ELISAR
ActiveSummary
ELISAR has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.2m and a net result of -€98,842. Equity remains stable across the filed fiscal years (±0.2% per year). Its solvency ranks better than 61% of 4616 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability32▼-54
Solvency76=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85,000 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 1.12 in 2024; short-term debt: 13.3% and cash: 12.4% of total assets), and 48.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
51.4%
Return on assets
-4.2%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 d early
2024
17 d early
2023
30 d early
2022
on the day
2021
29 d late
2020
17 d late
2019
27 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 14 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€98,842
2024 · €354,072
Working capital
€9,084▼ 83.4%
2024 · €54,632
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€20,731▼ 43.4%€7,635▼ 63.2%-€40,319€534,825-€76,357
Net result€2,627within the sector's middle half▼ 78.2%-€8,394below the sector's middle half-€61,011below the sector's middle half▼ 627%€354,072above the sector's middle half-€98,842below the sector's middle half
Equity€1.2mabove the sector's middle half▲ 0.2%€1.2mabove the sector's middle half▼ 0.7%€1.1mabove the sector's middle half▼ 5.1%€1.3mwithin the sector's middle half▲ 16.6%€1.2mwithin the sector's middle half▼ 8.7%
Total assets€2.4mabove the sector's middle half▼ 5.6%€2.3mabove the sector's middle half▼ 4.3%€2.2mabove the sector's middle half▼ 0.4%€2.6mwithin the sector's middle half▲ 15.9%€2.4mwithin the sector's middle half▼ 8.8%
Debt€1.1m▼ 11.5%€1.0m▼ 8.4%€1.1m▲ 5.3%€1.2m▲ 16.5%€1.1m▼ 9.1%
Working capital-€447,120below the sector's middle half▲ 13.9%-€384,114below the sector's middle half▲ 14.1%-€292,060below the sector's middle half▲ 24.0%€54,632within the sector's middle half€9,084within the sector's middle half▼ 83.4%
Solvency51.6%within the sector's middle half▲ 3.0pp53.5%within the sector's middle half▲ 2.0pp51.1%within the sector's middle half▼ 2.5pp51.3%within the sector's middle half▲ 0.3pp51.4%within the sector's middle half▲ 0.1pp
Current ratio0.03below the sector's middle half=0.06below the sector's middle half▲ 0.020.12below the sector's middle half▲ 0.071.12within the sector's middle half▲ 1.001.03within the sector's middle half▼ 0.09
Return on assets (ROA)0.1%within the sector's middle half▼ 0.4pp-0.4%within the sector's middle half▼ 0.5pp-2.7%below the sector's middle half▼ 2.3pp13.6%above the sector's middle half▲ 16.3pp-4.2%below the sector's middle half▼ 17.8pp
Staff (FTE)1▲ 900%1=1=0.4within the sector's middle half▼ 60.0%0.4within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €76,357 after €534,825 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€2.0m ▼ 1.8%
Current assets
€323,699 ▼ 37.3%
Equity and liabilities €2.4m
Equity
€1.2m ▼ 8.7%
Provisions
€37,270 ▼ 4.8%
Debt
€1.1m ▼ 9.1%
Debt's share of the balance-sheet total falls from 47.1% to 47.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€60,617▼
2024 · €669,046
Cash flow
€38,132▼
2024 · €488,292
Debt to equity
0.91▼
2024 · 0.92
ROE
-8.1%▼
2024 · 26.5%
Interest coverage
2.22▼
2024 · 29.44
Debt ≤ 1 year
€314,615▼
2024 · €461,235
Debt > 1 year
€796,811▲
2024 · €759,444
Income taxes
€640▼
2024 · €159,917
Staff costs
€22,834▲
2024 · €17,683
