ELSAVE: 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.
What changed
ELSAVE
NACE 46.831, Wholesale of construction materials, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€413,994
2024 · €491,719-€77,724
Equity
€3.4m
2024 · €3.0m+€413,994
Cash
€589,006
2024 · €572,306+€16,700
Balance sheet total
€3.5m
2024 · €3.1m+€407,735
Largest movements
Assets
- Current investments +€280,411
up €280,411 (+20.5%), from €1.4m to €1.7m
- Stocks and contracts +€149,784
up €149,784 (+20.3%), from €739,235 to €889,019
- Receivables within one year -€41,482
down €41,482 (-10.8%), from €383,936 to €342,454
of which Trade receivables: -€45,643
Equity and liabilities
- Reserves +€413,994
up €413,994 (+13.8%), from €3.0m to €3.4m
of which Distributable reserves: +€413,994
Income statement
- Gross operating margin -€103,903
down €103,903 (-15.6%), from €667,227 to €563,324
- Taxes -€28,916
down €28,916 (-17.4%), from €166,064 to €137,148
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.
Result 2024
€491,719
Gross operating margin
-€103,903
Staff costs
-€5,384
Depreciation
+€27
Write-downs
-€1,371
Other operating charges
+€3,186
Financial income
+€249
Financial charges
+€556
Taxes
+€28,916
Result 2025
€413,994
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€302,937
Investment
-€287,385
Financing
+€1,148
Cash 2024
€572,306
From operations (derived)
+€302,937
Net result for the year
+€413,994
Depreciation
+€4,611
Stocks and contracts
-€149,784
Receivables within one year
+€41,482
Deferred charges and accrued income
+€42
Trade debts
+€6,298
Tax, wage and social debts
-€9,311
Other debts
-€4,394
Investment (derived)
-€287,385
Investment in fixed assets (net)
-€6,974
Current investments
-€280,411
Financing
+€1,148
Short-term financial debts
+€1,148
Cash 2025
€589,006
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,096,169 | €3,503,904 | +€407,735 | +13.2% |
| Fixed assets | 21/28 | €18,379 | €20,743 | +€2,363 | +12.9% |
| Tangible fixed assets | 22/27 | €18,379 | €20,743 | +€2,363 | +12.9% |
| Plant, machinery and equipment | 23 | €8,824 | €6,900 | -€1,924 | -21.8% |
| Furniture and vehicles | 24 | €9,555 | €13,843 | +€4,287 | +44.9% |
| Current assets | 29/58 | €3,077,790 | €3,483,161 | +€405,371 | +13.2% |
| Stocks and contracts in progress | 3 | €739,235 | €889,019 | +€149,784 | +20.3% |
| Stocks | 30/36 | €739,235 | €889,019 | +€149,784 | +20.3% |
| Amounts receivable within one year | 40/41 | €383,936 | €342,454 | -€41,482 | -10.8% |
| Trade receivables | 40 | €377,952 | €332,309 | -€45,643 | -12.1% |
| Other amounts receivable | 41 | €5,984 | €10,145 | +€4,161 | +69.5% |
| Current investments | 50/53 | €1,371,178 | €1,651,589 | +€280,411 | +20.5% |
| Cash at bank and in hand | 54/58 | €572,306 | €589,006 | +€16,700 | +2.9% |
| Deferred charges and accrued income | 490/1 | €11,136 | €11,094 | -€42 | -0.4% |
| Total equity and liabilities | 10/49 | €3,096,169 | €3,503,904 | +€407,735 | +13.2% |
| Equity | 10/15 | €3,029,489 | €3,443,483 | +€413,994 | +13.7% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €2,994,489 | €3,408,483 | +€413,994 | +13.8% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,994,489 | €3,408,483 | +€413,994 | +13.8% |
| Amounts payable | 17/49 | €66,681 | €60,421 | -€6,260 | -9.4% |
| Amounts payable within one year | 42/48 | €66,681 | €60,421 | -€6,260 | -9.4% |
| Financial debts | 43 | - | €1,148 | +€1,148 | |
| Credit institutions | 430/8 | - | €1,148 | +€1,148 | |
| Trade debts | 44 | €2,152 | €8,450 | +€6,298 | +293% |
| Suppliers | 440/4 | €2,152 | €8,450 | +€6,298 | +293% |
| Taxes, remuneration and social security | 45 | €60,135 | €50,824 | -€9,311 | -15.5% |
| Taxes | 450/3 | €45,940 | €36,101 | -€9,840 | -21.4% |
| Remuneration and social security | 454/9 | €14,194 | €14,723 | +€528 | +3.7% |
| Other amounts payable | 47/48 | €4,394 | €0 | -€4,394 | -100% |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Remuneration, social security and pensions | 62 | €68,559 | €73,943 | +€5,384 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,638 | €4,611 | -€27 | -0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €503 | €1,875 | +€1,371 | +273% |
| Other operating charges | 640/8 | €10,326 | €7,140 | -€3,186 | -30.9% |
| Gross operating margin | 9900 | €667,227 | €563,324 | -€103,903 | -15.6% |
| Operating profit (loss) | 9901 | €583,200 | €475,755 | -€107,445 | -18.4% |
| Financial income | 75/76B | €83,266 | €83,515 | +€249 | +0.3% |
| Recurring financial income | 75 | €83,266 | €83,515 | +€249 | +0.3% |
| Financial charges | 65/66B | €8,684 | €8,128 | -€556 | -6.4% |
| Recurring financial charges | 65 | €8,684 | €8,128 | -€556 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €657,782 | €551,142 | -€106,640 | -16.2% |
| Income taxes | 67/77 | €166,064 | €137,148 | -€28,916 | -17.4% |
| Profit (loss) for the period | 9904 | €491,719 | €413,994 | -€77,724 | -15.8% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €0 | -€84,200 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €575,919 | €413,994 | -€161,924 | -28.1% |
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 13 October 2026 via checked.be.