ELVEMA: 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.
ELVEMA
Largest movements
- Cash +€56,954
up €56,954 (+40.8%), from €139,735 to €196,689
mainly Net result for the year (+€97,424) and Depreciation (+€18,221)
- Receivables within one year +€39,150
up €39,150 (+192.0%), from €20,388 to €59,538
of which Other amounts receivable: +€36,133
- Reserves +€76,388
up €76,388 (+30.2%), from €252,541 to €328,929
- Debts after one year +€18,005
new in 2025: €18,005
- Tax, wage and social debts +€8,554
up €8,554 (+91.1%), from €9,391 to €17,945
- Other debts -€4,465
down €4,465 (-16.3%), from €27,314 to €22,849
- Gross operating margin +€50,823
up €50,823 (+49.4%), from €102,795 to €153,618
- Depreciation +€15,542
up €15,542 (+580.1%), from €2,679 to €18,221
- Taxes +€9,775
up €9,775 (+45.3%), from €21,562 to €31,337
- Other operating charges +€5,149
up €5,149 (+349.4%), from €1,474 to €6,623
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 | €310,096 | €407,770 | +€97,674 | +31.5% |
| Fixed assets | 21/28 | €149,551 | €149,384 | -€167 | -0.1% |
| Tangible fixed assets | 22/27 | €84,551 | €84,384 | -€167 | -0.2% |
| Furniture and vehicles | 24 | €82,200 | €66,205 | -€15,995 | -19.5% |
| Other tangible fixed assets | 26 | €2,351 | €18,179 | +€15,828 | +673.3% |
| Financial fixed assets | 28 | €65,000 | €65,000 | = | 0.0% |
| Current assets | 29/58 | €160,545 | €258,386 | +€97,841 | +60.9% |
| Amounts receivable within one year | 40/41 | €20,388 | €59,538 | +€39,150 | +192.0% |
| Trade receivables | 40 | €18,763 | €21,780 | +€3,017 | +16.1% |
| Other amounts receivable | 41 | €1,625 | €37,758 | +€36,133 | +2223.9% |
| Cash at bank and in hand | 54/58 | €139,735 | €196,689 | +€56,954 | +40.8% |
| Deferred charges and accrued income | 490/1 | €422 | €2,159 | +€1,737 | +411.3% |
| Total equity and liabilities | 10/49 | €310,096 | €407,770 | +€97,674 | +31.5% |
| Equity | 10/15 | €270,841 | €346,129 | +€75,288 | +27.8% |
| Contributions | 10/11 | €18,300 | €17,200 | -€1,100 | -6.0% |
| Reserves | 13 | €252,541 | €328,929 | +€76,388 | +30.2% |
| Distributable reserves | 133 | €252,541 | €328,929 | +€76,388 | +30.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,255 | €61,641 | +€22,387 | +57.0% |
| Amounts payable after more than one year | 17 | - | €18,005 | +€18,005 | |
| Other amounts payable | 178/9 | - | €18,005 | +€18,005 | |
| Amounts payable within one year | 42/48 | €39,073 | €43,636 | +€4,564 | +11.7% |
| Trade debts | 44 | €2,367 | €2,842 | +€475 | +20.1% |
| Suppliers | 440/4 | €2,367 | €2,842 | +€475 | +20.1% |
| Taxes, remuneration and social security | 45 | €9,391 | €17,945 | +€8,554 | +91.1% |
| Taxes | 450/3 | €9,391 | €17,945 | +€8,554 | +91.1% |
| Other amounts payable | 47/48 | €27,314 | €22,849 | -€4,465 | -16.3% |
| Accrued charges and deferred income | 492/3 | €182 | €0 | -€182 | -100.0% |
| Non-recurring operating income | 76A | €4,867 | €0 | -€4,867 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,679 | €18,221 | +€15,542 | +580.1% |
| Other operating charges | 640/8 | €1,474 | €6,623 | +€5,149 | +349.4% |
| Gross operating margin | 9900 | €102,795 | €153,618 | +€50,823 | +49.4% |
| Operating profit (loss) | 9901 | €98,642 | €128,773 | +€30,131 | +30.5% |
| Financial income | 75/76B | €58 | €1,046 | +€989 | +1716.5% |
| Recurring financial income | 75 | €58 | €1,046 | +€989 | +1716.5% |
| Financial charges | 65/66B | €144 | €1,058 | +€914 | +632.7% |
| Recurring financial charges | 65 | €144 | €1,058 | +€914 | +632.7% |
| Profit (loss) for the period before taxes | 9903 | €98,555 | €128,761 | +€30,206 | +30.6% |
| Income taxes | 67/77 | €21,562 | €31,337 | +€9,775 | +45.3% |
| Profit (loss) for the period | 9904 | €76,993 | €97,424 | +€20,431 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,993 | €97,424 | +€20,431 | +26.5% |
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 7 October 2026 via checked.be.