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.7%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 12,321 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €20,913 | €0 | - | - |
| Remuneration, social security and pensions62 | €20,618 | €19,461 | €21,663 | €17,683 | €22,834 | ▲ 29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €140,995 | €146,278 | €161,952 | €134,221 | €136,974 | ▲ 2.1% |
| Other operating charges640/8 | €39,582 | €52,701 | €49,596 | €52,343 | €49,726 | ▼ 5.0% |
| Gross operating margin9900 | €221,927 | €226,075 | €192,893 | €739,071 | €133,177 | ▼ 82.0% |
| Operating profit (loss)9901 | €20,731 | €7,635 | -€40,319 | €534,825 | -€76,357 | ▼ 114% |
| Financial income75/76B | €0 | €973 | €235 | €10 | €3,560 | ▲ 35,113% |
| Recurring financial income75 | €0 | €973 | €235 | €10 | €3,560 | ▲ 35,113% |
| Financial charges65/66B | €15,194 | €14,523 | €22,788 | €22,723 | €27,282 | ▲ 20.1% |
| Recurring financial charges65 | €15,194 | €14,523 | €22,788 | €22,723 | €27,282 | ▲ 20.1% |
| Profit (loss) for the period before taxes9903 | €5,537 | -€5,916 | -€62,872 | €512,112 | -€100,079 | ▼ 120% |
| Transfer from deferred taxes780 | €1,977 | €1,996 | €1,996 | €1,877 | €1,877 | = |
| Income taxes67/77 | €4,887 | €4,474 | €135 | €159,917 | €640 | ▼ 99.6% |
| Profit (loss) for the period9904 | €2,627 | -€8,394 | -€61,011 | €354,072 | -€98,842 | ▼ 128% |
| Transfer from tax-exempt reserves789 | €5,461 | €5,513 | €5,513 | €5,631 | €5,631 | = |
| Profit (loss) for the period to be appropriated9905 | €8,088 | -€2,882 | -€55,499 | €359,703 | -€93,211 | ▼ 126% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.4m | €2.3m | €2.2m | €2.6m | €2.4m | ▼ 8.8% |
| Fixed assets21/28 | €2.3m | €2.2m | €2.2m | €2.1m | €2.0m | ▼ 1.8% |
| Tangible fixed assets22/27 | €2.3m | €2.2m | €2.2m | €2.1m | €2.0m | ▼ 1.8% |
| Land and buildings22 | €2.3m | €2.2m | €2.2m | €2.1m | €2.0m | ▼ 1.4% |
| Plant, machinery and equipment23 | - | - | - | €6,248 | €7,117 | ▲ 13.9% |
| Furniture and vehicles24 | €39,828 | €29,438 | €19,765 | €9,261 | €459 | ▼ 95.0% |
| Current assets29/58 | €15,708 | €22,772 | €40,226 | €515,867 | €323,699 | ▼ 37.3% |
| Amounts receivable within one year40/41 | - | €1,360 | €28,964 | €40,327 | €20,988 | ▼ 48.0% |
| Other amounts receivable41 | - | €1,360 | €28,964 | €40,327 | €20,988 | ▼ 48.0% |
| Cash at bank and in hand54/58 | €8,193 | €12,583 | €6,249 | €469,357 | €295,336 | ▼ 37.1% |
| Deferred charges and accrued income490/1 | €7,515 | €8,829 | €5,012 | €6,183 | €7,375 | ▲ 19.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.4m | €2.3m | €2.2m | €2.6m | €2.4m | ▼ 8.8% |
| Equity10/15 | €1.2m | €1.2m | €1.1m | €1.3m | €1.2m | ▼ 8.7% |
| Contributions10/11 | €705,000 | €705,000 | €705,000 | €705,000 | €705,000 | = |
| Capital10 | €705,000 | €705,000 | €705,000 | €705,000 | €705,000 | = |
| Issued capital100 | €705,000 | €705,000 | €705,000 | €705,000 | €705,000 | = |
| Reserves13 | €367,940 | €362,427 | €356,914 | €547,092 | €524,651 | ▼ 4.1% |
| Non-distributable reserves130/1 | €32,800 | €32,800 | €32,800 | €54,095 | €54,095 | = |
| Legal reserve130 | €32,800 | €32,800 | €32,800 | €54,095 | €54,095 | = |
| Tax-exempt reserves132 | €144,917 | €139,404 | €133,891 | €132,409 | €126,778 | ▼ 4.3% |
| Distributable reserves133 | €190,223 | €190,223 | €190,223 | €360,588 | €343,778 | ▼ 4.7% |
| Profit (loss) carried forward14 | €142,520 | €139,638 | €84,140 | €84,140 | -€9,071 | ▼ 111% |
