HA ELNEV: 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.
HA ELNEV
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€155,672
down €155,672 (-66.3%), from €234,932 to €79,260
mainly Current investments (-€200,000) and Receivables within one year (-€32,951)
- Receivables within one year +€32,951
up €32,951 (+98.3%), from €33,509 to €66,459
- Tangible fixed assets -€4,881
down €4,881 (-63.9%), from €7,639 to €2,758
of which Furniture and vehicles: -€4,752
- Reserves +€60,412
up €60,412 (+68.1%), from €88,693 to €149,105
- Trade debts +€11,035
up €11,035 (+389%), from €2,836 to €13,871
- Tax, wage and social debts -€4,401
down €4,401 (-9.4%), from €47,038 to €42,637
- Other debts +€3,541
up €3,541 (+5.6%), from €63,168 to €66,709
- Gross operating margin -€37,751
down €37,751 (-29.9%), from €126,382 to €88,632
- Taxes -€8,263
down €8,263 (-33.4%), from €24,777 to €16,514
- Depreciation -€1,500
down €1,500 (-18.9%), from €7,931 to €6,431
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.
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 | €283,292 | €353,897 | +€70,605 | +24.9% |
| Fixed assets | 21/28 | €7,639 | €2,758 | -€4,881 | -63.9% |
| Tangible fixed assets | 22/27 | €7,639 | €2,758 | -€4,881 | -63.9% |
| Plant, machinery and equipment | 23 | €489 | €360 | -€129 | -26.4% |
| Furniture and vehicles | 24 | €7,150 | €2,398 | -€4,752 | -66.5% |
| Current assets | 29/58 | €275,653 | €351,139 | +€75,486 | +27.4% |
| Amounts receivable within one year | 40/41 | €33,509 | €66,459 | +€32,951 | +98.3% |
| Trade receivables | 40 | €33,509 | €66,459 | +€32,951 | +98.3% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €234,932 | €79,260 | -€155,672 | -66.3% |
| Deferred charges and accrued income | 490/1 | €7,213 | €5,420 | -€1,793 | -24.9% |
| Total equity and liabilities | 10/49 | €283,292 | €353,897 | +€70,605 | +24.9% |
| Equity | 10/15 | €169,699 | €230,111 | +€60,412 | +35.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €88,693 | €149,105 | +€60,412 | +68.1% |
| Distributable reserves | 133 | €88,693 | €149,105 | +€60,412 | +68.1% |
| Profit (loss) carried forward | 14 | €76,006 | €76,006 | = | 0.0% |
| Amounts payable | 17/49 | €113,593 | €123,785 | +€10,192 | +9.0% |
| Amounts payable within one year | 42/48 | €113,043 | €123,218 | +€10,175 | +9.0% |
| Trade debts | 44 | €2,836 | €13,871 | +€11,035 | +389% |
| Suppliers | 440/4 | €2,836 | €13,871 | +€11,035 | +389% |
| Taxes, remuneration and social security | 45 | €47,038 | €42,637 | -€4,401 | -9.4% |
| Taxes | 450/3 | €47,038 | €42,637 | -€4,401 | -9.4% |
| Other amounts payable | 47/48 | €63,168 | €66,709 | +€3,541 | +5.6% |
| Accrued charges and deferred income | 492/3 | €550 | €568 | +€18 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,931 | €6,431 | -€1,500 | -18.9% |
| Other operating charges | 640/8 | €720 | €721 | +€1 | +0.2% |
| Gross operating margin | 9900 | €126,382 | €88,632 | -€37,751 | -29.9% |
| Operating profit (loss) | 9901 | €117,732 | €81,480 | -€36,253 | -30.8% |
| Financial income | 75/76B | €18 | €5 | -€13 | -70.4% |
| Recurring financial income | 75 | €18 | €5 | -€13 | -70.4% |
| Financial charges | 65/66B | €4,280 | €4,559 | +€278 | +6.5% |
| Recurring financial charges | 65 | €4,280 | €4,559 | +€278 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €113,470 | €76,926 | -€36,544 | -32.2% |
| Income taxes | 67/77 | €24,777 | €16,514 | -€8,263 | -33.4% |
| Profit (loss) for the period | 9904 | €88,693 | €60,412 | -€28,280 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €88,693 | €60,412 | -€28,280 | -31.9% |
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 19 October 2026 via checked.be.