L'ELAN: 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.
L'ELAN
Largest movements
- Cash -€81,625
down €81,625 (-91.9%), from €88,807 to €7,182
mainly Contributions, distributions and other (-€94,632) and Current investments (-€40,775)
- Current investments +€40,775
up €40,775 (+27.3%), from €149,225 to €190,000
- Deferred charges and accrued income -€25,563
down €25,563 (-96.0%), from €26,639 to €1,077
- Receivables within one year +€14,025
up €14,025 (+42.3%), from €33,186 to €47,212
of which Trade receivables: +€14,476
- Tangible fixed assets +€5,787
up €5,787 (+30.9%), from €18,741 to €24,528
of which Plant, machinery and equipment: +€6,082
- Reserves -€109,689
down €109,689 (-56.4%), from €194,372 to €84,683
- Profit (loss) carried forward +€51,271
up €51,271 (+220.7%), from €23,231 to €74,501
- Other debts +€20,763
up €20,763 (+28.1%), from €73,869 to €94,632
- Current portion of long-term debt -€6,304
no longer reported in 2025 (was €6,304)
- Taxes -€4,052
down €4,052 (-24.5%), from €16,561 to €12,509
- Depreciation +€1,797
up €1,797 (+37.9%), from €4,740 to €6,537
- Financial charges -€1,191
down €1,191 (-85.2%), from €1,398 to €207
- Gross operating margin +€773
up €773 (+1.4%), from €55,405 to €56,178
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 | €316,598 | €269,998 | -€46,600 | -14.7% |
| Fixed assets | 21/28 | €18,741 | €24,528 | +€5,787 | +30.9% |
| Tangible fixed assets | 22/27 | €18,741 | €24,528 | +€5,787 | +30.9% |
| Plant, machinery and equipment | 23 | €10,847 | €16,929 | +€6,082 | +56.1% |
| Furniture and vehicles | 24 | €7,894 | €7,599 | -€295 | -3.7% |
| Current assets | 29/58 | €297,858 | €245,471 | -€52,387 | -17.6% |
| Amounts receivable within one year | 40/41 | €33,186 | €47,212 | +€14,025 | +42.3% |
| Trade receivables | 40 | €12,886 | €27,362 | +€14,476 | +112.3% |
| Other amounts receivable | 41 | €20,300 | €19,850 | -€450 | -2.2% |
| Current investments | 50/53 | €149,225 | €190,000 | +€40,775 | +27.3% |
| Cash at bank and in hand | 54/58 | €88,807 | €7,182 | -€81,625 | -91.9% |
| Deferred charges and accrued income | 490/1 | €26,639 | €1,077 | -€25,563 | -96.0% |
| Total equity and liabilities | 10/49 | €316,598 | €269,998 | -€46,600 | -14.7% |
| Equity | 10/15 | €230,102 | €171,684 | -€58,418 | -25.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €194,372 | €84,683 | -€109,689 | -56.4% |
| Distributable reserves | 133 | €194,372 | €84,683 | -€109,689 | -56.4% |
| Profit (loss) carried forward | 14 | €23,231 | €74,501 | +€51,271 | +220.7% |
| Amounts payable | 17/49 | €86,496 | €98,314 | +€11,818 | +13.7% |
| Amounts payable within one year | 42/48 | €86,396 | €98,114 | +€11,718 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €6,304 | - | -€6,304 | |
| Trade debts | 44 | €1,478 | €1,390 | -€88 | -6.0% |
| Suppliers | 440/4 | €1,478 | €1,390 | -€88 | -6.0% |
| Taxes, remuneration and social security | 45 | €4,745 | €2,093 | -€2,652 | -55.9% |
| Taxes | 450/3 | €4,745 | €2,093 | -€2,652 | -55.9% |
| Other amounts payable | 47/48 | €73,869 | €94,632 | +€20,763 | +28.1% |
| Accrued charges and deferred income | 492/3 | €100 | €200 | +€100 | +100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,740 | €6,537 | +€1,797 | +37.9% |
| Other operating charges | 640/8 | €1,383 | €1,343 | -€41 | -2.9% |
| Non-recurring operating charges | 66A | - | €539 | +€539 | |
| Gross operating margin | 9900 | €55,405 | €56,178 | +€773 | +1.4% |
| Operating profit (loss) | 9901 | €49,282 | €47,759 | -€1,523 | -3.1% |
| Financial income | 75/76B | €932 | €1,170 | +€238 | +25.6% |
| Recurring financial income | 75 | €932 | €1,170 | +€238 | +25.6% |
| Financial charges | 65/66B | €1,398 | €207 | -€1,191 | -85.2% |
| Recurring financial charges | 65 | €1,398 | €207 | -€1,191 | -85.2% |
| Profit (loss) for the period before taxes | 9903 | €48,815 | €48,722 | -€93 | -0.2% |
| Income taxes | 67/77 | €16,561 | €12,509 | -€4,052 | -24.5% |
| Profit (loss) for the period | 9904 | €32,254 | €36,213 | +€3,959 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,254 | €36,213 | +€3,959 | +12.3% |
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 10 October 2026 via checked.be.