| Provisions and deferred taxes16 | €49,164 | €47,168 | €45,173 | €39,147 | €37,270 | ▼ 4.8% |
| Deferred taxes168 | €49,164 | €47,168 | €45,173 | €39,147 | €37,270 | ▼ 4.8% |
| Amounts payable17/49 | €1.1m | €1.0m | €1.1m | €1.2m | €1.1m | ▼ 9.1% |
| Amounts payable after more than one year17 | €628,319 | €591,309 | €717,046 | €759,444 | €796,811 | ▲ 4.9% |
| Financial debts170/4 | €628,319 | €591,309 | €717,046 | €759,444 | €796,811 | ▲ 4.9% |
| Amounts payable within one year42/48 | €462,828 | €406,886 | €332,286 | €461,235 | €314,615 | ▼ 31.8% |
| Current portion of amounts payable after more than one year42 | €69,439 | €67,173 | €74,262 | €106,332 | €99,318 | ▼ 6.6% |
| Financial debts43 | - | €50,000 | €50,000 | €0 | - | - |
| Credit institutions430/8 | - | €50,000 | €50,000 | €0 | - | - |
| Trade debts44 | €1,995 | €8,908 | €4,427 | €8,471 | €4,875 | ▼ 42.5% |
| Suppliers440/4 | €1,995 | €8,908 | €4,427 | €8,471 | €4,875 | ▼ 42.5% |
| Taxes, remuneration and social security45 | €15,386 | €2,154 | €2,260 | €161,347 | €161,073 | ▼ 0.2% |
| Taxes450/3 | €13,868 | €741 | €691 | €160,076 | €159,417 | ▼ 0.4% |
| Remuneration and social security454/9 | €1,518 | €1,413 | €1,568 | €1,270 | €1,656 | ▲ 30.3% |
| Other amounts payable47/48 | €376,007 | €278,651 | €201,336 | €185,086 | €49,349 | ▼ 73.3% |
| Accrued charges and deferred income492/3 | €1,290 | €2,171 | €3,996 | €6,299 | €3,477 | ▼ 44.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,627 | -€8,394 | -€61,011 | €354,072 | -€98,842 | ▼ 128% |
| + Depreciation and write-downs630 | €140,995 | €146,278 | €161,952 | €134,221 | €136,974 | ▲ 2.1% |
| Operating cash flow (approximation) | €143,623 | €137,884 | €100,941 | €488,292 | €38,132 | ▼ 92.2% |
| Investment in fixed assets (approximation) | - | -€36,754 | -€134,454 | -€16,380 | -€99,538 | ▼ 508% |
| Change in cash | - | €4,390 | -€6,334 | €463,108 | -€174,021 | ▼ 138% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€98,842
Net result drops to -€98,842, the lowest in the series.
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €354,072
Net result €354,072 after 2 loss-making years.
31-12
Financial
Liquidity times 9current ratio 1.12
Current ratio from 0.12 to 1.12.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 17 days late
2020
31-12
Financial
Back to profitnet €12,073
Net result €12,073 after one loss-making year.
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 27 days late
2019
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 26 days late
2018
20-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 20 days late
2017
22-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 53 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Bertem · 1 establishment unit since 2003
Ground area
1,728 m²
Building footprint
329 m²
Volume, LiDAR
1,699 m³
Parcel 24061A0324/00K002, Flanders · tallest building 8.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Berkendreef 15, 3061 Bertem
since 20032.301.285.804
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24061A0324/00K002 | Flanders | 1,728 m² | 1 · 329 m² | 8.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,144 companies in sector 68201 we hold annual accounts for 6,775. 4,725 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded04-09-2001
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0475566353
Also
9925:BE0475566353
Registered
12-02-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.