ELWO: 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.
ELWO
Largest movements
- Tangible fixed assets -€21,664
down €21,664 (-28.6%), from €75,861 to €54,197
of which Furniture and vehicles: -€15,967
- Receivables within one year -€14,027
down €14,027 (-40.2%), from €34,900 to €20,873
- Deferred charges and accrued income +€1,923
up €1,923 (+32.0%), from €6,013 to €7,936
- Short-term financial debts -€15,000
down €15,000 (-37.5%), from €40,000 to €25,000
- Other debts -€13,637
down €13,637 (-96.1%), from €14,192 to €555
- Tax, wage and social debts -€4,139
down €4,139 (-71.5%), from €5,787 to €1,647
of which Taxes: -€3,061
- Debts after one year -€2,992
down €2,992 (-7.4%), from €40,678 to €37,687
- Staff costs -€32,327
down €32,327 (-96.0%), from €33,661 to €1,334
- Gross operating margin -€30,965
down €30,965 (-52.3%), from €59,254 to €28,289
- Depreciation -€2,313
down €2,313 (-9.6%), from €23,977 to €21,664
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 | €124,903 | €90,399 | -€34,504 | -27.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €75,861 | €54,197 | -€21,664 | -28.6% |
| Tangible fixed assets | 22/27 | €75,861 | €54,197 | -€21,664 | -28.6% |
| Plant, machinery and equipment | 23 | €11,372 | €9,525 | -€1,846 | -16.2% |
| Furniture and vehicles | 24 | €42,055 | €26,088 | -€15,967 | -38.0% |
| Other tangible fixed assets | 26 | €22,434 | €18,583 | -€3,851 | -17.2% |
| Current assets | 29/58 | €49,042 | €36,202 | -€12,840 | -26.2% |
| Amounts receivable within one year | 40/41 | €34,900 | €20,873 | -€14,027 | -40.2% |
| Trade receivables | 40 | €34,900 | €20,873 | -€14,027 | -40.2% |
| Cash at bank and in hand | 54/58 | €8,129 | €7,393 | -€736 | -9.1% |
| Deferred charges and accrued income | 490/1 | €6,013 | €7,936 | +€1,923 | +32.0% |
| Total equity and liabilities | 10/49 | €124,903 | €90,399 | -€34,504 | -27.6% |
| Equity | 10/15 | €9,210 | €9,326 | +€116 | +1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €70,075 | €70,075 | = | 0.0% |
| Distributable reserves | 133 | €70,075 | €70,075 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,466 | -€79,350 | +€116 | +0.1% |
| Amounts payable | 17/49 | €115,693 | €81,073 | -€34,620 | -29.9% |
| Amounts payable after more than one year | 17 | €40,678 | €37,687 | -€2,992 | -7.4% |
| Financial debts | 170/4 | €40,678 | €37,687 | -€2,992 | -7.4% |
| Amounts payable within one year | 42/48 | €74,611 | €42,571 | -€32,040 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €12,785 | €12,992 | +€207 | +1.6% |
| Financial debts | 43 | €40,000 | €25,000 | -€15,000 | -37.5% |
| Credit institutions | 430/8 | €40,000 | €25,000 | -€15,000 | -37.5% |
| Trade debts | 44 | €1,847 | €1,463 | -€384 | -20.8% |
| Suppliers | 440/4 | €1,847 | €1,463 | -€384 | -20.8% |
| Advances received on contracts in progress | 46 | €0 | €914 | +€914 | |
| Taxes, remuneration and social security | 45 | €5,787 | €1,647 | -€4,139 | -71.5% |
| Taxes | 450/3 | €4,708 | €1,647 | -€3,061 | -65.0% |
| Remuneration and social security | 454/9 | €1,078 | €0 | -€1,078 | -100.0% |
| Other amounts payable | 47/48 | €14,192 | €555 | -€13,637 | -96.1% |
| Accrued charges and deferred income | 492/3 | €404 | €816 | +€412 | +101.9% |
| Remuneration, social security and pensions | 62 | €33,661 | €1,334 | -€32,327 | -96.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,977 | €21,664 | -€2,313 | -9.6% |
| Other operating charges | 640/8 | €1,067 | €708 | -€358 | -33.6% |
| Gross operating margin | 9900 | €59,254 | €28,289 | -€30,965 | -52.3% |
| Operating profit (loss) | 9901 | €549 | €4,582 | +€4,034 | +735.0% |
| Financial income | 75/76B | €38 | €0 | -€38 | -99.9% |
| Recurring financial income | 75 | €38 | €0 | -€38 | -99.9% |
| Financial charges | 65/66B | €4,391 | €4,315 | -€75 | -1.7% |
| Recurring financial charges | 65 | €4,391 | €4,315 | -€75 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,803 | €267 | +€4,070 | |
| Income taxes | 67/77 | €0 | €151 | +€151 | |
| Profit (loss) for the period | 9904 | -€3,803 | €116 | +€3,920 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,803 | €116 | +€3,920 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.