ELUCIDARE: 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.
ELUCIDARE
Largest movements
- Cash +€55,307
up €55,307 (+38.2%), from €144,960 to €200,267
mainly Net result for the year (+€53,895) and Other debts (+€7,056)
- Stocks and contracts -€4,890
down €4,890 (-66.6%), from €7,342 to €2,452
- Profit (loss) carried forward +€53,895
up €53,895 (+45.4%), from €118,691 to €172,587
- Tax, wage and social debts -€13,669
down €13,669 (-42.4%), from €32,265 to €18,596
- Other debts +€7,056
up €7,056 (+34.9%), from €20,238 to €27,294
- Trade debts +€5,139
up €5,139 (+121.6%), from €4,226 to €9,365
- Gross operating margin -€54,431
down €54,431 (-42.0%), from €129,464 to €75,033
- Taxes -€14,071
down €14,071 (-43.6%), from €32,265 to €18,194
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 | €176,953 | €229,790 | +€52,837 | +29.9% |
| Fixed assets | 21/28 | €3,368 | €3,868 | +€500 | +14.8% |
| Intangible fixed assets | 21 | €2,192 | €3,198 | +€1,007 | +45.9% |
| Tangible fixed assets | 22/27 | €1,176 | €669 | -€507 | -43.1% |
| Furniture and vehicles | 24 | €1,176 | €669 | -€507 | -43.1% |
| Current assets | 29/58 | €173,585 | €225,922 | +€52,337 | +30.2% |
| Stocks and contracts in progress | 3 | €7,342 | €2,452 | -€4,890 | -66.6% |
| Stocks | 30/36 | €7,342 | €2,452 | -€4,890 | -66.6% |
| Amounts receivable within one year | 40/41 | €20,792 | €22,129 | +€1,336 | +6.4% |
| Trade receivables | 40 | €20,112 | €22,129 | +€2,017 | +10.0% |
| Other amounts receivable | 41 | €681 | - | -€681 | |
| Cash at bank and in hand | 54/58 | €144,960 | €200,267 | +€55,307 | +38.2% |
| Deferred charges and accrued income | 490/1 | €492 | €1,075 | +€583 | +118.6% |
| Total equity and liabilities | 10/49 | €176,953 | €229,790 | +€52,837 | +29.9% |
| Equity | 10/15 | €119,691 | €173,587 | +€53,895 | +45.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €118,691 | €172,587 | +€53,895 | +45.4% |
| Amounts payable | 17/49 | €57,262 | €56,203 | -€1,059 | -1.8% |
| Amounts payable within one year | 42/48 | €57,262 | €56,203 | -€1,059 | -1.8% |
| Financial debts | 43 | €533 | €948 | +€415 | +78.0% |
| Credit institutions | 430/8 | €533 | €948 | +€415 | +78.0% |
| Trade debts | 44 | €4,226 | €9,365 | +€5,139 | +121.6% |
| Suppliers | 440/4 | €4,226 | €9,365 | +€5,139 | +121.6% |
| Taxes, remuneration and social security | 45 | €32,265 | €18,596 | -€13,669 | -42.4% |
| Taxes | 450/3 | €32,265 | €18,596 | -€13,669 | -42.4% |
| Other amounts payable | 47/48 | €20,238 | €27,294 | +€7,056 | +34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,470 | €2,350 | +€880 | +59.9% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €129,464 | €75,033 | -€54,431 | -42.0% |
| Operating profit (loss) | 9901 | €127,607 | €72,283 | -€55,323 | -43.4% |
| Financial income | 75/76B | €109 | €3 | -€105 | -97.2% |
| Recurring financial income | 75 | €109 | €3 | -€105 | -97.2% |
| Financial charges | 65/66B | €101 | €197 | +€96 | +95.4% |
| Recurring financial charges | 65 | €101 | €197 | +€96 | +95.4% |
| Profit (loss) for the period before taxes | 9903 | €127,614 | €72,089 | -€55,525 | -43.5% |
| Income taxes | 67/77 | €32,265 | €18,194 | -€14,071 | -43.6% |
| Profit (loss) for the period | 9904 | €95,349 | €53,895 | -€41,454 | -43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €95,349 | €53,895 | -€41,454 | -43.5% |
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.