ELW BELSACK: 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.
ELW BELSACK
Largest movements
- Tangible fixed assets -€37,135
down €37,135 (-6.0%), from €618,793 to €581,658
of which Land and buildings: -€21,034
- Cash +€32,620
up €32,620 (+68.8%), from €47,420 to €80,040
mainly Depreciation (+€37,135) and Net result for the year (+€17,157)
- Reserves +€17,157
up €17,157 (+19.2%), from €89,391 to €106,548
- Other debts -€13,993
down €13,993 (-4.5%), from €307,562 to €293,569
- Gross operating margin -€16,147
down €16,147 (-19.5%), from €82,796 to €66,649
- Depreciation +€7,142
up €7,142 (+23.8%), from €29,993 to €37,135
- Taxes -€6,444
down €6,444 (-40.8%), from €15,811 to €9,367
- Other operating charges -€919
down €919 (-23.9%), from €3,840 to €2,921
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 | €673,351 | €672,861 | -€490 | -0.1% |
| Fixed assets | 21/28 | €618,793 | €581,658 | -€37,135 | -6.0% |
| Tangible fixed assets | 22/27 | €618,793 | €581,658 | -€37,135 | -6.0% |
| Land and buildings | 22 | €565,416 | €544,382 | -€21,034 | -3.7% |
| Plant, machinery and equipment | 23 | €2,362 | €1,002 | -€1,361 | -57.6% |
| Furniture and vehicles | 24 | €51,014 | €36,274 | -€14,740 | -28.9% |
| Current assets | 29/58 | €54,559 | €91,204 | +€36,645 | +67.2% |
| Amounts receivable within one year | 40/41 | €5,781 | €9,770 | +€3,989 | +69.0% |
| Trade receivables | 40 | €5,781 | €9,138 | +€3,356 | +58.1% |
| Other amounts receivable | 41 | - | €633 | +€633 | |
| Cash at bank and in hand | 54/58 | €47,420 | €80,040 | +€32,620 | +68.8% |
| Deferred charges and accrued income | 490/1 | €1,357 | €1,394 | +€37 | +2.7% |
| Total equity and liabilities | 10/49 | €673,351 | €672,861 | -€490 | -0.1% |
| Equity | 10/15 | €343,191 | €360,349 | +€17,157 | +5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,391 | €106,548 | +€17,157 | +19.2% |
| Distributable reserves | 133 | €89,391 | €106,548 | +€17,157 | +19.2% |
| Profit (loss) carried forward | 14 | €235,200 | €235,200 | = | 0.0% |
| Amounts payable | 17/49 | €330,160 | €312,513 | -€17,647 | -5.3% |
| Amounts payable within one year | 42/48 | €330,160 | €312,513 | -€17,647 | -5.3% |
| Trade debts | 44 | €2,328 | €185 | -€2,143 | -92.1% |
| Suppliers | 440/4 | €2,328 | €185 | -€2,143 | -92.1% |
| Taxes, remuneration and social security | 45 | €20,270 | €18,759 | -€1,511 | -7.5% |
| Taxes | 450/3 | €20,270 | €18,759 | -€1,511 | -7.5% |
| Other amounts payable | 47/48 | €307,562 | €293,569 | -€13,993 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,993 | €37,135 | +€7,142 | +23.8% |
| Other operating charges | 640/8 | €3,840 | €2,921 | -€919 | -23.9% |
| Gross operating margin | 9900 | €82,796 | €66,649 | -€16,147 | -19.5% |
| Operating profit (loss) | 9901 | €48,963 | €26,594 | -€22,369 | -45.7% |
| Financial charges | 65/66B | €65 | €69 | +€4 | +5.7% |
| Recurring financial charges | 65 | €65 | €69 | +€4 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €48,898 | €26,525 | -€22,373 | -45.8% |
| Income taxes | 67/77 | €15,811 | €9,367 | -€6,444 | -40.8% |
| Profit (loss) for the period | 9904 | €33,087 | €17,157 | -€15,929 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,087 | €17,157 | -€15,929 | -48.1% |
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.