ELZO: 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.
ELZO
Largest movements
- Cash +€10,476
up €10,476 (+279%), from €3,753 to €14,229
mainly Other debts (+€171,015) and Net result for the year (+€41,435)
- Tangible fixed assets -€10,417
down €10,417 (-2.4%), from €441,954 to €431,537
- Other debts +€171,015
up €171,015 (+235%), from €72,757 to €243,771
- Profit (loss) carried forward -€158,487
no longer reported in 2025 (was €158,487)
- Debts after one year -€51,877
down €51,877 (-34.5%), from €150,450 to €98,573
- Tax, wage and social debts +€41,137
up €41,137 (+780%), from €5,271 to €46,408
- Gross operating margin +€21,875
up €21,875 (+35.7%), from €61,201 to €83,076
- Taxes +€7,312
up €7,312 (+95.3%), from €7,676 to €14,988
- Depreciation -€2,865
down €2,865 (-16.1%), from €17,744 to €14,879
- Financial charges -€1,639
down €1,639 (-14.7%), from €11,131 to €9,492
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 | €448,544 | €448,689 | +€145 | 0.0% |
| Fixed assets | 21/28 | €441,954 | €431,537 | -€10,417 | -2.4% |
| Tangible fixed assets | 22/27 | €441,954 | €431,537 | -€10,417 | -2.4% |
| Land and buildings | 22 | €441,954 | €431,537 | -€10,417 | -2.4% |
| Current assets | 29/58 | €6,590 | €17,152 | +€10,562 | +160% |
| Amounts receivable within one year | 40/41 | €194 | €194 | = | 0.0% |
| Other amounts receivable | 41 | €194 | €194 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,753 | €14,229 | +€10,476 | +279% |
| Deferred charges and accrued income | 490/1 | €2,643 | €2,729 | +€86 | +3.3% |
| Total equity and liabilities | 10/49 | €448,544 | €448,689 | +€145 | 0.0% |
| Equity | 10/15 | €166,547 | €8,060 | -€158,487 | -95.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €158,487 | - | -€158,487 | |
| Amounts payable | 17/49 | €281,997 | €440,629 | +€158,632 | +56.3% |
| Amounts payable after more than one year | 17 | €150,450 | €98,573 | -€51,877 | -34.5% |
| Financial debts | 170/4 | €150,450 | €98,573 | -€51,877 | -34.5% |
| Amounts payable within one year | 42/48 | €131,548 | €342,056 | +€210,508 | +160% |
| Current portion of amounts payable after more than one year | 42 | €50,585 | €51,877 | +€1,292 | +2.6% |
| Trade debts | 44 | €2,935 | - | -€2,935 | |
| Suppliers | 440/4 | €2,935 | - | -€2,935 | |
| Taxes, remuneration and social security | 45 | €5,271 | €46,408 | +€41,137 | +780% |
| Taxes | 450/3 | €5,271 | €46,408 | +€41,137 | +780% |
| Other amounts payable | 47/48 | €72,757 | €243,771 | +€171,015 | +235% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,744 | €14,879 | -€2,865 | -16.1% |
| Other operating charges | 640/8 | €2,213 | €2,282 | +€69 | +3.1% |
| Gross operating margin | 9900 | €61,201 | €83,076 | +€21,875 | +35.7% |
| Operating profit (loss) | 9901 | €41,244 | €65,916 | +€24,672 | +59.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,131 | €9,492 | -€1,639 | -14.7% |
| Recurring financial charges | 65 | €11,131 | €9,492 | -€1,639 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €30,113 | €56,424 | +€26,311 | +87.4% |
| Income taxes | 67/77 | €7,676 | €14,988 | +€7,312 | +95.3% |
| Profit (loss) for the period | 9904 | €22,437 | €41,435 | +€18,999 | +84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,437 | €41,435 | +€18,999 | +84.7% |
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 16 October 2026 via checked.be.