ELSA CONSULT: 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.
ELSA CONSULT
Largest movements
- Tangible fixed assets +€361,612
up €361,612 (+25.7%), from €1.4m to €1.8m
of which Assets under construction and advance payments: +€391,954
- Receivables within one year -€261,597
down €261,597 (-96.7%), from €270,540 to €8,943
of which Trade receivables: -€256,270
- Cash -€231,214
down €231,214 (-76.3%), from €303,168 to €71,954
mainly Investment in fixed assets (net) (-€396,638) and Net result for the year (-€102,147)
- Current investments -€79,678
down €79,678 (-7.4%), from €1.1m to €1.0m
- Profit (loss) carried forward -€102,147
down €102,147 (-4.8%), from €2.1m to €2.0m
- Other debts -€95,368
down €95,368 (-13.1%), from €730,343 to €634,976
- Gross operating margin -€651,670
down €651,670 (-92.3%), from €706,170 to €54,500
- Taxes +€160,955
up €160,955 (+3007.6%), from €5,352 to €166,307
- Financial income +€33,560
up €33,560 (+208.2%), from €16,116 to €49,676
- Depreciation +€16,204
up €16,204 (+86.1%), from €18,821 to €35,025
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 | €3,060,498 | €2,849,622 | -€210,876 | -6.9% |
| Fixed assets | 21/28 | €1,405,541 | €1,767,153 | +€361,612 | +25.7% |
| Tangible fixed assets | 22/27 | €1,405,461 | €1,767,073 | +€361,612 | +25.7% |
| Land and buildings | 22 | €1,363,062 | €1,330,798 | -€32,264 | -2.4% |
| Plant, machinery and equipment | 23 | €39,529 | €42,630 | +€3,101 | +7.8% |
| Furniture and vehicles | 24 | €2,869 | €1,691 | -€1,179 | -41.1% |
| Assets under construction and advance payments | 27 | - | €391,954 | +€391,954 | |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €1,654,957 | €1,082,469 | -€572,488 | -34.6% |
| Amounts receivable within one year | 40/41 | €270,540 | €8,943 | -€261,597 | -96.7% |
| Trade receivables | 40 | €264,982 | €8,712 | -€256,270 | -96.7% |
| Other amounts receivable | 41 | €5,558 | €231 | -€5,327 | -95.8% |
| Current investments | 50/53 | €1,081,250 | €1,001,572 | -€79,678 | -7.4% |
| Cash at bank and in hand | 54/58 | €303,168 | €71,954 | -€231,214 | -76.3% |
| Total equity and liabilities | 10/49 | €3,060,498 | €2,849,622 | -€210,876 | -6.9% |
| Equity | 10/15 | €2,305,403 | €2,203,255 | -€102,147 | -4.4% |
| Contributions | 10/11 | €103,120 | €103,120 | = | 0.0% |
| Outside capital | 11 | €103,120 | - | -€103,120 | |
| Share premium | 1100/10 | €103,120 | - | -€103,120 | |
| Reserves | 13 | €84,520 | €84,520 | = | 0.0% |
| Non-distributable reserves | 130/1 | €84,520 | €84,520 | = | 0.0% |
| Reserves not available under the articles | 1311 | €84,520 | €84,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,117,763 | €2,015,615 | -€102,147 | -4.8% |
| Amounts payable | 17/49 | €755,095 | €646,367 | -€108,729 | -14.4% |
| Amounts payable within one year | 42/48 | €755,095 | €646,367 | -€108,729 | -14.4% |
| Trade debts | 44 | €14,016 | €7,174 | -€6,842 | -48.8% |
| Suppliers | 440/4 | €14,016 | €7,174 | -€6,842 | -48.8% |
| Taxes, remuneration and social security | 45 | €10,736 | €4,217 | -€6,519 | -60.7% |
| Taxes | 450/3 | €10,736 | €4,217 | -€6,519 | -60.7% |
| Other amounts payable | 47/48 | €730,343 | €634,976 | -€95,368 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,821 | €35,025 | +€16,204 | +86.1% |
| Other operating charges | 640/8 | €1,587 | €4,574 | +€2,988 | +188.3% |
| Non-recurring operating charges | 66A | €140,402 | - | -€140,402 | |
| Gross operating margin | 9900 | €706,170 | €54,500 | -€651,670 | -92.3% |
| Operating profit (loss) | 9901 | €545,360 | €14,900 | -€530,459 | -97.3% |
| Financial income | 75/76B | €16,116 | €49,676 | +€33,560 | +208.2% |
| Recurring financial income | 75 | €16,116 | €49,676 | +€33,560 | +208.2% |
| Financial charges | 65/66B | €318 | €417 | +€99 | +31.2% |
| Recurring financial charges | 65 | €318 | €417 | +€99 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €561,158 | €64,160 | -€496,998 | -88.6% |
| Income taxes | 67/77 | €5,352 | €166,307 | +€160,955 | +3007.6% |
| Profit (loss) for the period | 9904 | €555,806 | -€102,147 | -€657,953 | |
| Profit (loss) for the period to be appropriated | 9905 | €555,806 | -€102,147 | -€657,953 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.