ELUSI: 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.
ELUSI
Largest movements
- Cash +€140,010
up €140,010 (+75.6%), from €185,262 to €325,272
mainly Net result for the year (+€326,523) and Other debts (+€326,522)
- Receivables within one year +€35,102
up €35,102 (+89.8%), from €39,093 to €74,195
of which Other amounts receivable: +€34,053
- Tangible fixed assets +€8,517
up €8,517 (+53.5%), from €15,933 to €24,450
of which Furniture and vehicles: +€9,397
- Other debts +€326,522
up €326,522 (+49473039.4%), from €1 to €326,523
- Reserves -€92,234
down €92,234 (-76.8%), from €120,092 to €27,858
- Profit (loss) carried forward -€73,228
no longer reported in 2025 (was €73,228)
- Tax, wage and social debts +€50,468
up €50,468 (+291.3%), from €17,325 to €67,793
of which Taxes: +€49,892
- Trade debts -€24,221
down €24,221 (-85.4%), from €28,365 to €4,143
- Gross operating margin +€295,673
up €295,673 (+171.2%), from €172,714 to €468,388
- Taxes +€71,603
up €71,603 (+197.1%), from €36,328 to €107,931
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 | €244,744 | €432,174 | +€187,430 | +76.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €15,943 | €24,460 | +€8,517 | +53.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €15,933 | €24,450 | +€8,517 | +53.5% |
| Plant, machinery and equipment | 23 | €23 | €0 | -€23 | -100.0% |
| Furniture and vehicles | 24 | €10,820 | €20,218 | +€9,397 | +86.8% |
| Other tangible fixed assets | 26 | €5,090 | €4,233 | -€857 | -16.8% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €228,801 | €407,713 | +€178,913 | +78.2% |
| Amounts receivable within one year | 40/41 | €39,093 | €74,195 | +€35,102 | +89.8% |
| Trade receivables | 40 | €30,350 | €31,399 | +€1,049 | +3.5% |
| Other amounts receivable | 41 | €8,743 | €42,795 | +€34,053 | +389.5% |
| Cash at bank and in hand | 54/58 | €185,262 | €325,272 | +€140,010 | +75.6% |
| Deferred charges and accrued income | 490/1 | €4,446 | €8,247 | +€3,801 | +85.5% |
| Total equity and liabilities | 10/49 | €244,744 | €432,174 | +€187,430 | +76.6% |
| Equity | 10/15 | €198,320 | €32,858 | -€165,461 | -83.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €120,092 | €27,858 | -€92,234 | -76.8% |
| Distributable reserves | 133 | €120,092 | €27,858 | -€92,234 | -76.8% |
| Profit (loss) carried forward | 14 | €73,228 | - | -€73,228 | |
| Amounts payable | 17/49 | €46,424 | €399,316 | +€352,892 | +760.1% |
| Amounts payable within one year | 42/48 | €45,690 | €398,459 | +€352,769 | +772.1% |
| Trade debts | 44 | €28,365 | €4,143 | -€24,221 | -85.4% |
| Suppliers | 440/4 | €28,365 | €4,143 | -€24,221 | -85.4% |
| Taxes, remuneration and social security | 45 | €17,325 | €67,793 | +€50,468 | +291.3% |
| Taxes | 450/3 | €14,401 | €64,292 | +€49,892 | +346.5% |
| Remuneration and social security | 454/9 | €2,924 | €3,501 | +€577 | +19.7% |
| Other amounts payable | 47/48 | €1 | €326,523 | +€326,522 | +49473039.4% |
| Accrued charges and deferred income | 492/3 | €734 | €856 | +€122 | +16.7% |
| Remuneration, social security and pensions | 62 | €17,928 | €20,386 | +€2,458 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,848 | €10,483 | -€2,365 | -18.4% |
| Other operating charges | 640/8 | €2,140 | €1,620 | -€520 | -24.3% |
| Non-recurring operating charges | 66A | €2,006 | €1,539 | -€467 | -23.3% |
| Gross operating margin | 9900 | €172,714 | €468,388 | +€295,673 | +171.2% |
| Operating profit (loss) | 9901 | €137,792 | €434,360 | +€296,567 | +215.2% |
| Financial income | 75/76B | €77 | €3,187 | +€3,110 | +4052.1% |
| Recurring financial income | 75 | €77 | €3,187 | +€3,110 | +4052.1% |
| Financial charges | 65/66B | €455 | €3,093 | +€2,639 | +580.3% |
| Recurring financial charges | 65 | €455 | €3,093 | +€2,639 | +580.3% |
| Profit (loss) for the period before taxes | 9903 | €137,414 | €434,454 | +€297,039 | +216.2% |
| Income taxes | 67/77 | €36,328 | €107,931 | +€71,603 | +197.1% |
| Profit (loss) for the period | 9904 | €101,086 | €326,523 | +€225,437 | +223.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,086 | €326,523 | +€225,437 | +223.0% |
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 2 October 2026 via checked.be.