ELVETICO: 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.
ELVETICO
Largest movements
- Cash +€24,176
up €24,176 (+118.6%), from €20,385 to €44,561
mainly Net result for the year (+€43,113) and Receivables within one year (+€12,415)
- Receivables within one year -€12,415
down €12,415 (-12.4%), from €99,732 to €87,317
of which Trade receivables: -€14,778
- Stocks and contracts +€9,474
up €9,474 (+56.0%), from €16,934 to €26,408
of which Contracts in progress: +€11,813
- Profit (loss) carried forward +€28,133
no longer reported in 2025 (was -€28,133)
- Trade debts -€15,180
down €15,180 (-33.0%), from €45,951 to €30,771
- Reserves +€14,980
up €14,980 (+36.6%), from €40,979 to €55,959
of which Distributable reserves: +€14,980
- Other debts -€8,438
down €8,438 (-8.2%), from €102,507 to €94,069
- Gross operating margin +€55,956
up €55,956 (+374.7%), from €14,935 to €70,891
- Staff costs -€2,767
down €2,767 (-10.9%), from €25,282 to €22,515
- Depreciation -€902
down €902 (-22.1%), from €4,091 to €3,188
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 | €185,325 | €205,654 | +€20,329 | +11.0% |
| Fixed assets | 21/28 | €46,528 | €45,224 | -€1,304 | -2.8% |
| Tangible fixed assets | 22/27 | €46,170 | €44,866 | -€1,304 | -2.8% |
| Land and buildings | 22 | €9,490 | €7,324 | -€2,167 | -22.8% |
| Plant, machinery and equipment | 23 | €35,474 | €36,716 | +€1,243 | +3.5% |
| Furniture and vehicles | 24 | €1,206 | €826 | -€380 | -31.5% |
| Financial fixed assets | 28 | €358 | €358 | = | 0.0% |
| Current assets | 29/58 | €138,798 | €160,430 | +€21,633 | +15.6% |
| Stocks and contracts in progress | 3 | €16,934 | €26,408 | +€9,474 | +56.0% |
| Stocks | 30/36 | €10,235 | €7,897 | -€2,338 | -22.8% |
| Contracts in progress | 37 | €6,699 | €18,511 | +€11,813 | +176.3% |
| Amounts receivable within one year | 40/41 | €99,732 | €87,317 | -€12,415 | -12.4% |
| Trade receivables | 40 | €92,547 | €77,768 | -€14,778 | -16.0% |
| Other amounts receivable | 41 | €7,185 | €9,548 | +€2,363 | +32.9% |
| Cash at bank and in hand | 54/58 | €20,385 | €44,561 | +€24,176 | +118.6% |
| Deferred charges and accrued income | 490/1 | €1,747 | €2,144 | +€398 | +22.8% |
| Total equity and liabilities | 10/49 | €185,325 | €205,654 | +€20,329 | +11.0% |
| Equity | 10/15 | €31,447 | €74,559 | +€43,113 | +137.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,979 | €55,959 | +€14,980 | +36.6% |
| Tax-exempt reserves | 132 | €24,640 | €24,640 | = | 0.0% |
| Distributable reserves | 133 | €16,339 | €31,319 | +€14,980 | +91.7% |
| Profit (loss) carried forward | 14 | -€28,133 | - | +€28,133 | |
| Amounts payable | 17/49 | €153,879 | €131,095 | -€22,784 | -14.8% |
| Amounts payable within one year | 42/48 | €153,864 | €131,095 | -€22,769 | -14.8% |
| Trade debts | 44 | €45,951 | €30,771 | -€15,180 | -33.0% |
| Suppliers | 440/4 | €45,951 | €30,771 | -€15,180 | -33.0% |
| Taxes, remuneration and social security | 45 | €5,406 | €6,255 | +€849 | +15.7% |
| Remuneration and social security | 454/9 | €5,406 | €6,255 | +€849 | +15.7% |
| Other amounts payable | 47/48 | €102,507 | €94,069 | -€8,438 | -8.2% |
| Accrued charges and deferred income | 492/3 | €15 | - | -€15 | |
| Remuneration, social security and pensions | 62 | €25,282 | €22,515 | -€2,767 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,091 | €3,188 | -€902 | -22.1% |
| Other operating charges | 640/8 | €2,307 | €2,053 | -€254 | -11.0% |
| Gross operating margin | 9900 | €14,935 | €70,891 | +€55,956 | +374.7% |
| Operating profit (loss) | 9901 | -€16,744 | €43,135 | +€59,879 | |
| Financial income | 75/76B | €300 | €83 | -€217 | -72.3% |
| Recurring financial income | 75 | €300 | €83 | -€217 | -72.3% |
| Financial charges | 65/66B | €152 | €105 | -€46 | -30.5% |
| Recurring financial charges | 65 | €152 | €105 | -€46 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | -€16,596 | €43,113 | +€59,708 | |
| Profit (loss) for the period | 9904 | -€16,596 | €43,113 | +€59,708 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,596 | €43,113 | +€59,708 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.