NEW ELV: 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.
NEW ELV
Largest movements
- Receivables within one year -€836,382
down €836,382 (-40.3%), from €2.1m to €1.2m
of which Other amounts receivable: -€908,780
- Tangible fixed assets +€536,994
up €536,994 (+37.1%), from €1.4m to €2.0m
of which Land and buildings: +€540,445
- Stocks and contracts +€256,200
up €256,200 (+42.0%), from €610,061 to €866,261
- Cash -€227,457
down €227,457 (-39.4%), from €577,020 to €349,563
mainly Contributions, distributions and other (-€900,000) and Investment in fixed assets (net) (-€899,351)
- Profit (loss) carried forward -€700,223
down €700,223 (-23.8%), from €2.9m to €2.2m
- Debts after one year +€223,563
up €223,563 (+27.7%), from €807,106 to €1.0m
- Short-term financial debts +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Trade debts +€73,051
up €73,051 (+18.4%), from €397,255 to €470,306
- Staff costs +€97,141
up €97,141 (+21.6%), from €449,486 to €546,627
- Taxes -€62,686
down €62,686 (-56.0%), from €111,943 to €49,258
- Gross operating margin -€59,345
down €59,345 (-4.5%), from €1.3m to €1.2m
- Financial charges +€28,778
up €28,778 (+49.4%), from €58,289 to €87,067
of which Financial charges: +€16,381
- Write-downs -€14,861
new in 2025: -€14,861
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 | €4,857,568 | €4,618,664 | -€238,903 | -4.9% |
| Fixed assets | 21/28 | €1,449,142 | €1,986,136 | +€536,994 | +37.1% |
| Tangible fixed assets | 22/27 | €1,449,080 | €1,986,074 | +€536,994 | +37.1% |
| Land and buildings | 22 | €282,919 | €823,365 | +€540,445 | +191% |
| Plant, machinery and equipment | 23 | €554,074 | €536,009 | -€18,065 | -3.3% |
| Furniture and vehicles | 24 | €50,324 | €23,949 | -€26,375 | -52.4% |
| Other tangible fixed assets | 26 | €561,764 | €602,751 | +€40,988 | +7.3% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €3,408,425 | €2,632,528 | -€775,897 | -22.8% |
| Stocks and contracts in progress | 3 | €610,061 | €866,261 | +€256,200 | +42.0% |
| Stocks | 30/36 | €610,061 | €866,261 | +€256,200 | +42.0% |
| Amounts receivable within one year | 40/41 | €2,077,851 | €1,241,469 | -€836,382 | -40.3% |
| Trade receivables | 40 | €640,593 | €712,991 | +€72,398 | +11.3% |
| Other amounts receivable | 41 | €1,437,258 | €528,478 | -€908,780 | -63.2% |
| Current investments | 50/53 | €104,999 | €138,998 | +€34,000 | +32.4% |
| Cash at bank and in hand | 54/58 | €577,020 | €349,563 | -€227,457 | -39.4% |
| Deferred charges and accrued income | 490/1 | €38,495 | €36,238 | -€2,258 | -5.9% |
| Total equity and liabilities | 10/49 | €4,857,568 | €4,618,664 | -€238,903 | -4.9% |
| Equity | 10/15 | €2,973,821 | €2,273,599 | -€700,223 | -23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,953 | €6,953 | = | 0.0% |
| Distributable reserves | 133 | €6,953 | €6,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,948,269 | €2,248,046 | -€700,223 | -23.8% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,883,746 | €2,345,066 | +€461,319 | +24.5% |
| Amounts payable after more than one year | 17 | €807,106 | €1,030,669 | +€223,563 | +27.7% |
| Financial debts | 170/4 | €807,106 | €1,030,669 | +€223,563 | +27.7% |
| Amounts payable within one year | 42/48 | €1,065,340 | €1,291,028 | +€225,688 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €201,619 | €243,015 | +€41,397 | +20.5% |
| Financial debts | 43 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Credit institutions | 430/8 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Trade debts | 44 | €397,255 | €470,306 | +€73,051 | +18.4% |
| Suppliers | 440/4 | €397,255 | €470,306 | +€73,051 | +18.4% |
| Taxes, remuneration and social security | 45 | €36,519 | €68,452 | +€31,933 | +87.4% |
| Taxes | 450/3 | €72 | €2,300 | +€2,227 | +3,079% |
| Remuneration and social security | 454/9 | €36,447 | €66,152 | +€29,706 | +81.5% |
| Other amounts payable | 47/48 | €229,947 | €209,254 | -€20,693 | -9.0% |
| Accrued charges and deferred income | 492/3 | €11,300 | €23,368 | +€12,068 | +107% |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100% |
| Remuneration, social security and pensions | 62 | €449,486 | €546,627 | +€97,141 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €356,895 | €362,358 | +€5,463 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€14,861 | -€14,861 | |
| Other operating charges | 640/8 | €11,786 | €19,275 | +€7,489 | +63.5% |
| Non-recurring operating charges | 66A | €60 | €0 | -€60 | -100% |
| Gross operating margin | 9900 | €1,304,342 | €1,244,996 | -€59,345 | -4.5% |
| Operating profit (loss) | 9901 | €486,116 | €331,598 | -€154,518 | -31.8% |
| Financial income | 75/76B | €14,307 | €4,504 | -€9,803 | -68.5% |
| Recurring financial income | 75 | €14,307 | €4,504 | -€9,803 | -68.5% |
| Financial charges | 65/66B | €58,289 | €87,067 | +€28,778 | +49.4% |
| Recurring financial charges | 65 | €58,289 | €74,670 | +€16,381 | +28.1% |
| Non-recurring financial charges | 66B | - | €12,397 | +€12,397 | |
| Profit (loss) for the period before taxes | 9903 | €442,133 | €249,035 | -€193,098 | -43.7% |
| Transfer from deferred taxes | 780 | €4,344 | €0 | -€4,344 | -100% |
| Income taxes | 67/77 | €111,943 | €49,258 | -€62,686 | -56.0% |
| Profit (loss) for the period | 9904 | €334,534 | €199,777 | -€134,757 | -40.3% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €334,534 | €199,777 | -€134,757 | -40.3% |
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 16 October 2026 via checked.be.