ELVERO: 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.
ELVERO
Largest movements
- Tangible fixed assets +€40,420
up €40,420 (+35.9%), from €112,510 to €152,930
of which Furniture and vehicles: +€41,377
- Receivables within one year +€34,847
up €34,847 (+19.4%), from €179,629 to €214,476
of which Trade receivables: +€37,730
- Reserves +€59,071
up €59,071 (+20.0%), from €295,578 to €354,649
- Debts after one year +€33,465
up €33,465 (+238.6%), from €14,028 to €47,493
- Short-term financial debts -€26,316
no longer reported in 2025 (was €26,316)
- Trade debts +€11,961
up €11,961 (+38.3%), from €31,267 to €43,228
- Tax, wage and social debts +€8,329
up €8,329 (+32.3%), from €25,771 to €34,100
of which Taxes: +€6,260
- Gross operating margin +€74,799
up €74,799 (+87.1%), from €85,900 to €160,699
- Write-downs +€22,817
up €22,817 (+2533.5%), from €901 to €23,718
- Depreciation +€12,436
up €12,436 (+35.7%), from €34,871 to €47,307
- Taxes +€6,187
up €6,187 (+59.4%), from €10,418 to €16,605
- Financial income +€1,698
up €1,698 (+706.7%), from €240 to €1,938
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 | €565,161 | €647,332 | +€82,171 | +14.5% |
| Fixed assets | 21/28 | €112,510 | €152,930 | +€40,420 | +35.9% |
| Tangible fixed assets | 22/27 | €112,510 | €152,930 | +€40,420 | +35.9% |
| Land and buildings | 22 | €26,710 | €22,841 | -€3,869 | -14.5% |
| Plant, machinery and equipment | 23 | €6,662 | €9,574 | +€2,912 | +43.7% |
| Furniture and vehicles | 24 | €79,138 | €120,515 | +€41,377 | +52.3% |
| Current assets | 29/58 | €452,651 | €494,402 | +€41,751 | +9.2% |
| Stocks and contracts in progress | 3 | €213,710 | €219,047 | +€5,337 | +2.5% |
| Stocks | 30/36 | €213,710 | €219,047 | +€5,337 | +2.5% |
| Amounts receivable within one year | 40/41 | €179,629 | €214,476 | +€34,847 | +19.4% |
| Trade receivables | 40 | €165,745 | €203,476 | +€37,730 | +22.8% |
| Other amounts receivable | 41 | €13,884 | €11,000 | -€2,884 | -20.8% |
| Current investments | 50/53 | €34,193 | €40,193 | +€6,000 | +17.5% |
| Cash at bank and in hand | 54/58 | €14,823 | €9,408 | -€5,416 | -36.5% |
| Deferred charges and accrued income | 490/1 | €10,295 | €11,279 | +€983 | +9.6% |
| Total equity and liabilities | 10/49 | €565,161 | €647,332 | +€82,171 | +14.5% |
| Equity | 10/15 | €314,178 | €373,249 | +€59,071 | +18.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €295,578 | €354,649 | +€59,071 | +20.0% |
| Distributable reserves | 133 | €295,578 | €354,649 | +€59,071 | +20.0% |
| Provisions and deferred taxes | 16 | €40,319 | €40,319 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,319 | €40,319 | = | 0.0% |
| Pensions and similar obligations | 160 | €40,319 | €40,319 | = | 0.0% |
| Amounts payable | 17/49 | €210,663 | €233,764 | +€23,101 | +11.0% |
| Amounts payable after more than one year | 17 | €14,028 | €47,493 | +€33,465 | +238.6% |
| Financial debts | 170/4 | €14,028 | €47,493 | +€33,465 | +238.6% |
| Amounts payable within one year | 42/48 | €193,037 | €183,043 | -€9,995 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €16,509 | €19,131 | +€2,622 | +15.9% |
| Financial debts | 43 | €26,316 | - | -€26,316 | |
| Credit institutions | 430/8 | €26,316 | - | -€26,316 | |
| Trade debts | 44 | €31,267 | €43,228 | +€11,961 | +38.3% |
| Suppliers | 440/4 | €31,267 | €43,228 | +€11,961 | +38.3% |
| Advances received on contracts in progress | 46 | €2,790 | €551 | -€2,239 | -80.2% |
| Taxes, remuneration and social security | 45 | €25,771 | €34,100 | +€8,329 | +32.3% |
| Taxes | 450/3 | €25,771 | €32,032 | +€6,260 | +24.3% |
| Remuneration and social security | 454/9 | - | €2,069 | +€2,069 | |
| Other amounts payable | 47/48 | €90,384 | €86,033 | -€4,351 | -4.8% |
| Accrued charges and deferred income | 492/3 | €3,598 | €3,229 | -€370 | -10.3% |
| Non-recurring operating income | 76A | €19,327 | €22,456 | +€3,129 | +16.2% |
| Remuneration, social security and pensions | 62 | - | €769 | +€769 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,871 | €47,307 | +€12,436 | +35.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €901 | €23,718 | +€22,817 | +2533.5% |
| Other operating charges | 640/8 | €6,830 | €6,538 | -€292 | -4.3% |
| Gross operating margin | 9900 | €85,900 | €160,699 | +€74,799 | +87.1% |
| Operating profit (loss) | 9901 | €43,299 | €82,367 | +€39,069 | +90.2% |
| Financial income | 75/76B | €240 | €1,938 | +€1,698 | +706.7% |
| Recurring financial income | 75 | €240 | €1,938 | +€1,698 | +706.7% |
| Financial charges | 65/66B | €7,760 | €8,630 | +€869 | +11.2% |
| Recurring financial charges | 65 | €7,760 | €8,630 | +€869 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €35,779 | €75,676 | +€39,897 | +111.5% |
| Income taxes | 67/77 | €10,418 | €16,605 | +€6,187 | +59.4% |
| Profit (loss) for the period | 9904 | €25,361 | €59,071 | +€33,710 | +132.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,361 | €59,071 | +€33,710 | +132.9% |
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.