Elthium: 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.
Elthium
Largest movements
- Receivables within one year +€44,045
up €44,045 (+150%), from €29,398 to €73,443
of which Trade receivables: +€39,833
- Tangible fixed assets +€35,161
up €35,161 (+49.3%), from €71,346 to €106,508
of which Furniture and vehicles: +€37,180
- Cash +€26,966
up €26,966, from €0 to €26,966
mainly Trade debts (+€49,163) and Other debts (+€25,485)
- Deferred charges and accrued income -€4,248
down €4,248 (-30.6%), from €13,881 to €9,633
- Stocks and contracts -€4,018
down €4,018 (-13.1%), from €30,564 to €26,546
- Profit (loss) carried forward -€54,511
no longer reported in 2025 (was €54,511)
- Trade debts +€49,163
up €49,163 (+115%), from €42,587 to €91,750
- Reserves +€40,556
new in 2025: €40,556
- Other debts +€25,485
up €25,485 (+8,911%), from €286 to €25,771
- Tax, wage and social debts +€17,761
up €17,761 (+221%), from €8,055 to €25,815
of which Taxes: +€11,009
- Gross operating margin +€38,354
up €38,354 (+59.5%), from €64,484 to €102,838
- Staff costs +€33,933
up €33,933 (+143%), from €23,705 to €57,638
- Depreciation +€2,200
up €2,200 (+14.3%), from €15,409 to €17,609
- Financial charges +€1,568
up €1,568 (+44.8%), from €3,498 to €5,066
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 | €150,109 | €247,889 | +€97,780 | +65.1% |
| Fixed assets | 21/28 | €76,266 | €111,301 | +€35,035 | +45.9% |
| Intangible fixed assets | 21 | €270 | €144 | -€126 | -46.7% |
| Tangible fixed assets | 22/27 | €71,346 | €106,508 | +€35,161 | +49.3% |
| Land and buildings | 22 | €10,583 | €9,983 | -€600 | -5.7% |
| Plant, machinery and equipment | 23 | €7,235 | €8,830 | +€1,595 | +22.1% |
| Furniture and vehicles | 24 | €19,448 | €56,628 | +€37,180 | +191% |
| Other tangible fixed assets | 26 | €34,081 | €31,067 | -€3,014 | -8.8% |
| Financial fixed assets | 28 | €4,650 | €4,650 | = | 0.0% |
| Current assets | 29/58 | €73,843 | €136,588 | +€62,745 | +85.0% |
| Stocks and contracts in progress | 3 | €30,564 | €26,546 | -€4,018 | -13.1% |
| Stocks | 30/36 | €30,564 | €26,546 | -€4,018 | -13.1% |
| Amounts receivable within one year | 40/41 | €29,398 | €73,443 | +€44,045 | +150% |
| Trade receivables | 40 | €18,871 | €58,704 | +€39,833 | +211% |
| Other amounts receivable | 41 | €10,526 | €14,738 | +€4,212 | +40.0% |
| Cash at bank and in hand | 54/58 | €0 | €26,966 | +€26,966 | |
| Deferred charges and accrued income | 490/1 | €13,881 | €9,633 | -€4,248 | -30.6% |
| Total equity and liabilities | 10/49 | €150,109 | €247,889 | +€97,780 | +65.1% |
| Equity | 10/15 | €59,511 | €45,556 | -€13,955 | -23.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €40,556 | +€40,556 | |
| Distributable reserves | 133 | - | €40,556 | +€40,556 | |
| Profit (loss) carried forward | 14 | €54,511 | - | -€54,511 | |
| Amounts payable | 17/49 | €90,598 | €202,333 | +€111,735 | +123% |
| Amounts payable after more than one year | 17 | €29,734 | €43,582 | +€13,849 | +46.6% |
| Financial debts | 170/4 | €29,734 | €43,582 | +€13,849 | +46.6% |
| Amounts payable within one year | 42/48 | €60,864 | €158,751 | +€97,887 | +161% |
| Current portion of amounts payable after more than one year | 42 | €8,609 | €14,692 | +€6,083 | +70.7% |
| Financial debts | 43 | €1,328 | €723 | -€605 | -45.5% |
| Credit institutions | 430/8 | €318 | €723 | +€406 | +128% |
| Other loans | 439 | €1,010 | - | -€1,010 | |
| Trade debts | 44 | €42,587 | €91,750 | +€49,163 | +115% |
| Suppliers | 440/4 | €42,587 | €91,750 | +€49,163 | +115% |
| Taxes, remuneration and social security | 45 | €8,055 | €25,815 | +€17,761 | +221% |
| Taxes | 450/3 | €6,273 | €17,282 | +€11,009 | +176% |
| Remuneration and social security | 454/9 | €1,782 | €8,534 | +€6,752 | +379% |
| Other amounts payable | 47/48 | €286 | €25,771 | +€25,485 | +8,911% |
| Remuneration, social security and pensions | 62 | €23,705 | €57,638 | +€33,933 | +143% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,409 | €17,609 | +€2,200 | +14.3% |
| Other operating charges | 640/8 | €1,268 | €902 | -€366 | -28.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €64,484 | €102,838 | +€38,354 | +59.5% |
| Operating profit (loss) | 9901 | €24,103 | €26,689 | +€2,587 | +10.7% |
| Financial income | 75/76B | €21 | €0 | -€21 | -99.1% |
| Recurring financial income | 75 | €21 | €0 | -€21 | -99.1% |
| Financial charges | 65/66B | €3,498 | €5,066 | +€1,568 | +44.8% |
| Recurring financial charges | 65 | €3,498 | €5,066 | +€1,568 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €20,625 | €21,623 | +€998 | +4.8% |
| Income taxes | 67/77 | €4,623 | €5,578 | +€956 | +20.7% |
| Profit (loss) for the period | 9904 | €16,002 | €16,045 | +€42 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,002 | €16,045 | +€42 | +0.3% |
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 14 October 2026 via checked.be.