ELSEN
ActiveELSEN has been active since 1970 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.32M and a net result of €983k. Equity remains stable across the filed fiscal years (±0.9% per year). Its solvency ranks better than 85% of 829 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
81
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability81▲+1
Solvency98▼-2
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €550k at 30 days acceptable
Liquidity ample (current ratio 3.47 against 4.23 in 2024; short-term debt: 21.8% and cash: 10.4% of total assets), and 27.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Sector 41
higher
← fewer bankruptcies
more bankruptcies →
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
72.9%
Return on assets
9.8%
Age of the figures
15 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
192122232425
2019 to 2025 · latest year €7.32M
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 26-01-2026, 5 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
5 d early
2024
on the day
2023
1 d early
2022
15 d early
2021
6 d early
2020
9 d early
2019
17 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
30-06-2026 close22-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€983k▲ 22.1%
2024 · €805k
2019: €556k
2021: €728k
2022: €1.20M
2023: €1.28M
2024: €805k
2019 → 2025
Working capital
€5.41M▼ 6.2%
2024 · €5.76M
2019: €5.92M
2021: €6.10M
2022: €5.17M
2023: €5.49M
2024: €5.76M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€7.14M-€6.35M▼ 11.1%€6.63M▲ 4.5%€6.86M▲ 3.5%€7.32M▲ 6.7%
Operating result€916k-€1.55M▲ 68.9%€1.59M▲ 2.6%€909k▼ 42.7%€1.16M▲ 27.4%
Net result€728k-€1.20M▲ 65.3%€1.28M▲ 6.6%€805k▼ 37.3%€983k▲ 22.1%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 27% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.04M
Fixed assets
€2.44M▲ 121%
Current assets
€7.59M▲ 0.6%
Equity and liabilities €10.04M
Equity
€7.32M▲ 6.7%
Debt
€2.72M▲ 52.1%
The debt ratio rises from 20.7% to 27.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.42M▲
2024 · €1.07M
Cash flow
€1.25M▲
2024 · €969k
Solvency
72.9%▼
2024 · 79.3%
Current ratio
3.47▼
2024 · 4.23
Quick ratio
1.51▼
2024 · 1.91
Debt / equity
0.37▲
2024 · 0.26
ROE
13.4%▲
2024 · 11.7%
ROA
9.8%▲
2024 · 9.3%
Interest coverage
80.42▼
2024 · 132.99
Debt
€2.72M▲
2024 · €1.79M
Debt ≤ 1 year
€2.19M▲
2024 · €1.78M
Debt > 1 year
€530k
Income taxes
€284k▲
2024 · €250k
Staff costs
€1.81M▼
2024 · €1.88M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€8.65M€10.04M▲
Fixed assets21/28€1.10M€2.44M▲
Tangible fixed assets22/27€881k€2.22M▲
Land and buildings22€243k€937k▲
Plant, machinery and equipment23€484k€563k▲
Furniture and vehicles24€154k€138k▼
Assets under construction and advance payments27-€579k
Financial fixed assets28€223k€226k▲
Current assets29/58€7.54M€7.59M▲
Amounts receivable after more than one year29€31k€30k▼
Other amounts receivable291€31k€30k▼
Stocks and contracts in progress3€4.14M€4.29M▲
Stocks30/36€1.40M€1.06M▼
Contracts in progress37€2.74M€3.23M▲
Amounts receivable within one year40/41€1.72M€1.18M▼
Trade receivables40€1.04M€1.03M▼
Other amounts receivable41€685k€150k▼
Current investments50/53€900k€1.00M▲
Cash at bank and in hand54/58€676k€1.04M▲
Deferred charges and accrued income490/1€74k€48k▼
Equity and liabilities
Total equity and liabilities10/49€8.65M€10.04M▲
Equity10/15€6.86M€7.32M▲
Contributions10/11€248k€248k=
Capital10€248k€248k=
Issued capital100€248k€248k=
Reserves13€572k€571k▼
Non-distributable reserves130/1€198k€197k▼
Legal reserve130€25k€25k=
Other1319€174k€172k▼
Tax-exempt reserves132€81k€81k=
Distributable reserves133€293k€293k=
Profit (loss) carried forward14€6.04M€6.50M▲
Amounts payable17/49€1.79M€2.72M▲
Amounts payable after more than one year17-€530k
Financial debts170/4-€530k
Amounts payable within one year42/48€1.78M€2.19M▲
Current portion of amounts payable after more than one year42-€60k
Trade debts44€883k€1.12M▲
Suppliers440/4€883k€1.12M▲
Advances received on contracts in progress46€115k€195k▲
Taxes, remuneration and social security45€208k€282k▲
Taxes450/3€30k€144k▲
Remuneration and social security454/9€178k€137k▼
Other amounts payable47/48€575k€526k▼
Accrued charges and deferred income492/3€4k€338▼
Income statement
Code20242025
Non-recurring operating income76A€12k€33k▲
Remuneration, social security and pensions62€1.88M€1.81M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€164k€263k▲
Other operating charges640/8€25k€23k▼
Gross operating margin9900€2.98M€3.25M▲
Operating profit (loss)9901€909k€1.16M▲
Financial income75/76B€154k€127k▼
Recurring financial income75€154k€127k▼
Financial charges65/66B€8k€18k▲
Recurring financial charges65€8k€18k▲
Profit (loss) for the period before taxes9903€1.05M€1.27M▲
Income taxes67/77€250k€284k▲
Profit (loss) for the period9904€805k€983k▲
Profit (loss) for the period to be appropriated9905€805k€983k▲
Appropriation of the result
Profit (loss) to be appropriated9906€6.62M€7.02M▲
Profit (loss) brought forward from the previous period14P€5.81M€6.04M▲
Transfer from equity791/2-€2k
Transfer to equity691/2€2k€300▼
To other reserves6921€2k€300▼
Profit to be distributed694/7€575k€525k▼
Return on contributions (dividend)694€500k€400k▼
Directors or managers695€75k€125k▲
Social balance
Average headcount (FTE)908742.142.4▲
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-01
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-06
Financial
Highest result since 2019net €1.28M ▲6.6%
Operating result €1.59M, net result €1.28M, both a record.
16-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
25-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
22-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
14-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
30-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
13-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Amel · 1 establishment unit since 1971
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Heppenbach,Lehmkaul 414770 Amel1 establishment unit
ELSEN
since 19712.005.669.592
Recognitions · licences · registrations
Recognised contractor
26 categoriesElsen SA04014
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GHELAMCO
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EXECON
BE 0873.249.725
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MDECO INVEST
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ERITTAGE
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BOUWONDERNEMING LAMERS
BE 0416.505.132
Hamont-Achel · Eq €7.46M
Of 29,801 companies in sector 41001 we hold annual accounts for 16,045. 1,375 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded30-12-1970
Fiscal year end30-06
Activities, NACEBEL
41001General construction of residential buildings
41003General construction of other non-residential buildings
45211
45213
42110Construction of roads and motorways
42911Civil engineering
43120Site preparation
43320Joinery installation
45112
45230
45421
68110Buying and selling of own real estate
70120
Sources
Crossroads Bank for EnterprisesNational Bank · 48 filings
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesWebsite:www.elsenag.com
E-mail:info@elsenag.com