GP32 .elf? Pic size?

[rcx21000]

I compiled a little prog with a 3.5MB pic file and the GXB was 706KB and there was an ELF, and if that (~1MB) was part of the program, it would make more sense, but when I did b2fxe (not compressed) it stayed at 706KB, so I know that it is only 706KB!? Does compiling really compress the pic soo much, and what is the .elf for??

 

[mr.spiv]

3.5MB..? Was the source file (.c or .h) that size or the object file (.o)??