ELPIS: 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
ELPIS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€16,006
2024 · -€15,869+€31,875
Equity
-€119,801
2024 · -€135,808+€16,006
Cash
€8,450
2024 · €2,500+€5,950
Balance sheet total
€2.1m
2024 · €2.2m-€69,534
Largest movements
Assets
- Tangible fixed assets -€78,340
down €78,340 (-3.6%), from €2.2m to €2.1m
of which Land and buildings: -€77,470
Equity and liabilities
- Debts after one year -€95,210
down €95,210 (-4.4%), from €2.2m to €2.1m
of which Financial debts: -€100,856
Income statement
- Gross operating margin +€25,870
up €25,870 (+18.6%), from €138,957 to €164,828
- Financial charges -€12,502
down €12,502 (-21.1%), from €59,179 to €46,677
- Depreciation +€7,235
up €7,235 (+9.2%), from €78,430 to €85,665
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
-€15,869
Gross operating margin
+€25,870
Depreciation
-€7,235
Write-downs
-€169
Other operating charges
+€908
Financial income
-€0
Financial charges
+€12,502
Result 2025
€16,006
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
+€98,113
Investment
-€7,325
Financing
-€84,838
Cash 2024
€2,500
From operations (derived)
+€98,113
Net result for the year
+€16,006
Depreciation
+€85,665
Receivables within one year
-€2,856
Trade debts
-€21,738
Tax, wage and social debts
+€1,036
Other debts
+€20,000
Investment (derived)
-€7,325
Investment in fixed assets (net)
-€7,325
Financing
-€84,838
Debts after one year
-€95,210
Current portion of long-term debt
+€10,372
Cash 2025
€8,450
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,175,768 | €2,106,235 | -€69,534 | -3.2% |
| Fixed assets | 21/28 | €2,164,161 | €2,085,821 | -€78,340 | -3.6% |
| Tangible fixed assets | 22/27 | €2,164,161 | €2,085,821 | -€78,340 | -3.6% |
| Land and buildings | 22 | €2,154,920 | €2,077,451 | -€77,470 | -3.6% |
| Plant, machinery and equipment | 23 | €3,903 | €4,706 | +€802 | +20.6% |
| Furniture and vehicles | 24 | €5,337 | €3,664 | -€1,673 | -31.3% |
| Current assets | 29/58 | €11,608 | €20,414 | +€8,806 | +75.9% |
| Amounts receivable within one year | 40/41 | €9,108 | €11,964 | +€2,856 | +31.4% |
| Trade receivables | 40 | €9,108 | €11,964 | +€2,856 | +31.4% |
| Cash at bank and in hand | 54/58 | €2,500 | €8,450 | +€5,950 | +238.0% |
| Total equity and liabilities | 10/49 | €2,175,768 | €2,106,235 | -€69,534 | -3.2% |
| Equity | 10/15 | -€135,808 | -€119,801 | +€16,006 | +11.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€335,808 | -€319,801 | +€16,006 | +4.8% |
| Amounts payable | 17/49 | €2,311,576 | €2,226,036 | -€85,540 | -3.7% |
| Amounts payable after more than one year | 17 | €2,184,883 | €2,089,673 | -€95,210 | -4.4% |
| Financial debts | 170/4 | €1,092,233 | €991,377 | -€100,856 | -9.2% |
| Other amounts payable | 178/9 | €1,092,650 | €1,098,296 | +€5,646 | +0.5% |
| Amounts payable within one year | 42/48 | €126,693 | €136,363 | +€9,670 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €85,553 | €95,925 | +€10,372 | +12.1% |
| Trade debts | 44 | €28,182 | €6,444 | -€21,738 | -77.1% |
| Suppliers | 440/4 | €28,182 | €6,444 | -€21,738 | -77.1% |
| Advances received on contracts in progress | 46 | €628 | €628 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €12,329 | €13,366 | +€1,036 | +8.4% |
| Taxes | 450/3 | €12,329 | €13,366 | +€1,036 | +8.4% |
| Other amounts payable | 47/48 | €0 | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,430 | €85,665 | +€7,235 | +9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €169 | +€169 | |
| Other operating charges | 640/8 | €17,218 | €16,311 | -€908 | -5.3% |
| Gross operating margin | 9900 | €138,957 | €164,828 | +€25,870 | +18.6% |
| Operating profit (loss) | 9901 | €43,310 | €62,683 | +€19,373 | +44.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €59,179 | €46,677 | -€12,502 | -21.1% |
| Recurring financial charges | 65 | €59,179 | €46,677 | -€12,502 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,869 | €16,006 | +€31,875 | |
| Profit (loss) for the period | 9904 | -€15,869 | €16,006 | +€31,875 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,869 | €16,006 | +€31,875 |
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.