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
- Receivables after one year +€3.1m
up €3.1m (+117.0%), from €2.7m to €5.8m
- Cash +€1.4m
up €1.4m (+519.8%), from €278,372 to €1.7m
mainly Net result for the year (+€6.1m) and Receivables within one year (+€309,306)
- Current investments +€899,982
up €899,982 (+139.4%), from €645,609 to €1.5m
- Receivables within one year -€309,306
down €309,306 (-42.6%), from €725,739 to €416,433
of which Other amounts receivable: -€315,154
- Deferred charges and accrued income +€120,525
up €120,525 (+13708.3%), from €879 to €121,404
- Profit (loss) carried forward +€5.5m
up €5.5m (+159.0%), from €3.5m to €9.0m
- Reserves -€200,000
down €200,000 (-17.8%), from €1.1m to €925,002
of which Tax-exempt reserves: -€105,250
- Other debts +€135,609
up €135,609 (+69.2%), from €195,863 to €331,471
- Financial income +€5.8m
up €5.8m (+4682.8%), from €124,542 to €6.0m
of which Financial income: +€5.8m
- Taxes +€16,888
up €16,888 (+18.5%), from €91,411 to €108,299
- Financial charges -€5,608
down €5,608 (-36.5%), from €15,373 to €9,765
of which Financial charges: -€4,899
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 | €5,055,242 | €10,432,082 | +€5.4m | +106.4% |
| Fixed assets | 21/28 | €728,980 | €818,198 | +€89,218 | +12.2% |
| Tangible fixed assets | 22/27 | €278,374 | €267,248 | -€11,126 | -4.0% |
| Land and buildings | 22 | €272,330 | €263,444 | -€8,886 | -3.3% |
| Plant, machinery and equipment | 23 | €3,980 | €2,748 | -€1,232 | -30.9% |
| Furniture and vehicles | 24 | €2,064 | €1,056 | -€1,008 | -48.8% |
| Financial fixed assets | 28 | €450,607 | €550,950 | +€100,343 | +22.3% |
| Current assets | 29/58 | €4,326,262 | €9,613,884 | +€5.3m | +122.2% |
| Amounts receivable after more than one year | 29 | €2,675,662 | €5,805,067 | +€3.1m | +117.0% |
| Other amounts receivable | 291 | €2,675,662 | €5,805,067 | +€3.1m | +117.0% |
| Amounts receivable within one year | 40/41 | €725,739 | €416,433 | -€309,306 | -42.6% |
| Trade receivables | 40 | €131,635 | €137,483 | +€5,848 | +4.4% |
| Other amounts receivable | 41 | €594,104 | €278,950 | -€315,154 | -53.0% |
| Current investments | 50/53 | €645,609 | €1,545,591 | +€899,982 | +139.4% |
| Cash at bank and in hand | 54/58 | €278,372 | €1,725,389 | +€1.4m | +519.8% |
| Deferred charges and accrued income | 490/1 | €879 | €121,404 | +€120,525 | +13708.3% |
| Total equity and liabilities | 10/49 | €5,055,242 | €10,432,082 | +€5.4m | +106.4% |
| Equity | 10/15 | €4,604,633 | €9,905,594 | +€5.3m | +115.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,125,002 | €925,002 | -€200,000 | -17.8% |
| Tax-exempt reserves | 132 | €210,500 | €105,250 | -€105,250 | -50.0% |
| Distributable reserves | 133 | €914,502 | €819,752 | -€94,750 | -10.4% |
| Profit (loss) carried forward | 14 | €3,459,631 | €8,960,592 | +€5.5m | +159.0% |
| Amounts payable | 17/49 | €450,609 | €526,488 | +€75,879 | +16.8% |
| Amounts payable after more than one year | 17 | €125,022 | €94,415 | -€30,607 | -24.5% |
| Financial debts | 170/4 | €125,022 | €94,415 | -€30,607 | -24.5% |
| Amounts payable within one year | 42/48 | €322,492 | €432,073 | +€109,581 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €30,185 | €30,607 | +€422 | +1.4% |
| Trade debts | 44 | €3,106 | €8,292 | +€5,186 | +167.0% |
| Suppliers | 440/4 | €3,106 | €8,292 | +€5,186 | +167.0% |
| Taxes, remuneration and social security | 45 | €93,338 | €61,703 | -€31,635 | -33.9% |
| Taxes | 450/3 | €93,338 | €61,703 | -€31,635 | -33.9% |
| Other amounts payable | 47/48 | €195,863 | €331,471 | +€135,609 | +69.2% |
| Accrued charges and deferred income | 492/3 | €3,095 | - | -€3,095 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,280 | €16,824 | +€544 | +3.3% |
| Other operating charges | 640/8 | €1,715 | €1,668 | -€47 | -2.7% |
| Gross operating margin | 9900 | €241,306 | €243,141 | +€1,835 | +0.8% |
| Operating profit (loss) | 9901 | €223,311 | €224,648 | +€1,338 | +0.6% |
| Financial income | 75/76B | €124,542 | €5,956,662 | +€5.8m | +4682.8% |
| Recurring financial income | 75 | €121,880 | €5,945,478 | +€5.8m | +4778.1% |
| Non-recurring financial income | 76B | €2,662 | €11,185 | +€8,523 | +320.2% |
| Financial charges | 65/66B | €15,373 | €9,765 | -€5,608 | -36.5% |
| Recurring financial charges | 65 | €13,673 | €8,774 | -€4,899 | -35.8% |
| Non-recurring financial charges | 66B | €1,700 | €991 | -€709 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €332,480 | €6,171,545 | +€5.8m | +1756.2% |
| Income taxes | 67/77 | €91,411 | €108,299 | +€16,888 | +18.5% |
| Profit (loss) for the period | 9904 | €241,069 | €6,063,246 | +€5.8m | +2415.1% |
| Profit (loss) for the period to be appropriated | 9905 | €241,069 | €6,063,246 | +€5.8m | +2415.1% |
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 4 October 2026 via checked.be.