Elstuk: 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.
Elstuk
Largest movements
- Receivables within one year -€63,733
down €63,733 (-29.1%), from €219,169 to €155,436
of which Other amounts receivable: -€43,733
- Cash +€45,571
up €45,571 (+5,248%), from €868 to €46,439
mainly Receivables within one year (+€63,733) and Other debts (+€53,120)
- Tangible fixed assets -€28,914
down €28,914 (-30.6%), from €94,482 to €65,567
of which Furniture and vehicles: -€28,796
- Trade debts -€93,089
down €93,089 (-72.2%), from €128,936 to €35,847
- Other debts +€53,120
up €53,120 (+74.1%), from €71,728 to €124,848
- Tax, wage and social debts -€30,276
down €30,276 (-48.9%), from €61,859 to €31,583
of which Remuneration and social security: -€16,314
- Reserves +€23,160
up €23,160 (+51.1%), from €45,366 to €68,526
- Staff costs +€42,232
up €42,232 (+17.9%), from €236,007 to €278,239
- Gross operating margin +€40,234
up €40,234 (+13.0%), from €309,516 to €349,750
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 | €326,489 | €279,412 | -€47,077 | -14.4% |
| Fixed assets | 21/28 | €106,452 | €77,537 | -€28,914 | -27.2% |
| Tangible fixed assets | 22/27 | €94,482 | €65,567 | -€28,914 | -30.6% |
| Plant, machinery and equipment | 23 | €119 | €0 | -€119 | -100% |
| Furniture and vehicles | 24 | €94,363 | €65,567 | -€28,796 | -30.5% |
| Financial fixed assets | 28 | €11,970 | €11,970 | = | 0.0% |
| Current assets | 29/58 | €220,038 | €201,875 | -€18,163 | -8.3% |
| Amounts receivable within one year | 40/41 | €219,169 | €155,436 | -€63,733 | -29.1% |
| Trade receivables | 40 | €156,210 | €136,210 | -€20,000 | -12.8% |
| Other amounts receivable | 41 | €62,959 | €19,226 | -€43,733 | -69.5% |
| Cash at bank and in hand | 54/58 | €868 | €46,439 | +€45,571 | +5,248% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €326,489 | €279,412 | -€47,077 | -14.4% |
| Equity | 10/15 | €63,966 | €87,134 | +€23,168 | +36.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,366 | €68,526 | +€23,160 | +51.1% |
| Distributable reserves | 133 | €45,366 | €68,526 | +€23,160 | +51.1% |
| Profit (loss) carried forward | 14 | €0 | €8 | +€8 | |
| Amounts payable | 17/49 | €262,523 | €192,278 | -€70,245 | -26.8% |
| Amounts payable within one year | 42/48 | €262,523 | €192,278 | -€70,245 | -26.8% |
| Trade debts | 44 | €128,936 | €35,847 | -€93,089 | -72.2% |
| Suppliers | 440/4 | €128,936 | €35,847 | -€93,089 | -72.2% |
| Taxes, remuneration and social security | 45 | €61,859 | €31,583 | -€30,276 | -48.9% |
| Taxes | 450/3 | €28,977 | €15,015 | -€13,962 | -48.2% |
| Remuneration and social security | 454/9 | €32,883 | €16,568 | -€16,314 | -49.6% |
| Other amounts payable | 47/48 | €71,728 | €124,848 | +€53,120 | +74.1% |
| Remuneration, social security and pensions | 62 | €236,007 | €278,239 | +€42,232 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,994 | €28,914 | -€80 | -0.3% |
| Other operating charges | 640/8 | €4,809 | €4,706 | -€103 | -2.1% |
| Gross operating margin | 9900 | €309,516 | €349,750 | +€40,234 | +13.0% |
| Operating profit (loss) | 9901 | €39,706 | €37,890 | -€1,815 | -4.6% |
| Financial income | 75/76B | €2,965 | €460 | -€2,505 | -84.5% |
| Recurring financial income | 75 | €2,965 | €460 | -€2,505 | -84.5% |
| Financial charges | 65/66B | €140 | €616 | +€476 | +340% |
| Recurring financial charges | 65 | €140 | €616 | +€476 | +340% |
| Profit (loss) for the period before taxes | 9903 | €42,530 | €37,734 | -€4,796 | -11.3% |
| Income taxes | 67/77 | €17,719 | €14,566 | -€3,153 | -17.8% |
| Profit (loss) for the period | 9904 | €24,811 | €23,168 | -€1,643 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,811 | €23,168 | -€1,643 | -6.6% |
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 17 October 2026 via checked.be.