ELISAR: what changed
Two fiscal 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
ELISAR
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€98,842
2024 · €354,072-€452,914
Equity
€1.2m
2024 · €1.3m-€115,652
Cash
€295,336
2024 · €469,357-€174,021
Balance sheet total
€2.4m
2024 · €2.6m-€229,604
Largest movements
Assets
- Cash -€174,021
down €174,021 (-37.1%), from €469,357 to €295,336
mainly Other debts (-€135,737) and Investment in fixed assets (net) (-€99,538)
- Tangible fixed assets -€37,435
down €37,435 (-1.8%), from €2.1m to €2.0m
of which Land and buildings: -€29,502
Equity and liabilities
- Other debts -€135,737
down €135,737 (-73.3%), from €185,086 to €49,349
- Profit (loss) carried forward -€93,211
down €93,211, from €84,140 to -€9,071
- Debts after one year +€37,367
up €37,367 (+4.9%), from €759,444 to €796,811
Income statement
- Gross operating margin -€605,894
down €605,894 (-82.0%), from €739,071 to €133,177
- Taxes -€159,277
down €159,277 (-99.6%), from €159,917 to €640
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
€354,072
Gross operating margin
-€605,894
Staff costs
-€5,151
Depreciation
-€2,753
Other operating charges
+€2,617
Financial income
+€3,550
Financial charges
-€4,559
Taxes
+€159,277
Result 2025
-€98,842
Cash bridge derived
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
-€88,027
Investment
-€99,538
Financing
+€13,544
Cash 2024
€469,357
From operations (derived)
-€88,027
Net result for the year
-€98,842
Depreciation
+€136,974
Receivables within one year
+€19,339
Deferred charges and accrued income
-€1,192
Provisions
-€1,877
Trade debts
-€3,596
Tax, wage and social debts
-€274
Other debts
-€135,737
Accrued charges and deferred income
-€2,821
Investment (derived)
-€99,538
Investment in fixed assets (net)
-€99,538
Financing
+€13,544
Debts after one year
+€37,367
Current portion of long-term debt
-€7,014
Contributions, distributions and other
-€16,810
Cash 2025
€295,336
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,602,356 | €2,372,752 | -€229,604 | -8.8% |
| Fixed assets | 21/28 | €2,086,489 | €2,049,054 | -€37,435 | -1.8% |
| Tangible fixed assets | 22/27 | €2,086,489 | €2,049,054 | -€37,435 | -1.8% |
| Land and buildings | 22 | €2,070,980 | €2,041,477 | -€29,502 | -1.4% |
| Plant, machinery and equipment | 23 | €6,248 | €7,117 | +€869 | +13.9% |
| Furniture and vehicles | 24 | €9,261 | €459 | -€8,802 | -95.0% |
| Current assets | 29/58 | €515,867 | €323,699 | -€192,168 | -37.3% |
| Amounts receivable within one year | 40/41 | €40,327 | €20,988 | -€19,339 | -48.0% |
| Other amounts receivable | 41 | €40,327 | €20,988 | -€19,339 | -48.0% |
| Cash at bank and in hand | 54/58 | €469,357 | €295,336 | -€174,021 | -37.1% |
| Deferred charges and accrued income | 490/1 | €6,183 | €7,375 | +€1,192 | +19.3% |
| Total equity and liabilities | 10/49 | €2,602,356 | €2,372,752 | -€229,604 | -8.8% |
| Equity | 10/15 | €1,336,231 | €1,220,579 | -€115,652 | -8.7% |
| Contributions | 10/11 | €705,000 | €705,000 | = | 0.0% |
| Capital | 10 | €705,000 | €705,000 | = | 0.0% |
| Issued capital | 100 | €705,000 | €705,000 | = | 0.0% |
| Reserves | 13 | €547,092 | €524,651 | -€22,441 | -4.1% |
| Non-distributable reserves | 130/1 | €54,095 | €54,095 | = | 0.0% |
| Legal reserve | 130 | €54,095 | €54,095 | = | 0.0% |
| Tax-exempt reserves | 132 | €132,409 | €126,778 | -€5,631 | -4.3% |
| Distributable reserves | 133 | €360,588 | €343,778 | -€16,810 | -4.7% |
| Profit (loss) carried forward | 14 | €84,140 | -€9,071 | -€93,211 | |
| Provisions and deferred taxes | 16 | €39,147 | €37,270 | -€1,877 | -4.8% |
| Deferred taxes | 168 | €39,147 | €37,270 | -€1,877 | -4.8% |
| Amounts payable | 17/49 | €1,226,978 | €1,114,903 | -€112,074 | -9.1% |
| Amounts payable after more than one year | 17 | €759,444 | €796,811 | +€37,367 | +4.9% |
| Financial debts | 170/4 | €759,444 | €796,811 | +€37,367 | +4.9% |
| Amounts payable within one year | 42/48 | €461,235 | €314,615 | -€146,620 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €106,332 | €99,318 | -€7,014 | -6.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,471 | €4,875 | -€3,596 | -42.5% |
| Suppliers | 440/4 | €8,471 | €4,875 | -€3,596 | -42.5% |
| Taxes, remuneration and social security | 45 | €161,347 | €161,073 | -€274 | -0.2% |
| Taxes | 450/3 | €160,076 | €159,417 | -€659 | -0.4% |
| Remuneration and social security | 454/9 | €1,270 | €1,656 | +€385 | +30.3% |
| Other amounts payable | 47/48 | €185,086 | €49,349 | -€135,737 | -73.3% |
| Accrued charges and deferred income | 492/3 | €6,299 | €3,477 | -€2,821 | -44.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €17,683 | €22,834 | +€5,151 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,221 | €136,974 | +€2,753 | +2.1% |
| Other operating charges | 640/8 | €52,343 | €49,726 | -€2,617 | -5.0% |
| Gross operating margin | 9900 | €739,071 | €133,177 | -€605,894 | -82.0% |
| Operating profit (loss) | 9901 | €534,825 | -€76,357 | -€611,182 | |
| Financial income | 75/76B | €10 | €3,560 | +€3,550 | +35112.6% |
| Recurring financial income | 75 | €10 | €3,560 | +€3,550 | +35112.6% |
| Financial charges | 65/66B | €22,723 | €27,282 | +€4,559 | +20.1% |
| Recurring financial charges | 65 | €22,723 | €27,282 | +€4,559 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €512,112 | -€100,079 | -€612,191 | |
| Transfer from deferred taxes | 780 | €1,877 | €1,877 | = | 0.0% |
| Income taxes | 67/77 | €159,917 | €640 | -€159,277 | -99.6% |
| Profit (loss) for the period | 9904 | €354,072 | -€98,842 | -€452,914 | |
| Transfer from tax-exempt reserves | 789 | €5,631 | €5,631 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €359,703 | -€93,211 | -€452,914 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.