ELRO: 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.
What changed
ELRO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€975,346
2024 · €1.9m-€917,177
Equity
€25.9m
2024 · €24.9m+€975,346
Cash
€415,914
2024 · €563,060-€147,145
Balance sheet total
€28.3m
2024 · €25.8m+€2.5m
Largest movements
Assets
- Tangible fixed assets +€3.0m
up €3.0m (+84.7%), from €3.5m to €6.6m
Equity and liabilities
- Debts after one year +€1.6m
up €1.6m (+236%), from €661,667 to €2.2m
of which Financial debts: +€1.6m
- Reserves +€975,346
up €975,346 (+6.1%), from €15.9m to €16.9m
of which Distributable reserves: +€975,346
Income statement
- Depreciation +€424,607
up €424,607 (+337%), from €126,071 to €550,678
- Financial income -€419,417
down €419,417 (-19.3%), from €2.2m to €1.8m
- Taxes +€64,978
up €64,978 (+37.3%), from €174,067 to €239,046
- Financial charges +€12,207
up €12,207 (+11.0%), from €110,843 to €123,051
- Gross operating margin +€11,714
up €11,714 (+8.2%), from €143,504 to €155,218
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
€1.9m
Gross operating margin
+€11,714
Depreciation
-€424,607
Other operating charges
-€7,680
Financial income
-€419,417
Financial charges
-€12,207
Taxes
-€64,978
Result 2025
€975,346
raises the resultlowers the result
Derived cash bridge
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
+€1.6m
Investment
-€3.3m
Financing
+€1.6m
Cash 2024
€563,060
From operations (derived)
+€1.6m
Net result for the year
+€975,346
Depreciation
+€550,678
Receivables after one year
-€200,000
Receivables within one year
+€230,054
Deferred charges and accrued income
+€62,943
Smaller working-capital items
+€4,211
Tax, wage and social debts
-€67,338
Other debts
+€19,174
Investment (derived)
-€3.3m
Investment in fixed assets (net)
-€3.6m
Current investments
+€221,991
Financing
+€1.6m
Debts after one year
+€1.6m
Current portion of long-term debt
+€53,396
Short-term financial debts
+€7
Cash 2025
€415,914
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,794,901 | €28,339,544 | +€2.5m | +9.9% |
| Fixed assets | 21/28 | €12,444,296 | €15,451,073 | +€3.0m | +24.2% |
| Tangible fixed assets | 22/27 | €3,549,235 | €6,556,012 | +€3.0m | +84.7% |
| Land and buildings | 22 | €3,549,235 | €6,556,012 | +€3.0m | +84.7% |
| Financial fixed assets | 28 | €8,895,061 | €8,895,061 | = | 0.0% |
| Current assets | 29/58 | €13,350,605 | €12,888,471 | -€462,134 | -3.5% |
| Amounts receivable after more than one year | 29 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 291 | - | €200,000 | +€200,000 | |
| Amounts receivable within one year | 40/41 | €377,977 | €147,923 | -€230,054 | -60.9% |
| Trade receivables | 40 | €300,000 | €0 | -€300,000 | -100% |
| Other amounts receivable | 41 | €77,977 | €147,923 | +€69,946 | +89.7% |
| Current investments | 50/53 | €12,345,011 | €12,123,020 | -€221,991 | -1.8% |
| Cash at bank and in hand | 54/58 | €563,060 | €415,914 | -€147,145 | -26.1% |
| Deferred charges and accrued income | 490/1 | €64,557 | €1,614 | -€62,943 | -97.5% |
| Total equity and liabilities | 10/49 | €25,794,901 | €28,339,544 | +€2.5m | +9.9% |
| Equity | 10/15 | €24,891,469 | €25,866,815 | +€975,346 | +3.9% |
| Contributions | 10/11 | €8,975,061 | €8,975,061 | = | 0.0% |
| Capital | 10 | €8,975,061 | €8,975,061 | = | 0.0% |
| Issued capital | 100 | €8,975,061 | €8,975,061 | = | 0.0% |
| Reserves | 13 | €15,916,408 | €16,891,754 | +€975,346 | +6.1% |
| Non-distributable reserves | 130/1 | €897,506 | €897,506 | = | 0.0% |
| Legal reserve | 130 | €897,506 | €897,506 | = | 0.0% |
| Tax-exempt reserves | 132 | €357,850 | €357,850 | = | 0.0% |
| Distributable reserves | 133 | €14,661,052 | €15,636,398 | +€975,346 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €903,432 | €2,472,729 | +€1.6m | +174% |
| Amounts payable after more than one year | 17 | €661,667 | €2,221,514 | +€1.6m | +236% |
| Financial debts | 170/4 | €341,667 | €1,961,514 | +€1.6m | +474% |
| Other amounts payable | 178/9 | €320,000 | €260,000 | -€60,000 | -18.8% |
| Amounts payable within one year | 42/48 | €240,610 | €246,791 | +€6,181 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €94,826 | €148,222 | +€53,396 | +56.3% |
| Financial debts | 43 | €40,327 | €40,333 | +€7 | 0.0% |
| Credit institutions | 430/8 | €40,327 | €40,333 | +€7 | 0.0% |
| Trade debts | 44 | €16,868 | €17,810 | +€942 | +5.6% |
| Suppliers | 440/4 | €16,868 | €17,810 | +€942 | +5.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €67,338 | €0 | -€67,338 | -100% |
| Taxes | 450/3 | €67,338 | €0 | -€67,338 | -100% |
| Other amounts payable | 47/48 | €21,252 | €40,426 | +€19,174 | +90.2% |
| Accrued charges and deferred income | 492/3 | €1,155 | €4,424 | +€3,269 | +283% |
| Non-recurring operating income | 76A | - | €13,000 | +€13,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,071 | €550,678 | +€424,607 | +337% |
| Other operating charges | 640/8 | €14,183 | €21,863 | +€7,680 | +54.2% |
| Gross operating margin | 9900 | €143,504 | €155,218 | +€11,714 | +8.2% |
| Operating profit (loss) | 9901 | €3,250 | -€417,324 | -€420,574 | |
| Financial income | 75/76B | €2,174,184 | €1,754,767 | -€419,417 | -19.3% |
| Recurring financial income | 75 | €2,174,184 | €1,754,767 | -€419,417 | -19.3% |
| Financial charges | 65/66B | €110,843 | €123,051 | +€12,207 | +11.0% |
| Recurring financial charges | 65 | €110,843 | €123,051 | +€12,207 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €2,066,590 | €1,214,392 | -€852,198 | -41.2% |
| Income taxes | 67/77 | €174,067 | €239,046 | +€64,978 | +37.3% |
| Profit (loss) for the period | 9904 | €1,892,523 | €975,346 | -€917,177 | -48.5% |
| Transfer to tax-exempt reserves | 689 | €357,850 | €0 | -€357,850 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,534,673 | €975,346 | -€559,327 | -36.4% |
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 16 October 2026 via checked.be.