ELUDE: 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.
What changed
ELUDE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€50,682
2024 · €1.0m-€988,616
Equity
€6.8m
2024 · €6.7m+€50,682
Cash
€215,782
2024 · €176,149+€39,633
Balance sheet total
€7.4m
2024 · €7.5m-€128,935
Largest movements
Assets
- Receivables within one year -€115,873
down €115,873 (-9.7%), from €1.2m to €1.1m
of which Other amounts receivable: -€165,803
Equity and liabilities
- Tax, wage and social debts -€182,411
down €182,411 (-78.1%), from €233,548 to €51,137
Income statement
- Gross operating margin -€1.3m
down €1.3m (-90.6%), from €1.5m to €136,784
- Taxes -€334,960
down €334,960 (-94.5%), from €354,467 to €19,507
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.
Result 2024
€1.0m
Gross operating margin
-€1.3m
Staff costs
-€750
Depreciation
+€3,116
Other operating charges
-€3,797
Financial income
-€101
Financial charges
+€226
Taxes
+€334,960
Result 2025
€50,682
raises the resultlowers the result
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.
From operations
+€77,091
Investment
€0
Financing
-€37,458
Cash 2024
€176,149
From operations (derived)
+€77,091
Net result for the year
+€50,682
Depreciation
+€52,755
Receivables within one year
+€115,873
Deferred charges and accrued income
-€60
Trade debts
-€26,859
Tax, wage and social debts
-€182,411
Advances received
+€59,925
Other debts
+€7,186
Financing
-€37,458
Debts after one year
-€37,548
Current portion of long-term debt
+€90
Cash 2025
€215,782
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,492,644 | €7,363,709 | -€128,935 | -1.7% |
| Fixed assets | 21/28 | €5,122,032 | €5,069,277 | -€52,755 | -1.0% |
| Tangible fixed assets | 22/27 | €711,782 | €659,027 | -€52,755 | -7.4% |
| Land and buildings | 22 | €575,771 | €545,813 | -€29,959 | -5.2% |
| Plant, machinery and equipment | 23 | €2,927 | €1,705 | -€1,222 | -41.8% |
| Furniture and vehicles | 24 | €133,083 | €111,509 | -€21,574 | -16.2% |
| Financial fixed assets | 28 | €4,410,250 | €4,410,250 | = | 0.0% |
| Current assets | 29/58 | €2,370,612 | €2,294,432 | -€76,180 | -3.2% |
| Amounts receivable after more than one year | 29 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,193,509 | €1,077,636 | -€115,873 | -9.7% |
| Trade receivables | 40 | €690 | €50,620 | +€49,930 | +7,231% |
| Other amounts receivable | 41 | €1,192,819 | €1,027,016 | -€165,803 | -13.9% |
| Cash at bank and in hand | 54/58 | €176,149 | €215,782 | +€39,633 | +22.5% |
| Deferred charges and accrued income | 490/1 | €955 | €1,015 | +€60 | +6.2% |
| Total equity and liabilities | 10/49 | €7,492,644 | €7,363,709 | -€128,935 | -1.7% |
| Equity | 10/15 | €6,701,917 | €6,752,599 | +€50,682 | +0.8% |
| Contributions | 10/11 | €3,740,394 | €3,740,394 | = | 0.0% |
| Reserves | 13 | €2,961,523 | €3,012,205 | +€50,682 | +1.7% |
| Distributable reserves | 133 | €2,961,523 | €3,012,205 | +€50,682 | +1.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €790,727 | €611,110 | -€179,617 | -22.7% |
| Amounts payable after more than one year | 17 | €243,479 | €205,931 | -€37,548 | -15.4% |
| Financial debts | 170/4 | €243,479 | €205,931 | -€37,548 | -15.4% |
| Amounts payable within one year | 42/48 | €545,748 | €403,679 | -€142,069 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €37,458 | €37,548 | +€90 | +0.2% |
| Trade debts | 44 | €39,897 | €13,038 | -€26,859 | -67.3% |
| Suppliers | 440/4 | €39,897 | €13,038 | -€26,859 | -67.3% |
| Advances received on contracts in progress | 46 | - | €59,925 | +€59,925 | |
| Taxes, remuneration and social security | 45 | €233,548 | €51,137 | -€182,411 | -78.1% |
| Taxes | 450/3 | €233,548 | €51,137 | -€182,411 | -78.1% |
| Other amounts payable | 47/48 | €234,845 | €242,031 | +€7,186 | +3.1% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €750 | +€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,871 | €52,755 | -€3,116 | -5.6% |
| Other operating charges | 640/8 | €5,608 | €9,405 | +€3,797 | +67.7% |
| Gross operating margin | 9900 | €1,459,054 | €136,784 | -€1.3m | -90.6% |
| Operating profit (loss) | 9901 | €1,397,575 | €73,874 | -€1.3m | -94.7% |
| Financial income | 75/76B | €837 | €736 | -€101 | -12.1% |
| Recurring financial income | 75 | €837 | €736 | -€101 | -12.1% |
| Financial charges | 65/66B | €4,647 | €4,421 | -€226 | -4.9% |
| Recurring financial charges | 65 | €4,647 | €4,421 | -€226 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €1,393,765 | €70,189 | -€1.3m | -95.0% |
| Income taxes | 67/77 | €354,467 | €19,507 | -€334,960 | -94.5% |
| Profit (loss) for the period | 9904 | €1,039,298 | €50,682 | -€988,616 | -95.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,039,298 | €50,682 | -€988,616 | -95.1% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.