ELSTER: 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.
What changed
ELSTER
NACE 26.510, Manufacture of computer, electronic and optical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€471,184
2024 · -€279,029+€750,212
Equity
€12.4m
2024 · €12.0m+€471,184
Cash
€192,412
2024 · €182,889+€9,523
Balance sheet total
€15.8m
2024 · €14.5m+€1.3m
Largest movements
Assets
- Receivables within one year +€1.4m
up €1.4m (+10.1%), from €13.6m to €14.9m
of which Other amounts receivable: +€1.8m
Equity and liabilities
- Trade debts +€945,717
up €945,717 (+52.3%), from €1.8m to €2.8m
- Profit (loss) carried forward +€471,184
up €471,184 (+6.0%), from €7.8m to €8.3m
Income statement
- Financial charges -€1.0m
down €1.0m (-98.4%), from €1.1m to €17,375
of which Non-recurring financial charges: -€1.0m
- Financial income -€293,806
down €293,806 (-50.7%), from €579,821 to €286,015
- Other operating income -€259,474
down €259,474 (-62.8%), from €413,443 to €153,969
- Services and other goods -€127,892
down €127,892 (-18.2%), from €701,707 to €573,815
- Goods and materials -€94,605
down €94,605 (-2.0%), from €4.8m to €4.7m
of which Change in stocks: decrease (increase): -€234,928
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.
Result 2024
-€279,029
Turnover
+€46,807
Other operating income
-€259,474
Goods and materials
+€94,605
Services and other goods
+€127,892
Staff costs
+€26,809
Write-downs
-€4,153
Other operating charges
+€41,693
Other operating items
-€72,737
Financial income
-€293,806
Financial charges
+€1.0m
Taxes
+€368
Result 2025
€471,184
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.
From operations
+€9,523
Investment
€0
Financing
€0
Cash 2024
€182,889
From operations (derived)
+€9,523
Net result for the year
+€471,184
Depreciation
+€31,592
Stocks and contracts
-€19,969
Receivables within one year
-€1.4m
Deferred charges and accrued income
+€102,134
Trade debts
+€945,717
Tax, wage and social debts
-€98,762
Advances received
-€36,151
Accrued charges and deferred income
-€20,437
Cash 2025
€192,412
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,503,497 | €15,765,048 | +€1.3m | +8.7% |
| Fixed assets | 21/28 | €165,993 | €134,401 | -€31,592 | -19.0% |
| Tangible fixed assets | 22/27 | €122,443 | €90,851 | -€31,592 | -25.8% |
| Land and buildings | 22 | €122,443 | €90,851 | -€31,592 | -25.8% |
| Financial fixed assets | 28 | €43,550 | €43,550 | = | 0.0% |
| Other financial fixed assets | 284/8 | €43,550 | €43,550 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €43,550 | €43,550 | = | 0.0% |
| Current assets | 29/58 | €14,337,504 | €15,630,648 | +€1.3m | +9.0% |
| Stocks and contracts in progress | 3 | €469,644 | €489,612 | +€19,969 | +4.3% |
| Stocks | 30/36 | €156,638 | €481,134 | +€324,496 | +207.2% |
| Work in progress | 32 | €419 | €663 | +€244 | +58.2% |
| Goods purchased for resale | 34 | €156,219 | €480,471 | +€324,252 | +207.6% |
| Contracts in progress | 37 | €313,005 | €8,478 | -€304,527 | -97.3% |
| Amounts receivable within one year | 40/41 | €13,570,133 | €14,935,918 | +€1.4m | +10.1% |
| Trade receivables | 40 | €1,468,868 | €1,070,797 | -€398,072 | -27.1% |
| Other amounts receivable | 41 | €12,101,265 | €13,865,122 | +€1.8m | +14.6% |
| Cash at bank and in hand | 54/58 | €182,889 | €192,412 | +€9,523 | +5.2% |
| Deferred charges and accrued income | 490/1 | €114,839 | €12,705 | -€102,134 | -88.9% |
| Total equity and liabilities | 10/49 | €14,503,497 | €15,765,048 | +€1.3m | +8.7% |
| Equity | 10/15 | €11,952,668 | €12,423,852 | +€471,184 | +3.9% |
