.6m
2024 · €6.9m+€682,424
Largest movements
Assets
- Tangible fixed assets +€699,419
up €699,419 (+10.2%), from €6.8m to €7.5m
of which Land and buildings: +€710,263
Equity and liabilities
- Debts after one year +€478,681
up €478,681 (+8.0%), from €6.0m to €6.4m
- Trade debts +€231,499
up €231,499 (+1556.1%), from €14,877 to €246,376
Income statement
- Gross operating margin +€89,945
up €89,945 (+45.5%), from €197,645 to €287,589
- Depreciation +€34,187
up €34,187 (+20.0%), from €170,587 to €204,774
- Financial charges -€15,889
down €15,889 (-12.1%), from €131,757 to €115,868
- Financial income -€4,295
down €4,295 (-84.2%), from €5,099 to €804
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
-€96,071
Gross operating margin
+€89,945
Depreciation
-€34,187
Other operating charges
-€2,239
Financial income
-€4,295
Financial charges
+€15,889
Taxes
+€1,442
Deferred taxes and other
-€24,174
Result 2025
-€53,690
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.
From operations
+€379,634
Investment
-€887,784
Financing
+€504,615
Cash 2024
€5,689
From operations (derived)
+€379,634
Net result for the year
-€53,690
Depreciation
+€204,774
Smaller working-capital items
-€2,949
Trade debts
+€231,499
Investment (derived)
-€887,784
Investment in fixed assets (net)
-€887,784
Financing
+€504,615
Debts after one year
+€478,681
Current portion of long-term debt
+€25,934
Cash 2025
€2,155
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,891,077 | €7,573,501 | +€682,424 | +9.9% |
| Formation expenses | 20 | €33,574 | €25,865 | -€7,709 | -23.0% |
| Fixed assets | 21/28 | €6,851,110 | €7,541,829 | +€690,719 | +10.1% |
| Tangible fixed assets | 22/27 | €6,832,201 | €7,531,620 | +€699,419 | +10.2% |
| Land and buildings | 22 | €6,778,716 | €7,488,979 | +€710,263 | +10.5% |
| Plant, machinery and equipment | 23 | €4,661 | €3,030 | -€1,631 | -35.0% |
| Furniture and vehicles | 24 | €33,455 | €26,338 | -€7,118 | -21.3% |
| Other tangible fixed assets | 26 | €15,369 | €13,273 | -€2,096 | -13.6% |
| Financial fixed assets | 28 | €18,909 | €10,209 | -€8,700 | -46.0% |
| Current assets | 29/58 | €6,393 | €5,807 | -€586 | -9.2% |
| Amounts receivable within one year | 40/41 | €0 | €1,051 | +€1,051 | |
| Trade receivables | 40 | - | €810 | +€810 | |
| Other amounts receivable | 41 | €0 | €241 | +€241 | |
| Cash at bank and in hand | 54/58 | €5,689 | €2,155 | -€3,534 | -62.1% |
| Deferred charges and accrued income | 490/1 | €704 | €2,601 | +€1,898 | +269.7% |
| Total equity and liabilities | 10/49 | €6,891,077 | €7,573,501 | +€682,424 | +9.9% |
| Equity | 10/15 | €637,830 | €584,140 | -€53,690 | -8.4% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €510,249 | €462,000 | -€48,249 | -9.5% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,000 | €12,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,249 | €0 | -€8,249 | -100.0% |
| Distributable reserves | 133 | €490,000 | €450,000 | -€40,000 | -8.2% |
| Profit (loss) carried forward | 14 | €7,581 | €2,140 | -€5,441 | -71.8% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €6,253,247 | €6,989,361 | +€736,114 | +11.8% |
| Amounts payable after more than one year | 17 | €5,957,585 | €6,436,266 | +€478,681 | +8.0% |
| Financial debts | 170/4 | €5,957,585 | €6,436,266 | +€478,681 | +8.0% |
| Amounts payable within one year | 42/48 | €295,662 | €553,095 | +€257,433 | +87.1% |
| Current portion of amounts payable after more than one year | 42 | €278,885 | €304,819 | +€25,934 | +9.3% |
| Trade debts | 44 | €14,877 | €246,376 | +€231,499 | +1556.1% |
| Suppliers | 440/4 | €14,877 | €246,376 | +€231,499 | +1556.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,900 | €1,900 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,587 | €204,774 | +€34,187 | +20.0% |
| Other operating charges | 640/8 | €19,202 | €21,441 | +€2,239 | +11.7% |
| Gross operating margin | 9900 | €197,645 | €287,589 | +€89,945 | +45.5% |
| Operating profit (loss) | 9901 | €7,856 | €61,374 | +€53,519 | +681.3% |
| Financial income | 75/76B | €5,099 | €804 | -€4,295 | -84.2% |
| Recurring financial income | 75 | €5,099 | €804 | -€4,295 | -84.2% |
| Financial charges | 65/66B | €131,757 | €115,868 | -€15,889 | -12.1% |
| Recurring financial charges | 65 | €131,757 | €115,868 | -€15,889 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | -€118,802 | -€53,690 | +€65,112 | +54.8% |
| Transfer from deferred taxes | 780 | €24,174 | €0 | -€24,174 | -100.0% |
| Income taxes | 67/77 | €1,442 | €0 | -€1,442 | -100.0% |
| Profit (loss) for the period | 9904 | -€96,071 | -€53,690 | +€42,381 | +44.1% |
| Transfer from tax-exempt reserves | 789 | €72,522 | €0 | -€72,522 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,549 | -€53,690 | -€30,141 | -128.0% |
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.