ELSEE: 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.
ELSEE
Largest movements
- Cash +€50,946
up €50,946 (+88.1%), from €57,812 to €108,758
mainly Net result for the year (+€29,898) and Depreciation (+€12,988)
- Tangible fixed assets -€12,988
down €12,988 (-23.1%), from €56,256 to €43,268
of which Furniture and vehicles: -€11,440
- Receivables within one year -€8,910
down €8,910 (-78.1%), from €11,410 to €2,500
of which Trade receivables: -€8,896
- Reserves +€29,898
up €29,898 (+43.0%), from €69,518 to €99,416
- Debts after one year -€7,127
down €7,127 (-38.8%), from €18,352 to €11,225
- Other debts +€4,501
up €4,501 (+45.3%), from €9,928 to €14,429
- Gross operating margin +€14,862
up €14,862 (+38.5%), from €38,628 to €53,489
- Depreciation +€6,727
up €6,727 (+107%), from €6,261 to €12,988
- Taxes +€2,016
up €2,016 (+31.7%), from €6,359 to €8,374
- Financial charges -€1,047
down €1,047 (-50.5%), from €2,074 to €1,027
- Other operating charges +€586
up €586 (+155%), from €378 to €964
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 | €125,478 | €154,526 | +€29,048 | +23.1% |
| Fixed assets | 21/28 | €56,256 | €43,268 | -€12,988 | -23.1% |
| Tangible fixed assets | 22/27 | €56,256 | €43,268 | -€12,988 | -23.1% |
| Land and buildings | 22 | €3,946 | €3,109 | -€837 | -21.2% |
| Plant, machinery and equipment | 23 | €2,020 | €1,310 | -€710 | -35.2% |
| Furniture and vehicles | 24 | €50,290 | €38,850 | -€11,440 | -22.7% |
| Current assets | 29/58 | €69,222 | €111,258 | +€42,036 | +60.7% |
| Amounts receivable within one year | 40/41 | €11,410 | €2,500 | -€8,910 | -78.1% |
| Trade receivables | 40 | €11,396 | €2,500 | -€8,896 | -78.1% |
| Other amounts receivable | 41 | €14 | €0 | -€14 | -100% |
| Cash at bank and in hand | 54/58 | €57,812 | €108,758 | +€50,946 | +88.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €125,478 | €154,526 | +€29,048 | +23.1% |
| Equity | 10/15 | €72,518 | €102,416 | +€29,898 | +41.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €69,518 | €99,416 | +€29,898 | +43.0% |
| Distributable reserves | 133 | €69,518 | €99,416 | +€29,898 | +43.0% |
| Amounts payable | 17/49 | €52,960 | €52,110 | -€850 | -1.6% |
| Amounts payable after more than one year | 17 | €18,352 | €11,225 | -€7,127 | -38.8% |
| Financial debts | 170/4 | €18,352 | €11,225 | -€7,127 | -38.8% |
| Amounts payable within one year | 42/48 | €34,608 | €40,885 | +€6,277 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €6,855 | €7,127 | +€272 | +4.0% |
| Trade debts | 44 | €180 | €1,311 | +€1,131 | +628% |
| Suppliers | 440/4 | €180 | €1,311 | +€1,131 | +628% |
| Taxes, remuneration and social security | 45 | €17,645 | €18,018 | +€373 | +2.1% |
| Taxes | 450/3 | €17,645 | €18,018 | +€373 | +2.1% |
| Other amounts payable | 47/48 | €9,928 | €14,429 | +€4,501 | +45.3% |
| Remuneration, social security and pensions | 62 | €110 | €239 | +€129 | +117% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,261 | €12,988 | +€6,727 | +107% |
| Other operating charges | 640/8 | €378 | €964 | +€586 | +155% |
| Gross operating margin | 9900 | €38,628 | €53,489 | +€14,862 | +38.5% |
| Operating profit (loss) | 9901 | €31,878 | €39,298 | +€7,420 | +23.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €2,074 | €1,027 | -€1,047 | -50.5% |
| Recurring financial charges | 65 | €2,074 | €1,027 | -€1,047 | -50.5% |
| Profit (loss) for the period before taxes | 9903 | €29,804 | €38,272 | +€8,468 | +28.4% |
| Income taxes | 67/77 | €6,359 | €8,374 | +€2,016 | +31.7% |
| Profit (loss) for the period | 9904 | €23,446 | €29,898 | +€6,452 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,446 | €29,898 | +€6,452 | +27.5% |
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 14 October 2026 via checked.be.