ELSANA: 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.
ELSANA
Largest movements
- Cash +€69,883
up €69,883 (+890.5%), from €7,848 to €77,731
mainly Net result for the year (+€67,669) and Depreciation (+€42,738)
- Tangible fixed assets -€40,276
down €40,276 (-23.9%), from €168,617 to €128,342
of which Furniture and vehicles: -€39,968
- Receivables within one year +€6,967
up €6,967 (+24.6%), from €28,285 to €35,251
of which Trade receivables: +€22,030
- Reserves +€67,669
up €67,669 (+140.6%), from €48,125 to €115,794
- Debts after one year -€19,719
down €19,719 (-28.7%), from €68,757 to €49,038
- Current portion of long-term debt -€17,583
down €17,583 (-47.1%), from €37,303 to €19,719
- Tax, wage and social debts +€8,092
up €8,092 (+27.2%), from €29,781 to €37,873
- Gross operating margin +€43,078
up €43,078 (+40.8%), from €105,640 to €148,718
- Depreciation +€12,054
up €12,054 (+39.3%), from €30,684 to €42,738
- Taxes +€10,986
up €10,986 (+47.7%), from €23,022 to €34,008
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 | €207,540 | €246,386 | +€38,846 | +18.7% |
| Fixed assets | 21/28 | €168,867 | €128,592 | -€40,276 | -23.9% |
| Tangible fixed assets | 22/27 | €168,617 | €128,342 | -€40,276 | -23.9% |
| Plant, machinery and equipment | 23 | €7,339 | €7,032 | -€307 | -4.2% |
| Furniture and vehicles | 24 | €161,278 | €121,310 | -€39,968 | -24.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €38,673 | €117,794 | +€79,122 | +204.6% |
| Amounts receivable within one year | 40/41 | €28,285 | €35,251 | +€6,967 | +24.6% |
| Trade receivables | 40 | - | €22,030 | +€22,030 | |
| Other amounts receivable | 41 | €28,285 | €13,221 | -€15,063 | -53.3% |
| Current investments | 50/53 | - | €1,800 | +€1,800 | |
| Cash at bank and in hand | 54/58 | €7,848 | €77,731 | +€69,883 | +890.5% |
| Deferred charges and accrued income | 490/1 | €2,540 | €3,012 | +€472 | +18.6% |
| Total equity and liabilities | 10/49 | €207,540 | €246,386 | +€38,846 | +18.7% |
| Equity | 10/15 | €68,011 | €135,681 | +€67,669 | +99.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €48,125 | €115,794 | +€67,669 | +140.6% |
| Distributable reserves | 133 | €48,125 | €115,794 | +€67,669 | +140.6% |
| Profit (loss) carried forward | 14 | €14,887 | €14,887 | = | 0.0% |
| Amounts payable | 17/49 | €139,528 | €110,705 | -€28,823 | -20.7% |
| Amounts payable after more than one year | 17 | €68,757 | €49,038 | -€19,719 | -28.7% |
| Financial debts | 170/4 | €68,757 | €49,038 | -€19,719 | -28.7% |
| Amounts payable within one year | 42/48 | €70,771 | €61,667 | -€9,104 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €37,303 | €19,719 | -€17,583 | -47.1% |
| Trade debts | 44 | €3,688 | €4,075 | +€387 | +10.5% |
| Suppliers | 440/4 | €3,688 | €4,075 | +€387 | +10.5% |
| Taxes, remuneration and social security | 45 | €29,781 | €37,873 | +€8,092 | +27.2% |
| Taxes | 450/3 | €29,781 | €37,873 | +€8,092 | +27.2% |
| Non-recurring operating income | 76A | €7,945 | - | -€7,945 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,684 | €42,738 | +€12,054 | +39.3% |
| Other operating charges | 640/8 | €1,208 | €1,267 | +€59 | +4.9% |
| Gross operating margin | 9900 | €105,640 | €148,718 | +€43,078 | +40.8% |
| Operating profit (loss) | 9901 | €73,748 | €104,713 | +€30,965 | +42.0% |
| Financial income | 75/76B | €760 | €592 | -€168 | -22.1% |
| Recurring financial income | 75 | €760 | €592 | -€168 | -22.1% |
| Financial charges | 65/66B | €3,361 | €3,627 | +€267 | +7.9% |
| Recurring financial charges | 65 | €3,361 | €3,627 | +€267 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €71,147 | €101,678 | +€30,530 | +42.9% |
| Income taxes | 67/77 | €23,022 | €34,008 | +€10,986 | +47.7% |
| Profit (loss) for the period | 9904 | €48,125 | €67,669 | +€19,545 | +40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,125 | €67,669 | +€19,545 | +40.6% |
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.