ELRA: 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.
ELRA
Largest movements
- Cash +€294,056
up €294,056 (+201.3%), from €146,086 to €440,142
mainly Current investments (+€175,529) and Net result for the year (+€87,243)
- Current investments -€175,529
no longer reported in 2025 (was €175,529)
- Receivables within one year -€61,515
down €61,515 (-35.4%), from €173,718 to €112,203
of which Trade receivables: -€61,296
- Tangible fixed assets -€47,805
down €47,805 (-9.6%), from €500,223 to €452,418
of which Land and buildings: -€47,263
- Profit (loss) carried forward +€87,243
up €87,243 (+34.7%), from €251,672 to €338,915
- Debts after one year -€49,202
down €49,202 (-8.4%), from €584,352 to €535,150
- Trade debts -€29,188
down €29,188 (-50.0%), from €58,378 to €29,189
- Gross operating margin -€30,904
down €30,904 (-13.2%), from €233,558 to €202,654
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 | €1,019,056 | €1,028,263 | +€9,207 | +0.9% |
| Fixed assets | 21/28 | €500,223 | €452,418 | -€47,805 | -9.6% |
| Tangible fixed assets | 22/27 | €500,223 | €452,418 | -€47,805 | -9.6% |
| Land and buildings | 22 | €492,105 | €444,842 | -€47,263 | -9.6% |
| Plant, machinery and equipment | 23 | €8,118 | €7,576 | -€542 | -6.7% |
| Current assets | 29/58 | €518,833 | €575,845 | +€57,012 | +11.0% |
| Stocks and contracts in progress | 3 | €23,500 | €23,500 | = | 0.0% |
| Stocks | 30/36 | €23,500 | €23,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €173,718 | €112,203 | -€61,515 | -35.4% |
| Trade receivables | 40 | €120,952 | €59,656 | -€61,296 | -50.7% |
| Other amounts receivable | 41 | €52,766 | €52,547 | -€219 | -0.4% |
| Current investments | 50/53 | €175,529 | - | -€175,529 | |
| Cash at bank and in hand | 54/58 | €146,086 | €440,142 | +€294,056 | +201.3% |
| Total equity and liabilities | 10/49 | €1,019,056 | €1,028,263 | +€9,207 | +0.9% |
| Equity | 10/15 | €319,872 | €407,115 | +€87,243 | +27.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €251,672 | €338,915 | +€87,243 | +34.7% |
| Amounts payable | 17/49 | €699,184 | €621,148 | -€78,036 | -11.2% |
| Amounts payable after more than one year | 17 | €584,352 | €535,150 | -€49,202 | -8.4% |
| Financial debts | 170/4 | €584,352 | €535,150 | -€49,202 | -8.4% |
| Amounts payable within one year | 42/48 | €114,832 | €85,998 | -€28,834 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €48,558 | €49,202 | +€644 | +1.3% |
| Trade debts | 44 | €58,378 | €29,189 | -€29,188 | -50.0% |
| Suppliers | 440/4 | €58,378 | €29,189 | -€29,188 | -50.0% |
| Taxes, remuneration and social security | 45 | €7,186 | €6,814 | -€372 | -5.2% |
| Taxes | 450/3 | €4,992 | €4,517 | -€475 | -9.5% |
| Remuneration and social security | 454/9 | €2,194 | €2,297 | +€103 | +4.7% |
| Other amounts payable | 47/48 | €711 | €793 | +€82 | +11.6% |
| Non-recurring operating income | 76A | - | €150 | +€150 | |
| Remuneration, social security and pensions | 62 | €45,383 | €47,088 | +€1,706 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,133 | €51,055 | +€922 | +1.8% |
| Other operating charges | 640/8 | €10,942 | €11,299 | +€357 | +3.3% |
| Gross operating margin | 9900 | €233,558 | €202,654 | -€30,904 | -13.2% |
| Operating profit (loss) | 9901 | €127,101 | €93,212 | -€33,889 | -26.7% |
| Financial income | 75/76B | €2,825 | €2,381 | -€445 | -15.7% |
| Recurring financial income | 75 | €2,825 | €2,381 | -€445 | -15.7% |
| Financial charges | 65/66B | €9,037 | €8,259 | -€779 | -8.6% |
| Recurring financial charges | 65 | €9,037 | €8,259 | -€779 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €120,889 | €87,334 | -€33,555 | -27.8% |
| Income taxes | 67/77 | €87 | €91 | +€5 | +5.2% |
| Profit (loss) for the period | 9904 | €120,802 | €87,243 | -€33,559 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €120,802 | €87,243 | -€33,559 | -27.8% |
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 4 October 2026 via checked.be.