ELS: 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.
ELS
Largest movements
- Cash +€321,972
up €321,972 (+136.0%), from €236,710 to €558,682
mainly Net result for the year (+€453,608) and Other debts (+€204,610)
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€57,750
up €57,750 (+88.0%), from €65,611 to €123,360
of which Trade receivables: +€53,097
- Other debts +€204,610
up €204,610 (+146.4%), from €139,776 to €344,387
- Reserves +€183,135
new in 2025: €183,135
- Tax, wage and social debts +€105,792
up €105,792 (+316.1%), from €33,466 to €139,258
- Advances received +€74,971
up €74,971 (+741.2%), from €10,115 to €85,086
- Profit (loss) carried forward -€49,527
down €49,527 (-79.3%), from €62,432 to €12,905
- Gross operating margin +€379,376
up €379,376 (+157.5%), from €240,933 to €620,309
- Taxes +€91,732
up €91,732 (+167.2%), from €54,872 to €146,604
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 | €345,616 | €822,615 | +€477,000 | +138.0% |
| Fixed assets | 21/28 | €42,062 | €35,753 | -€6,308 | -15.0% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €42,061 | €35,752 | -€6,308 | -15.0% |
| Plant, machinery and equipment | 23 | €1,674 | €1,640 | -€34 | -2.0% |
| Furniture and vehicles | 24 | €35,913 | €28,725 | -€7,188 | -20.0% |
| Other tangible fixed assets | 26 | €4,474 | €5,388 | +€914 | +20.4% |
| Current assets | 29/58 | €303,554 | €786,862 | +€483,308 | +159.2% |
| Amounts receivable within one year | 40/41 | €65,611 | €123,360 | +€57,750 | +88.0% |
| Trade receivables | 40 | €65,611 | €118,708 | +€53,097 | +80.9% |
| Other amounts receivable | 41 | - | €4,652 | +€4,652 | |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €236,710 | €558,682 | +€321,972 | +136.0% |
| Deferred charges and accrued income | 490/1 | €1,233 | €4,819 | +€3,586 | +290.9% |
| Total equity and liabilities | 10/49 | €345,616 | €822,615 | +€477,000 | +138.0% |
| Equity | 10/15 | €81,032 | €214,640 | +€133,608 | +164.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €183,135 | +€183,135 | |
| Tax-exempt reserves | 132 | - | €183,135 | +€183,135 | |
| Profit (loss) carried forward | 14 | €62,432 | €12,905 | -€49,527 | -79.3% |
| Amounts payable | 17/49 | €264,583 | €607,975 | +€343,392 | +129.8% |
| Amounts payable after more than one year | 17 | €25,112 | €17,308 | -€7,804 | -31.1% |
| Financial debts | 170/4 | €25,112 | €17,308 | -€7,804 | -31.1% |
| Amounts payable within one year | 42/48 | €239,471 | €590,668 | +€351,196 | +146.7% |
| Current portion of amounts payable after more than one year | 42 | €7,496 | €7,804 | +€309 | +4.1% |
| Trade debts | 44 | €48,619 | €14,133 | -€34,486 | -70.9% |
| Suppliers | 440/4 | €48,619 | €14,133 | -€34,486 | -70.9% |
| Advances received on contracts in progress | 46 | €10,115 | €85,086 | +€74,971 | +741.2% |
| Taxes, remuneration and social security | 45 | €33,466 | €139,258 | +€105,792 | +316.1% |
| Taxes | 450/3 | €33,466 | €139,258 | +€105,792 | +316.1% |
| Other amounts payable | 47/48 | €139,776 | €344,387 | +€204,610 | +146.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,173 | €10,817 | +€644 | +6.3% |
| Other operating charges | 640/8 | €1,533 | €2,902 | +€1,368 | +89.2% |
| Gross operating margin | 9900 | €240,933 | €620,309 | +€379,376 | +157.5% |
| Operating profit (loss) | 9901 | €229,227 | €606,591 | +€377,364 | +164.6% |
| Financial income | 75/76B | - | €231 | +€231 | |
| Recurring financial income | 75 | - | €231 | +€231 | |
| Financial charges | 65/66B | €1,553 | €6,610 | +€5,058 | +325.7% |
| Recurring financial charges | 65 | €1,553 | €6,610 | +€5,058 | +325.7% |
| Profit (loss) for the period before taxes | 9903 | €227,674 | €600,211 | +€372,538 | +163.6% |
| Income taxes | 67/77 | €54,872 | €146,604 | +€91,732 | +167.2% |
| Profit (loss) for the period | 9904 | €172,802 | €453,608 | +€280,806 | +162.5% |
| Transfer to tax-exempt reserves | 689 | - | €183,135 | +€183,135 | |
| Profit (loss) for the period to be appropriated | 9905 | €172,802 | €270,473 | +€97,671 | +56.5% |
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 30 September 2026 via checked.be.