ELSEN: 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.
ELSEN
Largest movements
- Receivables within one year +€57,538
up €57,538 (+21.9%), from €262,373 to €319,911
- Cash +€29,598
up €29,598 (+699.8%), from €4,230 to €33,828
mainly Net result for the year (+€74,446) and Tax, wage and social debts (+€16,524)
- Tangible fixed assets -€9,000
down €9,000 (-40.8%), from €22,044 to €13,044
of which Furniture and vehicles: -€9,000
- Reserves +€74,446
up €74,446 (+33.0%), from €225,264 to €299,710
- Tax, wage and social debts +€16,524
up €16,524 (+137.2%), from €12,041 to €28,565
- Debts after one year -€5,806
down €5,806 (-26.6%), from €21,864 to €16,058
- Accrued charges and deferred income -€4,078
down €4,078 (-100.0%), from €4,078 to €0
- Gross operating margin +€45,359
up €45,359 (+70.2%), from €64,596 to €109,955
- Taxes +€24,951
up €24,951 (+156.3%), from €15,963 to €40,914
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 | €288,892 | €367,945 | +€79,053 | +27.4% |
| Fixed assets | 21/28 | €22,044 | €13,044 | -€9,000 | -40.8% |
| Tangible fixed assets | 22/27 | €22,044 | €13,044 | -€9,000 | -40.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €22,044 | €13,044 | -€9,000 | -40.8% |
| Current assets | 29/58 | €266,848 | €354,901 | +€88,053 | +33.0% |
| Amounts receivable within one year | 40/41 | €262,373 | €319,911 | +€57,538 | +21.9% |
| Other amounts receivable | 41 | €262,373 | €319,911 | +€57,538 | +21.9% |
| Cash at bank and in hand | 54/58 | €4,230 | €33,828 | +€29,598 | +699.8% |
| Deferred charges and accrued income | 490/1 | €246 | €1,163 | +€917 | +373.0% |
| Total equity and liabilities | 10/49 | €288,892 | €367,945 | +€79,053 | +27.4% |
| Equity | 10/15 | €237,665 | €312,110 | +€74,446 | +31.3% |
| Contributions | 10/11 | €12,401 | €12,401 | = | 0.0% |
| Reserves | 13 | €225,264 | €299,710 | +€74,446 | +33.0% |
| Distributable reserves | 133 | €225,264 | €299,710 | +€74,446 | +33.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,227 | €55,835 | +€4,607 | +9.0% |
| Amounts payable after more than one year | 17 | €21,864 | €16,058 | -€5,806 | -26.6% |
| Financial debts | 170/4 | €21,864 | €16,058 | -€5,806 | -26.6% |
| Amounts payable within one year | 42/48 | €25,285 | €39,777 | +€14,491 | +57.3% |
| Current portion of amounts payable after more than one year | 42 | €12,119 | €8,467 | -€3,652 | -30.1% |
| Trade debts | 44 | €1,126 | €2,744 | +€1,619 | +143.8% |
| Suppliers | 440/4 | €1,126 | €2,744 | +€1,619 | +143.8% |
| Taxes, remuneration and social security | 45 | €12,041 | €28,565 | +€16,524 | +137.2% |
| Taxes | 450/3 | €12,041 | €28,565 | +€16,524 | +137.2% |
| Accrued charges and deferred income | 492/3 | €4,078 | €0 | -€4,078 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,243 | €9,000 | -€243 | -2.6% |
| Other operating charges | 640/8 | €885 | €0 | -€885 | -100.0% |
| Gross operating margin | 9900 | €64,596 | €109,955 | +€45,359 | +70.2% |
| Operating profit (loss) | 9901 | €54,469 | €100,955 | +€46,487 | +85.3% |
| Financial income | 75/76B | €15,641 | €15,804 | +€163 | +1.0% |
| Recurring financial income | 75 | €15,641 | €15,804 | +€163 | +1.0% |
| Financial charges | 65/66B | €1,761 | €1,400 | -€362 | -20.5% |
| Recurring financial charges | 65 | €1,761 | €1,400 | -€362 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €68,349 | €115,360 | +€47,011 | +68.8% |
| Income taxes | 67/77 | €15,963 | €40,914 | +€24,951 | +156.3% |
| Profit (loss) for the period | 9904 | €52,385 | €74,446 | +€22,060 | +42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,385 | €74,446 | +€22,060 | +42.1% |
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 30 September 2026 via checked.be.