ELSEC: 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.
ELSEC
Largest movements
- Cash +€33,744
up €33,744 (+13.4%), from €251,124 to €284,868
mainly Net result for the year (+€126,138) and Depreciation (+€17,471)
- Tangible fixed assets -€17,471
down €17,471 (-26.0%), from €67,116 to €49,645
of which Furniture and vehicles: -€12,439
- Receivables within one year +€16,826
up €16,826 (+67.2%), from €25,021 to €41,847
of which Trade receivables: +€14,382
- Receivables after one year +€12,000
up €12,000 (+66.7%), from €18,000 to €30,000
- Reserves +€58,500
up €58,500 (+12.9%), from €454,000 to €512,500
- Financial income +€9,961
up €9,961 (+127.8%), from €7,793 to €17,753
- Gross operating margin -€2,142
down €2,142 (-1.2%), from €180,936 to €178,795
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 | €580,224 | €630,548 | +€50,324 | +8.7% |
| Fixed assets | 21/28 | €67,116 | €49,645 | -€17,471 | -26.0% |
| Tangible fixed assets | 22/27 | €67,116 | €49,645 | -€17,471 | -26.0% |
| Land and buildings | 22 | €28,195 | €23,690 | -€4,505 | -16.0% |
| Plant, machinery and equipment | 23 | €204 | €88 | -€115 | -56.7% |
| Furniture and vehicles | 24 | €36,124 | €23,686 | -€12,439 | -34.4% |
| Other tangible fixed assets | 26 | €2,592 | €2,180 | -€412 | -15.9% |
| Current assets | 29/58 | €513,109 | €580,904 | +€67,795 | +13.2% |
| Amounts receivable after more than one year | 29 | €18,000 | €30,000 | +€12,000 | +66.7% |
| Other amounts receivable | 291 | €18,000 | €30,000 | +€12,000 | +66.7% |
| Stocks and contracts in progress | 3 | €16,000 | €15,000 | -€1,000 | -6.3% |
| Stocks | 30/36 | €16,000 | €15,000 | -€1,000 | -6.3% |
| Amounts receivable within one year | 40/41 | €25,021 | €41,847 | +€16,826 | +67.2% |
| Trade receivables | 40 | €23,142 | €37,523 | +€14,382 | +62.1% |
| Other amounts receivable | 41 | €1,879 | €4,323 | +€2,444 | +130.1% |
| Current investments | 50/53 | €199,839 | €205,839 | +€6,000 | +3.0% |
| Cash at bank and in hand | 54/58 | €251,124 | €284,868 | +€33,744 | +13.4% |
| Deferred charges and accrued income | 490/1 | €3,125 | €3,350 | +€225 | +7.2% |
| Total equity and liabilities | 10/49 | €580,224 | €630,548 | +€50,324 | +8.7% |
| Equity | 10/15 | €465,120 | €523,759 | +€58,638 | +12.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €454,000 | €512,500 | +€58,500 | +12.9% |
| Distributable reserves | 133 | €454,000 | €512,500 | +€58,500 | +12.9% |
| Profit (loss) carried forward | 14 | €1,120 | €1,259 | +€138 | +12.4% |
| Amounts payable | 17/49 | €115,104 | €106,789 | -€8,315 | -7.2% |
| Amounts payable after more than one year | 17 | €4,045 | - | -€4,045 | |
| Financial debts | 170/4 | €4,045 | - | -€4,045 | |
| Amounts payable within one year | 42/48 | €111,059 | €106,789 | -€4,270 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €5,315 | €4,045 | -€1,270 | -23.9% |
| Trade debts | 44 | €5,226 | €5,450 | +€224 | +4.3% |
| Suppliers | 440/4 | €5,226 | €5,450 | +€224 | +4.3% |
| Taxes, remuneration and social security | 45 | €33,002 | €28,939 | -€4,063 | -12.3% |
| Taxes | 450/3 | €33,002 | €28,939 | -€4,063 | -12.3% |
| Other amounts payable | 47/48 | €67,516 | €68,356 | +€840 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,595 | €17,471 | -€124 | -0.7% |
| Other operating charges | 640/8 | €3,223 | €3,089 | -€134 | -4.2% |
| Gross operating margin | 9900 | €180,936 | €178,795 | -€2,142 | -1.2% |
| Operating profit (loss) | 9901 | €160,118 | €158,235 | -€1,884 | -1.2% |
| Financial income | 75/76B | €7,793 | €17,753 | +€9,961 | +127.8% |
| Recurring financial income | 75 | €7,793 | €17,753 | +€9,961 | +127.8% |
| Financial charges | 65/66B | €672 | €977 | +€305 | +45.5% |
| Recurring financial charges | 65 | €672 | €977 | +€305 | +45.5% |
| Profit (loss) for the period before taxes | 9903 | €167,239 | €175,011 | +€7,772 | +4.6% |
| Income taxes | 67/77 | €50,019 | €48,873 | -€1,146 | -2.3% |
| Profit (loss) for the period | 9904 | €117,220 | €126,138 | +€8,918 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €117,220 | €126,138 | +€8,918 | +7.6% |
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 29 September 2026 via checked.be.