ELSA BOUW: 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 BOUW
Largest movements
- Cash +€34,571
up €34,571 (+393%), from €8,795 to €43,367
mainly Net result for the year (+€21,030) and Receivables within one year (+€12,827)
- Receivables within one year -€12,827
down €12,827 (-62.4%), from €20,549 to €7,723
of which Trade receivables: -€14,787
- Stocks and contracts -€3,464
no longer reported in 2025 (was €3,464)
- Deferred charges and accrued income +€2,197
up €2,197 (+187%), from €1,176 to €3,374
- Profit (loss) carried forward +€21,030
up €21,030 (+29.2%), from -€71,982 to -€50,952
- Trade debts -€2,555
down €2,555 (-27.1%), from €9,430 to €6,876
- Tax, wage and social debts +€1,353
up €1,353 (+22.0%), from €6,153 to €7,506
of which Taxes: +€1,050
- Other debts +€719
up €719 (+978%), from €74 to €793
- Gross operating margin +€18,369
up €18,369 (+302%), from €6,074 to €24,444
- Other operating charges +€836
up €836 (+265%), from €316 to €1,152
- Taxes +€684
up €684 (+5,578%), from €12 to €697
- Financial income -€434
down €434 (-97.5%), from €445 to €11
of which Non-recurring financial income: -€401
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 | €36,435 | €56,983 | +€20,548 | +56.4% |
| Fixed assets | 21/28 | €2,450 | €2,520 | +€70 | +2.8% |
| Tangible fixed assets | 22/27 | €1,370 | €1,440 | +€70 | +5.1% |
| Plant, machinery and equipment | 23 | €991 | €907 | -€84 | -8.5% |
| Furniture and vehicles | 24 | €379 | €533 | +€154 | +40.6% |
| Financial fixed assets | 28 | €1,080 | €1,080 | = | 0.0% |
| Current assets | 29/58 | €33,985 | €54,463 | +€20,478 | +60.3% |
| Stocks and contracts in progress | 3 | €3,464 | - | -€3,464 | |
| Stocks | 30/36 | €3,464 | - | -€3,464 | |
| Amounts receivable within one year | 40/41 | €20,549 | €7,723 | -€12,827 | -62.4% |
| Trade receivables | 40 | €20,547 | €5,760 | -€14,787 | -72.0% |
| Other amounts receivable | 41 | €3 | €1,963 | +€1,960 | +77,793% |
| Cash at bank and in hand | 54/58 | €8,795 | €43,367 | +€34,571 | +393% |
| Deferred charges and accrued income | 490/1 | €1,176 | €3,374 | +€2,197 | +187% |
| Total equity and liabilities | 10/49 | €36,435 | €56,983 | +€20,548 | +56.4% |
| Equity | 10/15 | €20,778 | €41,808 | +€21,030 | +101% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €72,300 | €72,300 | = | 0.0% |
| Distributable reserves | 133 | €72,300 | €72,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,982 | -€50,952 | +€21,030 | +29.2% |
| Amounts payable | 17/49 | €15,657 | €15,175 | -€482 | -3.1% |
| Amounts payable within one year | 42/48 | €15,657 | €15,175 | -€482 | -3.1% |
| Trade debts | 44 | €9,430 | €6,876 | -€2,555 | -27.1% |
| Suppliers | 440/4 | €9,430 | €6,876 | -€2,555 | -27.1% |
| Taxes, remuneration and social security | 45 | €6,153 | €7,506 | +€1,353 | +22.0% |
| Taxes | 450/3 | €6,153 | €7,203 | +€1,050 | +17.1% |
| Remuneration and social security | 454/9 | - | €303 | +€303 | |
| Other amounts payable | 47/48 | €74 | €793 | +€719 | +978% |
| Non-recurring operating income | 76A | - | €3,459 | +€3,459 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,382 | €1,159 | -€223 | -16.1% |
| Other operating charges | 640/8 | €316 | €1,152 | +€836 | +265% |
| Gross operating margin | 9900 | €6,074 | €24,444 | +€18,369 | +302% |
| Operating profit (loss) | 9901 | €4,377 | €22,133 | +€17,756 | +406% |
| Financial income | 75/76B | €445 | €11 | -€434 | -97.5% |
| Recurring financial income | 75 | €44 | €11 | -€32 | -74.0% |
| Non-recurring financial income | 76B | €401 | - | -€401 | |
| Financial charges | 65/66B | €236 | €417 | +€182 | +77.1% |
| Recurring financial charges | 65 | €236 | €417 | +€182 | +77.1% |
| Profit (loss) for the period before taxes | 9903 | €4,586 | €21,727 | +€17,141 | +374% |
| Income taxes | 67/77 | €12 | €697 | +€684 | +5,578% |
| Profit (loss) for the period | 9904 | €4,574 | €21,030 | +€16,456 | +360% |
| Profit (loss) for the period to be appropriated | 9905 | €4,574 | €21,030 | +€16,456 | +360% |
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 14 October 2026 via checked.be.