ELSA: 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.
ELSA
Largest movements
- Stocks and contracts +€3,862
up €3,862 (+27.0%), from €14,321 to €18,182
- Receivables within one year -€3,574
down €3,574 (-85.0%), from €4,203 to €629
of which Trade receivables: -€4,165
- Tangible fixed assets +€2,017
up €2,017 (+22.6%), from €8,936 to €10,953
of which Plant, machinery and equipment: +€2,502
- Tax, wage and social debts -€15,134
down €15,134 (-42.5%), from €35,573 to €20,440
of which Remuneration and social security: -€9,427
- Trade debts +€8,663
up €8,663 (+93.6%), from €9,255 to €17,918
- Profit (loss) carried forward +€7,046
up €7,046 (+20.0%), from -€35,170 to -€28,124
- Other debts +€2,126
up €2,126 (+8.5%), from €25,161 to €27,287
- Staff costs -€185,015
down €185,015 (-78.0%), from €237,256 to €52,241
- Gross operating margin -€123,962
down €123,962 (-63.2%), from €196,238 to €72,275
- Other operating charges +€7,667
up €7,667 (+559.3%), from €1,371 to €9,038
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 | €53,420 | €56,121 | +€2,701 | +5.1% |
| Fixed assets | 21/28 | €8,936 | €10,953 | +€2,017 | +22.6% |
| Tangible fixed assets | 22/27 | €8,936 | €10,953 | +€2,017 | +22.6% |
| Plant, machinery and equipment | 23 | €7,966 | €10,468 | +€2,502 | +31.4% |
| Other tangible fixed assets | 26 | €970 | €485 | -€485 | -50.0% |
| Current assets | 29/58 | €44,484 | €45,168 | +€684 | +1.5% |
| Stocks and contracts in progress | 3 | €14,321 | €18,182 | +€3,862 | +27.0% |
| Stocks | 30/36 | €14,321 | €18,182 | +€3,862 | +27.0% |
| Amounts receivable within one year | 40/41 | €4,203 | €629 | -€3,574 | -85.0% |
| Trade receivables | 40 | €4,165 | - | -€4,165 | |
| Other amounts receivable | 41 | €38 | €629 | +€591 | +1555.9% |
| Cash at bank and in hand | 54/58 | €25,961 | €26,358 | +€397 | +1.5% |
| Total equity and liabilities | 10/49 | €53,420 | €56,121 | +€2,701 | +5.1% |
| Equity | 10/15 | -€16,570 | -€9,524 | +€7,046 | +42.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,170 | -€28,124 | +€7,046 | +20.0% |
| Amounts payable | 17/49 | €69,990 | €65,646 | -€4,344 | -6.2% |
| Amounts payable within one year | 42/48 | €69,990 | €65,646 | -€4,344 | -6.2% |
| Trade debts | 44 | €9,255 | €17,918 | +€8,663 | +93.6% |
| Suppliers | 440/4 | €9,255 | €17,918 | +€8,663 | +93.6% |
| Taxes, remuneration and social security | 45 | €35,573 | €20,440 | -€15,134 | -42.5% |
| Taxes | 450/3 | €21,010 | €15,304 | -€5,706 | -27.2% |
| Remuneration and social security | 454/9 | €14,564 | €5,136 | -€9,427 | -64.7% |
| Other amounts payable | 47/48 | €25,161 | €27,287 | +€2,126 | +8.5% |
| Remuneration, social security and pensions | 62 | €237,256 | €52,241 | -€185,015 | -78.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,301 | €4,043 | +€742 | +22.5% |
| Other operating charges | 640/8 | €1,371 | €9,038 | +€7,667 | +559.3% |
| Gross operating margin | 9900 | €196,238 | €72,275 | -€123,962 | -63.2% |
| Operating profit (loss) | 9901 | -€45,690 | €6,953 | +€52,643 | |
| Financial income | 75/76B | €496 | €196 | -€300 | -60.5% |
| Recurring financial income | 75 | €496 | €196 | -€300 | -60.5% |
| Financial charges | 65/66B | €217 | €104 | -€113 | -52.1% |
| Recurring financial charges | 65 | €217 | €104 | -€113 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | -€45,411 | €7,046 | +€52,456 | |
| Income taxes | 67/77 | €2 | - | -€2 | |
| Profit (loss) for the period | 9904 | -€45,413 | €7,046 | +€52,458 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,413 | €7,046 | +€52,458 |
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 10 October 2026 via checked.be.