ELUMARO: 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.
ELUMARO
Largest movements
- Cash -€201,878
down €201,878 (-25.9%), from €779,091 to €577,213
mainly Contributions, distributions and other (-€391,789) and Receivables within one year (-€17,265)
- Current investments -€38,565
down €38,565 (-25.1%), from €153,712 to €115,147
- Receivables within one year +€17,265
up €17,265 (+29.7%), from €58,045 to €75,310
of which Other amounts receivable: +€8,702
- Reserves -€287,672
down €287,672 (-34.4%), from €837,061 to €549,389
of which Distributable reserves: -€287,672
- Other debts +€26,423
up €26,423 (+18.5%), from €142,741 to €169,164
- Trade debts +€12,896
up €12,896 (+395.4%), from €3,262 to €16,158
- Tax, wage and social debts +€11,345
up €11,345 (+58.9%), from €19,257 to €30,602
of which Taxes: +€13,497
- Gross operating margin -€30,522
down €30,522 (-13.3%), from €228,899 to €198,377
- Staff costs -€2,368
down €2,368 (-4.8%), from €49,622 to €47,254
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 | €1,013,217 | €777,117 | -€236,100 | -23.3% |
| Fixed assets | 21/28 | €2,962 | €2,039 | -€923 | -31.2% |
| Tangible fixed assets | 22/27 | €2,712 | €1,789 | -€923 | -34.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,451 | €908 | -€543 | -37.4% |
| Furniture and vehicles | 24 | €1,261 | €881 | -€380 | -30.1% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,010,255 | €775,078 | -€235,177 | -23.3% |
| Stocks and contracts in progress | 3 | €7,253 | €1,818 | -€5,435 | -74.9% |
| Stocks | 30/36 | €7,253 | €1,818 | -€5,435 | -74.9% |
| Amounts receivable within one year | 40/41 | €58,045 | €75,310 | +€17,265 | +29.7% |
| Trade receivables | 40 | €56,351 | €64,914 | +€8,563 | +15.2% |
| Other amounts receivable | 41 | €1,694 | €10,396 | +€8,702 | +513.6% |
| Current investments | 50/53 | €153,712 | €115,147 | -€38,565 | -25.1% |
| Cash at bank and in hand | 54/58 | €779,091 | €577,213 | -€201,878 | -25.9% |
| Deferred charges and accrued income | 490/1 | €12,154 | €5,590 | -€6,564 | -54.0% |
| Total equity and liabilities | 10/49 | €1,013,217 | €777,117 | -€236,100 | -23.3% |
| Equity | 10/15 | €837,800 | €550,128 | -€287,672 | -34.3% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €837,061 | €549,389 | -€287,672 | -34.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €837,061 | €549,389 | -€287,672 | -34.4% |
| Profit (loss) carried forward | 14 | €739 | €739 | -€0 | 0.0% |
| Amounts payable | 17/49 | €175,417 | €226,989 | +€51,572 | +29.4% |
| Amounts payable within one year | 42/48 | €165,259 | €215,924 | +€50,665 | +30.7% |
| Trade debts | 44 | €3,262 | €16,158 | +€12,896 | +395.4% |
| Suppliers | 440/4 | €3,262 | €16,158 | +€12,896 | +395.4% |
| Taxes, remuneration and social security | 45 | €19,257 | €30,602 | +€11,345 | +58.9% |
| Taxes | 450/3 | €9,766 | €23,263 | +€13,497 | +138.2% |
| Remuneration and social security | 454/9 | €9,491 | €7,339 | -€2,152 | -22.7% |
| Other amounts payable | 47/48 | €142,741 | €169,164 | +€26,423 | +18.5% |
| Accrued charges and deferred income | 492/3 | €10,158 | €11,065 | +€907 | +8.9% |
| Non-recurring operating income | 76A | €60,905 | - | -€60,905 | |
| Remuneration, social security and pensions | 62 | €49,622 | €47,254 | -€2,368 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,753 | €1,723 | -€1,030 | -37.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,938 | €2,306 | -€632 | -21.5% |
| Gross operating margin | 9900 | €228,899 | €198,377 | -€30,522 | -13.3% |
| Operating profit (loss) | 9901 | €173,586 | €147,094 | -€26,492 | -15.3% |
| Financial income | 75/76B | €11,864 | €10,676 | -€1,188 | -10.0% |
| Recurring financial income | 75 | €11,864 | €10,676 | -€1,188 | -10.0% |
| Financial charges | 65/66B | €2,968 | €3,989 | +€1,021 | +34.4% |
| Recurring financial charges | 65 | €2,968 | €3,989 | +€1,021 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €182,483 | €153,781 | -€28,702 | -15.7% |
| Income taxes | 67/77 | €51,941 | €49,664 | -€2,277 | -4.4% |
| Profit (loss) for the period | 9904 | €130,542 | €104,117 | -€26,425 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €130,542 | €104,117 | -€26,425 | -20.2% |
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.