ELU: 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.
ELU
Largest movements
- Cash -€72,584
down €72,584 (-11.9%), from €610,805 to €538,220
mainly Net result for the year (-€43,369) and Current investments (-€23,909)
- Current investments +€23,909
up €23,909 (+18.7%), from €127,593 to €151,501
- Reserves -€43,369
down €43,369 (-10.8%), from €401,014 to €357,645
of which Distributable reserves: -€43,369
- Financial charges +€40,281
up €40,281 (+5161.8%), from €780 to €41,062
- Gross operating margin -€21,532
down €21,532, from €8,912 to -€12,620
- Taxes +€5,675
up €5,675 (+1834.5%), from €309 to €5,984
- Financial income -€4,796
down €4,796 (-19.5%), from €24,618 to €19,822
- Depreciation +€470
new in 2025: €470
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 | €777,734 | €733,177 | -€44,557 | -5.7% |
| Fixed assets | 21/28 | €23,358 | €24,388 | +€1,030 | +4.4% |
| Tangible fixed assets | 22/27 | €23,318 | €24,348 | +€1,030 | +4.4% |
| Land and buildings | 22 | €6,208 | €6,208 | = | 0.0% |
| Furniture and vehicles | 24 | - | €1,030 | +€1,030 | |
| Other tangible fixed assets | 26 | €17,110 | €17,110 | = | 0.0% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €754,376 | €708,789 | -€45,587 | -6.0% |
| Amounts receivable within one year | 40/41 | €15,979 | €19,068 | +€3,089 | +19.3% |
| Trade receivables | 40 | €14,368 | €18,439 | +€4,072 | +28.3% |
| Other amounts receivable | 41 | €1,612 | €628 | -€983 | -61.0% |
| Current investments | 50/53 | €127,593 | €151,501 | +€23,909 | +18.7% |
| Cash at bank and in hand | 54/58 | €610,805 | €538,220 | -€72,584 | -11.9% |
| Total equity and liabilities | 10/49 | €777,734 | €733,177 | -€44,557 | -5.7% |
| Equity | 10/15 | €769,014 | €725,645 | -€43,369 | -5.6% |
| Contributions | 10/11 | €368,000 | €368,000 | = | 0.0% |
| Capital | 10 | €368,000 | €368,000 | = | 0.0% |
| Issued capital | 100 | €368,000 | €368,000 | = | 0.0% |
| Reserves | 13 | €401,014 | €357,645 | -€43,369 | -10.8% |
| Non-distributable reserves | 130/1 | €39,228 | €39,228 | = | 0.0% |
| Legal reserve | 130 | €36,800 | €36,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,428 | €2,428 | = | 0.0% |
| Distributable reserves | 133 | €361,786 | €318,417 | -€43,369 | -12.0% |
| Amounts payable | 17/49 | €8,720 | €7,532 | -€1,188 | -13.6% |
| Amounts payable within one year | 42/48 | €8,720 | €7,532 | -€1,188 | -13.6% |
| Trade debts | 44 | €1,167 | €1,220 | +€53 | +4.6% |
| Suppliers | 440/4 | €1,167 | €1,220 | +€53 | +4.6% |
| Taxes, remuneration and social security | 45 | €3,636 | €2,911 | -€726 | -20.0% |
| Taxes | 450/3 | €3,636 | €2,911 | -€726 | -20.0% |
| Other amounts payable | 47/48 | €3,916 | €3,401 | -€515 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €470 | +€470 | |
| Other operating charges | 640/8 | €2,970 | €3,056 | +€87 | +2.9% |
| Gross operating margin | 9900 | €8,912 | -€12,620 | -€21,532 | |
| Operating profit (loss) | 9901 | €5,943 | -€16,146 | -€22,089 | |
| Financial income | 75/76B | €24,618 | €19,822 | -€4,796 | -19.5% |
| Recurring financial income | 75 | €24,618 | €19,822 | -€4,796 | -19.5% |
| Financial charges | 65/66B | €780 | €41,062 | +€40,281 | +5161.8% |
| Recurring financial charges | 65 | €780 | €41,062 | +€40,281 | +5161.8% |
| Profit (loss) for the period before taxes | 9903 | €29,781 | -€37,385 | -€67,166 | |
| Income taxes | 67/77 | €309 | €5,984 | +€5,675 | +1834.5% |
| Profit (loss) for the period | 9904 | €29,472 | -€43,369 | -€72,841 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,472 | -€43,369 | -€72,841 |
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 8 October 2026 via checked.be.