ELPA: 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.
ELPA
Largest movements
- Tangible fixed assets -€24,883
down €24,883 (-3.7%), from €673,287 to €648,404
of which Land and buildings: -€24,883
- Debts after one year -€12,853
down €12,853 (-100.0%), from €12,853 to €0
- Reserves -€9,090
down €9,090 (-2.6%), from €343,622 to €334,532
of which Tax-exempt reserves: -€9,090
- Gross operating margin -€4,424
down €4,424 (-22.1%), from €20,042 to €15,618
- Taxes -€1,133
down €1,133 (-100.0%), from €1,133 to €0
- Financial charges -€311
down €311 (-35.8%), from €870 to €559
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 | €676,422 | €652,387 | -€24,035 | -3.6% |
| Fixed assets | 21/28 | €673,337 | €648,454 | -€24,883 | -3.7% |
| Tangible fixed assets | 22/27 | €673,287 | €648,404 | -€24,883 | -3.7% |
| Land and buildings | 22 | €673,287 | €648,404 | -€24,883 | -3.7% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €3,085 | €3,934 | +€849 | +27.5% |
| Amounts receivable within one year | 40/41 | €910 | €1,610 | +€700 | +77.0% |
| Other amounts receivable | 41 | €910 | €1,610 | +€700 | +77.0% |
| Cash at bank and in hand | 54/58 | €2,175 | €2,324 | +€149 | +6.8% |
| Total equity and liabilities | 10/49 | €676,422 | €652,387 | -€24,035 | -3.6% |
| Equity | 10/15 | €405,122 | €395,319 | -€9,803 | -2.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €343,622 | €334,532 | -€9,090 | -2.6% |
| Non-distributable reserves | 130/1 | €38,470 | €38,470 | = | 0.0% |
| Legal reserve | 130 | €38,470 | €38,470 | = | 0.0% |
| Tax-exempt reserves | 132 | €238,786 | €229,696 | -€9,090 | -3.8% |
| Distributable reserves | 133 | €66,366 | €66,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€713 | -€713 | |
| Provisions and deferred taxes | 16 | €78,046 | €75,016 | -€3,030 | -3.9% |
| Deferred taxes | 168 | €78,046 | €75,016 | -€3,030 | -3.9% |
| Amounts payable | 17/49 | €193,254 | €182,052 | -€11,201 | -5.8% |
| Amounts payable after more than one year | 17 | €12,853 | €0 | -€12,853 | -100.0% |
| Financial debts | 170/4 | €12,853 | €0 | -€12,853 | -100.0% |
| Amounts payable within one year | 42/48 | €180,400 | €182,052 | +€1,652 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €13,524 | €13,348 | -€176 | -1.3% |
| Trade debts | 44 | €774 | €862 | +€88 | +11.4% |
| Suppliers | 440/4 | €774 | €862 | +€88 | +11.4% |
| Taxes, remuneration and social security | 45 | €243 | €243 | = | 0.0% |
| Taxes | 450/3 | €243 | €243 | = | 0.0% |
| Other amounts payable | 47/48 | €165,860 | €167,599 | +€1,740 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,883 | €24,883 | = | 0.0% |
| Other operating charges | 640/8 | €2,848 | €3,009 | +€162 | +5.7% |
| Gross operating margin | 9900 | €20,042 | €15,618 | -€4,424 | -22.1% |
| Operating profit (loss) | 9901 | -€7,689 | -€12,274 | -€4,586 | -59.6% |
| Financial charges | 65/66B | €870 | €559 | -€311 | -35.8% |
| Recurring financial charges | 65 | €870 | €559 | -€311 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,559 | -€12,833 | -€4,274 | -49.9% |
| Transfer from deferred taxes | 780 | €3,030 | €3,030 | = | 0.0% |
| Income taxes | 67/77 | €1,133 | €0 | -€1,133 | -100.0% |
| Profit (loss) for the period | 9904 | -€6,662 | -€9,803 | -€3,141 | -47.1% |
| Transfer from tax-exempt reserves | 789 | €9,090 | €9,090 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,428 | -€713 | -€3,141 |
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 11 October 2026 via checked.be.