ELSADA: 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.
ELSADA
Largest movements
- Current investments -€8,518
no longer reported in 2025 (was €8,518)
- Cash +€5,767
new in 2025: €5,767
mainly Other debts (+€14,032) and Current investments (+€8,518)
- Tangible fixed assets -€1,300
down €1,300 (-63.4%), from €2,051 to €751
- Deferred charges and accrued income -€280
down €280 (-86.7%), from €322 to €43
- Profit (loss) carried forward -€21,057
down €21,057 (-99.5%), from -€21,173 to -€42,230
- Other debts +€14,032
up €14,032 (+1,069%), from €1,312 to €15,344
- Tax, wage and social debts +€3,178
up €3,178 (+53.0%), from €5,995 to €9,173
of which Taxes: +€2,004
- Provisions -€2,024
no longer reported in 2025 (was €2,024)
- Trade debts +€1,541
up €1,541 (+36.0%), from €4,283 to €5,824
- Staff costs +€13,462
up €13,462 (+57.3%), from €23,510 to €36,972
- Financial income -€8,000
no longer reported in 2025 (was €8,000)
of which Financial income: -€8,000
- Gross operating margin +€6,574
up €6,574 (+55.5%), from €11,840 to €18,414
- Depreciation -€928
down €928 (-41.7%), from €2,229 to €1,300
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 | €11,041 | €6,711 | -€4,330 | -39.2% |
| Fixed assets | 21/28 | €2,201 | €901 | -€1,300 | -59.1% |
| Tangible fixed assets | 22/27 | €2,051 | €751 | -€1,300 | -63.4% |
| Furniture and vehicles | 24 | €2,051 | €751 | -€1,300 | -63.4% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €8,841 | €5,810 | -€3,030 | -34.3% |
| Current investments | 50/53 | €8,518 | - | -€8,518 | |
| Cash at bank and in hand | 54/58 | - | €5,767 | +€5,767 | |
| Deferred charges and accrued income | 490/1 | €322 | €43 | -€280 | -86.7% |
| Total equity and liabilities | 10/49 | €11,041 | €6,711 | -€4,330 | -39.2% |
| Equity | 10/15 | -€2,573 | -€23,630 | -€21,057 | -818% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,173 | -€42,230 | -€21,057 | -99.5% |
| Provisions and deferred taxes | 16 | €2,024 | - | -€2,024 | |
| Provisions for liabilities and charges | 160/5 | €2,024 | - | -€2,024 | |
| Other liabilities and charges | 164/5 | €2,024 | - | -€2,024 | |
| Amounts payable | 17/49 | €11,590 | €30,341 | +€18,750 | +162% |
| Amounts payable within one year | 42/48 | €11,590 | €30,341 | +€18,750 | +162% |
| Trade debts | 44 | €4,283 | €5,824 | +€1,541 | +36.0% |
| Suppliers | 440/4 | €4,283 | €5,824 | +€1,541 | +36.0% |
| Taxes, remuneration and social security | 45 | €5,995 | €9,173 | +€3,178 | +53.0% |
| Taxes | 450/3 | €2,959 | €4,964 | +€2,004 | +67.7% |
| Remuneration and social security | 454/9 | €3,035 | €4,209 | +€1,174 | +38.7% |
| Other amounts payable | 47/48 | €1,312 | €15,344 | +€14,032 | +1,069% |
| Remuneration, social security and pensions | 62 | €23,510 | €36,972 | +€13,462 | +57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,229 | €1,300 | -€928 | -41.7% |
| Other operating charges | 640/8 | €947 | €1,054 | +€107 | +11.3% |
| Gross operating margin | 9900 | €11,840 | €18,414 | +€6,574 | +55.5% |
| Operating profit (loss) | 9901 | -€14,846 | -€20,912 | -€6,066 | -40.9% |
| Financial income | 75/76B | €8,000 | - | -€8,000 | |
| Recurring financial income | 75 | €8,000 | - | -€8,000 | |
| Non-recurring financial income | 76B | €8,000 | - | -€8,000 | |
| Financial charges | 65/66B | €117 | €75 | -€42 | -35.7% |
| Recurring financial charges | 65 | €117 | €75 | -€42 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,963 | -€20,987 | -€14,024 | -201% |
| Income taxes | 67/77 | €71 | €70 | -€1 | -2.1% |
| Profit (loss) for the period | 9904 | -€7,034 | -€21,057 | -€14,023 | -199% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,034 | -€21,057 | -€14,023 | -199% |
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 21 October 2026 via checked.be.