ELSAN: what changed
ELSAN
Largest movements
- Tangible fixed assets -€23,428
down €23,428 (-14.3%), from €163,818 to €140,390
of which Other tangible fixed assets: -€16,870
- Cash -€16,070
down €16,070 (-83.7%), from €19,193 to €3,123
mainly Trade debts (-€67,899) and Tax, wage and social debts (-€30,841)
- Receivables within one year +€3,621
up €3,621 (+71.2%), from €5,087 to €8,707
of which Trade receivables: +€3,137
- Trade debts -€67,899
down €67,899 (-55.8%), from €121,658 to €53,758
- Profit (loss) carried forward +€45,020
up €45,020 (+67.3%), from -€66,848 to -€21,828
- Other debts +€35,100
up €35,100 (+281%), from €12,478 to €47,579
- Tax, wage and social debts -€30,841
down €30,841 (-60.9%), from €50,651 to €19,810
of which Taxes: -€25,082
- Debts after one year -€11,556
down €11,556 (-32.0%), from €36,093 to €24,537
- Staff costs -€66,524
down €66,524 (-55.2%), from €120,607 to €54,083
- Gross operating margin -€42,846
down €42,846 (-25.1%), from €170,683 to €127,837
- Depreciation -€14,526
down €14,526 (-38.3%), from €37,954 to €23,428
- Other operating charges -€4,653
down €4,653 (-55.2%), from €8,430 to €3,777
- Financial charges -€2,458
down €2,458 (-64.2%), from €3,830 to €1,372
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €199,794 | €162,935 | -€36,859 | -18.4% |
| Fixed assets | 21/28 | €163,818 | €140,390 | -€23,428 | -14.3% |
| Tangible fixed assets | 22/27 | €163,818 | €140,390 | -€23,428 | -14.3% |
| Land and buildings | 22 | €19,712 | €17,981 | -€1,731 | -8.8% |
| Plant, machinery and equipment | 23 | €15,209 | €13,430 | -€1,779 | -11.7% |
| Furniture and vehicles | 24 | €7,934 | €4,886 | -€3,048 | -38.4% |
| Other tangible fixed assets | 26 | €120,963 | €104,093 | -€16,870 | -13.9% |
| Current assets | 29/58 | €35,976 | €22,545 | -€13,431 | -37.3% |
| Stocks and contracts in progress | 3 | €11,696 | €10,715 | -€982 | -8.4% |
| Stocks | 30/36 | €11,696 | €10,715 | -€982 | -8.4% |
| Amounts receivable within one year | 40/41 | €5,087 | €8,707 | +€3,621 | +71.2% |
| Trade receivables | 40 | - | €3,137 | +€3,137 | |
| Other amounts receivable | 41 | €5,087 | €5,570 | +€483 | +9.5% |
| Cash at bank and in hand | 54/58 | €19,193 | €3,123 | -€16,070 | -83.7% |
| Total equity and liabilities | 10/49 | €199,794 | €162,935 | -€36,859 | -18.4% |
| Equity | 10/15 | -€48,248 | -€3,228 | +€45,020 | +93.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,848 | -€21,828 | +€45,020 | +67.3% |
| Amounts payable | 17/49 | €248,042 | €166,164 | -€81,878 | -33.0% |
| Amounts payable after more than one year | 17 | €36,093 | €24,537 | -€11,556 | -32.0% |
| Financial debts | 170/4 | €36,093 | €24,537 | -€11,556 | -32.0% |
| Amounts payable within one year | 42/48 | €211,949 | €141,626 | -€70,323 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €27,162 | €20,480 | -€6,683 | -24.6% |
| Trade debts | 44 | €121,658 | €53,758 | -€67,899 | -55.8% |
| Suppliers | 440/4 | €121,658 | €53,758 | -€67,899 | -55.8% |
| Taxes, remuneration and social security | 45 | €50,651 | €19,810 | -€30,841 | -60.9% |
| Taxes | 450/3 | €40,207 | €15,125 | -€25,082 | -62.4% |
| Remuneration and social security | 454/9 | €10,444 | €4,684 | -€5,759 | -55.1% |
| Other amounts payable | 47/48 | €12,478 | €47,579 | +€35,100 | +281% |
| Non-recurring operating income | 76A | €8,510 | - | -€8,510 | |
| Remuneration, social security and pensions | 62 | €120,607 | €54,083 | -€66,524 | -55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,954 | €23,428 | -€14,526 | -38.3% |
| Other operating charges | 640/8 | €8,430 | €3,777 | -€4,653 | -55.2% |
| Gross operating margin | 9900 | €170,683 | €127,837 | -€42,846 | -25.1% |
| Operating profit (loss) | 9901 | €3,692 | €46,549 | +€42,857 | +1,161% |
| Financial income | 75/76B | €4 | €1 | -€4 | -81.5% |
| Recurring financial income | 75 | €4 | €1 | -€4 | -81.5% |
| Financial charges | 65/66B | €3,830 | €1,372 | -€2,458 | -64.2% |
| Recurring financial charges | 65 | €3,830 | €1,372 | -€2,458 | -64.2% |
| Profit (loss) for the period before taxes | 9903 | -€134 | €45,178 | +€45,312 | |
| Income taxes | 67/77 | €157 | €158 | +€1 | +0.7% |
| Profit (loss) for the period | 9904 | -€291 | €45,020 | +€45,311 | |
| Profit (loss) for the period to be appropriated | 9905 | -€291 | €45,020 | +€45,311 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.