ELSHOVEN: 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.
ELSHOVEN
Largest movements
- Tangible fixed assets +€501,727
up €501,727 (+463.3%), from €108,295 to €610,022
of which Land and buildings: +€428,120
- Cash -€174,492
down €174,492 (-29.7%), from €588,146 to €413,654
mainly Investment in fixed assets (net) (-€544,617) and Receivables within one year (-€7,166)
- Debts after one year +€220,822
up €220,822 (+1409.5%), from €15,667 to €236,489
- Reserves +€89,867
up €89,867 (+14.4%), from €625,012 to €714,879
of which Distributable reserves: +€89,867
- Current portion of long-term debt +€13,895
up €13,895 (+347.4%), from €4,000 to €17,895
- Taxes -€24,996
down €24,996 (-37.7%), from €66,281 to €41,286
- Gross operating margin -€24,759
down €24,759 (-10.9%), from €227,116 to €202,358
- Depreciation +€23,084
up €23,084 (+116.6%), from €19,806 to €42,890
- Financial charges +€17,190
up €17,190 (+2942.6%), from €584 to €17,775
of which Financial charges: +€11,150
- Other operating charges +€2,536
up €2,536 (+40.5%), from €6,261 to €8,796
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 | €778,717 | €1,105,454 | +€326,737 | +42.0% |
| Fixed assets | 21/28 | €108,295 | €610,022 | +€501,727 | +463.3% |
| Tangible fixed assets | 22/27 | €108,295 | €610,022 | +€501,727 | +463.3% |
| Land and buildings | 22 | €64,290 | €492,410 | +€428,120 | +665.9% |
| Plant, machinery and equipment | 23 | €31,143 | €57,879 | +€26,736 | +85.9% |
| Furniture and vehicles | 24 | €12,862 | €59,733 | +€46,870 | +364.4% |
| Current assets | 29/58 | €670,422 | €495,432 | -€174,990 | -26.1% |
| Stocks and contracts in progress | 3 | €52,136 | €41,490 | -€10,647 | -20.4% |
| Stocks | 30/36 | €52,136 | €41,490 | -€10,647 | -20.4% |
| Amounts receivable within one year | 40/41 | €27,595 | €34,761 | +€7,166 | +26.0% |
| Trade receivables | 40 | €27,595 | €22,946 | -€4,649 | -16.8% |
| Other amounts receivable | 41 | - | €11,815 | +€11,815 | |
| Cash at bank and in hand | 54/58 | €588,146 | €413,654 | -€174,492 | -29.7% |
| Deferred charges and accrued income | 490/1 | €2,545 | €5,528 | +€2,982 | +117.2% |
| Total equity and liabilities | 10/49 | €778,717 | €1,105,454 | +€326,737 | +42.0% |
| Equity | 10/15 | €725,012 | €814,879 | +€89,867 | +12.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €625,012 | €714,879 | +€89,867 | +14.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €615,012 | €704,879 | +€89,867 | +14.6% |
| Amounts payable | 17/49 | €53,705 | €290,574 | +€236,869 | +441.1% |
| Amounts payable after more than one year | 17 | €15,667 | €236,489 | +€220,822 | +1409.5% |
| Financial debts | 170/4 | €15,667 | €236,489 | +€220,822 | +1409.5% |
| Amounts payable within one year | 42/48 | €38,038 | €53,864 | +€15,826 | +41.6% |
| Current portion of amounts payable after more than one year | 42 | €4,000 | €17,895 | +€13,895 | +347.4% |
| Trade debts | 44 | €12,259 | €6,734 | -€5,525 | -45.1% |
| Suppliers | 440/4 | €12,259 | €6,734 | -€5,525 | -45.1% |
| Taxes, remuneration and social security | 45 | €17,078 | €18,453 | +€1,375 | +8.1% |
| Taxes | 450/3 | €17,078 | €16,103 | -€975 | -5.7% |
| Remuneration and social security | 454/9 | - | €2,350 | +€2,350 | |
| Other amounts payable | 47/48 | €4,701 | €10,781 | +€6,080 | +129.3% |
| Accrued charges and deferred income | 492/3 | - | €221 | +€221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,806 | €42,890 | +€23,084 | +116.6% |
| Other operating charges | 640/8 | €6,261 | €8,796 | +€2,536 | +40.5% |
| Gross operating margin | 9900 | €227,116 | €202,358 | -€24,759 | -10.9% |
| Operating profit (loss) | 9901 | €201,050 | €150,671 | -€50,379 | -25.1% |
| Financial income | 75/76B | €39 | €1,256 | +€1,217 | +3140.6% |
| Recurring financial income | 75 | €39 | €1,256 | +€1,217 | +3140.6% |
| Financial charges | 65/66B | €584 | €17,775 | +€17,190 | +2942.6% |
| Recurring financial charges | 65 | €584 | €11,734 | +€11,150 | +1908.6% |
| Non-recurring financial charges | 66B | - | €6,041 | +€6,041 | |
| Profit (loss) for the period before taxes | 9903 | €200,505 | €134,153 | -€66,352 | -33.1% |
| Income taxes | 67/77 | €66,281 | €41,286 | -€24,996 | -37.7% |
| Profit (loss) for the period | 9904 | €134,224 | €92,867 | -€41,356 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €134,224 | €92,867 | -€41,356 | -30.8% |
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 7 October 2026 via checked.be.