ELSYCA: 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.
ELSYCA
Largest movements
- Cash -€504,395
down €504,395 (-81.4%), from €619,385 to €114,989
mainly Investment in fixed assets (net) (-€1.2m) and Other debts (-€667,381)
- Receivables within one year +€345,185
up €345,185 (+5.6%), from €6.2m to €6.5m
of which Other amounts receivable: +€575,982
- Current investments -€189,890
down €189,890 (-28.5%), from €665,810 to €475,920
- Deferred charges and accrued income +€142,470
up €142,470 (+44.3%), from €321,510 to €463,980
- Profit (loss) carried forward +€905,461
up €905,461 (+46.4%), from €2.0m to €2.9m
- Other debts -€667,381
down €667,381 (-100.0%), from €667,381 to €0
- Tax, wage and social debts -€200,712
down €200,712 (-19.7%), from €1.0m to €820,339
of which Remuneration and social security: -€202,104
- Accrued charges and deferred income -€125,615
down €125,615 (-7.9%), from €1.6m to €1.5m
- Staff costs -€908,598
down €908,598 (-31.4%), from €2.9m to €2.0m
- Financial income +€532,248
up €532,248 (+450.6%), from €118,127 to €650,375
- Gross operating margin -€372,225
down €372,225 (-9.5%), from €3.9m to €3.5m
- Other operating charges -€370,244
down €370,244 (-93.6%), from €395,756 to €25,512
- Write-downs +€306,554
up €306,554 (+98.0%), from -€312,854 to -€6,300
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 | €7,994,994 | €7,773,903 | -€221,091 | -2.8% |
| Fixed assets | 21/28 | €214,317 | €199,856 | -€14,460 | -6.7% |
| Intangible fixed assets | 21 | €16,096 | €8,536 | -€7,560 | -47.0% |
| Tangible fixed assets | 22/27 | €192,509 | €185,609 | -€6,900 | -3.6% |
| Plant, machinery and equipment | 23 | €61,241 | €72,650 | +€11,409 | +18.6% |
| Furniture and vehicles | 24 | €25,452 | €20,181 | -€5,271 | -20.7% |
| Other tangible fixed assets | 26 | €105,816 | €92,778 | -€13,038 | -12.3% |
| Financial fixed assets | 28 | €5,711 | €5,711 | = | 0.0% |
| Current assets | 29/58 | €7,780,677 | €7,574,046 | -€206,631 | -2.7% |
| Amounts receivable within one year | 40/41 | €6,173,972 | €6,519,157 | +€345,185 | +5.6% |
| Trade receivables | 40 | €2,945,161 | €2,714,363 | -€230,798 | -7.8% |
| Other amounts receivable | 41 | €3,228,812 | €3,804,794 | +€575,982 | +17.8% |
| Current investments | 50/53 | €665,810 | €475,920 | -€189,890 | -28.5% |
| Cash at bank and in hand | 54/58 | €619,385 | €114,989 | -€504,395 | -81.4% |
| Deferred charges and accrued income | 490/1 | €321,510 | €463,980 | +€142,470 | +44.3% |
| Total equity and liabilities | 10/49 | €7,994,994 | €7,773,903 | -€221,091 | -2.8% |
| Equity | 10/15 | €2,906,027 | €3,811,488 | +€905,461 | +31.2% |
| Contributions | 10/11 | €867,807 | €867,807 | = | 0.0% |
| Capital | 10 | €867,341 | €867,341 | = | 0.0% |
| Issued capital | 100 | €867,341 | €867,341 | = | 0.0% |
| Outside capital | 11 | €466 | €466 | = | 0.0% |
| Share premium | 1100/10 | €466 | €466 | = | 0.0% |
| Reserves | 13 | €86,734 | €86,734 | = | 0.0% |
| Non-distributable reserves | 130/1 | €86,734 | €86,734 | = | 0.0% |
| Legal reserve | 130 | €86,734 | €86,734 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,951,486 | €2,856,948 | +€905,461 | +46.4% |
| Amounts payable | 17/49 | €5,088,967 | €3,962,414 | -€1.1m | -22.1% |
| Amounts payable within one year | 42/48 | €3,498,713 | €2,497,776 | -€1.0m | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €57,073 | €0 | -€57,073 | -100.0% |
| Financial debts | 43 | €75,771 | €73,662 | -€2,109 | -2.8% |
| Credit institutions | 430/8 | €75,771 | €65,430 | -€10,341 | -13.6% |
| Other loans | 439 | - | €8,232 | +€8,232 | |
| Trade debts | 44 | €1,657,091 | €1,603,775 | -€53,316 | -3.2% |
| Suppliers | 440/4 | €1,657,091 | €1,603,775 | -€53,316 | -3.2% |
| Advances received on contracts in progress | 46 | €20,346 | €0 | -€20,346 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,021,051 | €820,339 | -€200,712 | -19.7% |
| Taxes | 450/3 | €570 | €1,963 | +€1,392 | +244.2% |
| Remuneration and social security | 454/9 | €1,020,481 | €818,377 | -€202,104 | -19.8% |
| Other amounts payable | 47/48 | €667,381 | €0 | -€667,381 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,590,253 | €1,464,638 | -€125,615 | -7.9% |
| Remuneration, social security and pensions | 62 | €2,894,170 | €1,985,573 | -€908,598 | -31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,047,006 | €1,209,922 | +€162,916 | +15.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€312,854 | -€6,300 | +€306,554 | +98.0% |
| Other operating charges | 640/8 | €395,756 | €25,512 | -€370,244 | -93.6% |
| Gross operating margin | 9900 | €3,919,691 | €3,547,466 | -€372,225 | -9.5% |
| Operating profit (loss) | 9901 | -€104,387 | €332,760 | +€437,147 | |
| Financial income | 75/76B | €118,127 | €650,375 | +€532,248 | +450.6% |
| Recurring financial income | 75 | €118,127 | €650,375 | +€532,248 | +450.6% |
| Financial charges | 65/66B | €76,143 | €69,509 | -€6,634 | -8.7% |
| Recurring financial charges | 65 | €76,143 | €69,509 | -€6,634 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€62,403 | €913,626 | +€976,029 | |
| Income taxes | 67/77 | €14,240 | €8,165 | -€6,075 | -42.7% |
| Profit (loss) for the period | 9904 | -€76,643 | €905,461 | +€982,104 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,643 | €905,461 | +€982,104 |
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 7 October 2026 via checked.be.