ELSAT: what changed
Two financial 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.
ELSAT
Largest movements
- Cash +€82,904
up €82,904 (+249.2%), from €33,268 to €116,172
mainly Other debts (+€93,653) and Depreciation (+€64,804)
- Tangible fixed assets -€28,322
down €28,322 (-1.5%), from €1.9m to €1.8m
of which Land and buildings: -€27,833
- Other debts +€93,653
up €93,653 (+5.6%), from €1.7m to €1.8m
- Reserves -€32,526
down €32,526 (-17.8%), from €182,938 to €150,412
of which Distributable reserves: -€32,526
- Depreciation +€10,310
up €10,310 (+18.9%), from €54,494 to €64,804
- Financial charges +€8,592
up €8,592 (+22.2%), from €38,637 to €47,229
- Gross operating margin +€6,215
up €6,215 (+6.5%), from €95,265 to €101,479
- Other operating charges +€2,857
up €2,857 (+14.9%), from €19,116 to €21,973
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 | €1,915,336 | €1,976,144 | +€60,808 | +3.2% |
| Fixed assets | 21/28 | €1,872,919 | €1,844,597 | -€28,322 | -1.5% |
| Tangible fixed assets | 22/27 | €1,872,651 | €1,844,329 | -€28,322 | -1.5% |
| Land and buildings | 22 | €1,870,193 | €1,842,361 | -€27,833 | -1.5% |
| Plant, machinery and equipment | 23 | €2,457 | €1,968 | -€490 | -19.9% |
| Financial fixed assets | 28 | €268 | €268 | = | 0.0% |
| Current assets | 29/58 | €42,417 | €131,547 | +€89,130 | +210.1% |
| Amounts receivable within one year | 40/41 | €182 | €0 | -€182 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €182 | €0 | -€182 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €33,268 | €116,172 | +€82,904 | +249.2% |
| Deferred charges and accrued income | 490/1 | €8,966 | €15,375 | +€6,409 | +71.5% |
| Total equity and liabilities | 10/49 | €1,915,336 | €1,976,144 | +€60,808 | +3.2% |
| Equity | 10/15 | €252,938 | €220,412 | -€32,526 | -12.9% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €182,938 | €150,412 | -€32,526 | -17.8% |
| Non-distributable reserves | 130/1 | €38,000 | €38,000 | = | 0.0% |
| Legal reserve | 130 | €38,000 | €38,000 | = | 0.0% |
| Distributable reserves | 133 | €144,938 | €112,412 | -€32,526 | -22.4% |
| Amounts payable | 17/49 | €1,662,398 | €1,755,732 | +€93,334 | +5.6% |
| Amounts payable within one year | 42/48 | €1,661,623 | €1,755,732 | +€94,109 | +5.7% |
| Trade debts | 44 | €383 | €553 | +€169 | +44.2% |
| Suppliers | 440/4 | €383 | €553 | +€169 | +44.2% |
| Taxes, remuneration and social security | 45 | €951 | €1,238 | +€287 | +30.2% |
| Taxes | 450/3 | €951 | €1,238 | +€287 | +30.2% |
| Other amounts payable | 47/48 | €1,660,288 | €1,753,941 | +€93,653 | +5.6% |
| Accrued charges and deferred income | 492/3 | €775 | €0 | -€775 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,494 | €64,804 | +€10,310 | +18.9% |
| Other operating charges | 640/8 | €19,116 | €21,973 | +€2,857 | +14.9% |
| Gross operating margin | 9900 | €95,265 | €101,479 | +€6,215 | +6.5% |
| Operating profit (loss) | 9901 | €21,655 | €14,703 | -€6,952 | -32.1% |
| Financial income | 75/76B | €689 | €0 | -€689 | -100.0% |
| Recurring financial income | 75 | €689 | €0 | -€689 | -100.0% |
| Financial charges | 65/66B | €38,637 | €47,229 | +€8,592 | +22.2% |
| Recurring financial charges | 65 | €38,637 | €47,229 | +€8,592 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | -€16,293 | -€32,526 | -€16,233 | -99.6% |
| Profit (loss) for the period | 9904 | -€16,293 | -€32,526 | -€16,233 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,293 | -€32,526 | -€16,233 | -99.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.