ELIACE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
ELIACE
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€127,369
2024 · €53,703+€73,666
Equity
€477,477
2024 · €268,573+€208,904
Cash
€92,494
2024 · €1,409+€91,085
Balance sheet total
€1.2m
2024 · €982,043+€212,181
Largest movements
Assets
- Tangible fixed assets +€168,195
up €168,195 (+19.9%), from €844,699 to €1.0m
of which Land and buildings: +€154,428
- Cash +€91,085
up €91,085 (+6,462%), from €1,409 to €92,494
mainly Net result for the year (+€127,369) and Depreciation (+€101,589)
- Receivables within one year -€46,952
down €46,952 (-73.0%), from €64,284 to €17,332
of which Trade receivables: -€46,952
Equity and liabilities
- Reserves +€264,653
new in 2025: €264,653
- Provisions +€88,218
new in 2025: €88,218
- Contributions -€69,810
down €69,810 (-46.5%), from €150,000 to €80,190
- Debts after one year -€66,673
down €66,673 (-13.5%), from €495,508 to €428,835
- Advances received -€36,087
no longer reported in 2025 (was €36,087)
Income statement
- Gross operating margin +€366,850
up €366,850 (+173%), from €212,442 to €579,292
- Depreciation +€27,534
up €27,534 (+37.2%), from €74,055 to €101,589
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€53,703
Gross operating margin
+€366,850
Depreciation
-€27,534
Other operating charges
-€3,819
Other operating items
+€8,651
Financial income
+€937
Financial charges
+€1,603
Taxes
-€3,270
Deferred taxes and other
-€269,753
Result 2025
€127,369
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€356,668
Investment
-€269,570
Financing
+€3,987
Cash 2024
€1,409
From operations (derived)
+€356,668
Net result for the year
+€127,369
Depreciation
+€101,589
Receivables within one year
+€46,952
Deferred charges and accrued income
-€67
Provisions
+€88,218
Trade debts
-€4,272
Tax, wage and social debts
+€34,238
Advances received
-€36,087
Other debts
-€2,071
Accrued charges and deferred income
+€800
Investment (derived)
-€269,570
Investment in fixed assets (net)
-€269,570
Financing
+€3,987
Debts after one year
-€66,673
Current portion of long-term debt
-€10,876
Contributions, distributions and other
+€81,535
Cash 2025
€92,494
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €982,043 | €1,194,224 | +€212,181 | +21.6% |
| Fixed assets | 21/28 | €914,912 | €1,082,893 | +€167,981 | +18.4% |
| Intangible fixed assets | 21 | €214 | - | -€214 | |
| Tangible fixed assets | 22/27 | €844,699 | €1,012,893 | +€168,195 | +19.9% |
| Land and buildings | 22 | €614,230 | €768,658 | +€154,428 | +25.1% |
| Plant, machinery and equipment | 23 | €183,140 | €219,275 | +€36,135 | +19.7% |
| Furniture and vehicles | 24 | €47,329 | €24,961 | -€22,369 | -47.3% |
| Financial fixed assets | 28 | €70,000 | €70,000 | = | 0.0% |
| Current assets | 29/58 | €67,130 | €111,330 | +€44,200 | +65.8% |
| Amounts receivable within one year | 40/41 | €64,284 | €17,332 | -€46,952 | -73.0% |
| Trade receivables | 40 | €54,284 | €7,332 | -€46,952 | -86.5% |
| Other amounts receivable | 41 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,409 | €92,494 | +€91,085 | +6,462% |
| Deferred charges and accrued income | 490/1 | €1,437 | €1,504 | +€67 | +4.7% |
| Total equity and liabilities | 10/49 | €982,043 | €1,194,224 | +€212,181 | +21.6% |
| Equity | 10/15 | €268,573 | €477,477 | +€208,904 | +77.8% |
| Contributions | 10/11 | €150,000 | €80,190 | -€69,810 | -46.5% |
| Reserves | 13 | - | €264,653 | +€264,653 | |
| Tax-exempt reserves | 132 | - | €264,653 | +€264,653 | |
| Profit (loss) carried forward | 14 | €118,573 | €132,634 | +€14,061 | +11.9% |
| Provisions and deferred taxes | 16 | - | €88,218 | +€88,218 | |
| Deferred taxes | 168 | - | €88,218 | +€88,218 | |
| Amounts payable | 17/49 | €713,470 | €628,529 | -€84,940 | -11.9% |
| Amounts payable after more than one year | 17 | €495,508 | €428,835 | -€66,673 | -13.5% |
| Financial debts | 170/4 | €495,508 | €428,835 | -€66,673 | -13.5% |
| Amounts payable within one year | 42/48 | €217,962 | €198,894 | -€19,068 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €117,548 | €106,673 | -€10,876 | -9.3% |
| Trade debts | 44 | €26,447 | €22,175 | -€4,272 | -16.2% |
| Suppliers | 440/4 | €26,447 | €17,860 | -€8,587 | -32.5% |
| Bills of exchange payable | 441 | - | €4,315 | +€4,315 | |
| Advances received on contracts in progress | 46 | €36,087 | - | -€36,087 | |
| Taxes, remuneration and social security | 45 | €29,416 | €63,654 | +€34,238 | +116% |
| Taxes | 450/3 | €29,416 | €63,654 | +€34,238 | +116% |
| Other amounts payable | 47/48 | €8,463 | €6,392 | -€2,071 | -24.5% |
| Accrued charges and deferred income | 492/3 | - | €800 | +€800 | |
| Non-recurring operating income | 76A | - | €363,737 | +€363,737 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,055 | €101,589 | +€27,534 | +37.2% |
| Other operating charges | 640/8 | €7,819 | €11,639 | +€3,819 | +48.8% |
| Non-recurring operating charges | 66A | €41,840 | €33,189 | -€8,651 | -20.7% |
| Gross operating margin | 9900 | €212,442 | €579,292 | +€366,850 | +173% |
| Operating profit (loss) | 9901 | €88,727 | €432,876 | +€344,148 | +388% |
| Financial income | 75/76B | - | €937 | +€937 | |
| Recurring financial income | 75 | - | €937 | +€937 | |
| Financial charges | 65/66B | €14,181 | €12,578 | -€1,603 | -11.3% |
| Recurring financial charges | 65 | €14,181 | €12,578 | -€1,603 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €74,546 | €421,235 | +€346,689 | +465% |
| Transfer from deferred taxes | 780 | - | €2,550 | +€2,550 | |
| Transfer to deferred taxes | 680 | - | €272,303 | +€272,303 | |
| Income taxes | 67/77 | €20,844 | €24,114 | +€3,270 | +15.7% |
| Profit (loss) for the period | 9904 | €53,703 | €127,369 | +€73,666 | +137% |
| Transfer from tax-exempt reserves | 789 | - | €7,650 | +€7,650 | |
| Transfer to tax-exempt reserves | 689 | - | €90,768 | +€90,768 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,703 | €44,251 | -€9,452 | -17.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.