ELSEAS: 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.
ELSEAS
Largest movements
- Receivables within one year +€35,956
up €35,956 (+236%), from €15,246 to €51,202
- Cash -€11,170
down €11,170 (-8.2%), from €136,740 to €125,570
mainly Receivables within one year (-€35,956) and Tax, wage and social debts (-€1,641)
- Profit (loss) carried forward +€25,629
up €25,629 (+23.2%), from €110,573 to €136,202
- Gross operating margin -€35,812
down €35,812 (-51.1%), from €70,104 to €34,292
- Taxes -€7,075
down €7,075 (-51.0%), from €13,873 to €6,798
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €155,541 | €179,796 | +€24,255 | +15.6% |
| Fixed assets | 21/28 | €3,303 | €2,893 | -€410 | -12.4% |
| Tangible fixed assets | 22/27 | €3,303 | €2,893 | -€410 | -12.4% |
| Furniture and vehicles | 24 | €3,303 | €2,893 | -€410 | -12.4% |
| Current assets | 29/58 | €152,238 | €176,903 | +€24,665 | +16.2% |
| Amounts receivable within one year | 40/41 | €15,246 | €51,202 | +€35,956 | +236% |
| Trade receivables | 40 | €15,246 | €51,202 | +€35,956 | +236% |
| Cash at bank and in hand | 54/58 | €136,740 | €125,570 | -€11,170 | -8.2% |
| Deferred charges and accrued income | 490/1 | €252 | €132 | -€120 | -47.6% |
| Total equity and liabilities | 10/49 | €155,541 | €179,796 | +€24,255 | +15.6% |
| Equity | 10/15 | €112,573 | €138,202 | +€25,629 | +22.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,573 | €136,202 | +€25,629 | +23.2% |
| Amounts payable | 17/49 | €42,968 | €41,594 | -€1,374 | -3.2% |
| Amounts payable within one year | 42/48 | €42,968 | €41,594 | -€1,374 | -3.2% |
| Trade debts | 44 | €14,336 | €15,415 | +€1,079 | +7.5% |
| Suppliers | 440/4 | €14,336 | €15,415 | +€1,079 | +7.5% |
| Taxes, remuneration and social security | 45 | €18,627 | €16,985 | -€1,641 | -8.8% |
| Taxes | 450/3 | €18,627 | €16,985 | -€1,641 | -8.8% |
| Other amounts payable | 47/48 | €10,005 | €9,194 | -€812 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,558 | €1,809 | +€251 | +16.1% |
| Gross operating margin | 9900 | €70,104 | €34,292 | -€35,812 | -51.1% |
| Operating profit (loss) | 9901 | €68,546 | €32,482 | -€36,063 | -52.6% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €61 | €55 | -€6 | -9.9% |
| Recurring financial charges | 65 | €61 | €55 | -€6 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €68,485 | €32,427 | -€36,058 | -52.7% |
| Income taxes | 67/77 | €13,873 | €6,798 | -€7,075 | -51.0% |
| Profit (loss) for the period | 9904 | €54,612 | €25,629 | -€28,983 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,612 | €25,629 | -€28,983 | -53.1% |
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 26 October 2026 via checked.be.