ELROCE: 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.
ELROCE
Largest movements
- Tangible fixed assets +€934,509
up €934,509 (+98.1%), from €953,029 to €1.9m
of which Land and buildings: +€938,603
- Receivables within one year +€421,786
up €421,786 (+1,884%), from €22,386 to €444,172
of which Other amounts receivable: +€394,811
- Cash -€88,446
down €88,446 (-88.0%), from €100,479 to €12,033
mainly Investment in fixed assets (net) (-€1.0m) and Receivables within one year (-€421,786)
- Debts after one year +€1.3m
up €1.3m (+49.2%), from €2.6m to €3.9m
of which Other amounts payable: +€745,215
- Other debts -€82,708
no longer reported in 2025 (was €82,708)
- Current portion of long-term debt +€48,400
up €48,400 (+41.3%), from €117,184 to €165,584
- Financial income +€125,192
up €125,192 (+120,377%), from €104 to €125,296
- Gross operating margin +€75,010
up €75,010, from -€42,185 to €32,825
- Depreciation +€36,860
up €36,860 (+84.7%), from €43,502 to €80,362
- Other operating charges -€22,702
down €22,702 (-71.2%), from €31,891 to €9,189
- Financial charges -€4,756
down €4,756 (-6.8%), from €70,134 to €65,378
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,887,630 | €4,156,289 | +€1.3m | +43.9% |
| Fixed assets | 21/28 | €2,755,061 | €3,689,570 | +€934,509 | +33.9% |
| Tangible fixed assets | 22/27 | €953,029 | €1,887,538 | +€934,509 | +98.1% |
| Land and buildings | 22 | €939,715 | €1,878,318 | +€938,603 | +99.9% |
| Furniture and vehicles | 24 | €13,314 | €9,220 | -€4,094 | -30.7% |
| Financial fixed assets | 28 | €1,802,032 | €1,802,032 | = | 0.0% |
| Current assets | 29/58 | €132,569 | €466,719 | +€334,150 | +252% |
| Amounts receivable within one year | 40/41 | €22,386 | €444,172 | +€421,786 | +1,884% |
| Trade receivables | 40 | €3,025 | €30,000 | +€26,975 | +892% |
| Other amounts receivable | 41 | €19,361 | €414,172 | +€394,811 | +2,039% |
| Cash at bank and in hand | 54/58 | €100,479 | €12,033 | -€88,446 | -88.0% |
| Deferred charges and accrued income | 490/1 | €9,704 | €10,514 | +€810 | +8.3% |
| Total equity and liabilities | 10/49 | €2,887,630 | €4,156,289 | +€1.3m | +43.9% |
| Equity | 10/15 | €19,558 | €22,781 | +€3,223 | +16.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,558 | €12,781 | +€3,223 | +33.7% |
| Amounts payable | 17/49 | €2,868,072 | €4,133,508 | +€1.3m | +44.1% |
| Amounts payable after more than one year | 17 | €2,641,978 | €3,942,729 | +€1.3m | +49.2% |
| Financial debts | 170/4 | €670,721 | €1,226,257 | +€555,536 | +82.8% |
| Other amounts payable | 178/9 | €1,971,257 | €2,716,472 | +€745,215 | +37.8% |
| Amounts payable within one year | 42/48 | €203,728 | €167,907 | -€35,821 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €117,184 | €165,584 | +€48,400 | +41.3% |
| Trade debts | 44 | €3,836 | €2,323 | -€1,513 | -39.4% |
| Suppliers | 440/4 | €3,836 | €2,323 | -€1,513 | -39.4% |
| Other amounts payable | 47/48 | €82,708 | - | -€82,708 | |
| Accrued charges and deferred income | 492/3 | €22,366 | €22,872 | +€506 | +2.3% |
| Remuneration, social security and pensions | 62 | €226 | - | -€226 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,502 | €80,362 | +€36,860 | +84.7% |
| Other operating charges | 640/8 | €31,891 | €9,189 | -€22,702 | -71.2% |
| Gross operating margin | 9900 | -€42,185 | €32,825 | +€75,010 | |
| Operating profit (loss) | 9901 | -€117,804 | -€56,726 | +€61,078 | +51.8% |
| Financial income | 75/76B | €104 | €125,296 | +€125,192 | +120,377% |
| Recurring financial income | 75 | €104 | €125,296 | +€125,192 | +120,377% |
| Financial charges | 65/66B | €70,134 | €65,378 | -€4,756 | -6.8% |
| Recurring financial charges | 65 | €70,134 | €65,378 | -€4,756 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€187,834 | €3,192 | +€191,026 | |
| Income taxes | 67/77 | -€1,446 | -€31 | +€1,415 | +97.9% |
| Profit (loss) for the period | 9904 | -€186,388 | €3,223 | +€189,611 | |
| Profit (loss) for the period to be appropriated | 9905 | -€186,388 | €3,223 | +€189,611 |
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.