ELSA EMOI: 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 EMOI
Largest movements
- Stocks and contracts -€9,859
down €9,859 (-28.1%), from €35,027 to €25,168
- Cash -€7,025
down €7,025 (-33.9%), from €20,702 to €13,676
mainly Net result for the year (-€10,146) and Debts after one year (-€4,204)
- Profit (loss) carried forward -€10,146
new in 2025: -€10,146
- Debts after one year -€4,204
down €4,204 (-66.1%), from €6,360 to €2,156
- Trade debts -€3,570
down €3,570 (-65.2%), from €5,477 to €1,907
- Tax, wage and social debts +€1,365
up €1,365 (+22.2%), from €6,158 to €7,523
of which Remuneration and social security: +€2,060
- Gross operating margin -€1,302
down €1,302 (-104%), from -€1,248 to -€2,550
- Staff costs -€190
down €190 (-2.8%), from €6,844 to €6,654
- Financial charges -€151
down €151 (-26.6%), from €568 to €417
- Taxes -€78
no longer reported in 2025 (was €78)
- Other operating charges +€43
up €43 (+9.0%), from €481 to €525
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 | €57,889 | €41,308 | -€16,581 | -28.6% |
| Fixed assets | 21/28 | €2,160 | €2,160 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €2,160 | €2,160 | = | 0.0% |
| Current assets | 29/58 | €55,729 | €39,148 | -€16,581 | -29.8% |
| Stocks and contracts in progress | 3 | €35,027 | €25,168 | -€9,859 | -28.1% |
| Stocks | 30/36 | €35,027 | €25,168 | -€9,859 | -28.1% |
| Amounts receivable within one year | 40/41 | €0 | €304 | +€304 | |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €0 | €304 | +€304 | |
| Cash at bank and in hand | 54/58 | €20,702 | €13,676 | -€7,025 | -33.9% |
| Total equity and liabilities | 10/49 | €57,889 | €41,308 | -€16,581 | -28.6% |
| Equity | 10/15 | €17,684 | €7,538 | -€10,146 | -57.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €11,484 | €11,484 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €9,624 | €9,624 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€10,146 | -€10,146 | |
| Amounts payable | 17/49 | €40,205 | €33,770 | -€6,435 | -16.0% |
| Amounts payable after more than one year | 17 | €6,360 | €2,156 | -€4,204 | -66.1% |
| Financial debts | 170/4 | €6,360 | €2,156 | -€4,204 | -66.1% |
| Amounts payable within one year | 42/48 | €33,845 | €31,614 | -€2,230 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €4,064 | €4,204 | +€140 | +3.5% |
| Trade debts | 44 | €5,477 | €1,907 | -€3,570 | -65.2% |
| Suppliers | 440/4 | €5,477 | €1,907 | -€3,570 | -65.2% |
| Advances received on contracts in progress | 46 | - | €368 | +€368 | |
| Taxes, remuneration and social security | 45 | €6,158 | €7,523 | +€1,365 | +22.2% |
| Taxes | 450/3 | €5,827 | €5,132 | -€695 | -11.9% |
| Remuneration and social security | 454/9 | €331 | €2,391 | +€2,060 | +622% |
| Other amounts payable | 47/48 | €18,146 | €17,612 | -€534 | -2.9% |
| Remuneration, social security and pensions | 62 | €6,844 | €6,654 | -€190 | -2.8% |
| Other operating charges | 640/8 | €481 | €525 | +€43 | +9.0% |
| Gross operating margin | 9900 | -€1,248 | -€2,550 | -€1,302 | -104% |
| Operating profit (loss) | 9901 | -€8,574 | -€9,730 | -€1,156 | -13.5% |
| Financial charges | 65/66B | €568 | €417 | -€151 | -26.6% |
| Recurring financial charges | 65 | €568 | €417 | -€151 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | -€9,141 | -€10,146 | -€1,005 | -11.0% |
| Income taxes | 67/77 | €78 | - | -€78 | |
| Profit (loss) for the period | 9904 | -€9,220 | -€10,146 | -€926 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,220 | -€10,146 | -€926 | -10.0% |
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 17 October 2026 via checked.be.