Summary
ELSA IMMO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €14,732 and a net result of €19,744. Equity is shrinking by ~23.3% per year across the filed fiscal years. Its solvency ranks better than 30% of 2473 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 09-12-2025, 53 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
53 d early
2024
49 d early
2023
58 d early
2022
39 d early
2021
42 d early
2020
55 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 49 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 13 December (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close01-10-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€14,732▼ 44.9%
2024 · €26,732
Net result
€19,744▲ 1,866%
2024 · €1,004
Total assets
€39,162▼ 1.6%
2024 · €39,810
Solvency
37.6%▼ 29.5pp
2024 · 67.1%
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€7,379▲ 35.6%€3,278▼ 55.6%€2,541▼ 22.5%€1,175▼ 53.8%€19,774▲ 1,583%
Net result€5,399within the sector's middle half▲ 28.8%€2,448within the sector's middle half▼ 54.6%€2,510within the sector's middle half▲ 2.5%€1,004within the sector's middle half▼ 60.0%€19,744within the sector's middle half▲ 1,866%
Equity€59,269below the sector's middle half▲ 10.0%€41,718below the sector's middle half▼ 29.6%€26,727below the sector's middle half▼ 35.9%€26,732below the sector's middle half=€14,732below the sector's middle half▼ 44.9%
Total assets€72,479below the sector's middle half▲ 21.5%€85,394below the sector's middle half▲ 17.8%€57,077below the sector's middle half▼ 33.2%€39,810below the sector's middle half▼ 30.3%€39,162below the sector's middle half▼ 1.6%
Debt€13,210▲ 128%€43,676▲ 231%€30,350▼ 30.5%€13,078▼ 56.9%€24,431▲ 86.8%
Working capital€56,680within the sector's middle half▲ 49.8%€30,502within the sector's middle half▼ 46.2%€21,705within the sector's middle half▼ 28.8%€26,322within the sector's middle half▲ 21.3%€7,071within the sector's middle half▼ 73.1%
Solvency81.8%within the sector's middle half▼ 8.5pp48.9%within the sector's middle half▼ 32.9pp46.8%within the sector's middle half▼ 2.0pp67.1%within the sector's middle half▲ 20.3pp37.6%within the sector's middle half▼ 29.5pp
Current ratio30.07above the sector's middle half▲ 9.531.97within the sector's middle half▼ 28.092.17within the sector's middle half▲ 0.2024.08above the sector's middle half▲ 21.911.36within the sector's middle half▼ 22.72
Return on assets (ROA)7.4%within the sector's middle half▲ 0.4pp2.9%within the sector's middle half▼ 4.6pp4.4%within the sector's middle half▲ 1.5pp2.5%within the sector's middle half▼ 1.9pp50.4%above the sector's middle half▲ 47.9pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 1,583% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €39,162
Fixed assets
€12,347 =
Current assets
€26,815 ▼ 2.4%
Equity and liabilities €39,162
Equity
€14,732 ▼ 44.9%
Debt
€24,431 ▲ 86.8%
Debt's share of the balance-sheet total rises from 32.9% to 62.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
134.0%▲
2024 · 3.8%
Debt ≤ 1 year
€19,744▲
2024 · €1,141
Income taxes
€0▼
2024 · €141
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,040 | €2,821 | €6,726 | €4,455 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €8,320 | €8,341 | €9,022 | €2,048 | ▼ 77.3% |
| Gross operating margin9900 | €21,177 | €14,419 | €17,608 | €14,652 | €21,821 | ▲ 48.9% |
| Operating profit (loss)9901 | €7,379 | €3,278 | €2,541 | €1,175 | €19,774 | ▲ 1,583% |
| Recurring financial income75 | €0 | - | - | - | - | - |
| Financial charges65/66B | - | €30 | €30 | €30 | €30 | = |
| Recurring financial charges65 | €30 | €30 | €30 | €30 | €30 | = |
| Profit (loss) for the period before taxes9903 | €7,349 | €3,248 | €2,511 | €1,145 | €19,744 | ▲ 1,624% |
| Income taxes67/77 | €1,950 | €799 | €2 | €141 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €5,399 | €2,448 | €2,510 | €1,004 | €19,744 | ▲ 1,866% |
| Profit (loss) for the period to be appropriated9905 | €5,399 | €2,448 | €2,510 | €1,004 | €19,744 | ▲ 1,866% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €72,479 | €85,394 | €57,077 | €39,810 | €39,162 | ▼ 1.6% |
| Fixed assets21/28 | €13,850 | €23,529 | €16,803 | €12,347 | €12,347 | = |
| Tangible fixed assets22/27 | €13,850 | €23,529 | €16,803 | €12,347 | €12,347 | = |
