ELTAR: 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.
ELTAR
Largest movements
- Cash +€40,849
up €40,849 (+15.2%), from €268,855 to €309,704
mainly Net result for the year (+€34,383) and Depreciation (+€4,959)
- Tangible fixed assets -€4,959
down €4,959 (-3.9%), from €126,316 to €121,358
of which Land and buildings: -€3,967
- Reserves +€34,383
up €34,383 (+10.7%), from €321,060 to €355,444
of which Distributable reserves: +€34,383
- Gross operating margin -€33,772
down €33,772 (-34.3%), from €98,326 to €64,554
- Taxes -€11,627
down €11,627 (-41.3%), from €28,151 to €16,524
- Other operating charges +€1,843
up €1,843 (+28.0%), from €6,574 to €8,417
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 | €410,470 | €450,852 | +€40,381 | +9.8% |
| Fixed assets | 21/28 | €127,393 | €122,434 | -€4,959 | -3.9% |
| Tangible fixed assets | 22/27 | €126,316 | €121,358 | -€4,959 | -3.9% |
| Land and buildings | 22 | €124,805 | €120,838 | -€3,967 | -3.2% |
| Furniture and vehicles | 24 | €1,511 | €519 | -€992 | -65.6% |
| Financial fixed assets | 28 | €1,077 | €1,077 | = | 0.0% |
| Current assets | 29/58 | €283,077 | €328,417 | +€45,340 | +16.0% |
| Amounts receivable within one year | 40/41 | €5,441 | €9,647 | +€4,206 | +77.3% |
| Trade receivables | 40 | €1,440 | €9,592 | +€8,152 | +566.1% |
| Other amounts receivable | 41 | €4,001 | €55 | -€3,946 | -98.6% |
| Cash at bank and in hand | 54/58 | €268,855 | €309,704 | +€40,849 | +15.2% |
| Deferred charges and accrued income | 490/1 | €8,781 | €9,066 | +€285 | +3.2% |
| Total equity and liabilities | 10/49 | €410,470 | €450,852 | +€40,381 | +9.8% |
| Equity | 10/15 | €401,110 | €435,494 | +€34,383 | +8.6% |
| Contributions | 10/11 | €80,050 | €80,050 | = | 0.0% |
| Capital | 10 | - | €80,050 | +€80,050 | |
| Issued capital | 100 | - | €80,050 | +€80,050 | |
| Reserves | 13 | €321,060 | €355,444 | +€34,383 | +10.7% |
| Non-distributable reserves | 130/1 | €4,954 | €4,954 | = | 0.0% |
| Legal reserve | 130 | - | €4,954 | +€4,954 | |
| Reserves not available under the articles | 1311 | €4,954 | - | -€4,954 | |
| Distributable reserves | 133 | €316,107 | €350,490 | +€34,383 | +10.9% |
| Amounts payable | 17/49 | €9,360 | €15,358 | +€5,998 | +64.1% |
| Amounts payable within one year | 42/48 | €9,360 | €15,358 | +€5,998 | +64.1% |
| Trade debts | 44 | €1,572 | €3,840 | +€2,268 | +144.2% |
| Suppliers | 440/4 | €1,572 | €3,840 | +€2,268 | +144.2% |
| Taxes, remuneration and social security | 45 | €6,275 | €8,573 | +€2,298 | +36.6% |
| Taxes | 450/3 | €6,275 | €8,573 | +€2,298 | +36.6% |
| Other amounts payable | 47/48 | €1,512 | €2,945 | +€1,433 | +94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,959 | €4,959 | = | 0.0% |
| Other operating charges | 640/8 | €6,574 | €8,417 | +€1,843 | +28.0% |
| Gross operating margin | 9900 | €98,326 | €64,554 | -€33,772 | -34.3% |
| Operating profit (loss) | 9901 | €86,794 | €51,179 | -€35,615 | -41.0% |
| Financial income | 75/76B | €126 | €0 | -€126 | -100.0% |
| Recurring financial income | 75 | €126 | €0 | -€126 | -100.0% |
| Financial charges | 65/66B | €161 | €271 | +€111 | +68.8% |
| Recurring financial charges | 65 | €161 | €271 | +€111 | +68.8% |
| Profit (loss) for the period before taxes | 9903 | €86,759 | €50,907 | -€35,852 | -41.3% |
| Income taxes | 67/77 | €28,151 | €16,524 | -€11,627 | -41.3% |
| Profit (loss) for the period | 9904 | €58,608 | €34,383 | -€24,225 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €58,608 | €34,383 | -€24,225 | -41.3% |
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 10 October 2026 via checked.be.