ELMA IMMO: 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.
ELMA IMMO
Largest movements
- Tangible fixed assets -€28,513
down €28,513 (-2.4%), from €1.2m to €1.2m
of which Land and buildings: -€24,013
- Cash -€27,692
down €27,692 (-25.6%), from €107,987 to €80,296
mainly Debts after one year (-€35,601) and Investment in fixed assets (net) (-€14,098)
- Debts after one year -€35,601
down €35,601 (-6.2%), from €577,426 to €541,825
- Profit (loss) carried forward -€13,993
down €13,993 (-2.5%), from €550,597 to €536,604
- Gross operating margin +€16,150
up €16,150 (+39.5%), from €40,875 to €57,025
- Depreciation +€2,907
up €2,907 (+7.3%), from €39,704 to €42,611
- Financial charges -€2,750
down €2,750 (-10.5%), from €26,231 to €23,481
- Other operating charges +€1,042
up €1,042 (+26.8%), from €3,884 to €4,926
- Staff costs -€854
down €854 (-100.0%), from €854 to €0
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,302,619 | €1,247,134 | -€55,486 | -4.3% |
| Fixed assets | 21/28 | €1,189,539 | €1,161,025 | -€28,513 | -2.4% |
| Tangible fixed assets | 22/27 | €1,189,539 | €1,161,025 | -€28,513 | -2.4% |
| Land and buildings | 22 | €1,185,039 | €1,161,025 | -€24,013 | -2.0% |
| Assets under construction and advance payments | 27 | €4,500 | €0 | -€4,500 | -100.0% |
| Current assets | 29/58 | €113,081 | €86,108 | -€26,972 | -23.9% |
| Amounts receivable within one year | 40/41 | €2,896 | €2,879 | -€17 | -0.6% |
| Trade receivables | 40 | €17 | €0 | -€17 | -100.0% |
| Other amounts receivable | 41 | €2,879 | €2,879 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €107,987 | €80,296 | -€27,692 | -25.6% |
| Deferred charges and accrued income | 490/1 | €2,197 | €2,933 | +€736 | +33.5% |
| Total equity and liabilities | 10/49 | €1,302,619 | €1,247,134 | -€55,486 | -4.3% |
| Equity | 10/15 | €673,787 | €659,794 | -€13,993 | -2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €104,590 | €104,590 | = | 0.0% |
| Distributable reserves | 133 | €104,590 | €104,590 | = | 0.0% |
| Profit (loss) carried forward | 14 | €550,597 | €536,604 | -€13,993 | -2.5% |
| Amounts payable | 17/49 | €628,833 | €587,340 | -€41,493 | -6.6% |
| Amounts payable after more than one year | 17 | €577,426 | €541,825 | -€35,601 | -6.2% |
| Financial debts | 170/4 | €577,426 | €541,825 | -€35,601 | -6.2% |
| Amounts payable within one year | 42/48 | €49,414 | €44,026 | -€5,388 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €34,274 | €35,601 | +€1,326 | +3.9% |
| Trade debts | 44 | €14,089 | €6,504 | -€7,586 | -53.8% |
| Suppliers | 440/4 | €14,089 | €6,504 | -€7,586 | -53.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,050 | €1,921 | +€871 | +83.0% |
| Accrued charges and deferred income | 492/3 | €1,993 | €1,489 | -€504 | -25.3% |
| Remuneration, social security and pensions | 62 | €854 | €0 | -€854 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,704 | €42,611 | +€2,907 | +7.3% |
| Other operating charges | 640/8 | €3,884 | €4,926 | +€1,042 | +26.8% |
| Non-recurring operating charges | 66A | €2,888 | €0 | -€2,888 | -100.0% |
| Gross operating margin | 9900 | €40,875 | €57,025 | +€16,150 | +39.5% |
| Operating profit (loss) | 9901 | -€6,455 | €9,488 | +€15,943 | |
| Financial income | 75/76B | €111 | €0 | -€111 | -100.0% |
| Recurring financial income | 75 | €111 | €0 | -€111 | -100.0% |
| Financial charges | 65/66B | €26,231 | €23,481 | -€2,750 | -10.5% |
| Recurring financial charges | 65 | €26,231 | €23,481 | -€2,750 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | -€32,574 | -€13,993 | +€18,582 | +57.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€32,574 | -€13,993 | +€18,582 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,574 | -€13,993 | +€18,582 | +57.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.