ELWI: 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.
ELWI
Largest movements
- Tangible fixed assets -€51,703
down €51,703 (-11.6%), from €445,725 to €394,022
of which Land and buildings: -€59,738
- Current investments +€13,026
up €13,026 (+12.8%), from €102,117 to €115,143
- Debts after one year -€67,089
down €67,089 (-25.1%), from €267,165 to €200,075
- Reserves +€13,992
up €13,992 (+6.4%), from €219,732 to €233,725
- Current portion of long-term debt +€13,589
up €13,589 (+14.8%), from €91,932 to €105,521
- Depreciation -€19,365
down €19,365 (-19.2%), from €100,872 to €81,507
- Gross operating margin -€14,208
down €14,208 (-9.7%), from €146,557 to €132,349
- Financial income -€3,869
down €3,869 (-70.1%), from €5,516 to €1,647
of which Non-recurring financial income: -€4,647
- Financial charges -€3,660
down €3,660 (-19.8%), from €18,497 to €14,837
- Other operating charges +€1,953
up €1,953 (+23.6%), from €8,273 to €10,226
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 | €609,677 | €572,191 | -€37,486 | -6.1% |
| Fixed assets | 21/28 | €445,774 | €394,071 | -€51,703 | -11.6% |
| Tangible fixed assets | 22/27 | €445,725 | €394,022 | -€51,703 | -11.6% |
| Land and buildings | 22 | €319,140 | €259,403 | -€59,738 | -18.7% |
| Furniture and vehicles | 24 | €94,924 | €108,282 | +€13,358 | +14.1% |
| Other tangible fixed assets | 26 | €31,660 | €26,337 | -€5,323 | -16.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €163,903 | €178,120 | +€14,217 | +8.7% |
| Amounts receivable within one year | 40/41 | €7,977 | €7,247 | -€730 | -9.1% |
| Trade receivables | 40 | €3,162 | €3,275 | +€113 | +3.6% |
| Other amounts receivable | 41 | €4,816 | €3,972 | -€843 | -17.5% |
| Current investments | 50/53 | €102,117 | €115,143 | +€13,026 | +12.8% |
| Cash at bank and in hand | 54/58 | €49,124 | €50,807 | +€1,683 | +3.4% |
| Deferred charges and accrued income | 490/1 | €4,685 | €4,923 | +€237 | +5.1% |
| Total equity and liabilities | 10/49 | €609,677 | €572,191 | -€37,486 | -6.1% |
| Equity | 10/15 | €219,732 | €233,725 | +€13,992 | +6.4% |
| Reserves | 13 | €219,732 | €233,725 | +€13,992 | +6.4% |
| Distributable reserves | 133 | €219,732 | €233,725 | +€13,992 | +6.4% |
| Amounts payable | 17/49 | €389,945 | €338,467 | -€51,479 | -13.2% |
| Amounts payable after more than one year | 17 | €267,165 | €200,075 | -€67,089 | -25.1% |
| Financial debts | 170/4 | €267,165 | €200,075 | -€67,089 | -25.1% |
| Amounts payable within one year | 42/48 | €118,001 | €134,341 | +€16,340 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €91,932 | €105,521 | +€13,589 | +14.8% |
| Trade debts | 44 | €2,748 | €5,017 | +€2,270 | +82.6% |
| Suppliers | 440/4 | €2,748 | €5,017 | +€2,270 | +82.6% |
| Taxes, remuneration and social security | 45 | €8,087 | €13,502 | +€5,414 | +66.9% |
| Taxes | 450/3 | €8,087 | €13,502 | +€5,414 | +66.9% |
| Other amounts payable | 47/48 | €15,234 | €10,302 | -€4,933 | -32.4% |
| Accrued charges and deferred income | 492/3 | €4,779 | €4,050 | -€729 | -15.3% |
| Non-recurring operating income | 76A | €5,207 | €2,830 | -€2,377 | -45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,872 | €81,507 | -€19,365 | -19.2% |
| Other operating charges | 640/8 | €8,273 | €10,226 | +€1,953 | +23.6% |
| Non-recurring operating charges | 66A | - | €5,170 | +€5,170 | |
| Gross operating margin | 9900 | €146,557 | €132,349 | -€14,208 | -9.7% |
| Operating profit (loss) | 9901 | €37,412 | €35,446 | -€1,966 | -5.3% |
| Financial income | 75/76B | €5,516 | €1,647 | -€3,869 | -70.1% |
| Recurring financial income | 75 | €868 | €1,647 | +€778 | +89.7% |
| Non-recurring financial income | 76B | €4,647 | €0 | -€4,647 | -100.0% |
| Financial charges | 65/66B | €18,497 | €14,837 | -€3,660 | -19.8% |
| Recurring financial charges | 65 | €18,497 | €14,837 | -€3,660 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €24,430 | €22,255 | -€2,175 | -8.9% |
| Income taxes | 67/77 | €7,169 | €8,263 | +€1,095 | +15.3% |
| Profit (loss) for the period | 9904 | €17,262 | €13,992 | -€3,269 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,262 | €13,992 | -€3,269 | -18.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.