ELSANN: 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.
ELSANN
Largest movements
- Tangible fixed assets +€222,213
up €222,213 (+796.3%), from €27,907 to €250,119
of which Land and buildings: +€200,242
- Cash -€11,017
down €11,017 (-72.8%), from €15,124 to €4,107
mainly Investment in fixed assets (net) (-€254,726)
- Debts after one year +€153,189
new in 2025: €153,189
- Reserves +€55,107
new in 2025: €55,107
- Profit (loss) carried forward -€49,151
no longer reported in 2025 (was €49,151)
- Other debts +€25,890
new in 2025: €25,890
- Trade debts +€19,498
up €19,498 (+1019.7%), from €1,912 to €21,410
- Gross operating margin -€29,220
down €29,220 (-40.1%), from €72,781 to €43,561
- Depreciation +€21,866
up €21,866 (+205.4%), from €10,648 to €32,513
- Taxes -€10,999
down €10,999 (-90.8%), from €12,115 to €1,116
- Financial charges +€2,725
up €2,725 (+567.5%), from €480 to €3,205
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 | €55,178 | €265,250 | +€210,073 | +380.7% |
| Fixed assets | 21/28 | €32,907 | €255,119 | +€222,213 | +675.3% |
| Tangible fixed assets | 22/27 | €27,907 | €250,119 | +€222,213 | +796.3% |
| Land and buildings | 22 | €4,904 | €205,146 | +€200,242 | +4082.9% |
| Plant, machinery and equipment | 23 | €11,318 | €8,139 | -€3,179 | -28.1% |
| Furniture and vehicles | 24 | €11,685 | €16,695 | +€5,010 | +42.9% |
| Other tangible fixed assets | 26 | - | €20,139 | +€20,139 | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €22,271 | €10,131 | -€12,140 | -54.5% |
| Amounts receivable within one year | 40/41 | €5,640 | €5,968 | +€327 | +5.8% |
| Trade receivables | 40 | €1,000 | €5,968 | +€4,968 | +496.8% |
| Other amounts receivable | 41 | €4,640 | - | -€4,640 | |
| Cash at bank and in hand | 54/58 | €15,124 | €4,107 | -€11,017 | -72.8% |
| Deferred charges and accrued income | 490/1 | €1,507 | €56 | -€1,451 | -96.3% |
| Total equity and liabilities | 10/49 | €55,178 | €265,250 | +€210,073 | +380.7% |
| Equity | 10/15 | €51,151 | €57,107 | +€5,956 | +11.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €55,107 | +€55,107 | |
| Distributable reserves | 133 | - | €55,107 | +€55,107 | |
| Profit (loss) carried forward | 14 | €49,151 | - | -€49,151 | |
| Amounts payable | 17/49 | €4,027 | €208,143 | +€204,117 | +5068.9% |
| Amounts payable after more than one year | 17 | - | €153,189 | +€153,189 | |
| Financial debts | 170/4 | - | €153,189 | +€153,189 | |
| Amounts payable within one year | 42/48 | €4,027 | €54,954 | +€50,928 | +1264.7% |
| Current portion of amounts payable after more than one year | 42 | - | €3,625 | +€3,625 | |
| Trade debts | 44 | €1,912 | €21,410 | +€19,498 | +1019.7% |
| Suppliers | 440/4 | €1,912 | €21,410 | +€19,498 | +1019.7% |
| Advances received on contracts in progress | 46 | - | €470 | +€470 | |
| Taxes, remuneration and social security | 45 | €2,115 | €3,559 | +€1,444 | +68.3% |
| Taxes | 450/3 | €2,115 | €3,559 | +€1,444 | +68.3% |
| Other amounts payable | 47/48 | - | €25,890 | +€25,890 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,648 | €32,513 | +€21,866 | +205.4% |
| Other operating charges | 640/8 | €387 | €846 | +€459 | +118.5% |
| Gross operating margin | 9900 | €72,781 | €43,561 | -€29,220 | -40.1% |
| Operating profit (loss) | 9901 | €61,746 | €10,201 | -€51,545 | -83.5% |
| Financial income | 75/76B | - | €76 | +€76 | |
| Recurring financial income | 75 | - | €76 | +€76 | |
| Financial charges | 65/66B | €480 | €3,205 | +€2,725 | +567.5% |
| Recurring financial charges | 65 | €480 | €3,205 | +€2,725 | +567.5% |
| Profit (loss) for the period before taxes | 9903 | €61,266 | €7,072 | -€54,194 | -88.5% |
| Income taxes | 67/77 | €12,115 | €1,116 | -€10,999 | -90.8% |
| Profit (loss) for the period | 9904 | €49,151 | €5,956 | -€43,195 | -87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,151 | €5,956 | -€43,195 | -87.9% |
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.