ELRO MANAGEMENT: 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.
ELRO MANAGEMENT
Largest movements
- Tangible fixed assets +€5.1m
up €5.1m (+1108.6%), from €459,839 to €5.6m
of which Land and buildings: +€5.1m
- Stocks and contracts +€305,865
up €305,865 (+236.6%), from €129,271 to €435,136
- Current investments +€249,366
new in 2024: €249,366
- Debts after one year +€2.7m
up €2.7m (+330.8%), from €806,956 to €3.5m
- Contributions +€2.3m
up €2.3m (+36516.1%), from €6,200 to €2.3m
- Short-term financial debts +€684,375
new in 2024: €684,375
- Other debts +€90,130
up €90,130 (+173.2%), from €52,041 to €142,170
- Profit (loss) carried forward -€83,215
new in 2024: -€83,215
- Depreciation +€183,270
up €183,270 (+668.6%), from €27,413 to €210,684
- Taxes -€124,575
down €124,575 (-99.7%), from €124,991 to €415
- Gross operating margin +€124,416
up €124,416 (+154.1%), from €80,739 to €205,155
- Financial charges +€40,010
up €40,010 (+234.9%), from €17,032 to €57,042
- Other operating charges +€16,842
up €16,842 (+384.0%), from €4,386 to €21,228
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,016,477 | €6,655,879 | +€5.6m | +554.8% |
| Fixed assets | 21/28 | €465,339 | €5,562,500 | +€5.1m | +1095.4% |
| Tangible fixed assets | 22/27 | €459,839 | €5,557,500 | +€5.1m | +1108.6% |
| Land and buildings | 22 | €405,968 | €5,498,317 | +€5.1m | +1254.4% |
| Plant, machinery and equipment | 23 | €1,313 | €1,989 | +€676 | +51.5% |
| Furniture and vehicles | 24 | €6,353 | €7,091 | +€738 | +11.6% |
| Other tangible fixed assets | 26 | €46,206 | €50,103 | +€3,897 | +8.4% |
| Financial fixed assets | 28 | €5,500 | €5,000 | -€500 | -9.1% |
| Current assets | 29/58 | €551,138 | €1,093,379 | +€542,241 | +98.4% |
| Stocks and contracts in progress | 3 | €129,271 | €435,136 | +€305,865 | +236.6% |
| Stocks | 30/36 | €129,271 | €435,136 | +€305,865 | +236.6% |
| Amounts receivable within one year | 40/41 | €345,808 | €350,169 | +€4,361 | +1.3% |
| Trade receivables | 40 | €12,875 | €16,894 | +€4,019 | +31.2% |
| Other amounts receivable | 41 | €332,933 | €333,275 | +€342 | +0.1% |
| Current investments | 50/53 | - | €249,366 | +€249,366 | |
| Cash at bank and in hand | 54/58 | €74,212 | €56,844 | -€17,367 | -23.4% |
| Deferred charges and accrued income | 490/1 | €1,847 | €1,864 | +€17 | +0.9% |
| Total equity and liabilities | 10/49 | €1,016,477 | €6,655,879 | +€5.6m | +554.8% |
| Equity | 10/15 | €88,091 | €2,268,876 | +€2.2m | +2475.6% |
| Contributions | 10/11 | €6,200 | €2,270,200 | +€2.3m | +36516.1% |
| Reserves | 13 | €81,891 | €81,891 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €79,891 | €81,891 | +€2,000 | +2.5% |
| Profit (loss) carried forward | 14 | - | -€83,215 | -€83,215 | |
| Amounts payable | 17/49 | €928,386 | €4,387,003 | +€3.5m | +372.5% |
| Amounts payable after more than one year | 17 | €806,956 | €3,476,395 | +€2.7m | +330.8% |
| Financial debts | 170/4 | €806,956 | €3,476,395 | +€2.7m | +330.8% |
| Amounts payable within one year | 42/48 | €118,277 | €900,434 | +€782,157 | +661.3% |
| Current portion of amounts payable after more than one year | 42 | €41,791 | €68,883 | +€27,092 | +64.8% |
| Financial debts | 43 | - | €684,375 | +€684,375 | |
| Credit institutions | 430/8 | - | €684,375 | +€684,375 | |
| Trade debts | 44 | €1,428 | €2,118 | +€689 | +48.3% |
| Suppliers | 440/4 | €1,428 | €2,118 | +€689 | +48.3% |
| Taxes, remuneration and social security | 45 | €23,017 | €2,887 | -€20,129 | -87.5% |
| Taxes | 450/3 | €23,017 | €2,887 | -€20,129 | -87.5% |
| Other amounts payable | 47/48 | €52,041 | €142,170 | +€90,130 | +173.2% |
| Accrued charges and deferred income | 492/3 | €3,153 | €10,175 | +€7,022 | +222.7% |
| Non-recurring operating income | 76A | €3,897 | €3,897 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,413 | €210,684 | +€183,270 | +668.6% |
| Other operating charges | 640/8 | €4,386 | €21,228 | +€16,842 | +384.0% |
| Gross operating margin | 9900 | €80,739 | €205,155 | +€124,416 | +154.1% |
| Operating profit (loss) | 9901 | €48,940 | -€26,756 | -€75,696 | |
| Financial income | 75/76B | €90 | €998 | +€908 | +1012.9% |
| Recurring financial income | 75 | €90 | €998 | +€908 | +1012.9% |
| Financial charges | 65/66B | €17,032 | €57,042 | +€40,010 | +234.9% |
| Recurring financial charges | 65 | €17,032 | €57,042 | +€40,010 | +234.9% |
| Profit (loss) for the period before taxes | 9903 | €31,998 | -€82,800 | -€114,798 | |
| Income taxes | 67/77 | €124,991 | €415 | -€124,575 | -99.7% |
| Profit (loss) for the period | 9904 | -€92,993 | -€83,215 | +€9,777 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,993 | -€83,215 | +€9,777 | +10.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.