ELPA: 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.
ELPA
Largest movements
- Tangible fixed assets +€646,485
up €646,485 (+6141.5%), from €10,527 to €657,011
of which Land and buildings: +€653,637
- Receivables within one year -€55,985
down €55,985 (-81.4%), from €68,744 to €12,759
of which Trade receivables: -€51,530
- Cash +€46,143
up €46,143 (+228.9%), from €20,157 to €66,299
mainly Debts after one year (+€404,755) and Other debts (+€322,692)
- Current investments +€15,989
new in 2025: €15,989
- Debts after one year +€404,755
up €404,755, from €0 to €404,755
- Other debts +€322,692
up €322,692 (+580.0%), from €55,641 to €378,333
- Profit (loss) carried forward -€85,744
down €85,744 (-557.6%), from -€15,376 to -€101,119
- Current portion of long-term debt +€16,022
up €16,022, from €0 to €16,022
- Depreciation +€47,990
up €47,990 (+530.3%), from €9,050 to €57,040
- Financial charges +€13,329
up €13,329 (+1071.2%), from €1,244 to €14,573
- Gross operating margin -€7,148
down €7,148 (-177.9%), from -€4,017 to -€11,165
- Other operating charges +€5,593
up €5,593 (+233.3%), from €2,398 to €7,991
- Financial income +€4,922
up €4,922 (+2088.9%), from €236 to €5,158
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 | €110,247 | €764,989 | +€654,742 | +593.9% |
| Fixed assets | 21/28 | €10,527 | €657,011 | +€646,485 | +6141.5% |
| Tangible fixed assets | 22/27 | €10,527 | €657,011 | +€646,485 | +6141.5% |
| Land and buildings | 22 | €909 | €654,546 | +€653,637 | +71915.2% |
| Plant, machinery and equipment | 23 | €954 | €521 | -€433 | -45.4% |
| Furniture and vehicles | 24 | €8,664 | €1,944 | -€6,720 | -77.6% |
| Current assets | 29/58 | €99,720 | €107,978 | +€8,257 | +8.3% |
| Amounts receivable within one year | 40/41 | €68,744 | €12,759 | -€55,985 | -81.4% |
| Trade receivables | 40 | €63,813 | €12,283 | -€51,530 | -80.8% |
| Other amounts receivable | 41 | €4,931 | €476 | -€4,455 | -90.3% |
| Current investments | 50/53 | - | €15,989 | +€15,989 | |
| Cash at bank and in hand | 54/58 | €20,157 | €66,299 | +€46,143 | +228.9% |
| Deferred charges and accrued income | 490/1 | €10,820 | €12,931 | +€2,111 | +19.5% |
| Total equity and liabilities | 10/49 | €110,247 | €764,989 | +€654,742 | +593.9% |
| Equity | 10/15 | €47,894 | -€37,849 | -€85,744 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €62,270 | €62,270 | = | 0.0% |
| Distributable reserves | 133 | €62,270 | €62,270 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,376 | -€101,119 | -€85,744 | -557.6% |
| Amounts payable | 17/49 | €62,353 | €802,838 | +€740,486 | +1187.6% |
| Amounts payable after more than one year | 17 | €0 | €404,755 | +€404,755 | |
| Financial debts | 170/4 | €0 | €404,755 | +€404,755 | |
| Amounts payable within one year | 42/48 | €62,353 | €398,083 | +€335,730 | +538.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €16,022 | +€16,022 | |
| Trade debts | 44 | €2,500 | €1,170 | -€1,330 | -53.2% |
| Suppliers | 440/4 | €2,500 | €1,170 | -€1,330 | -53.2% |
| Taxes, remuneration and social security | 45 | €4,212 | €2,558 | -€1,654 | -39.3% |
| Taxes | 450/3 | €4,212 | €2,558 | -€1,654 | -39.3% |
| Other amounts payable | 47/48 | €55,641 | €378,333 | +€322,692 | +580.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,050 | €57,040 | +€47,990 | +530.3% |
| Other operating charges | 640/8 | €2,398 | €7,991 | +€5,593 | +233.3% |
| Gross operating margin | 9900 | -€4,017 | -€11,165 | -€7,148 | -177.9% |
| Operating profit (loss) | 9901 | -€15,465 | -€76,196 | -€60,731 | -392.7% |
| Financial income | 75/76B | €236 | €5,158 | +€4,922 | +2088.9% |
| Recurring financial income | 75 | €236 | €5,158 | +€4,922 | +2088.9% |
| Financial charges | 65/66B | €1,244 | €14,573 | +€13,329 | +1071.2% |
| Recurring financial charges | 65 | €1,244 | €14,573 | +€13,329 | +1071.2% |
| Profit (loss) for the period before taxes | 9903 | -€16,474 | -€85,612 | -€69,138 | -419.7% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€16,602 | -€85,744 | -€69,142 | -416.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,602 | -€85,744 | -€69,142 | -416.5% |
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 8 October 2026 via checked.be.