ELSA EU: 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 EU
Largest movements
- Cash -€10,222
down €10,222 (-99.7%), from €10,254 to €31
mainly Net result for the year (-€27,080) and Stocks and contracts (-€4,166)
- Stocks and contracts +€4,166
new in 2025: €4,166
- Receivables within one year -€935
down €935 (-55.7%), from €1,679 to €744
of which Other amounts receivable: -€1,264
- Deferred charges and accrued income -€923
down €923 (-84.6%), from €1,091 to €167
- Profit (loss) carried forward -€20,171
new in 2025: -€20,171
- Other debts +€16,587
up €16,587 (+770%), from €2,154 to €18,740
- Reserves -€6,910
no longer reported in 2025 (was €6,910)
- Trade debts +€3,541
up €3,541 (+367%), from €966 to €4,507
- Tax, wage and social debts -€859
down €859 (-71.8%), from €1,196 to €337
of which Remuneration and social security: -€1,000
- Gross operating margin -€27,693
down €27,693, from €3,175 to -€24,519
- Taxes -€784
down €784 (-82.4%), from €951 to €167
- Depreciation +€254
up €254 (+25.0%), from €1,014 to €1,268
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 | €14,726 | €6,914 | -€7,811 | -53.0% |
| Fixed assets | 21/28 | €1,702 | €1,805 | +€103 | +6.0% |
| Tangible fixed assets | 22/27 | €1,702 | €1,805 | +€103 | +6.0% |
| Furniture and vehicles | 24 | €1,702 | €1,805 | +€103 | +6.0% |
| Current assets | 29/58 | €13,023 | €5,109 | -€7,914 | -60.8% |
| Stocks and contracts in progress | 3 | - | €4,166 | +€4,166 | |
| Stocks | 30/36 | - | €4,166 | +€4,166 | |
| Amounts receivable within one year | 40/41 | €1,679 | €744 | -€935 | -55.7% |
| Trade receivables | 40 | - | €329 | +€329 | |
| Other amounts receivable | 41 | €1,679 | €415 | -€1,264 | -75.3% |
| Cash at bank and in hand | 54/58 | €10,254 | €31 | -€10,222 | -99.7% |
| Deferred charges and accrued income | 490/1 | €1,091 | €167 | -€923 | -84.6% |
| Total equity and liabilities | 10/49 | €14,726 | €6,914 | -€7,811 | -53.0% |
| Equity | 10/15 | €10,410 | -€16,671 | -€27,080 | |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €6,910 | - | -€6,910 | |
| Distributable reserves | 133 | €6,910 | - | -€6,910 | |
| Profit (loss) carried forward | 14 | - | -€20,171 | -€20,171 | |
| Amounts payable | 17/49 | €4,316 | €23,585 | +€19,269 | +446% |
| Amounts payable within one year | 42/48 | €4,316 | €23,585 | +€19,269 | +446% |
| Trade debts | 44 | €966 | €4,507 | +€3,541 | +367% |
| Suppliers | 440/4 | €966 | €4,507 | +€3,541 | +367% |
| Taxes, remuneration and social security | 45 | €1,196 | €337 | -€859 | -71.8% |
| Taxes | 450/3 | €196 | €337 | +€141 | +71.9% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €2,154 | €18,740 | +€16,587 | +770% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,014 | €1,268 | +€254 | +25.0% |
| Other operating charges | 640/8 | €76 | €247 | +€172 | +228% |
| Gross operating margin | 9900 | €3,175 | -€24,519 | -€27,693 | |
| Operating profit (loss) | 9901 | €2,085 | -€26,034 | -€28,119 | |
| Financial charges | 65/66B | €932 | €879 | -€54 | -5.8% |
| Recurring financial charges | 65 | €932 | €879 | -€54 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €1,153 | -€26,913 | -€28,066 | |
| Income taxes | 67/77 | €951 | €167 | -€784 | -82.4% |
| Profit (loss) for the period | 9904 | €202 | -€27,080 | -€27,282 | |
| Profit (loss) for the period to be appropriated | 9905 | €202 | -€27,080 | -€27,282 |
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 15 October 2026 via checked.be.