Els & Co: 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.
Els & Co
Largest movements
- Tangible fixed assets +€16,360
up €16,360 (+115.8%), from €14,131 to €30,492
of which Plant, machinery and equipment: +€16,544
- Stocks and contracts +€9,362
up €9,362 (+65.9%), from €14,216 to €23,578
- Receivables within one year -€4,134
down €4,134 (-19.7%), from €21,030 to €16,896
of which Trade receivables: -€4,233
- Deferred charges and accrued income -€3,239
down €3,239 (-83.9%), from €3,860 to €620
- Cash +€3,050
up €3,050 (+3.8%), from €80,192 to €83,242
mainly Net result for the year (+€25,290) and Other debts (+€15,000)
- Other debts +€15,000
new in 2025: €15,000
- Trade debts -€12,585
down €12,585 (-22.7%), from €55,465 to €42,880
- Reserves +€10,290
up €10,290 (+21.4%), from €48,058 to €58,348
- Current portion of long-term debt +€3,065
up €3,065 (+90.7%), from €3,377 to €6,442
- Tax, wage and social debts +€3,047
up €3,047 (+16.3%), from €18,721 to €21,768
of which Remuneration and social security: +€6,967
- Staff costs -€26,620
down €26,620 (-22.8%), from €116,883 to €90,263
- Gross operating margin -€16,501
down €16,501 (-10.8%), from €152,872 to €136,371
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 | €134,996 | €155,984 | +€20,988 | +15.5% |
| Fixed assets | 21/28 | €15,698 | €31,648 | +€15,950 | +101.6% |
| Intangible fixed assets | 21 | €1,567 | €1,156 | -€411 | -26.2% |
| Tangible fixed assets | 22/27 | €14,131 | €30,492 | +€16,360 | +115.8% |
| Plant, machinery and equipment | 23 | €13,947 | €30,492 | +€16,544 | +118.6% |
| Furniture and vehicles | 24 | €184 | - | -€184 | |
| Current assets | 29/58 | €119,298 | €124,336 | +€5,038 | +4.2% |
| Stocks and contracts in progress | 3 | €14,216 | €23,578 | +€9,362 | +65.9% |
| Stocks | 30/36 | €14,216 | €23,578 | +€9,362 | +65.9% |
| Amounts receivable within one year | 40/41 | €21,030 | €16,896 | -€4,134 | -19.7% |
| Trade receivables | 40 | €15,159 | €10,926 | -€4,233 | -27.9% |
| Other amounts receivable | 41 | €5,871 | €5,970 | +€99 | +1.7% |
| Cash at bank and in hand | 54/58 | €80,192 | €83,242 | +€3,050 | +3.8% |
| Deferred charges and accrued income | 490/1 | €3,860 | €620 | -€3,239 | -83.9% |
| Total equity and liabilities | 10/49 | €134,996 | €155,984 | +€20,988 | +15.5% |
| Equity | 10/15 | €50,558 | €60,848 | +€10,290 | +20.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €48,058 | €58,348 | +€10,290 | +21.4% |
| Distributable reserves | 133 | €48,058 | €58,348 | +€10,290 | +21.4% |
| Amounts payable | 17/49 | €84,438 | €95,136 | +€10,697 | +12.7% |
| Amounts payable after more than one year | 17 | €6,875 | €8,254 | +€1,379 | +20.1% |
| Financial debts | 170/4 | €6,875 | €8,254 | +€1,379 | +20.1% |
| Amounts payable within one year | 42/48 | €77,563 | €86,089 | +€8,526 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €3,377 | €6,442 | +€3,065 | +90.7% |
| Trade debts | 44 | €55,465 | €42,880 | -€12,585 | -22.7% |
| Suppliers | 440/4 | €55,465 | €42,880 | -€12,585 | -22.7% |
| Taxes, remuneration and social security | 45 | €18,721 | €21,768 | +€3,047 | +16.3% |
| Taxes | 450/3 | €11,047 | €7,127 | -€3,920 | -35.5% |
| Remuneration and social security | 454/9 | €7,674 | €14,641 | +€6,967 | +90.8% |
| Other amounts payable | 47/48 | - | €15,000 | +€15,000 | |
| Accrued charges and deferred income | 492/3 | - | €792 | +€792 | |
| Remuneration, social security and pensions | 62 | €116,883 | €90,263 | -€26,620 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,672 | €8,709 | +€37 | +0.4% |
| Other operating charges | 640/8 | €682 | €702 | +€20 | +3.0% |
| Gross operating margin | 9900 | €152,872 | €136,371 | -€16,501 | -10.8% |
| Operating profit (loss) | 9901 | €26,635 | €36,696 | +€10,061 | +37.8% |
| Financial income | 75/76B | €14 | €211 | +€198 | +1425.6% |
| Recurring financial income | 75 | €14 | €211 | +€198 | +1425.6% |
| Financial charges | 65/66B | €3,555 | €4,103 | +€548 | +15.4% |
| Recurring financial charges | 65 | €3,555 | €4,103 | +€548 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €23,094 | €32,805 | +€9,711 | +42.0% |
| Income taxes | 67/77 | €6,012 | €7,515 | +€1,502 | +25.0% |
| Profit (loss) for the period | 9904 | €17,082 | €25,290 | +€8,209 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,082 | €25,290 | +€8,209 | +48.1% |
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 9 October 2026 via checked.be.