ELLIMAC DEVELOPMENT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00034144.
Annual accounts 2025 filed on 02-02-2026 PDF all 20 filings
Equity
€41,987▼ 59.6%
2024 · €103,842
Total assets
€145,205▼ 10.3%
2024 · €161,946
Net result
-€31,855
2024 · €14,607
Working capital
-€42,420▼ 1,480%
2024 · -€2,686
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€27,211
2025
20192025
Net result
-€31,855
2025
lowest quarter of the sector
20192025
Equity
€41,987
▼ 59.6%
2025
middle half of the sector
20192025
Total assets
€145,205
▼ 10.3%
2025
middle half of the sector
20192025
Debt
€103,218
▲ 77.6%
2025
20192025
Working capital
-€42,420
▼ 1,480%
2025
lowest quarter of the sector
20192025
Solvency
28.9%
▼ 35.2pp
2025
middle half of the sector
20192025
Current ratio
0.50
▼ 0.46
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-21.9%
▼ 31.0pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€11,890-€25,833▲ 117%€51,026▲ 97.5%€13,151▼ 74.2%-€20,468€18,365-€27,211
Net result€2,708-€13,610within the sector's middle half▲ 403%€32,564above the sector's middle half▲ 139%€6,130within the sector's middle half▼ 81.2%€23,335within the sector's middle half▲ 281%€14,607within the sector's middle half▼ 37.4%-€31,855below the sector's middle half
Equity€16,044-€29,654within the sector's middle half▲ 84.8%€62,219within the sector's middle half▲ 110%€67,540within the sector's middle half▲ 8.6%€90,068within the sector's middle half▲ 33.4%€103,842within the sector's middle half▲ 15.3%€41,987within the sector's middle half▼ 59.6%
Total assets€140,161-€191,065within the sector's middle half▲ 36.3%€215,516within the sector's middle half▲ 12.8%€309,759above the sector's middle half▲ 43.7%€290,454within the sector's middle half▼ 6.2%€161,946within the sector's middle half▼ 44.2%€145,205within the sector's middle half▼ 10.3%
Debt€124,117-€161,410▲ 30.0%€153,297▼ 5.0%€242,219▲ 58.0%€200,387▼ 17.3%€58,104▼ 71.0%€103,218▲ 77.6%
Working capital-€85,906--€52,978below the sector's middle half▲ 38.3%-€29,292below the sector's middle half▲ 44.7%€94,290above the sector's middle half-€18,093below the sector's middle half-€2,686below the sector's middle half▲ 85.2%-€42,420below the sector's middle half▼ 1,480%
Solvency11.4%-15.5%within the sector's middle half▲ 4.1pp28.9%within the sector's middle half▲ 13.3pp21.8%within the sector's middle half▼ 7.1pp31.0%within the sector's middle half▲ 9.2pp64.1%within the sector's middle half▲ 33.1pp28.9%within the sector's middle half▼ 35.2pp
Current ratio0.31-0.63below the sector's middle half▲ 0.320.79below the sector's middle half▲ 0.161.85within the sector's middle half▲ 1.060.91below the sector's middle half▼ 0.940.95below the sector's middle half▲ 0.040.50below the sector's middle half▼ 0.46
Return on assets (ROA)1.9%-7.1%within the sector's middle half▲ 5.2pp15.1%within the sector's middle half▲ 8.0pp2.0%within the sector's middle half▼ 13.1pp8.0%within the sector's middle half▲ 6.1pp9.0%within the sector's middle half▲ 1.0pp-21.9%below the sector's middle half▼ 31.0pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €27,211, after a profit of €18,365 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €145,205
Fixed assets
€103,375 ▼ 3.0%
Current assets
€41,831 ▼ 24.5%
Equity and liabilities €145,205
Equity
€41,987 ▼ 59.6%
Debt
€103,218 ▲ 77.6%
Debt's share of the balance-sheet total rises from 35.9% to 71.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€23,728▼
2024 · €22,160
Cash flow
-€28,372▼
2024 · €18,402
Debt to equity
2.46▲
2024 · 0.56
ROE
-75.9%▼
2024 · 14.1%
Interest coverage
-5.68▼
2024 · 6.31
Debt ≤ 1 year
€84,251▲
2024 · €58,104
Debt > 1 year
€18,968
Income taxes
€470▲
2024 · €322
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €29,126 | €15,234 | €2,162 | €81,312 |
| Depreciation and write-downs of the year | €917 | €3,161 | €3,795 | €3,483 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,368 | €1,829 | €510 | €917 | €3,161 | €3,795 | €3,483 | ▼ 8.2% |
| Other operating charges640/8 | - | - | - | €7,012 | €1,716 | €2,187 | €3,436 | ▲ 57.1% |
| Gross operating margin9900 | €20,824 | €29,075 | €53,844 | €21,080 | -€15,592 | €24,347 | -€20,293 | - |
| Operating profit (loss)9901 | €11,890 | €25,833 | €51,026 | €13,151 | -€20,468 | €18,365 | -€27,211 | - |
| Financial income75/76B | - | - | - | €16 | €47,651 | €78 | €5 | ▼ 93.9% |
| Recurring financial income75 | €0 | - | €14 | €16 | €47,651 | €78 | €5 | ▼ 93.9% |
