ELWA: what changed
Two fiscal 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
- Deferred charges and accrued income -€16,595
down €16,595 (-85.4%), from €19,435 to €2,839
- Tangible fixed assets -€3,264
down €3,264 (-5.4%), from €60,493 to €57,229
of which Furniture and vehicles: -€5,336
- Cash -€1,385
down €1,385 (-6.6%), from €20,858 to €19,473
mainly Net result for the year (-€41,143) and Investment in fixed assets (net) (-€6,154)
- Profit (loss) carried forward -€41,143
down €41,143 (-69.2%), from -€59,463 to -€100,606
- Other debts +€18,768
up €18,768 (+39.0%), from €48,102 to €66,871
- Trade debts +€1,930
up €1,930 (+485.7%), from €397 to €2,327
- Gross operating margin -€52,556
down €52,556, from €31,156 to -€21,400
- Depreciation -€3,016
down €3,016 (-24.3%), from €12,434 to €9,418
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 | €101,485 | €80,241 | -€21,244 | -20.9% |
| Fixed assets | 21/28 | €61,193 | €57,929 | -€3,264 | -5.3% |
| Tangible fixed assets | 22/27 | €60,493 | €57,229 | -€3,264 | -5.4% |
| Land and buildings | 22 | €43,911 | €42,699 | -€1,212 | -2.8% |
| Furniture and vehicles | 24 | €5,336 | - | -€5,336 | |
| Other tangible fixed assets | 26 | €11,245 | €14,530 | +€3,285 | +29.2% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €40,292 | €22,312 | -€17,981 | -44.6% |
| Cash at bank and in hand | 54/58 | €20,858 | €19,473 | -€1,385 | -6.6% |
| Deferred charges and accrued income | 490/1 | €19,435 | €2,839 | -€16,595 | -85.4% |
| Total equity and liabilities | 10/49 | €101,485 | €80,241 | -€21,244 | -20.9% |
| Equity | 10/15 | €48,003 | €6,859 | -€41,143 | -85.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €45,465 | €45,465 | = | 0.0% |
| Distributable reserves | 133 | €45,465 | €45,465 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,463 | -€100,606 | -€41,143 | -69.2% |
| Amounts payable | 17/49 | €53,483 | €73,382 | +€19,899 | +37.2% |
| Amounts payable within one year | 42/48 | €48,576 | €69,311 | +€20,736 | +42.7% |
| Trade debts | 44 | €397 | €2,327 | +€1,930 | +485.7% |
| Suppliers | 440/4 | €397 | €2,327 | +€1,930 | +485.7% |
| Taxes, remuneration and social security | 45 | €76 | €114 | +€38 | +49.5% |
| Taxes | 450/3 | €76 | €114 | +€38 | +49.5% |
| Other amounts payable | 47/48 | €48,102 | €66,871 | +€18,768 | +39.0% |
| Accrued charges and deferred income | 492/3 | €4,907 | €4,070 | -€837 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,434 | €9,418 | -€3,016 | -24.3% |
| Other operating charges | 640/8 | €6,167 | €6,264 | +€97 | +1.6% |
| Gross operating margin | 9900 | €31,156 | -€21,400 | -€52,556 | |
| Operating profit (loss) | 9901 | €12,555 | -€37,082 | -€49,637 | |
| Financial income | 75/76B | €194 | €85 | -€109 | -56.3% |
| Recurring financial income | 75 | €194 | €85 | -€109 | -56.3% |
| Financial charges | 65/66B | €4,158 | €4,007 | -€151 | -3.6% |
| Recurring financial charges | 65 | €4,158 | €4,007 | -€151 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €8,591 | -€41,004 | -€49,595 | |
| Income taxes | 67/77 | €134 | €139 | +€5 | +3.7% |
| Profit (loss) for the period | 9904 | €8,456 | -€41,143 | -€49,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,456 | -€41,143 | -€49,600 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.