ELSAN: 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.
ELSAN
Largest movements
- Receivables within one year +€101,619
up €101,619 (+83.2%), from €122,068 to €223,688
of which Trade receivables: +€81,512
- Cash -€18,547
down €18,547 (-82.7%), from €22,435 to €3,887
mainly Receivables within one year (-€101,619) and Accrued charges and deferred income (-€12,881)
- Tangible fixed assets +€8,510
up €8,510 (+99.2%), from €8,576 to €17,086
of which Land and buildings: +€9,568
- Advances received +€56,094
up €56,094 (+232.5%), from €24,125 to €80,219
- Trade debts +€21,200
up €21,200 (+96.0%), from €22,076 to €43,276
- Tax, wage and social debts +€13,638
up €13,638 (+130.9%), from €10,421 to €24,059
of which Remuneration and social security: +€8,872
- Profit (loss) carried forward +€13,533
up €13,533 (+21.7%), from €62,473 to €76,006
- Accrued charges and deferred income -€12,881
no longer reported in 2026 (was €12,881)
- Staff costs +€34,840
new in 2026: €34,840
- Gross operating margin +€19,944
up €19,944 (+53.8%), from €37,070 to €57,014
- Taxes -€5,872
down €5,872 (-55.2%), from €10,636 to €4,764
- Financial income -€3,064
no longer reported in 2026 (was €3,064)
- Other operating charges -€1,632
down €1,632 (-62.7%), from €2,603 to €971
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,662 | €251,245 | +€91,582 | +57.4% |
| Fixed assets | 21/28 | €15,160 | €23,670 | +€8,510 | +56.1% |
| Tangible fixed assets | 22/27 | €8,576 | €17,086 | +€8,510 | +99.2% |
| Land and buildings | 22 | - | €9,568 | +€9,568 | |
| Plant, machinery and equipment | 23 | €3,512 | €4,182 | +€670 | +19.1% |
| Furniture and vehicles | 24 | €5,064 | €3,337 | -€1,727 | -34.1% |
| Financial fixed assets | 28 | €6,584 | €6,584 | = | 0.0% |
| Current assets | 29/58 | €144,503 | €227,575 | +€83,072 | +57.5% |
| Amounts receivable within one year | 40/41 | €122,068 | €223,688 | +€101,619 | +83.2% |
| Trade receivables | 40 | €62,885 | €144,397 | +€81,512 | +129.6% |
| Other amounts receivable | 41 | €59,183 | €79,291 | +€20,107 | +34.0% |
| Cash at bank and in hand | 54/58 | €22,435 | €3,887 | -€18,547 | -82.7% |
| Total equity and liabilities | 10/49 | €159,662 | €251,245 | +€91,582 | +57.4% |
| Equity | 10/15 | €90,158 | €103,691 | +€13,533 | +15.0% |
| Contributions | 10/11 | €12,150 | €12,150 | = | 0.0% |
| Reserves | 13 | €15,535 | €15,535 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,675 | €13,675 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,473 | €76,006 | +€13,533 | +21.7% |
| Amounts payable | 17/49 | €69,504 | €147,554 | +€78,050 | +112.3% |
| Amounts payable within one year | 42/48 | €56,623 | €147,554 | +€90,931 | +160.6% |
| Trade debts | 44 | €22,076 | €43,276 | +€21,200 | +96.0% |
| Suppliers | 440/4 | €22,076 | €43,276 | +€21,200 | +96.0% |
| Advances received on contracts in progress | 46 | €24,125 | €80,219 | +€56,094 | +232.5% |
| Taxes, remuneration and social security | 45 | €10,421 | €24,059 | +€13,638 | +130.9% |
| Taxes | 450/3 | €10,421 | €15,187 | +€4,766 | +45.7% |
| Remuneration and social security | 454/9 | - | €8,872 | +€8,872 | |
| Accrued charges and deferred income | 492/3 | €12,881 | - | -€12,881 | |
| Remuneration, social security and pensions | 62 | - | €34,840 | +€34,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,754 | €2,771 | +€17 | +0.6% |
| Other operating charges | 640/8 | €2,603 | €971 | -€1,632 | -62.7% |
| Gross operating margin | 9900 | €37,070 | €57,014 | +€19,944 | +53.8% |
| Operating profit (loss) | 9901 | €31,714 | €18,433 | -€13,281 | -41.9% |
| Financial income | 75/76B | €3,064 | - | -€3,064 | |
| Recurring financial income | 75 | €3,064 | - | -€3,064 | |
| Financial charges | 65/66B | €117 | €136 | +€18 | +15.6% |
| Recurring financial charges | 65 | €117 | €136 | +€18 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €34,660 | €18,297 | -€16,363 | -47.2% |
| Income taxes | 67/77 | €10,636 | €4,764 | -€5,872 | -55.2% |
| Profit (loss) for the period | 9904 | €24,024 | €13,533 | -€10,491 | -43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,024 | €13,533 | -€10,491 | -43.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.