| Financial charges65/66B | - | - | - | €3,732 | €3,281 | €3,514 | €4,179 | ▲ 18.9% |
| Recurring financial charges65 | €1,122 | €3,055 | €3,096 | €3,732 | €3,281 | €3,514 | €4,179 | ▲ 18.9% |
| Profit (loss) for the period before taxes9903 | €10,768 | €22,778 | €47,944 | €9,435 | €23,902 | €14,929 | -€31,385 | - |
| Income taxes67/77 | €8,060 | €9,168 | €15,380 | €3,305 | €566 | €322 | €470 | ▲ 46.0% |
| Profit (loss) for the period9904 | €2,708 | €13,610 | €32,564 | €6,130 | €23,335 | €14,607 | -€31,855 | - |
| Profit (loss) for the period to be appropriated9905 | €2,708 | €13,610 | €32,564 | €6,130 | €23,335 | €14,607 | -€31,855 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €140,161 | €191,065 | €215,516 | €309,759 | €290,454 | €161,946 | €145,205 | ▼ 10.3% |
| Fixed assets21/28 | €101,950 | €100,895 | €102,022 | €105,032 | €108,160 | €106,527 | €103,375 | ▼ 3.0% |
| Tangible fixed assets22/27 | €1,900 | €845 | €1,972 | €4,982 | €8,110 | €6,477 | €3,325 | ▼ 48.7% |
| Plant, machinery and equipment23 | - | - | - | €2,909 | €5,053 | €4,336 | €2,694 | ▼ 37.9% |
| Furniture and vehicles24 | - | - | - | €2,072 | €3,057 | €2,142 | €631 | ▼ 70.6% |
| Financial fixed assets28 | €100,050 | €100,050 | €100,050 | €100,050 | €100,050 | €100,050 | €100,050 | = |
| Current assets29/58 | €38,211 | €90,169 | €113,494 | €204,728 | €182,294 | €55,418 | €41,831 | ▼ 24.5% |
| Amounts receivable within one year40/41 | €1,800 | €42,014 | €94,950 | €113,894 | €119,501 | €24,364 | €25,199 | ▲ 3.4% |
| Trade receivables40 | - | - | - | €113,894 | €113,003 | €19,716 | €23,029 | ▲ 16.8% |
| Other amounts receivable41 | - | - | - | - | €6,498 | €4,648 | €2,170 | ▼ 53.3% |
| Cash at bank and in hand54/58 | €23,136 | €47,270 | €17,287 | €89,454 | €60,398 | €29,281 | €15,243 | ▼ 47.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,379 | €2,396 | €1,773 | €1,389 | ▼ 21.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €140,161 | €191,065 | €215,516 | €309,759 | €290,454 | €161,946 | €145,205 | ▼ 10.3% |
| Equity10/15 | €16,044 | €29,654 | €62,219 | €67,540 | €90,068 | €103,842 | €41,987 | ▼ 59.6% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €7,984 | €21,594 | €54,159 | €59,480 | €82,008 | €95,782 | €33,927 | ▼ 64.6% |
| Amounts payable17/49 | €124,117 | €161,410 | €153,297 | €242,219 | €200,387 | €58,104 | €103,218 | ▲ 77.6% |
| Amounts payable after more than one year17 | - | €18,262 | €10,511 | €2,179 | - | - | €18,968 | - |
| Financial debts170/4 | - | - | - | €2,179 | - | - | €18,968 | - |
| Amounts payable within one year42/48 | €124,117 | €143,148 | €142,786 | €110,437 | €200,387 | €58,104 | €84,251 | ▲ 45.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,332 | €2,179 | - | €4,334 | - |
| Trade debts44 | €13,668 | €10,580 | €16,009 | €31,538 | €192,457 | €37,792 | €23,939 | ▼ 36.7% |
| Suppliers440/4 | - | - | - | €31,538 | €192,457 | €37,792 | €23,939 | ▼ 36.7% |
| Taxes, remuneration and social security45 | - | - | - | €4,859 | €1,559 | €2,071 | €11,088 | ▲ 435% |
| Taxes450/3 | - | - | - | €4,859 | €1,559 | €2,071 | €11,088 | ▲ 435% |
| Other amounts payable47/48 | - | - | - | €65,708 | €4,193 | €18,240 | €44,891 | ▲ 146% |
| Accrued charges and deferred income492/3 | - | - | - | €129,603 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,708 | €13,610 | €32,564 | €6,130 | €23,335 | €14,607 | -€31,855 | - |
| + Depreciation and write-downs630 | €2,368 | €1,829 | €510 | €917 | €3,161 | €3,795 | €3,483 | ▼ 8.2% |
| Operating cash flow (approximation) | €5,075 | €15,439 | €33,074 | €7,047 | €26,496 | €18,402 | -€28,372 | - |
| Investment in fixed assets (approximation) | - | -€774 | -€1,636 | -€3,927 | -€6,289 | -€2,162 | -€330 | ▲ 84.8% |
| Change in cash | - | €24,135 | -€29,984 | €72,167 | -€29,057 | -€31,117 | -€14,038 | ▲ 54.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00034144 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00028444 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00026239 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00018240 | |
| 30-06-2021 | micro format | 12-01-2022 | 2022-00700297 | |
| 30-06-2020 | micro format | 27-01-2021 | 2021-01800287 | |
| 30-06-2019 | micro format | 06-01-2020 | 2020-00200043 | |
| 30-06-2018 | micro format | 29-11-2018 | 2018-73000368 | |
| 30-06-2017 | micro format | 09-01-2018 | 2018-00600089 | |
| 30-06-2016 | full format | 09-01-2017 | 2017-00400412 |