GROUP ELO: 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.
GROUP ELO
Largest movements
- Receivables within one year -€131,349
down €131,349 (-73.5%), from €178,655 to €47,306
of which Trade receivables: -€121,463
- Receivables after one year +€123,787
up €123,787 (+53.3%), from €232,298 to €356,085
- Tangible fixed assets -€20,933
down €20,933 (-8.3%), from €251,971 to €231,038
of which Leasing and similar rights: -€28,875
- Stocks and contracts -€19,896
down €19,896 (-28.4%), from €70,022 to €50,126
- Cash +€11,251
up €11,251 (+8.2%), from €137,135 to €148,386
mainly Receivables within one year (+€131,349) and Depreciation (+€59,089)
- Debts after one year -€51,228
down €51,228 (-16.1%), from €317,681 to €266,453
- Trade debts +€13,282
up €13,282 (+4.4%), from €300,139 to €313,420
- Gross operating margin -€25,997
down €25,997 (-4.8%), from €546,886 to €520,890
- Other operating charges -€13,343
down €13,343 (-77.1%), from €17,311 to €3,969
- Staff costs +€9,390
up €9,390 (+2.3%), from €402,760 to €412,150
- Financial charges -€5,566
down €5,566 (-12.0%), from €46,242 to €40,676
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 | €873,471 | €834,817 | -€38,655 | -4.4% |
| Fixed assets | 21/28 | €253,771 | €232,838 | -€20,933 | -8.2% |
| Tangible fixed assets | 22/27 | €251,971 | €231,038 | -€20,933 | -8.3% |
| Plant, machinery and equipment | 23 | €35,748 | €26,703 | -€9,045 | -25.3% |
| Furniture and vehicles | 24 | €16,006 | €7,803 | -€8,202 | -51.2% |
| Leasing and similar rights | 25 | €116,078 | €87,204 | -€28,875 | -24.9% |
| Other tangible fixed assets | 26 | €84,138 | €109,327 | +€25,189 | +29.9% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €619,701 | €601,979 | -€17,722 | -2.9% |
| Amounts receivable after more than one year | 29 | €232,298 | €356,085 | +€123,787 | +53.3% |
| Other amounts receivable | 291 | €232,298 | €356,085 | +€123,787 | +53.3% |
| Stocks and contracts in progress | 3 | €70,022 | €50,126 | -€19,896 | -28.4% |
| Stocks | 30/36 | €70,022 | €50,126 | -€19,896 | -28.4% |
| Amounts receivable within one year | 40/41 | €178,655 | €47,306 | -€131,349 | -73.5% |
| Trade receivables | 40 | €161,046 | €39,583 | -€121,463 | -75.4% |
| Other amounts receivable | 41 | €17,609 | €7,724 | -€9,886 | -56.1% |
| Cash at bank and in hand | 54/58 | €137,135 | €148,386 | +€11,251 | +8.2% |
| Deferred charges and accrued income | 490/1 | €1,591 | €76 | -€1,516 | -95.2% |
| Total equity and liabilities | 10/49 | €873,471 | €834,817 | -€38,655 | -4.4% |
| Equity | 10/15 | €79,355 | €84,728 | +€5,373 | +6.8% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €24,250 | €24,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,500 | €5,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,500 | €5,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105 | €5,478 | +€5,373 | +5124.4% |
| Amounts payable | 17/49 | €794,117 | €750,089 | -€44,028 | -5.5% |
| Amounts payable after more than one year | 17 | €317,681 | €266,453 | -€51,228 | -16.1% |
| Financial debts | 170/4 | €317,681 | €266,453 | -€51,228 | -16.1% |
| Amounts payable within one year | 42/48 | €471,086 | €480,886 | +€9,800 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €53,370 | €61,156 | +€7,786 | +14.6% |
| Trade debts | 44 | €300,139 | €313,420 | +€13,282 | +4.4% |
| Suppliers | 440/4 | €300,139 | €313,420 | +€13,282 | +4.4% |
| Taxes, remuneration and social security | 45 | €35,692 | €29,478 | -€6,214 | -17.4% |
| Taxes | 450/3 | €260 | €192 | -€67 | -26.0% |
| Remuneration and social security | 454/9 | €35,433 | €29,286 | -€6,147 | -17.3% |
| Other amounts payable | 47/48 | €81,885 | €76,831 | -€5,054 | -6.2% |
| Accrued charges and deferred income | 492/3 | €5,350 | €2,750 | -€2,600 | -48.6% |
| Non-recurring operating income | 76A | €1,099 | - | -€1,099 | |
| Remuneration, social security and pensions | 62 | €402,760 | €412,150 | +€9,390 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,551 | €59,089 | -€1,462 | -2.4% |
| Other operating charges | 640/8 | €17,311 | €3,969 | -€13,343 | -77.1% |
| Gross operating margin | 9900 | €546,886 | €520,890 | -€25,997 | -4.8% |
| Operating profit (loss) | 9901 | €66,264 | €45,682 | -€20,582 | -31.1% |
| Financial income | 75/76B | €672 | €565 | -€107 | -15.9% |
| Recurring financial income | 75 | €672 | €565 | -€107 | -15.9% |
| Financial charges | 65/66B | €46,242 | €40,676 | -€5,566 | -12.0% |
| Recurring financial charges | 65 | €46,242 | €40,676 | -€5,566 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €20,695 | €5,572 | -€15,123 | -73.1% |
| Income taxes | 67/77 | €260 | €198 | -€62 | -23.8% |
| Profit (loss) for the period | 9904 | €20,435 | €5,373 | -€15,061 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,435 | €5,373 | -€15,061 | -73.7% |
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 4 October 2026 via checked.be.