Elza: 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.
Elza
Largest movements
- Cash +€180,031
up €180,031 (+165.7%), from €108,674 to €288,705
mainly Net result for the year (+€120,772) and Current investments (+€60,000)
- Current investments -€60,000
no longer reported in 2025 (was €60,000)
- Reserves +€120,772
up €120,772 (+92.3%), from €130,916 to €251,687
- Other debts -€3,523
down €3,523 (-18.4%), from €19,114 to €15,592
- Financial income +€2,405
up €2,405 (+9325.0%), from €26 to €2,431
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 | €191,098 | €305,500 | +€114,402 | +59.9% |
| Fixed assets | 21/28 | €5,560 | €4,010 | -€1,550 | -27.9% |
| Tangible fixed assets | 22/27 | €5,560 | €4,010 | -€1,550 | -27.9% |
| Plant, machinery and equipment | 23 | €2,908 | €2,035 | -€873 | -30.0% |
| Furniture and vehicles | 24 | €2,652 | €1,975 | -€677 | -25.5% |
| Current assets | 29/58 | €185,538 | €301,490 | +€115,952 | +62.5% |
| Amounts receivable within one year | 40/41 | €2,618 | €332 | -€2,285 | -87.3% |
| Trade receivables | 40 | €2,618 | €332 | -€2,285 | -87.3% |
| Current investments | 50/53 | €60,000 | - | -€60,000 | |
| Cash at bank and in hand | 54/58 | €108,674 | €288,705 | +€180,031 | +165.7% |
| Deferred charges and accrued income | 490/1 | €14,246 | €12,453 | -€1,793 | -12.6% |
| Total equity and liabilities | 10/49 | €191,098 | €305,500 | +€114,402 | +59.9% |
| Equity | 10/15 | €133,916 | €254,687 | +€120,772 | +90.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €130,916 | €251,687 | +€120,772 | +92.3% |
| Distributable reserves | 133 | €130,916 | €251,687 | +€120,772 | +92.3% |
| Amounts payable | 17/49 | €57,183 | €50,813 | -€6,369 | -11.1% |
| Amounts payable within one year | 42/48 | €55,629 | €49,584 | -€6,045 | -10.9% |
| Trade debts | 44 | €2,046 | €34 | -€2,012 | -98.3% |
| Suppliers | 440/4 | €2,046 | €34 | -€2,012 | -98.3% |
| Taxes, remuneration and social security | 45 | €34,469 | €33,959 | -€510 | -1.5% |
| Taxes | 450/3 | €34,469 | €33,959 | -€510 | -1.5% |
| Other amounts payable | 47/48 | €19,114 | €15,592 | -€3,523 | -18.4% |
| Accrued charges and deferred income | 492/3 | €1,553 | €1,229 | -€325 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,036 | €1,550 | +€514 | +49.7% |
| Other operating charges | 640/8 | €994 | €574 | -€420 | -42.3% |
| Gross operating margin | 9900 | €158,688 | €157,648 | -€1,040 | -0.7% |
| Operating profit (loss) | 9901 | €156,658 | €155,524 | -€1,134 | -0.7% |
| Financial income | 75/76B | €26 | €2,431 | +€2,405 | +9325.0% |
| Recurring financial income | 75 | €26 | €2,431 | +€2,405 | +9325.0% |
| Financial charges | 65/66B | €2,881 | €2,496 | -€386 | -13.4% |
| Recurring financial charges | 65 | €2,881 | €2,496 | -€386 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €153,803 | €155,459 | +€1,657 | +1.1% |
| Income taxes | 67/77 | €34,469 | €34,688 | +€219 | +0.6% |
| Profit (loss) for the period | 9904 | €119,334 | €120,772 | +€1,438 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €119,334 | €120,772 | +€1,438 | +1.2% |
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 3 October 2026 via checked.be.