ELSINAN: 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.
ELSINAN
Largest movements
- Cash -€5,529
down €5,529 (-99.7%), from €5,546 to €17
- Tangible fixed assets -€4,791
down €4,791 (-56.0%), from €8,559 to €3,768
of which Plant, machinery and equipment: -€6,822
- Receivables within one year -€3,627
no longer reported in 2025 (was €3,627)
of which Trade receivables: -€2,934
- Stocks and contracts -€1,625
down €1,625 (-14.2%), from €11,455 to €9,830
- Profit (loss) carried forward -€16,081
down €16,081 (-95.4%), from -€16,859 to -€32,941
- Other debts -€7,514
down €7,514 (-28.4%), from €26,473 to €18,959
- Trade debts +€3,935
up €3,935 (+86.1%), from €4,573 to €8,508
- Tax, wage and social debts +€2,596
new in 2025: €2,596
- Advances received +€1,493
new in 2025: €1,493
- Gross operating margin -€11,373
down €11,373, from €2,070 to -€9,304
- Depreciation -€7,766
down €7,766 (-94.9%), from €8,179 to €413
- Other operating charges -€1,202
no longer reported in 2025 (was €1,202)
- Financial charges +€347
up €347 (+111.9%), from €310 to €656
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,187 | €13,616 | -€15,571 | -53.4% |
| Fixed assets | 21/28 | €8,559 | €3,768 | -€4,791 | -56.0% |
| Tangible fixed assets | 22/27 | €8,559 | €3,768 | -€4,791 | -56.0% |
| Plant, machinery and equipment | 23 | €6,822 | - | -€6,822 | |
| Furniture and vehicles | 24 | €1,737 | €3,768 | +€2,031 | +117.0% |
| Current assets | 29/58 | €20,627 | €9,847 | -€10,780 | -52.3% |
| Stocks and contracts in progress | 3 | €11,455 | €9,830 | -€1,625 | -14.2% |
| Stocks | 30/36 | €11,455 | €9,830 | -€1,625 | -14.2% |
| Amounts receivable within one year | 40/41 | €3,627 | - | -€3,627 | |
| Trade receivables | 40 | €2,934 | - | -€2,934 | |
| Other amounts receivable | 41 | €693 | - | -€693 | |
| Cash at bank and in hand | 54/58 | €5,546 | €17 | -€5,529 | -99.7% |
| Total equity and liabilities | 10/49 | €29,187 | €13,616 | -€15,571 | -53.4% |
| Equity | 10/15 | -€1,859 | -€17,941 | -€16,081 | -865.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,859 | -€32,941 | -€16,081 | -95.4% |
| Amounts payable | 17/49 | €31,046 | €31,556 | +€510 | +1.6% |
| Amounts payable within one year | 42/48 | €31,046 | €31,556 | +€510 | +1.6% |
| Trade debts | 44 | €4,573 | €8,508 | +€3,935 | +86.1% |
| Suppliers | 440/4 | €4,573 | €8,508 | +€3,935 | +86.1% |
| Advances received on contracts in progress | 46 | - | €1,493 | +€1,493 | |
| Taxes, remuneration and social security | 45 | - | €2,596 | +€2,596 | |
| Taxes | 450/3 | - | €2,596 | +€2,596 | |
| Other amounts payable | 47/48 | €26,473 | €18,959 | -€7,514 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,179 | €413 | -€7,766 | -94.9% |
| Other operating charges | 640/8 | €1,202 | - | -€1,202 | |
| Gross operating margin | 9900 | €2,070 | -€9,304 | -€11,373 | |
| Operating profit (loss) | 9901 | -€7,311 | -€9,717 | -€2,405 | -32.9% |
| Financial charges | 65/66B | €310 | €656 | +€347 | +111.9% |
| Recurring financial charges | 65 | €310 | €656 | +€347 | +111.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,621 | -€10,373 | -€2,752 | -36.1% |
| Profit (loss) for the period | 9904 | -€7,621 | -€10,373 | -€2,752 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,621 | -€10,373 | -€2,752 | -36.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.