ELSAM: 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.
ELSAM
Largest movements
- Tangible fixed assets -€6,375
down €6,375 (-4.5%), from €142,315 to €135,940
- Current assets -€3,298
down €3,298 (-13.5%), from €24,362 to €21,064
- Debts after one year -€9,141
down €9,141 (-6.6%), from €138,644 to €129,503
- Depreciation -€27,877
down €27,877 (-81.4%), from €34,252 to €6,375
- Gross operating margin +€4,706
up €4,706 (+52.7%), from €8,928 to €13,634
From the 2018 result to the 2019 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2018 | 2019 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €166,677 | €157,004 | -€9,673 | -5.8% |
| Fixed assets | 21/28 | €142,315 | €135,940 | -€6,375 | -4.5% |
| Tangible fixed assets | 22/27 | €142,315 | €135,940 | -€6,375 | -4.5% |
| Current assets | 29/58 | €24,362 | €21,064 | -€3,298 | -13.5% |
| Cash at bank and in hand | 54/58 | €3,082 | €2,212 | -€870 | -28.2% |
| Total equity and liabilities | 10/49 | €166,677 | €157,004 | -€9,673 | -5.8% |
| Equity | 10/15 | -€25,406 | -€24,280 | +€1,126 | +4.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,606 | -€30,480 | +€1,126 | +3.6% |
| Amounts payable | 17/49 | €192,083 | €181,284 | -€10,799 | -5.6% |
| Amounts payable after more than one year | 17 | €138,644 | €129,503 | -€9,141 | -6.6% |
| Amounts payable within one year | 42/48 | €53,439 | €51,782 | -€1,658 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,252 | €6,375 | -€27,877 | -81.4% |
| Gross operating margin | 9900 | €8,928 | €13,634 | +€4,706 | +52.7% |
| Operating profit (loss) | 9901 | -€27,062 | €5,725 | +€32,787 | |
| Recurring financial charges | 65 | €4,544 | €4,599 | +€54 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | -€31,606 | €1,126 | +€32,732 | |
| Profit (loss) for the period | 9904 | -€31,606 | €1,126 | +€32,732 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,606 | €1,126 | +€32,732 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2018 and 31 December 2019. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.