ELTHO: 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.
ELTHO
Largest movements
- Stocks and contracts +€12,761
up €12,761 (+38.4%), from €33,248 to €46,009
- Receivables within one year -€6,996
down €6,996 (-39.4%), from €17,773 to €10,777
of which Trade receivables: -€4,067
- Tangible fixed assets -€5,453
down €5,453 (-85.4%), from €6,382 to €929
- Cash +€2,454
up €2,454 (+89.0%), from €2,757 to €5,211
mainly Trade debts (+€18,738) and Receivables within one year (+€6,996)
- Deferred charges and accrued income +€915
up €915 (+431.6%), from €212 to €1,127
- Profit (loss) carried forward -€19,576
down €19,576 (-48.5%), from -€40,361 to -€59,937
- Trade debts +€18,738
up €18,738 (+357.7%), from €5,238 to €23,976
of which Suppliers: +€11,284
- Other debts +€5,550
up €5,550 (+6.1%), from €91,607 to €97,157
- Current portion of long-term debt -€4,817
down €4,817 (-91.5%), from €5,263 to €446
- Tax, wage and social debts +€4,232
new in 2025: €4,232
of which Taxes: +€2,232
- Gross operating margin -€24,259
down €24,259, from €11,706 to -€12,553
- Other operating charges -€838
down €838 (-41.7%), from €2,008 to €1,170
- Depreciation -€434
down €434 (-7.4%), from €5,887 to €5,453
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 | €65,193 | €68,874 | +€3,681 | +5.6% |
| Fixed assets | 21/28 | €11,203 | €5,750 | -€5,453 | -48.7% |
| Tangible fixed assets | 22/27 | €6,382 | €929 | -€5,453 | -85.4% |
| Furniture and vehicles | 24 | €6,382 | €929 | -€5,453 | -85.4% |
| Financial fixed assets | 28 | €4,821 | €4,821 | = | 0.0% |
| Current assets | 29/58 | €53,990 | €63,124 | +€9,134 | +16.9% |
| Stocks and contracts in progress | 3 | €33,248 | €46,009 | +€12,761 | +38.4% |
| Stocks | 30/36 | €33,248 | €46,009 | +€12,761 | +38.4% |
| Amounts receivable within one year | 40/41 | €17,773 | €10,777 | -€6,996 | -39.4% |
| Trade receivables | 40 | €14,117 | €10,050 | -€4,067 | -28.8% |
| Other amounts receivable | 41 | €3,656 | €727 | -€2,929 | -80.1% |
| Cash at bank and in hand | 54/58 | €2,757 | €5,211 | +€2,454 | +89.0% |
| Deferred charges and accrued income | 490/1 | €212 | €1,127 | +€915 | +431.6% |
| Total equity and liabilities | 10/49 | €65,193 | €68,874 | +€3,681 | +5.6% |
| Equity | 10/15 | -€37,361 | -€56,937 | -€19,576 | -52.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,361 | -€59,937 | -€19,576 | -48.5% |
| Amounts payable | 17/49 | €102,554 | €125,811 | +€23,257 | +22.7% |
| Amounts payable after more than one year | 17 | €446 | - | -€446 | |
| Financial debts | 170/4 | €446 | - | -€446 | |
| Amounts payable within one year | 42/48 | €102,108 | €125,811 | +€23,703 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €5,263 | €446 | -€4,817 | -91.5% |
| Trade debts | 44 | €5,238 | €23,976 | +€18,738 | +357.7% |
| Suppliers | 440/4 | €3,035 | €14,319 | +€11,284 | +371.8% |
| Bills of exchange payable | 441 | €2,203 | €9,657 | +€7,454 | +338.4% |
| Taxes, remuneration and social security | 45 | - | €4,232 | +€4,232 | |
| Taxes | 450/3 | - | €2,232 | +€2,232 | |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €91,607 | €97,157 | +€5,550 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,887 | €5,453 | -€434 | -7.4% |
| Other operating charges | 640/8 | €2,008 | €1,170 | -€838 | -41.7% |
| Gross operating margin | 9900 | €11,706 | -€12,553 | -€24,259 | |
| Operating profit (loss) | 9901 | €3,811 | -€19,176 | -€22,987 | |
| Financial charges | 65/66B | €448 | €400 | -€48 | -10.7% |
| Recurring financial charges | 65 | €448 | €400 | -€48 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €3,363 | -€19,576 | -€22,939 | |
| Profit (loss) for the period | 9904 | €3,363 | -€19,576 | -€22,939 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,363 | -€19,576 | -€22,939 |
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 3 October 2026 via checked.be.