ELSEFRA Management: 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.
ELSEFRA Management
Largest movements
- Receivables within one year +€95,268
up €95,268 (+85.0%), from €112,095 to €207,363
of which Other amounts receivable: +€116,908
- Profit (loss) carried forward +€72,830
up €72,830 (+98.1%), from €74,214 to €147,045
- Tax, wage and social debts +€12,924
up €12,924 (+32.9%), from €39,283 to €52,208
- Trade debts +€6,345
up €6,345 (+445%), from €1,427 to €7,772
- Gross operating margin -€7,606
down €7,606 (-7.9%), from €96,788 to €89,181
- Financial income +€4,891
up €4,891 (+5,314%), from €92 to €4,983
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 | €117,924 | €210,024 | +€92,100 | +78.1% |
| Formation expenses | 20 | €847 | €0 | -€847 | -100% |
| Fixed assets | 21/28 | €2,630 | €2,131 | -€499 | -19.0% |
| Tangible fixed assets | 22/27 | €2,440 | €1,941 | -€499 | -20.5% |
| Furniture and vehicles | 24 | €2,440 | €1,941 | -€499 | -20.5% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €114,447 | €207,894 | +€93,446 | +81.7% |
| Amounts receivable within one year | 40/41 | €112,095 | €207,363 | +€95,268 | +85.0% |
| Trade receivables | 40 | €90,327 | €68,687 | -€21,640 | -24.0% |
| Other amounts receivable | 41 | €21,768 | €138,677 | +€116,908 | +537% |
| Cash at bank and in hand | 54/58 | €2,353 | €531 | -€1,822 | -77.4% |
| Total equity and liabilities | 10/49 | €117,924 | €210,024 | +€92,100 | +78.1% |
| Equity | 10/15 | €77,214 | €150,045 | +€72,830 | +94.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,214 | €147,045 | +€72,830 | +98.1% |
| Amounts payable | 17/49 | €40,710 | €59,980 | +€19,270 | +47.3% |
| Amounts payable within one year | 42/48 | €40,710 | €59,980 | +€19,270 | +47.3% |
| Trade debts | 44 | €1,427 | €7,772 | +€6,345 | +445% |
| Suppliers | 440/4 | €1,427 | €7,772 | +€6,345 | +445% |
| Taxes, remuneration and social security | 45 | €39,283 | €52,208 | +€12,924 | +32.9% |
| Taxes | 450/3 | €39,283 | €52,208 | +€12,924 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,065 | €1,346 | -€719 | -34.8% |
| Other operating charges | 640/8 | €1,351 | €690 | -€661 | -48.9% |
| Gross operating margin | 9900 | €96,788 | €89,181 | -€7,606 | -7.9% |
| Operating profit (loss) | 9901 | €93,371 | €87,145 | -€6,226 | -6.7% |
| Financial income | 75/76B | €92 | €4,983 | +€4,891 | +5,314% |
| Recurring financial income | 75 | €92 | €4,983 | +€4,891 | +5,314% |
| Financial charges | 65/66B | €411 | €322 | -€89 | -21.7% |
| Recurring financial charges | 65 | €411 | €322 | -€89 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €93,053 | €91,806 | -€1,246 | -1.3% |
| Income taxes | 67/77 | €18,839 | €18,976 | +€138 | +0.7% |
| Profit (loss) for the period | 9904 | €74,214 | €72,830 | -€1,384 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €74,214 | €72,830 | -€1,384 | -1.9% |
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 24 October 2026 via checked.be.