ELMO: 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
ELMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€392,884
2024 · €13,699+€379,185
Equity
€665,657
2024 · €272,773+€392,884
Cash
€214,944
2024 · €97,716+€117,228
Balance sheet total
€861,978
2024 · €286,149+€575,829
Largest movements
Assets
- Tangible fixed assets +€440,199
up €440,199 (+298%), from €147,582 to €587,781
- Cash +€117,228
up €117,228 (+120%), from €97,716 to €214,944
mainly Net result for the year (+€392,884) and Provisions (+€131,870)
- Deferred charges and accrued income +€17,959
up €17,959 (+56.8%), from €31,601 to €49,560
Equity and liabilities
- Reserves +€392,884
up €392,884 (+186%), from €210,827 to €603,711
of which Tax-exempt reserves: +€395,610
- Provisions +€131,870
new in 2025: €131,870
- Trade debts +€35,666
up €35,666 (+321%), from €11,121 to €46,787
- Tax, wage and social debts +€17,664
new in 2025: €17,664
Income statement
- Gross operating margin +€506,977
up €506,977 (+1,394%), from €36,377 to €543,354
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
€13,699
Gross operating margin
+€506,977
Depreciation
-€3,438
Other operating charges
-€516
Financial income
+€1,280
Financial charges
+€2,091
Taxes
+€4,661
Deferred taxes and other
-€131,870
Result 2025
€392,884
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
+€569,022
Investment
-€451,794
Financing
€0
Cash 2024
€97,716
From operations (derived)
+€569,022
Net result for the year
+€392,884
Depreciation
+€11,595
Receivables within one year
-€443
Deferred charges and accrued income
-€17,959
Provisions
+€131,870
Trade debts
+€35,666
Tax, wage and social debts
+€17,664
Accrued charges and deferred income
-€2,255
Investment (derived)
-€451,794
Investment in fixed assets (net)
-€451,794
Cash 2025
€214,944
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €286,149 | €861,978 | +€575,829 | +201% |
| Fixed assets | 21/28 | €147,582 | €587,781 | +€440,199 | +298% |
| Tangible fixed assets | 22/27 | €147,582 | €587,781 | +€440,199 | +298% |
| Land and buildings | 22 | €147,582 | €587,781 | +€440,199 | +298% |
| Current assets | 29/58 | €138,567 | €274,197 | +€135,630 | +97.9% |
| Amounts receivable within one year | 40/41 | €9,251 | €9,694 | +€443 | +4.8% |
| Trade receivables | 40 | €1,250 | €4,114 | +€2,864 | +229% |
| Other amounts receivable | 41 | €8,001 | €5,580 | -€2,421 | -30.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €97,716 | €214,944 | +€117,228 | +120% |
| Deferred charges and accrued income | 490/1 | €31,601 | €49,560 | +€17,959 | +56.8% |
| Total equity and liabilities | 10/49 | €286,149 | €861,978 | +€575,829 | +201% |
| Equity | 10/15 | €272,773 | €665,657 | +€392,884 | +144% |
| Contributions | 10/11 | €61,946 | €61,946 | = | 0.0% |
| Capital | 10 | €61,946 | €61,946 | = | 0.0% |
| Issued capital | 100 | €61,946 | €61,946 | = | 0.0% |
| Reserves | 13 | €210,827 | €603,711 | +€392,884 | +186% |
| Non-distributable reserves | 130/1 | €6,195 | €6,195 | = | 0.0% |
| Legal reserve | 130 | €6,195 | €6,195 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €395,610 | +€395,610 | |
| Distributable reserves | 133 | €204,632 | €201,906 | -€2,726 | -1.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €131,870 | +€131,870 | |
| Deferred taxes | 168 | - | €131,870 | +€131,870 | |
| Amounts payable | 17/49 | €13,376 | €64,451 | +€51,076 | +382% |
| Amounts payable within one year | 42/48 | €11,121 | €64,451 | +€53,330 | +480% |
| Trade debts | 44 | €11,121 | €46,787 | +€35,666 | +321% |
| Suppliers | 440/4 | €11,121 | €46,787 | +€35,666 | +321% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | - | €17,664 | +€17,664 | |
| Taxes | 450/3 | - | €17,664 | +€17,664 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,255 | €0 | -€2,255 | -100% |
| Non-recurring operating income | 76A | - | €536,648 | +€536,648 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,157 | €11,595 | +€3,438 | +42.1% |
| Other operating charges | 640/8 | €12,025 | €12,541 | +€516 | +4.3% |
| Gross operating margin | 9900 | €36,377 | €543,354 | +€506,977 | +1,394% |
| Operating profit (loss) | 9901 | €16,195 | €519,218 | +€503,023 | +3,106% |
| Financial income | 75/76B | €4,286 | €5,565 | +€1,280 | +29.9% |
| Recurring financial income | 75 | €4,286 | €5,565 | +€1,280 | +29.9% |
| Financial charges | 65/66B | €2,121 | €30 | -€2,091 | -98.6% |
| Recurring financial charges | 65 | €2,121 | €30 | -€2,091 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | €18,360 | €524,754 | +€506,394 | +2,758% |
| Transfer from deferred taxes | 780 | - | €1,013 | +€1,013 | |
| Transfer to deferred taxes | 680 | - | €132,883 | +€132,883 | |
| Income taxes | 67/77 | €4,661 | €0 | -€4,661 | -100% |
| Profit (loss) for the period | 9904 | €13,699 | €392,884 | +€379,185 | +2,768% |
| Transfer from tax-exempt reserves | 789 | - | €3,040 | +€3,040 | |
| Transfer to tax-exempt reserves | 689 | - | €398,650 | +€398,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,699 | -€2,726 | -€16,425 |
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 15 October 2026 via checked.be.