ELSING: 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.
ELSING
Largest movements
- Cash +€10,218
up €10,218 (+10.9%), from €93,562 to €103,780
mainly Net result for the year (+€7,449) and Depreciation (+€6,179)
- Tangible fixed assets -€6,179
down €6,179 (-18.8%), from €32,875 to €26,696
of which Land and buildings: -€4,902
- Receivables within one year +€5,093
new in 2025: €5,093
- Reserves +€6,500
up €6,500 (+6.8%), from €95,359 to €101,859
of which Distributable reserves: +€6,500
- Turnover -€15,908
down €15,908 (-18.6%), from €85,687 to €69,779
- Gross operating margin -€12,652
down €12,652 (-39.7%), from €31,863 to €19,211
- Taxes -€3,414
down €3,414 (-34.9%), from €9,785 to €6,371
- Purchases and services -€3,256
down €3,256 (-6.0%), from €53,823 to €50,568
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 | €127,699 | €136,078 | +€8,379 | +6.6% |
| Fixed assets | 21/28 | €32,875 | €26,696 | -€6,179 | -18.8% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €32,875 | €26,696 | -€6,179 | -18.8% |
| Land and buildings | 22 | €30,814 | €25,913 | -€4,902 | -15.9% |
| Plant, machinery and equipment | 23 | €2,061 | €783 | -€1,278 | -62.0% |
| Current assets | 29/58 | €94,823 | €109,382 | +€14,558 | +15.4% |
| Stocks and contracts in progress | 3 | €1,261 | €509 | -€752 | -59.6% |
| Stocks | 30/36 | €1,261 | €509 | -€752 | -59.6% |
| Amounts receivable within one year | 40/41 | - | €5,093 | +€5,093 | |
| Trade receivables | 40 | - | €5,093 | +€5,093 | |
| Cash at bank and in hand | 54/58 | €93,562 | €103,780 | +€10,218 | +10.9% |
| Total equity and liabilities | 10/49 | €127,699 | €136,078 | +€8,379 | +6.6% |
| Equity | 10/15 | €121,882 | €129,331 | +€7,449 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €12,392 | €12,392 | = | 0.0% |
| Reserves | 13 | €95,359 | €101,859 | +€6,500 | +6.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €93,500 | €100,000 | +€6,500 | +7.0% |
| Profit (loss) carried forward | 14 | €20,322 | €21,272 | +€949 | +4.7% |
| Amounts payable | 17/49 | €5,817 | €6,747 | +€930 | +16.0% |
| Amounts payable within one year | 42/48 | €5,817 | €6,408 | +€591 | +10.2% |
| Trade debts | 44 | €665 | €594 | -€71 | -10.6% |
| Suppliers | 440/4 | €665 | €594 | -€71 | -10.6% |
| Taxes, remuneration and social security | 45 | €5,152 | €5,814 | +€662 | +12.8% |
| Taxes | 450/3 | €4,094 | €5,814 | +€1,720 | +42.0% |
| Remuneration and social security | 454/9 | €1,058 | - | -€1,058 | |
| Accrued charges and deferred income | 492/3 | - | €338 | +€338 | |
| Turnover | 70 | €85,687 | €69,779 | -€15,908 | -18.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €53,823 | €50,568 | -€3,256 | -6.0% |
| Remuneration, social security and pensions | 62 | €638 | €456 | -€183 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,179 | €6,179 | +€0 | 0.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €31,863 | €19,211 | -€12,652 | -39.7% |
| Operating profit (loss) | 9901 | €24,541 | €12,057 | -€12,484 | -50.9% |
| Financial income | 75/76B | €1,538 | €1,916 | +€378 | +24.6% |
| Recurring financial income | 75 | €1,538 | €1,916 | +€378 | +24.6% |
| Financial charges | 65/66B | €279 | €153 | -€126 | -45.2% |
| Recurring financial charges | 65 | €279 | €153 | -€126 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €25,800 | €13,820 | -€11,980 | -46.4% |
| Income taxes | 67/77 | €9,785 | €6,371 | -€3,414 | -34.9% |
| Profit (loss) for the period | 9904 | €16,015 | €7,449 | -€8,566 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,015 | €7,449 | -€8,566 | -53.5% |
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 11 October 2026 via checked.be.