ELSTRO: 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.
ELSTRO
Largest movements
- Stocks and contracts -€225,795
down €225,795 (-88.6%), from €254,750 to €28,954
of which Contracts in progress: -€168,099
- Cash +€170,364
up €170,364 (+279%), from €61,127 to €231,491
mainly Stocks and contracts (+€225,795) and Net result for the year (+€25,058)
- Receivables within one year +€63,589
up €63,589 (+117%), from €54,413 to €118,002
of which Trade receivables: +€58,062
- Deferred charges and accrued income -€15,904
down €15,904 (-82.7%), from €19,228 to €3,325
- Tangible fixed assets -€7,346
down €7,346 (-34.6%), from €21,230 to €13,884
of which Furniture and vehicles: -€4,414
- Profit (loss) carried forward +€25,058
up €25,058 (+24.6%), from -€101,881 to -€76,824
- Debts after one year -€23,547
down €23,547 (-37.4%), from €63,001 to €39,454
- Current portion of long-term debt -€11,265
down €11,265 (-32.4%), from €34,812 to €23,547
- Trade debts -€5,082
down €5,082 (-6.1%), from €82,655 to €77,574
- Staff costs -€51,612
down €51,612 (-21.4%), from €241,534 to €189,922
- Financial charges +€7,320
up €7,320 (+62.5%), from €11,716 to €19,036
of which Non-recurring financial charges: +€7,241
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 | €410,749 | €395,657 | -€15,092 | -3.7% |
| Fixed assets | 21/28 | €21,230 | €13,884 | -€7,346 | -34.6% |
| Tangible fixed assets | 22/27 | €21,230 | €13,884 | -€7,346 | -34.6% |
| Plant, machinery and equipment | 23 | €14,531 | €11,599 | -€2,932 | -20.2% |
| Furniture and vehicles | 24 | €6,699 | €2,285 | -€4,414 | -65.9% |
| Current assets | 29/58 | €389,519 | €381,773 | -€7,746 | -2.0% |
| Stocks and contracts in progress | 3 | €254,750 | €28,954 | -€225,795 | -88.6% |
| Stocks | 30/36 | €86,651 | €28,954 | -€57,696 | -66.6% |
| Contracts in progress | 37 | €168,099 | - | -€168,099 | |
| Amounts receivable within one year | 40/41 | €54,413 | €118,002 | +€63,589 | +117% |
| Trade receivables | 40 | €34,909 | €92,970 | +€58,062 | +166% |
| Other amounts receivable | 41 | €19,505 | €25,032 | +€5,527 | +28.3% |
| Cash at bank and in hand | 54/58 | €61,127 | €231,491 | +€170,364 | +279% |
| Deferred charges and accrued income | 490/1 | €19,228 | €3,325 | -€15,904 | -82.7% |
| Total equity and liabilities | 10/49 | €410,749 | €395,657 | -€15,092 | -3.7% |
| Equity | 10/15 | €120,249 | €145,307 | +€25,058 | +20.8% |
| Contributions | 10/11 | €87,500 | €87,500 | = | 0.0% |
| Reserves | 13 | €134,630 | €134,630 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,739 | €6,739 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,739 | €6,739 | = | 0.0% |
| Distributable reserves | 133 | €127,891 | €127,891 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,881 | -€76,824 | +€25,058 | +24.6% |
| Amounts payable | 17/49 | €290,500 | €250,350 | -€40,150 | -13.8% |
| Amounts payable after more than one year | 17 | €63,001 | €39,454 | -€23,547 | -37.4% |
| Financial debts | 170/4 | €63,001 | €39,454 | -€23,547 | -37.4% |
| Amounts payable within one year | 42/48 | €227,499 | €210,896 | -€16,603 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €34,812 | €23,547 | -€11,265 | -32.4% |
| Trade debts | 44 | €82,655 | €77,574 | -€5,082 | -6.1% |
| Suppliers | 440/4 | €82,655 | €77,574 | -€5,082 | -6.1% |
| Taxes, remuneration and social security | 45 | €5,650 | €3,884 | -€1,767 | -31.3% |
| Taxes | 450/3 | - | €289 | +€289 | |
| Remuneration and social security | 454/9 | €5,650 | €3,595 | -€2,055 | -36.4% |
| Other amounts payable | 47/48 | €104,382 | €105,892 | +€1,510 | +1.4% |
| Remuneration, social security and pensions | 62 | €241,534 | €189,922 | -€51,612 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,202 | €15,037 | +€1,835 | +13.9% |
| Other operating charges | 640/8 | €1,830 | €1,717 | -€113 | -6.2% |
| Non-recurring operating charges | 66A | €324 | €20,196 | +€19,872 | +6,136% |
| Gross operating margin | 9900 | €261,942 | €261,068 | -€874 | -0.3% |
| Operating profit (loss) | 9901 | €5,052 | €34,196 | +€29,144 | +577% |
| Financial income | 75/76B | €7,677 | €10,202 | +€2,526 | +32.9% |
| Recurring financial income | 75 | €7,677 | €10,202 | +€2,526 | +32.9% |
| Financial charges | 65/66B | €11,716 | €19,036 | +€7,320 | +62.5% |
| Recurring financial charges | 65 | €11,716 | €11,795 | +€79 | +0.7% |
| Non-recurring financial charges | 66B | - | €7,241 | +€7,241 | |
| Profit (loss) for the period before taxes | 9903 | €1,012 | €25,362 | +€24,350 | +2,405% |
| Income taxes | 67/77 | - | €304 | +€304 | |
| Profit (loss) for the period | 9904 | €1,012 | €25,058 | +€24,045 | +2,375% |
| Profit (loss) for the period to be appropriated | 9905 | €1,012 | €25,058 | +€24,045 | +2,375% |
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 22 October 2026 via checked.be.