ELSIMA: 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.
ELSIMA
Largest movements
- Tangible fixed assets -€63,810
down €63,810 (-3.8%), from €1.7m to €1.6m
of which Land and buildings: -€71,806
- Cash -€34,948
down €34,948 (-26.0%), from €134,256 to €99,307
mainly Other debts (-€63,123) and Net result for the year (-€44,408)
- Reserves -€90,000
down €90,000 (-35.6%), from €252,947 to €162,947
of which Distributable reserves: -€90,000
- Other debts -€63,123
down €63,123 (-20.8%), from €302,866 to €239,743
- Profit (loss) carried forward +€45,592
up €45,592 (+464%), from €9,826 to €55,418
- Gross operating margin -€107,019
down €107,019 (-51.4%), from €208,157 to €101,138
- Other operating charges -€44,063
down €44,063 (-47.4%), from €92,886 to €48,823
- Financial charges -€11,138
down €11,138 (-36.3%), from €30,697 to €19,559
of which Non-recurring financial charges: -€6,154
- Depreciation +€3,981
up €3,981 (+5.4%), from €73,994 to €77,975
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 | €1,824,889 | €1,730,798 | -€94,092 | -5.2% |
| Fixed assets | 21/28 | €1,687,411 | €1,623,600 | -€63,810 | -3.8% |
| Tangible fixed assets | 22/27 | €1,687,411 | €1,623,600 | -€63,810 | -3.8% |
| Land and buildings | 22 | €1,640,941 | €1,569,135 | -€71,806 | -4.4% |
| Plant, machinery and equipment | 23 | €41,888 | €38,144 | -€3,744 | -8.9% |
| Furniture and vehicles | 24 | €4,581 | €16,321 | +€11,740 | +256% |
| Current assets | 29/58 | €137,479 | €107,197 | -€30,282 | -22.0% |
| Amounts receivable within one year | 40/41 | €2,869 | €7,890 | +€5,021 | +175% |
| Trade receivables | 40 | €2,869 | €7,753 | +€4,884 | +170% |
| Other amounts receivable | 41 | - | €137 | +€137 | |
| Cash at bank and in hand | 54/58 | €134,256 | €99,307 | -€34,948 | -26.0% |
| Deferred charges and accrued income | 490/1 | €354 | - | -€354 | |
| Total equity and liabilities | 10/49 | €1,824,889 | €1,730,798 | -€94,092 | -5.2% |
| Equity | 10/15 | €1,502,240 | €1,457,833 | -€44,408 | -3.0% |
| Contributions | 10/11 | €1,239,468 | €1,239,468 | = | 0.0% |
| Capital | 10 | €1,239,468 | €1,239,468 | = | 0.0% |
| Issued capital | 100 | €1,239,468 | €1,239,468 | = | 0.0% |
| Reserves | 13 | €252,947 | €162,947 | -€90,000 | -35.6% |
| Non-distributable reserves | 130/1 | €123,947 | €123,947 | = | 0.0% |
| Legal reserve | 130 | €123,947 | €123,947 | = | 0.0% |
| Distributable reserves | 133 | €129,000 | €39,000 | -€90,000 | -69.8% |
| Profit (loss) carried forward | 14 | €9,826 | €55,418 | +€45,592 | +464% |
| Amounts payable | 17/49 | €322,649 | €272,965 | -€49,684 | -15.4% |
| Amounts payable after more than one year | 17 | €3,450 | €3,780 | +€330 | +9.6% |
| Other amounts payable | 178/9 | €3,450 | €3,780 | +€330 | +9.6% |
| Amounts payable within one year | 42/48 | €319,199 | €268,186 | -€51,012 | -16.0% |
| Trade debts | 44 | €6,367 | €19,504 | +€13,137 | +206% |
| Suppliers | 440/4 | €6,367 | €19,504 | +€13,137 | +206% |
| Taxes, remuneration and social security | 45 | €9,965 | €8,940 | -€1,026 | -10.3% |
| Taxes | 450/3 | €9,965 | €8,940 | -€1,026 | -10.3% |
| Other amounts payable | 47/48 | €302,866 | €239,743 | -€63,123 | -20.8% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,994 | €77,975 | +€3,981 | +5.4% |
| Other operating charges | 640/8 | €92,886 | €48,823 | -€44,063 | -47.4% |
| Non-recurring operating charges | 66A | €4,999 | - | -€4,999 | |
| Gross operating margin | 9900 | €208,157 | €101,138 | -€107,019 | -51.4% |
| Operating profit (loss) | 9901 | €36,278 | -€25,659 | -€61,937 | |
| Financial income | 75/76B | €624 | €961 | +€337 | +54.0% |
| Recurring financial income | 75 | €624 | €961 | +€337 | +54.0% |
| Financial charges | 65/66B | €30,697 | €19,559 | -€11,138 | -36.3% |
| Recurring financial charges | 65 | €24,543 | €19,559 | -€4,984 | -20.3% |
| Non-recurring financial charges | 66B | €6,154 | - | -€6,154 | |
| Profit (loss) for the period before taxes | 9903 | €6,205 | -€44,257 | -€50,463 | |
| Income taxes | 67/77 | €294 | €151 | -€144 | -48.8% |
| Profit (loss) for the period | 9904 | €5,911 | -€44,408 | -€50,319 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,911 | -€44,408 | -€50,319 |
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 14 October 2026 via checked.be.