ELVETHICO: 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
ELVETHICO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,721
2024 · €49,722-€47,002
Equity
€259,951
2024 · €257,231+€2,721
Cash
€20,900
2024 · €14,814+€6,085
Balance sheet total
€699,402
2024 · €712,537-€13,135
Largest movements
Assets
- Tangible fixed assets -€14,838
down €14,838 (-22.8%), from €64,944 to €50,107
Equity and liabilities
- Short-term financial debts -€11,300
no longer reported in 2025 (was €11,300)
Income statement
- Gross operating margin -€55,118
down €55,118 (-63.0%), from €87,434 to €32,315
- Taxes -€6,118
down €6,118 (-62.9%), from €9,724 to €3,607
- Depreciation +€5,594
up €5,594 (+60.5%), from €9,243 to €14,838
- Other operating charges +€1,911
up €1,911 (+267%), from €715 to €2,626
- Financial charges -€1,035
down €1,035 (-8.9%), from €11,627 to €10,592
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
€49,722
Gross operating margin
-€55,118
Depreciation
-€5,594
Other operating charges
-€1,911
Financial income
+€404
Financial charges
+€1,035
Taxes
+€6,118
Deferred taxes and other
+€8,066
Result 2025
€2,721
raises the resultlowers the resultnot broken down further in the accounts
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
+€23,318
Investment
€0
Financing
-€17,233
Cash 2024
€14,814
From operations (derived)
+€23,318
Net result for the year
+€2,721
Depreciation
+€14,838
Receivables within one year
+€4,346
Deferred charges and accrued income
+€37
Provisions
-€1,500
Trade debts
-€277
Tax, wage and social debts
+€484
Other debts
+€2,671
Financing
-€17,233
Debts after one year
-€6,297
Current portion of long-term debt
+€365
Short-term financial debts
-€11,300
Cash 2025
€20,900
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €712,537 | €699,402 | -€13,135 | -1.8% |
| Fixed assets | 21/28 | €687,994 | €673,157 | -€14,838 | -2.2% |
| Tangible fixed assets | 22/27 | €64,944 | €50,107 | -€14,838 | -22.8% |
| Furniture and vehicles | 24 | €64,944 | €50,107 | -€14,838 | -22.8% |
| Financial fixed assets | 28 | €623,050 | €623,050 | = | 0.0% |
| Current assets | 29/58 | €24,542 | €26,245 | +€1,703 | +6.9% |
| Amounts receivable within one year | 40/41 | €8,339 | €3,993 | -€4,346 | -52.1% |
| Other amounts receivable | 41 | €8,339 | €3,993 | -€4,346 | -52.1% |
| Cash at bank and in hand | 54/58 | €14,814 | €20,900 | +€6,085 | +41.1% |
| Deferred charges and accrued income | 490/1 | €1,389 | €1,352 | -€37 | -2.6% |
| Total equity and liabilities | 10/49 | €712,537 | €699,402 | -€13,135 | -1.8% |
| Equity | 10/15 | €257,231 | €259,951 | +€2,721 | +1.1% |
| Contributions | 10/11 | €52,400 | €52,400 | = | 0.0% |
| Reserves | 13 | €204,831 | €207,551 | +€2,721 | +1.3% |
| Tax-exempt reserves | 132 | €20,667 | €16,167 | -€4,500 | -21.8% |
| Distributable reserves | 133 | €184,164 | €191,385 | +€7,221 | +3.9% |
| Provisions and deferred taxes | 16 | €6,566 | €5,066 | -€1,500 | -22.8% |
| Deferred taxes | 168 | €6,566 | €5,066 | -€1,500 | -22.8% |
| Amounts payable | 17/49 | €448,740 | €434,385 | -€14,355 | -3.2% |
| Amounts payable after more than one year | 17 | €181,388 | €175,090 | -€6,297 | -3.5% |
| Financial debts | 170/4 | €31,763 | €22,936 | -€8,827 | -27.8% |
| Other amounts payable | 178/9 | €149,624 | €152,154 | +€2,530 | +1.7% |
| Amounts payable within one year | 42/48 | €267,352 | €259,294 | -€8,058 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €8,463 | €8,827 | +€365 | +4.3% |
| Financial debts | 43 | €11,300 | - | -€11,300 | |
| Credit institutions | 430/8 | €11,300 | - | -€11,300 | |
| Trade debts | 44 | €552 | €275 | -€277 | -50.2% |
| Suppliers | 440/4 | €552 | €275 | -€277 | -50.2% |
| Taxes, remuneration and social security | 45 | €6,140 | €6,624 | +€484 | +7.9% |
| Taxes | 450/3 | €6,140 | €6,624 | +€484 | +7.9% |
| Other amounts payable | 47/48 | €240,898 | €243,568 | +€2,671 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,243 | €14,838 | +€5,594 | +60.5% |
| Other operating charges | 640/8 | €715 | €2,626 | +€1,911 | +267% |
| Gross operating margin | 9900 | €87,434 | €32,315 | -€55,118 | -63.0% |
| Operating profit (loss) | 9901 | €77,476 | €14,852 | -€62,624 | -80.8% |
| Financial income | 75/76B | €163 | €567 | +€404 | +248% |
| Recurring financial income | 75 | €163 | €567 | +€404 | +248% |
| Financial charges | 65/66B | €11,627 | €10,592 | -€1,035 | -8.9% |
| Recurring financial charges | 65 | €11,627 | €10,592 | -€1,035 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €66,012 | €4,827 | -€61,185 | -92.7% |
| Transfer from deferred taxes | 780 | €934 | €1,500 | +€566 | +60.5% |
| Transfer to deferred taxes | 680 | €7,500 | - | -€7,500 | |
| Income taxes | 67/77 | €9,724 | €3,607 | -€6,118 | -62.9% |
| Profit (loss) for the period | 9904 | €49,722 | €2,721 | -€47,002 | -94.5% |
| Transfer from tax-exempt reserves | 789 | €2,803 | €4,500 | +€1,697 | +60.5% |
| Transfer to tax-exempt reserves | 689 | €22,500 | - | -€22,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,025 | €7,221 | -€22,805 | -76.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.