ELST: 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.
ELST
Largest movements
- Receivables within one year +€8,119
up €8,119 (+40.3%), from €20,124 to €28,243
of which Other amounts receivable: +€6,481
- Tangible fixed assets +€5,654
up €5,654 (+590.8%), from €957 to €6,611
- Cash +€851
up €851 (+272.1%), from €313 to €1,164
mainly Other debts (+€35,827) and Depreciation (+€2,006)
- Other debts +€35,827
up €35,827 (+556.7%), from €6,436 to €42,262
- Profit (loss) carried forward -€16,011
down €16,011 (-151.6%), from -€10,560 to -€26,571
- Tax, wage and social debts -€5,518
no longer reported in 2025 (was €5,518)
- Gross operating margin -€21,327
down €21,327, from €8,254 to -€13,073
- Depreciation -€865
down €865 (-30.1%), from €2,871 to €2,006
- Other operating charges +€481
up €481 (+132.9%), from €362 to €843
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 | €21,394 | €36,018 | +€14,624 | +68.4% |
| Fixed assets | 21/28 | €957 | €6,611 | +€5,654 | +590.8% |
| Tangible fixed assets | 22/27 | €957 | €6,611 | +€5,654 | +590.8% |
| Furniture and vehicles | 24 | €957 | €6,611 | +€5,654 | +590.8% |
| Current assets | 29/58 | €20,437 | €29,407 | +€8,970 | +43.9% |
| Amounts receivable within one year | 40/41 | €20,124 | €28,243 | +€8,119 | +40.3% |
| Trade receivables | 40 | €20,124 | €21,762 | +€1,638 | +8.1% |
| Other amounts receivable | 41 | - | €6,481 | +€6,481 | |
| Cash at bank and in hand | 54/58 | €313 | €1,164 | +€851 | +272.1% |
| Total equity and liabilities | 10/49 | €21,394 | €36,018 | +€14,624 | +68.4% |
| Equity | 10/15 | €9,440 | -€6,571 | -€16,011 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,560 | -€26,571 | -€16,011 | -151.6% |
| Amounts payable | 17/49 | €11,954 | €42,589 | +€30,635 | +256.3% |
| Amounts payable within one year | 42/48 | €11,954 | €42,589 | +€30,635 | +256.3% |
| Trade debts | 44 | - | €327 | +€327 | |
| Suppliers | 440/4 | - | €327 | +€327 | |
| Taxes, remuneration and social security | 45 | €5,518 | - | -€5,518 | |
| Taxes | 450/3 | €5,518 | - | -€5,518 | |
| Other amounts payable | 47/48 | €6,436 | €42,262 | +€35,827 | +556.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,871 | €2,006 | -€865 | -30.1% |
| Other operating charges | 640/8 | €362 | €843 | +€481 | +132.9% |
| Gross operating margin | 9900 | €8,254 | -€13,073 | -€21,327 | |
| Operating profit (loss) | 9901 | €5,021 | -€15,923 | -€20,944 | |
| Financial charges | 65/66B | €165 | €88 | -€77 | -46.5% |
| Recurring financial charges | 65 | €165 | €88 | -€77 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €4,856 | -€16,011 | -€20,867 | |
| Profit (loss) for the period | 9904 | €4,856 | -€16,011 | -€20,867 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,856 | -€16,011 | -€20,867 |
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 29 September 2026 via checked.be.