ELSA CONSTRUCT: 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.
ELSA CONSTRUCT
Largest movements
- Tangible fixed assets +€246,699
up €246,699 (+55.6%), from €443,385 to €690,084
of which Land and buildings: +€260,794
- Cash +€30,813
up €30,813 (+346.1%), from €8,903 to €39,716
mainly Other debts (+€310,621) and Depreciation (+€19,513)
- Other debts +€310,621
up €310,621 (+3718.4%), from €8,354 to €318,975
- Profit (loss) carried forward -€38,105
down €38,105 (-201.9%), from -€18,869 to -€56,974
- Depreciation +€14,576
up €14,576 (+295.2%), from €4,937 to €19,513
- Gross operating margin -€5,205
down €5,205 (-43.5%), from -€11,971 to -€17,176
- Financial charges -€2,178
down €2,178 (-90.7%), from €2,403 to €225
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 | €455,112 | €731,002 | +€275,890 | +60.6% |
| Fixed assets | 21/28 | €443,385 | €690,084 | +€246,699 | +55.6% |
| Tangible fixed assets | 22/27 | €443,385 | €690,084 | +€246,699 | +55.6% |
| Land and buildings | 22 | €425,692 | €686,487 | +€260,794 | +61.3% |
| Plant, machinery and equipment | 23 | €910 | €1,863 | +€953 | +104.8% |
| Furniture and vehicles | 24 | €1,092 | €1,734 | +€642 | +58.7% |
| Assets under construction and advance payments | 27 | €15,690 | - | -€15,690 | |
| Current assets | 29/58 | €11,727 | €40,918 | +€29,191 | +248.9% |
| Amounts receivable within one year | 40/41 | €2,642 | €744 | -€1,898 | -71.9% |
| Trade receivables | 40 | - | €504 | +€504 | |
| Other amounts receivable | 41 | €2,642 | €239 | -€2,403 | -90.9% |
| Cash at bank and in hand | 54/58 | €8,903 | €39,716 | +€30,813 | +346.1% |
| Deferred charges and accrued income | 490/1 | €182 | €458 | +€276 | +151.3% |
| Total equity and liabilities | 10/49 | €455,112 | €731,002 | +€275,890 | +60.6% |
| Equity | 10/15 | €446,131 | €408,026 | -€38,105 | -8.5% |
| Contributions | 10/11 | €465,000 | €465,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,869 | -€56,974 | -€38,105 | -201.9% |
| Amounts payable | 17/49 | €8,981 | €322,976 | +€313,995 | +3496.3% |
| Amounts payable within one year | 42/48 | €8,981 | €321,665 | +€312,685 | +3481.7% |
| Trade debts | 44 | €627 | €1,873 | +€1,246 | +198.6% |
| Suppliers | 440/4 | €627 | €1,873 | +€1,246 | +198.6% |
| Taxes, remuneration and social security | 45 | - | €818 | +€818 | |
| Taxes | 450/3 | - | €818 | +€818 | |
| Other amounts payable | 47/48 | €8,354 | €318,975 | +€310,621 | +3718.4% |
| Accrued charges and deferred income | 492/3 | - | €1,310 | +€1,310 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,937 | €19,513 | +€14,576 | +295.2% |
| Non-recurring operating charges | 66A | - | €1,538 | +€1,538 | |
| Gross operating margin | 9900 | -€11,971 | -€17,176 | -€5,205 | -43.5% |
| Operating profit (loss) | 9901 | -€16,909 | -€38,227 | -€21,318 | -126.1% |
| Financial income | 75/76B | €442 | €347 | -€96 | -21.6% |
| Recurring financial income | 75 | €442 | €347 | -€96 | -21.6% |
| Financial charges | 65/66B | €2,403 | €225 | -€2,178 | -90.7% |
| Recurring financial charges | 65 | €2,403 | €225 | -€2,178 | -90.7% |
| Profit (loss) for the period before taxes | 9903 | -€18,869 | -€38,105 | -€19,236 | -101.9% |
| Profit (loss) for the period | 9904 | -€18,869 | -€38,105 | -€19,236 | -101.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,869 | -€38,105 | -€19,236 | -101.9% |
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.