ELREY: 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
ELREY
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€28,507
2024 · €378,679-€350,172
Equity
€2.9m
2024 · €2.8m+€28,507
Cash
€337,898
2024 · €250,114+€87,784
Balance sheet total
€16.1m
2024 · €15.6m+€472,532
Largest movements
Assets
- Tangible fixed assets +€348,886
up €348,886 (+2.8%), from €12.6m to €12.9m
of which Land and buildings: +€777,268
Equity and liabilities
- Debts after one year -€1.5m
down €1.5m (-14.6%), from €10.2m to €8.7m
of which Financial debts: -€1.5m
- Other debts +€1.3m
up €1.3m (+61.3%), from €2.1m to €3.3m
- Current portion of long-term debt +€745,616
up €745,616 (+185.2%), from €402,577 to €1.1m
Income statement
- Gross operating margin -€208,830
down €208,830 (-19.7%), from €1.1m to €849,894
- Depreciation +€80,792
up €80,792 (+25.3%), from €319,142 to €399,934
- Financial charges +€49,268
up €49,268 (+18.1%), from €272,053 to €321,321
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
€378,679
Gross operating margin
-€208,830
Staff costs
-€838
Depreciation
-€80,792
Write-downs
-€9,161
Other operating charges
+€514
Other operating items
-€1,776
Financial income
-€21
Financial charges
-€49,268
Result 2025
€28,507
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
+€1.6m
Investment
-€748,820
Financing
-€751,427
Cash 2024
€250,114
From operations (derived)
+€1.6m
Net result for the year
+€28,507
Depreciation
+€399,934
Receivables within one year
-€38,234
Smaller working-capital items
+€1,576
Trade debts
-€60,168
Other debts
+€1.3m
Investment (derived)
-€748,820
Investment in fixed assets (net)
-€748,820
Financing
-€751,427
Debts after one year
-€1.5m
Current portion of long-term debt
+€745,616
Cash 2025
€337,898
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,624,555 | €16,097,087 | +€472,532 | +3.0% |
| Fixed assets | 21/28 | €15,364,766 | €15,713,651 | +€348,886 | +2.3% |
| Tangible fixed assets | 22/27 | €12,559,140 | €12,908,026 | +€348,886 | +2.8% |
| Land and buildings | 22 | €12,108,728 | €12,885,995 | +€777,268 | +6.4% |
| Assets under construction and advance payments | 27 | €450,412 | €22,030 | -€428,382 | -95.1% |
| Financial fixed assets | 28 | €2,805,626 | €2,805,626 | = | 0.0% |
| Current assets | 29/58 | €259,790 | €383,436 | +€123,646 | +47.6% |
| Amounts receivable within one year | 40/41 | €523 | €38,757 | +€38,234 | +7310.5% |
| Trade receivables | 40 | €523 | €38,757 | +€38,234 | +7310.5% |
| Cash at bank and in hand | 54/58 | €250,114 | €337,898 | +€87,784 | +35.1% |
| Deferred charges and accrued income | 490/1 | €9,153 | €6,780 | -€2,372 | -25.9% |
| Total equity and liabilities | 10/49 | €15,624,555 | €16,097,087 | +€472,532 | +3.0% |
| Equity | 10/15 | €2,832,102 | €2,860,609 | +€28,507 | +1.0% |
| Contributions | 10/11 | €3,600,000 | €3,600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€767,898 | -€739,391 | +€28,507 | +3.7% |
| Amounts payable | 17/49 | €12,792,454 | €13,236,478 | +€444,025 | +3.5% |
| Amounts payable after more than one year | 17 | €10,241,847 | €8,744,805 | -€1.5m | -14.6% |
| Financial debts | 170/4 | €10,199,970 | €8,712,107 | -€1.5m | -14.6% |
| Other amounts payable | 178/9 | €41,877 | €32,697 | -€9,180 | -21.9% |
| Amounts payable within one year | 42/48 | €2,545,330 | €4,487,244 | +€1.9m | +76.3% |
| Current portion of amounts payable after more than one year | 42 | €402,577 | €1,148,192 | +€745,616 | +185.2% |
| Trade debts | 44 | €90,929 | €30,761 | -€60,168 | -66.2% |
| Suppliers | 440/4 | €90,929 | €30,761 | -€60,168 | -66.2% |
| Taxes, remuneration and social security | 45 | €1,824 | €1,874 | +€50 | +2.8% |
| Remuneration and social security | 454/9 | €1,824 | €1,874 | +€50 | +2.8% |
| Other amounts payable | 47/48 | €2,050,000 | €3,306,417 | +€1.3m | +61.3% |
| Accrued charges and deferred income | 492/3 | €5,277 | €4,430 | -€847 | -16.1% |
| Remuneration, social security and pensions | 62 | €28,882 | €29,720 | +€838 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,142 | €399,934 | +€80,792 | +25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,161 | +€9,161 | |
| Other operating charges | 640/8 | €61,772 | €61,258 | -€514 | -0.8% |
| Operating charges capitalised as restructuring costs | 649 | -€1,776 | €0 | +€1,776 | |
| Gross operating margin | 9900 | €1,058,724 | €849,894 | -€208,830 | -19.7% |
| Operating profit (loss) | 9901 | €650,704 | €349,821 | -€300,883 | -46.2% |
| Financial income | 75/76B | €28 | €7 | -€21 | -74.9% |
| Recurring financial income | 75 | €28 | €7 | -€21 | -74.9% |
| Financial charges | 65/66B | €272,053 | €321,321 | +€49,268 | +18.1% |
| Recurring financial charges | 65 | €272,053 | €321,321 | +€49,268 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €378,679 | €28,507 | -€350,172 | -92.5% |
| Profit (loss) for the period | 9904 | €378,679 | €28,507 | -€350,172 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €378,679 | €28,507 | -€350,172 | -92.5% |
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 8 October 2026 via checked.be.