ELSA LEDUC: 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 LEDUC
Largest movements
- Cash +€28,547
up €28,547 (+42.4%), from €67,310 to €95,857
mainly Net result for the year (+€40,215) and Depreciation (+€163)
- Receivables within one year +€4,444
up €4,444 (+1054.3%), from €422 to €4,866
- Profit (loss) carried forward +€40,215
up €40,215 (+21247.4%), from €189 to €40,404
- Other debts -€4,266
down €4,266 (-51.8%), from €8,239 to €3,973
- Tax, wage and social debts -€3,223
no longer reported in 2025 (was €3,223)
- Gross operating margin -€22,344
down €22,344 (-30.5%), from €73,326 to €50,982
- Taxes -€4,186
down €4,186 (-28.8%), from €14,531 to €10,345
- Depreciation -€1,100
down €1,100 (-87.1%), from €1,263 to €163
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 | €68,151 | €100,980 | +€32,829 | +48.2% |
| Fixed assets | 21/28 | €420 | €257 | -€163 | -38.7% |
| Tangible fixed assets | 22/27 | €420 | €257 | -€163 | -38.7% |
| Furniture and vehicles | 24 | €420 | €257 | -€163 | -38.7% |
| Current assets | 29/58 | €67,731 | €100,723 | +€32,991 | +48.7% |
| Amounts receivable within one year | 40/41 | €422 | €4,866 | +€4,444 | +1054.3% |
| Other amounts receivable | 41 | €422 | €4,866 | +€4,444 | +1054.3% |
| Cash at bank and in hand | 54/58 | €67,310 | €95,857 | +€28,547 | +42.4% |
| Total equity and liabilities | 10/49 | €68,151 | €100,980 | +€32,829 | +48.2% |
| Equity | 10/15 | €56,689 | €96,904 | +€40,215 | +70.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Outside capital | 11 | €500 | €500 | = | 0.0% |
| Other | 1109/19 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €56,000 | €56,000 | = | 0.0% |
| Distributable reserves | 133 | €56,000 | €56,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €189 | €40,404 | +€40,215 | +21247.4% |
| Amounts payable | 17/49 | €11,462 | €4,076 | -€7,386 | -64.4% |
| Amounts payable within one year | 42/48 | €11,462 | €4,076 | -€7,386 | -64.4% |
| Trade debts | 44 | - | €103 | +€103 | |
| Suppliers | 440/4 | - | €103 | +€103 | |
| Taxes, remuneration and social security | 45 | €3,223 | - | -€3,223 | |
| Taxes | 450/3 | €3,223 | - | -€3,223 | |
| Other amounts payable | 47/48 | €8,239 | €3,973 | -€4,266 | -51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,263 | €163 | -€1,100 | -87.1% |
| Other operating charges | 640/8 | €674 | - | -€674 | |
| Gross operating margin | 9900 | €73,326 | €50,982 | -€22,344 | -30.5% |
| Operating profit (loss) | 9901 | €71,390 | €50,819 | -€20,571 | -28.8% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.7% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.7% |
| Financial charges | 65/66B | €180 | €259 | +€80 | +44.4% |
| Recurring financial charges | 65 | €180 | €259 | +€80 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €71,213 | €50,560 | -€20,653 | -29.0% |
| Income taxes | 67/77 | €14,531 | €10,345 | -€4,186 | -28.8% |
| Profit (loss) for the period | 9904 | €56,682 | €40,215 | -€16,467 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,682 | €40,215 | -€16,467 | -29.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.