ELMA: 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.
ELMA
Largest movements
- Current investments +€175,699
up €175,699 (+35.1%), from €500,000 to €675,699
- Receivables within one year +€42,066
up €42,066 (+541%), from €7,780 to €49,846
- Cash -€25,902
down €25,902 (-44.7%), from €57,988 to €32,087
mainly Current investments (-€175,699) and Receivables within one year (-€42,066)
- Reserves +€168,099
up €168,099 (+29.1%), from €578,009 to €746,108
- Tax, wage and social debts +€17,129
new in 2025: €17,129
- Financial income +€49,411
up €49,411 (+16,395%), from €301 to €49,712
- Gross operating margin +€47,118
up €47,118 (+28.9%), from €162,920 to €210,037
- Taxes +€29,387
up €29,387 (+67.7%), from €43,426 to €72,813
- Depreciation -€4,707
down €4,707 (-61.1%), from €7,707 to €3,000
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 | €587,877 | €775,979 | +€188,102 | +32.0% |
| Fixed assets | 21/28 | €14,902 | €11,572 | -€3,330 | -22.3% |
| Tangible fixed assets | 22/27 | €14,902 | €11,572 | -€3,330 | -22.3% |
| Plant, machinery and equipment | 23 | €2,053 | €1,763 | -€291 | -14.2% |
| Furniture and vehicles | 24 | €12,849 | €9,809 | -€3,040 | -23.7% |
| Current assets | 29/58 | €572,974 | €764,407 | +€191,433 | +33.4% |
| Amounts receivable within one year | 40/41 | €7,780 | €49,846 | +€42,066 | +541% |
| Other amounts receivable | 41 | €7,780 | €49,846 | +€42,066 | +541% |
| Current investments | 50/53 | €500,000 | €675,699 | +€175,699 | +35.1% |
| Cash at bank and in hand | 54/58 | €57,988 | €32,087 | -€25,902 | -44.7% |
| Deferred charges and accrued income | 490/1 | €7,206 | €6,775 | -€430 | -6.0% |
| Total equity and liabilities | 10/49 | €587,877 | €775,979 | +€188,102 | +32.0% |
| Equity | 10/15 | €586,009 | €754,108 | +€168,099 | +28.7% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €578,009 | €746,108 | +€168,099 | +29.1% |
| Distributable reserves | 133 | €578,009 | €746,108 | +€168,099 | +29.1% |
| Amounts payable | 17/49 | €1,868 | €21,871 | +€20,003 | +1,071% |
| Amounts payable within one year | 42/48 | €1,758 | €21,871 | +€20,112 | +1,144% |
| Financial debts | 43 | €660 | €3,090 | +€2,431 | +368% |
| Credit institutions | 430/8 | €660 | €3,090 | +€2,431 | +368% |
| Trade debts | 44 | €149 | €1,652 | +€1,503 | +1,011% |
| Suppliers | 440/4 | €149 | €1,652 | +€1,503 | +1,011% |
| Taxes, remuneration and social security | 45 | - | €17,129 | +€17,129 | |
| Taxes | 450/3 | - | €17,129 | +€17,129 | |
| Other amounts payable | 47/48 | €950 | - | -€950 | |
| Accrued charges and deferred income | 492/3 | €109 | - | -€109 | |
| Non-recurring operating income | 76A | - | €2,632 | +€2,632 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,707 | €3,000 | -€4,707 | -61.1% |
| Other operating charges | 640/8 | €2,732 | €2,062 | -€670 | -24.5% |
| Non-recurring operating charges | 66A | €11,732 | €8,920 | -€2,811 | -24.0% |
| Gross operating margin | 9900 | €162,920 | €210,037 | +€47,118 | +28.9% |
| Operating profit (loss) | 9901 | €140,748 | €196,055 | +€55,306 | +39.3% |
| Financial income | 75/76B | €301 | €49,712 | +€49,411 | +16,395% |
| Recurring financial income | 75 | €301 | €49,712 | +€49,411 | +16,395% |
| Financial charges | 65/66B | €3,967 | €4,855 | +€888 | +22.4% |
| Recurring financial charges | 65 | €3,967 | €4,855 | +€888 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | €137,083 | €240,912 | +€103,830 | +75.7% |
| Income taxes | 67/77 | €43,426 | €72,813 | +€29,387 | +67.7% |
| Profit (loss) for the period | 9904 | €93,656 | €168,099 | +€74,443 | +79.5% |
| Profit (loss) for the period to be appropriated | 9905 | €93,656 | €168,099 | +€74,443 | +79.5% |
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 24 October 2026 via checked.be.