ELSIF: 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.
ELSIF
Largest movements
- Cash +€27,242
up €27,242 (+552.7%), from €4,929 to €32,171
mainly Net result for the year (+€30,402) and Tax, wage and social debts (+€3,655)
- Receivables within one year +€5,838
up €5,838 (+80.4%), from €7,260 to €13,098
of which Trade receivables: +€5,090
- Tangible fixed assets -€1,967
down €1,967 (-36.1%), from €5,446 to €3,479
of which Furniture and vehicles: -€1,676
- Deferred charges and accrued income +€1,632
up €1,632 (+209.9%), from €778 to €2,410
- Reserves +€30,402
up €30,402 (+596.6%), from €5,096 to €35,497
- Tax, wage and social debts +€3,655
up €3,655 (+86.6%), from €4,219 to €7,874
of which Remuneration and social security: +€2,521
- Other debts -€3,186
down €3,186 (-52.5%), from €6,070 to €2,884
- Trade debts +€1,581
up €1,581 (+75.9%), from €2,083 to €3,664
- Gross operating margin +€37,020
up €37,020 (+468.8%), from €7,897 to €44,918
- Taxes +€10,246
up €10,246 (+637.7%), from €1,607 to €11,853
- Depreciation -€1,841
down €1,841 (-48.3%), from €3,807 to €1,967
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 | €18,468 | €51,214 | +€32,746 | +177.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €5,501 | €3,534 | -€1,967 | -35.8% |
| Tangible fixed assets | 22/27 | €5,446 | €3,479 | -€1,967 | -36.1% |
| Plant, machinery and equipment | 23 | €2,009 | €1,719 | -€290 | -14.5% |
| Furniture and vehicles | 24 | €3,437 | €1,761 | -€1,676 | -48.8% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €12,967 | €47,679 | +€34,713 | +267.7% |
| Amounts receivable within one year | 40/41 | €7,260 | €13,098 | +€5,838 | +80.4% |
| Trade receivables | 40 | €7,260 | €12,350 | +€5,090 | +70.1% |
| Other amounts receivable | 41 | €0 | €748 | +€748 | |
| Cash at bank and in hand | 54/58 | €4,929 | €32,171 | +€27,242 | +552.7% |
| Deferred charges and accrued income | 490/1 | €778 | €2,410 | +€1,632 | +209.9% |
| Total equity and liabilities | 10/49 | €18,468 | €51,214 | +€32,746 | +177.3% |
| Equity | 10/15 | €6,096 | €36,497 | +€30,402 | +498.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €5,096 | €35,497 | +€30,402 | +596.6% |
| Distributable reserves | 133 | €5,096 | €35,497 | +€30,402 | +596.6% |
| Amounts payable | 17/49 | €12,372 | €14,716 | +€2,345 | +19.0% |
| Amounts payable within one year | 42/48 | €12,372 | €14,716 | +€2,345 | +19.0% |
| Financial debts | 43 | - | €295 | +€295 | |
| Credit institutions | 430/8 | - | €295 | +€295 | |
| Trade debts | 44 | €2,083 | €3,664 | +€1,581 | +75.9% |
| Suppliers | 440/4 | €2,083 | €3,664 | +€1,581 | +75.9% |
| Taxes, remuneration and social security | 45 | €4,219 | €7,874 | +€3,655 | +86.6% |
| Taxes | 450/3 | €4,219 | €5,353 | +€1,134 | +26.9% |
| Remuneration and social security | 454/9 | €0 | €2,521 | +€2,521 | |
| Other amounts payable | 47/48 | €6,070 | €2,884 | -€3,186 | -52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,807 | €1,967 | -€1,841 | -48.3% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €7,897 | €44,918 | +€37,020 | +468.8% |
| Operating profit (loss) | 9901 | €3,577 | €42,423 | +€38,847 | +1086.1% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €108 | €169 | +€61 | +56.7% |
| Recurring financial charges | 65 | €108 | €169 | +€61 | +56.7% |
| Profit (loss) for the period before taxes | 9903 | €3,474 | €42,254 | +€38,780 | +1116.3% |
| Income taxes | 67/77 | €1,607 | €11,853 | +€10,246 | +637.7% |
| Profit (loss) for the period | 9904 | €1,867 | €30,402 | +€28,534 | +1528.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,867 | €30,402 | +€28,534 | +1528.1% |
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 4 October 2026 via checked.be.