ELUCID: 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.
ELUCID
Largest movements
- Tangible fixed assets +€738,326
up €738,326 (+7453.2%), from €9,906 to €748,232
- Cash -€84,961
down €84,961 (-66.4%), from €127,974 to €43,013
mainly Investment in fixed assets (net) (-€750,513) and Tax, wage and social debts (-€17,478)
- Receivables within one year -€12,878
down €12,878 (-39.8%), from €32,334 to €19,456
of which Trade receivables: -€13,069
- Debts after one year +€494,689
up €494,689 (+174.0%), from €284,256 to €778,945
- Reserves +€61,329
up €61,329 (+34.5%), from €177,518 to €238,847
of which Distributable reserves: +€61,329
- Current portion of long-term debt +€59,188
up €59,188 (+375.9%), from €15,744 to €74,932
- Other debts +€45,611
up €45,611 (+100.4%), from €45,417 to €91,029
- Tax, wage and social debts -€17,478
down €17,478 (-53.0%), from €32,959 to €15,481
- Gross operating margin -€80,845
down €80,845 (-39.9%), from €202,513 to €121,667
- Taxes -€27,709
down €27,709 (-57.2%), from €48,402 to €20,694
- Financial charges +€25,579
up €25,579 (+6263.7%), from €408 to €25,987
- Depreciation +€10,369
up €10,369 (+570.5%), from €1,818 to €12,187
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 | €586,323 | €1,227,345 | +€641,022 | +109.3% |
| Fixed assets | 21/28 | €425,406 | €1,163,732 | +€738,326 | +173.6% |
| Tangible fixed assets | 22/27 | €9,906 | €748,232 | +€738,326 | +7453.2% |
| Land and buildings | 22 | €9,906 | €748,232 | +€738,326 | +7453.2% |
| Financial fixed assets | 28 | €415,500 | €415,500 | = | 0.0% |
| Current assets | 29/58 | €160,917 | €63,612 | -€97,305 | -60.5% |
| Amounts receivable within one year | 40/41 | €32,334 | €19,456 | -€12,878 | -39.8% |
| Trade receivables | 40 | €28,217 | €15,149 | -€13,069 | -46.3% |
| Other amounts receivable | 41 | €4,117 | €4,308 | +€191 | +4.6% |
| Cash at bank and in hand | 54/58 | €127,974 | €43,013 | -€84,961 | -66.4% |
| Deferred charges and accrued income | 490/1 | €609 | €1,143 | +€535 | +87.8% |
| Total equity and liabilities | 10/49 | €586,323 | €1,227,345 | +€641,022 | +109.3% |
| Equity | 10/15 | €196,118 | €257,447 | +€61,329 | +31.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €177,518 | €238,847 | +€61,329 | +34.5% |
| Non-distributable reserves | 130/1 | €756 | €756 | = | 0.0% |
| Reserves not available under the articles | 1311 | €756 | €756 | = | 0.0% |
| Distributable reserves | 133 | €176,762 | €238,091 | +€61,329 | +34.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €390,205 | €969,898 | +€579,693 | +148.6% |
| Amounts payable after more than one year | 17 | €284,256 | €778,945 | +€494,689 | +174.0% |
| Financial debts | 170/4 | €284,256 | €778,945 | +€494,689 | +174.0% |
| Amounts payable within one year | 42/48 | €105,949 | €185,149 | +€79,199 | +74.8% |
| Current portion of amounts payable after more than one year | 42 | €15,744 | €74,932 | +€59,188 | +375.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €11,829 | €3,707 | -€8,122 | -68.7% |
| Suppliers | 440/4 | €11,829 | €3,707 | -€8,122 | -68.7% |
| Taxes, remuneration and social security | 45 | €32,959 | €15,481 | -€17,478 | -53.0% |
| Taxes | 450/3 | €32,959 | €15,481 | -€17,478 | -53.0% |
| Other amounts payable | 47/48 | €45,417 | €91,029 | +€45,611 | +100.4% |
| Accrued charges and deferred income | 492/3 | - | €5,805 | +€5,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,818 | €12,187 | +€10,369 | +570.5% |
| Other operating charges | 640/8 | €808 | €1,471 | +€663 | +82.0% |
| Gross operating margin | 9900 | €202,513 | €121,667 | -€80,845 | -39.9% |
| Operating profit (loss) | 9901 | €199,887 | €108,009 | -€91,877 | -46.0% |
| Financial income | 75/76B | €2 | €0 | -€2 | -83.1% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -83.1% |
| Financial charges | 65/66B | €408 | €25,987 | +€25,579 | +6263.7% |
| Recurring financial charges | 65 | €408 | €25,987 | +€25,579 | +6263.7% |
| Profit (loss) for the period before taxes | 9903 | €199,481 | €82,023 | -€117,458 | -58.9% |
| Income taxes | 67/77 | €48,402 | €20,694 | -€27,709 | -57.2% |
| Profit (loss) for the period | 9904 | €151,078 | €61,329 | -€89,749 | -59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €151,078 | €61,329 | -€89,749 | -59.4% |
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 6 October 2026 via checked.be.