ELVISA: 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.
ELVISA
Largest movements
- Tangible fixed assets +€204,242
new in 2025: €204,242
of which Land and buildings: +€181,939
- Financial fixed assets -€123,985
down €123,985 (-97.6%), from €127,000 to €3,015
- Intangible fixed assets +€44,561
new in 2025: €44,561
- Cash +€17,203
up €17,203 (+10,882%), from €158 to €17,361
mainly Debts after one year (+€152,369) and Current portion of long-term debt (+€25,335)
- Stocks and contracts +€5,745
new in 2025: €5,745
- Debts after one year +€152,369
new in 2025: €152,369
- Other debts -€82,063
down €82,063 (-82.9%), from €98,959 to €16,896
- Reserves +€44,157
up €44,157 (+186%), from €23,787 to €67,944
of which Tax-exempt reserves: +€55,702
- Current portion of long-term debt +€25,335
new in 2025: €25,335
- Profit (loss) carried forward -€22,834
down €22,834, from €0 to -€22,834
- Gross operating margin +€163,366
up €163,366, from -€1,889 to €161,477
- Staff costs +€105,582
up €105,582, from €0 to €105,582
- Depreciation +€17,113
new in 2025: €17,113
- Taxes +€9,068
up €9,068, from -€381 to €8,687
- Financial charges +€5,315
up €5,315 (+216%), from €2,466 to €7,780
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €129,420 | €278,433 | +€149,013 | +115% |
| Fixed assets | 21/28 | €127,000 | €251,818 | +€124,818 | +98.3% |
| Intangible fixed assets | 21 | - | €44,561 | +€44,561 | |
| Tangible fixed assets | 22/27 | - | €204,242 | +€204,242 | |
| Land and buildings | 22 | - | €181,939 | +€181,939 | |
| Plant, machinery and equipment | 23 | - | €3,658 | +€3,658 | |
| Other tangible fixed assets | 26 | - | €18,645 | +€18,645 | |
| Financial fixed assets | 28 | €127,000 | €3,015 | -€123,985 | -97.6% |
| Current assets | 29/58 | €2,420 | €26,615 | +€24,195 | +1,000% |
| Stocks and contracts in progress | 3 | - | €5,745 | +€5,745 | |
| Stocks | 30/36 | - | €5,745 | +€5,745 | |
| Amounts receivable within one year | 40/41 | €2,262 | €2,208 | -€54 | -2.4% |
| Trade receivables | 40 | €1,965 | €1,685 | -€280 | -14.3% |
| Other amounts receivable | 41 | €297 | €523 | +€226 | +76.2% |
| Cash at bank and in hand | 54/58 | €158 | €17,361 | +€17,203 | +10,882% |
| Deferred charges and accrued income | 490/1 | - | €1,300 | +€1,300 | |
| Total equity and liabilities | 10/49 | €129,420 | €278,433 | +€149,013 | +115% |
| Equity | 10/15 | €29,987 | €51,311 | +€21,324 | +71.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,787 | €67,944 | +€44,157 | +186% |
| Non-distributable reserves | 130/1 | €1,200 | €0 | -€1,200 | -100% |
| Reserves not available under the articles | 1311 | €1,200 | €0 | -€1,200 | -100% |
| Tax-exempt reserves | 132 | - | €55,702 | +€55,702 | |
| Distributable reserves | 133 | €22,587 | €12,243 | -€10,344 | -45.8% |
| Profit (loss) carried forward | 14 | €0 | -€22,834 | -€22,834 | |
| Amounts payable | 17/49 | €99,433 | €227,122 | +€127,689 | +128% |
| Amounts payable after more than one year | 17 | - | €152,369 | +€152,369 | |
| Financial debts | 170/4 | - | €152,369 | +€152,369 | |
| Amounts payable within one year | 42/48 | €99,433 | €74,665 | -€24,768 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | - | €25,335 | +€25,335 | |
| Financial debts | 43 | - | €2,278 | +€2,278 | |
| Other loans | 439 | - | €2,278 | +€2,278 | |
| Trade debts | 44 | €474 | €7,631 | +€7,157 | +1,510% |
| Suppliers | 440/4 | €474 | €7,631 | +€7,157 | +1,510% |
| Taxes, remuneration and social security | 45 | €0 | €22,525 | +€22,525 | |
| Taxes | 450/3 | €0 | €8,763 | +€8,763 | |
| Remuneration and social security | 454/9 | - | €13,763 | +€13,763 | |
| Other amounts payable | 47/48 | €98,959 | €16,896 | -€82,063 | -82.9% |
| Accrued charges and deferred income | 492/3 | - | €88 | +€88 | |
| Remuneration, social security and pensions | 62 | €0 | €105,582 | +€105,582 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €17,113 | +€17,113 | |
| Other operating charges | 640/8 | €511 | €1,288 | +€776 | +152% |
| Gross operating margin | 9900 | -€1,889 | €161,477 | +€163,366 | |
| Operating profit (loss) | 9901 | -€2,400 | €37,494 | +€39,894 | |
| Financial income | 75/76B | - | €297 | +€297 | |
| Recurring financial income | 75 | - | €297 | +€297 | |
| Financial charges | 65/66B | €2,466 | €7,780 | +€5,315 | +216% |
| Recurring financial charges | 65 | €2,466 | €7,780 | +€5,315 | +216% |
| Profit (loss) for the period before taxes | 9903 | -€4,866 | €30,010 | +€34,876 | |
| Income taxes | 67/77 | -€381 | €8,687 | +€9,068 | |
| Profit (loss) for the period | 9904 | -€4,485 | €21,324 | +€25,808 | |
| Transfer to tax-exempt reserves | 689 | - | €55,702 | +€55,702 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,485 | -€34,378 | -€29,893 | -667% |
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 17 October 2026 via checked.be.