Elwa: 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.
Elwa
Largest movements
- Cash -€28,005
down €28,005 (-7.4%), from €380,715 to €352,709
mainly Trade debts (-€31,283) and Investment in fixed assets (net) (-€18,043)
- Receivables within one year +€7,139
up €7,139 (+9.2%), from €77,751 to €84,890
of which Other amounts receivable: +€6,095
- Trade debts -€31,283
down €31,283 (-52.9%), from €59,139 to €27,856
- Reserves +€8,694
up €8,694 (+3.1%), from €284,757 to €293,451
of which Distributable reserves: +€8,694
- Tax, wage and social debts +€6,257
up €6,257 (+53.0%), from €11,806 to €18,063
of which Taxes: +€6,315
- Gross operating margin -€28,434
down €28,434 (-30.8%), from €92,260 to €63,826
- Other operating charges -€24,997
down €24,997 (-97.2%), from €25,708 to €711
- Depreciation +€6,649
up €6,649 (+75.6%), from €8,799 to €15,447
- Taxes -€2,059
down €2,059 (-33.0%), from €6,230 to €4,171
- Staff costs -€1,182
down €1,182 (-3.3%), from €35,581 to €34,399
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 | €574,937 | €556,481 | -€18,457 | -3.2% |
| Fixed assets | 21/28 | €88,546 | €91,141 | +€2,595 | +2.9% |
| Tangible fixed assets | 22/27 | €87,363 | €89,958 | +€2,595 | +3.0% |
| Land and buildings | 22 | €66,886 | €74,216 | +€7,330 | +11.0% |
| Plant, machinery and equipment | 23 | €7,655 | €5,983 | -€1,672 | -21.8% |
| Furniture and vehicles | 24 | €12,822 | €9,759 | -€3,063 | -23.9% |
| Financial fixed assets | 28 | €1,183 | €1,183 | = | 0.0% |
| Current assets | 29/58 | €486,391 | €465,339 | -€21,052 | -4.3% |
| Stocks and contracts in progress | 3 | €26,029 | €24,703 | -€1,326 | -5.1% |
| Stocks | 30/36 | €26,029 | €24,703 | -€1,326 | -5.1% |
| Amounts receivable within one year | 40/41 | €77,751 | €84,890 | +€7,139 | +9.2% |
| Trade receivables | 40 | €67,902 | €68,946 | +€1,044 | +1.5% |
| Other amounts receivable | 41 | €9,849 | €15,944 | +€6,095 | +61.9% |
| Cash at bank and in hand | 54/58 | €380,715 | €352,709 | -€28,005 | -7.4% |
| Deferred charges and accrued income | 490/1 | €1,897 | €3,037 | +€1,141 | +60.1% |
| Total equity and liabilities | 10/49 | €574,937 | €556,481 | -€18,457 | -3.2% |
| Equity | 10/15 | €488,157 | €496,851 | +€8,694 | +1.8% |
| Contributions | 10/11 | €181,334 | €181,334 | = | 0.0% |
| Reserves | 13 | €284,757 | €293,451 | +€8,694 | +3.1% |
| Non-distributable reserves | 130/1 | €18,133 | €18,133 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,133 | €18,133 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,013 | €5,013 | = | 0.0% |
| Distributable reserves | 133 | €261,611 | €270,305 | +€8,694 | +3.3% |
| Profit (loss) carried forward | 14 | €22,066 | €22,066 | = | 0.0% |
| Amounts payable | 17/49 | €86,780 | €59,629 | -€27,151 | -31.3% |
| Amounts payable within one year | 42/48 | €86,780 | €59,629 | -€27,151 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €3,334 | €3,029 | -€305 | -9.1% |
| Trade debts | 44 | €59,139 | €27,856 | -€31,283 | -52.9% |
| Suppliers | 440/4 | €59,139 | €27,856 | -€31,283 | -52.9% |
| Taxes, remuneration and social security | 45 | €11,806 | €18,063 | +€6,257 | +53.0% |
| Taxes | 450/3 | €5,607 | €11,922 | +€6,315 | +113% |
| Remuneration and social security | 454/9 | €6,199 | €6,141 | -€58 | -0.9% |
| Other amounts payable | 47/48 | €12,501 | €10,681 | -€1,820 | -14.6% |
| Remuneration, social security and pensions | 62 | €35,581 | €34,399 | -€1,182 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,799 | €15,447 | +€6,649 | +75.6% |
| Other operating charges | 640/8 | €25,708 | €711 | -€24,997 | -97.2% |
| Gross operating margin | 9900 | €92,260 | €63,826 | -€28,434 | -30.8% |
| Operating profit (loss) | 9901 | €22,172 | €13,269 | -€8,903 | -40.2% |
| Financial income | 75/76B | €231 | €84 | -€148 | -63.9% |
| Recurring financial income | 75 | €231 | €84 | -€148 | -63.9% |
| Financial charges | 65/66B | €778 | €487 | -€291 | -37.4% |
| Recurring financial charges | 65 | €778 | €487 | -€291 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €21,625 | €12,865 | -€8,760 | -40.5% |
| Income taxes | 67/77 | €6,230 | €4,171 | -€2,059 | -33.0% |
| Profit (loss) for the period | 9904 | €15,395 | €8,694 | -€6,701 | -43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,395 | €8,694 | -€6,701 | -43.5% |
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 20 October 2026 via checked.be.