| Land and buildings22 | - | €13,238 | €12,762 | €12,347 | €12,347 | = |
| Plant, machinery and equipment23 | - | €10,291 | €4,041 | €0 | - | - |
| Current assets29/58 | €58,630 | €61,865 | €40,274 | €27,463 | €26,815 | ▼ 2.4% |
| Amounts receivable within one year40/41 | - | €1,305 | €1,000 | €0 | - | - |
| Trade receivables40 | - | €605 | €1,000 | €0 | - | - |
| Other amounts receivable41 | - | €700 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €48,379 | €52,286 | €39,274 | €26,952 | €26,363 | ▼ 2.2% |
| Deferred charges and accrued income490/1 | - | €8,274 | €0 | €511 | €451 | ▼ 11.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €72,479 | €85,394 | €57,077 | €39,810 | €39,162 | ▼ 1.6% |
| Equity10/15 | €59,269 | €41,718 | €26,727 | €26,732 | €14,732 | ▼ 44.9% |
| Contributions10/11 | - | €14,401 | €14,401 | €14,401 | €14,401 | = |
| Reserves13 | €44,869 | €27,317 | €12,327 | €12,331 | €331 | ▼ 97.3% |
| Non-distributable reserves130/1 | - | €820 | €820 | €0 | - | - |
| Reserves not available under the articles1311 | - | €820 | €820 | €0 | - | - |
| Distributable reserves133 | - | €26,497 | €11,506 | €12,331 | €331 | ▼ 97.3% |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €13,210 | €43,676 | €30,350 | €13,078 | €24,431 | ▲ 86.8% |
| Amounts payable within one year42/48 | €1,950 | €31,363 | €18,570 | €1,141 | €19,744 | ▲ 1,631% |
| Trade debts44 | - | €10,964 | €1,069 | €0 | - | - |
| Suppliers440/4 | - | €10,964 | €1,069 | €0 | - | - |
| Taxes, remuneration and social security45 | - | €0 | - | €141 | €0 | ▼ 100% |
| Taxes450/3 | - | €0 | - | €141 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €20,399 | €17,500 | €1,000 | €19,744 | ▲ 1,874% |
| Accrued charges and deferred income492/3 | - | €12,313 | €11,780 | €11,938 | €4,687 | ▼ 60.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,399 | €2,448 | €2,510 | €1,004 | €19,744 | ▲ 1,866% |
| + Depreciation and write-downs630 | €6,040 | €2,821 | €6,726 | €4,455 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €11,438 | €5,269 | €9,236 | €5,460 | €19,744 | ▲ 262% |
| Investment in fixed assets (approximation) | - | -€12,500 | €0 | €0 | €0 | - |
| Change in cash | - | €3,908 | -€13,013 | -€12,322 | -€589 | ▲ 95.2% |
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
2025
09-12
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
30-06
Financial
Highest result since 2020net €19,744 ▲1,866%
Operating result €19,774, net result €19,744, both a record.
2024
13-12
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
30-06
Financial
Weakest financial yearnet €1,004 ▼60%
Net result drops to €1,004, the lowest in the series; recovery starts the following year.
30-06
Financial
Liquidity times 11current ratio 24.08
Current ratio from 2.17 to 24.08; short-term debt falls from €18,570 to €1,141.
2023
04-12
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
23-12
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
20-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
07-12
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
No directors read yet: 0 of 7 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Mouscron · 1 establishment unit since 2018
Ground area
2,018 m²
Building footprint
127 m²
Volume, LiDAR
890 m³
Parcel 54004H1069/00B000, Wallonia · tallest building 9.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Michel Christiaensstraat(H) 3, 7712 Mouscron
since 20182.285.812.225
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 54004H1069/00B000 | Wallonia | 2,017 m² | 1 · 127 m² | 9.7 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.
Structure & network
Owners and holdings
1 ownerChain of control
- MARISALINE
- ELSA IMMO
Highest known parent: MARISALINE. The sources do not say who stands above it.
Owners 1
- MARISALINEparent99.91%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 24,721 companies in this sector we hold annual accounts for 19,804. 6,336 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded27-11-2018
Fiscal year end30-06
Activities, NACEBEL 2025
64210Activities of holding companies
Contact
E-mail
karim.benyahia@jarilux.be
E-mail
karim.benyahia@marisaline.be
Phone
+32474316819
E-invoicing
Reachable via Peppol
Peppol ID
0208:0713958503
Also
9925:BE0713958503
Registered
29-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.