ELSEN NUMISMATICA: 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 NUMISMATICA
Largest movements
- Receivables within one year +€787,563
up €787,563 (+281.8%), from €279,508 to €1.1m
of which Trade receivables: +€781,218
- Stocks and contracts -€404,681
down €404,681 (-51.8%), from €780,783 to €376,102
- Cash +€133,113
up €133,113 (+90.7%), from €146,816 to €279,929
mainly Net result for the year (+€526,448) and Stocks and contracts (+€404,681)
- Reserves +€526,448
up €526,448 (+117.1%), from €449,631 to €976,079
of which Distributable reserves: +€526,448
- Tax, wage and social debts -€80,442
down €80,442 (-83.6%), from €96,188 to €15,746
- Trade debts +€69,989
up €69,989 (+251.8%), from €27,794 to €97,783
- Gross operating margin +€144,241
up €144,241 (+23.0%), from €627,615 to €771,856
- Taxes +€47,412
up €47,412 (+23.9%), from €198,264 to €245,676
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 | €1,207,330 | €1,723,325 | +€515,995 | +42.7% |
| Fixed assets | 21/28 | €223 | €223 | = | 0.0% |
| Financial fixed assets | 28 | €223 | €223 | = | 0.0% |
| Current assets | 29/58 | €1,207,107 | €1,723,102 | +€515,995 | +42.7% |
| Stocks and contracts in progress | 3 | €780,783 | €376,102 | -€404,681 | -51.8% |
| Stocks | 30/36 | €780,783 | €376,102 | -€404,681 | -51.8% |
| Amounts receivable within one year | 40/41 | €279,508 | €1,067,071 | +€787,563 | +281.8% |
| Trade receivables | 40 | €1,510 | €782,728 | +€781,218 | +51736.3% |
| Other amounts receivable | 41 | €277,998 | €284,343 | +€6,345 | +2.3% |
| Cash at bank and in hand | 54/58 | €146,816 | €279,929 | +€133,113 | +90.7% |
| Total equity and liabilities | 10/49 | €1,207,330 | €1,723,325 | +€515,995 | +42.7% |
| Equity | 10/15 | €1,083,348 | €1,609,796 | +€526,448 | +48.6% |
| Contributions | 10/11 | €266,485 | €266,485 | = | 0.0% |
| Capital | 10 | €266,485 | €266,485 | = | 0.0% |
| Issued capital | 100 | €266,485 | €266,485 | = | 0.0% |
| Reserves | 13 | €449,631 | €976,079 | +€526,448 | +117.1% |
| Non-distributable reserves | 130/1 | €14,300 | €14,300 | = | 0.0% |
| Legal reserve | 130 | €14,300 | €14,300 | = | 0.0% |
| Distributable reserves | 133 | €435,331 | €961,779 | +€526,448 | +120.9% |
| Profit (loss) carried forward | 14 | €367,232 | €367,232 | = | 0.0% |
| Amounts payable | 17/49 | €123,982 | €113,529 | -€10,453 | -8.4% |
| Amounts payable within one year | 42/48 | €123,982 | €113,529 | -€10,453 | -8.4% |
| Trade debts | 44 | €27,794 | €97,783 | +€69,989 | +251.8% |
| Suppliers | 440/4 | €27,794 | €97,783 | +€69,989 | +251.8% |
| Taxes, remuneration and social security | 45 | €96,188 | €15,746 | -€80,442 | -83.6% |
| Taxes | 450/3 | €96,188 | €15,746 | -€80,442 | -83.6% |
| Non-recurring operating income | 76A | - | €2,677 | +€2,677 | |
| Other operating charges | 640/8 | €1,922 | €910 | -€1,012 | -52.7% |
| Gross operating margin | 9900 | €627,615 | €771,856 | +€144,241 | +23.0% |
| Operating profit (loss) | 9901 | €625,693 | €770,946 | +€145,253 | +23.2% |
| Financial income | 75/76B | €7,947 | €6,307 | -€1,640 | -20.6% |
| Recurring financial income | 75 | €7,947 | €6,307 | -€1,640 | -20.6% |
| Financial charges | 65/66B | €45 | €5,129 | +€5,084 | +11297.8% |
| Recurring financial charges | 65 | €45 | €5,129 | +€5,084 | +11297.8% |
| Profit (loss) for the period before taxes | 9903 | €633,595 | €772,124 | +€138,529 | +21.9% |
| Income taxes | 67/77 | €198,264 | €245,676 | +€47,412 | +23.9% |
| Profit (loss) for the period | 9904 | €435,331 | €526,448 | +€91,117 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €435,331 | €526,448 | +€91,117 | +20.9% |
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.