| Contributions | 10/11 | €2,087,918 | €2,087,918 | = | 0.0% |
| Capital | 10 | €2,087,918 | €2,087,918 | = | 0.0% |
| Issued capital | 100 | €2,087,918 | €2,087,918 | = | 0.0% |
| Reserves | 13 | €2,075,368 | €2,075,368 | = | 0.0% |
| Non-distributable reserves | 130/1 | €210,341 | €210,341 | = | 0.0% |
| Legal reserve | 130 | €208,792 | €208,792 | = | 0.0% |
| Other | 1319 | €1,549 | €1,549 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,106,576 | €1,106,576 | = | 0.0% |
| Distributable reserves | 133 | €758,450 | €758,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,789,382 | €8,260,566 | +€471,184 | +6.0% |
| Amounts payable | 17/49 | €2,550,829 | €3,341,196 | +€790,367 | +31.0% |
| Amounts payable within one year | 42/48 | €2,239,270 | €3,050,073 | +€810,804 | +36.2% |
| Trade debts | 44 | €1,808,863 | €2,754,580 | +€945,717 | +52.3% |
| Suppliers | 440/4 | €1,808,863 | €2,754,580 | +€945,717 | +52.3% |
| Advances received on contracts in progress | 46 | €147,408 | €111,257 | -€36,151 | -24.5% |
| Taxes, remuneration and social security | 45 | €282,998 | €184,236 | -€98,762 | -34.9% |
| Taxes | 450/3 | €83,349 | €36,438 | -€46,911 | -56.3% |
| Remuneration and social security | 454/9 | €199,649 | €147,798 | -€51,851 | -26.0% |
| Accrued charges and deferred income | 492/3 | €311,560 | €291,123 | -€20,437 | -6.6% |
| Operating income | 70/76A | €6,945,342 | €6,659,937 | -€285,405 | -4.1% |
| Turnover | 70 | €6,763,445 | €6,810,251 | +€46,807 | +0.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€231,546 | -€304,283 | -€72,737 | -31.4% |
| Other operating income | 74 | €413,443 | €153,969 | -€259,474 | -62.8% |
| Operating charges | 60/66A | €6,741,900 | €6,455,054 | -€286,845 | -4.3% |
| Goods for resale, raw materials and consumables | 60 | €4,778,172 | €4,683,568 | -€94,605 | -2.0% |
| Purchases | 600/8 | €4,886,286 | €5,026,609 | +€140,323 | +2.9% |
| Change in stocks: decrease (increase) | 609 | -€108,113 | -€343,041 | -€234,928 | -217.3% |
| Services and other goods | 61 | €701,707 | €573,815 | -€127,892 | -18.2% |
| Remuneration, social security and pensions | 62 | €1,172,047 | €1,145,238 | -€26,809 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,592 | €31,592 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,637 | €18,789 | +€4,153 | +28.4% |
| Other operating charges | 640/8 | €43,745 | €2,052 | -€41,693 | -95.3% |
| Operating profit (loss) | 9901 | €203,443 | €204,883 | +€1,440 | +0.7% |
| Financial income | 75/76B | €579,821 | €286,015 | -€293,806 | -50.7% |
| Recurring financial income | 75 | €579,821 | €286,015 | -€293,806 | -50.7% |
| Income from current assets | 751 | €538,036 | €275,527 | -€262,510 | -48.8% |
| Other financial income | 752/9 | €41,784 | €10,488 | -€31,296 | -74.9% |
| Financial charges | 65/66B | €1,059,586 | €17,375 | -€1.0m | -98.4% |
| Recurring financial charges | 65 | €9,965 | €17,375 | +€7,410 | +74.4% |
| Debt charges | 650 | - | €86 | +€86 | |
| Other financial charges | 652/9 | €9,965 | €17,290 | +€7,324 | +73.5% |
| Non-recurring financial charges | 66B | €1,049,621 | - | -€1.0m | |
| Profit (loss) for the period before taxes | 9903 | -€276,322 | €473,522 | +€749,844 | |
| Income taxes | 67/77 | €2,706 | €2,338 | -€368 | -13.6% |
| Taxes | 670/3 | €2,706 | €2,338 | -€368 | -13.6% |
| Profit (loss) for the period | 9904 | -€279,029 | €471,184 | +€750,212 | |
| Profit (loss) for the period to be appropriated | 9905 | -€279,029 | €471,184 | +€750,212 |
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 3 October 2026 via checked.be.