ELSA DIT: 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
ELSA DIT
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9,219
2024 · €547,797-€538,578
Equity
€1.6m
2024 · €1.7m-€127,326
Cash
€525,405
2024 · €73,223+€452,182
Balance sheet total
€2.3m
2024 · €2.6m-€242,990
Largest movements
Assets
- Current investments -€670,000
down €670,000 (-70.0%), from €957,000 to €287,000
- Cash +€452,182
up €452,182 (+617.5%), from €73,223 to €525,405
mainly Current investments (+€670,000) and Depreciation (+€77,194)
- Receivables after one year +€100,000
new in 2025: €100,000
- Receivables within one year -€75,155
down €75,155 (-67.3%), from €111,736 to €36,581
of which Other amounts receivable: -€78,819
- Tangible fixed assets -€46,064
down €46,064 (-3.3%), from €1.4m to €1.3m
of which Land and buildings: -€33,017
Equity and liabilities
- Reserves -€127,884
down €127,884 (-11.7%), from €1.1m to €962,837
of which Distributable reserves: -€96,545
- Other debts -€48,740
down €48,740 (-52.0%), from €93,701 to €44,961
- Debts after one year -€46,199
down €46,199 (-10.1%), from €457,224 to €411,025
Income statement
- Gross operating margin -€723,201
down €723,201 (-87.4%), from €827,031 to €103,830
- Taxes -€187,262
down €187,262 (-88.8%), from €210,848 to €23,586
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
€547,797
Gross operating margin
-€723,201
Depreciation
-€5,315
Other operating charges
+€853
Other operating items
+€178
Financial income
+€3,848
Financial charges
+€710
Taxes
+€187,262
Deferred taxes and other
-€2,912
Result 2025
€9,219
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
-€4,046
Investment
+€640,570
Financing
-€184,342
Cash 2024
€73,223
From operations (derived)
-€4,046
Net result for the year
+€9,219
Depreciation
+€77,194
Receivables after one year
-€100,000
Receivables within one year
+€75,155
Deferred charges and accrued income
+€2,252
Provisions
-€10,446
Smaller working-capital items
-€446
Tax, wage and social debts
-€8,234
Other debts
-€48,740
Investment (derived)
+€640,570
Investment in fixed assets (net)
-€29,430
Current investments
+€670,000
Financing
-€184,342
Debts after one year
-€46,199
Current portion of long-term debt
+€795
Short-term financial debts
-€2,393
Contributions, distributions and other
-€136,545
Cash 2025
€525,405
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,569,721 | €2,326,732 | -€242,990 | -9.5% |
| Fixed assets | 21/28 | €1,407,246 | €1,359,481 | -€47,764 | -3.4% |
| Tangible fixed assets | 22/27 | €1,390,627 | €1,344,563 | -€46,064 | -3.3% |
| Land and buildings | 22 | €1,349,161 | €1,316,144 | -€33,017 | -2.4% |
| Plant, machinery and equipment | 23 | €770 | €467 | -€303 | -39.3% |
| Furniture and vehicles | 24 | €2,899 | €0 | -€2,899 | -100.0% |
| Leasing and similar rights | 25 | €37,798 | €27,952 | -€9,846 | -26.0% |
| Financial fixed assets | 28 | €16,618 | €14,918 | -€1,700 | -10.2% |
| Current assets | 29/58 | €1,162,476 | €967,250 | -€195,225 | -16.8% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €111,736 | €36,581 | -€75,155 | -67.3% |
| Trade receivables | 40 | €5,269 | €8,933 | +€3,664 | +69.5% |
| Other amounts receivable | 41 | €106,468 | €27,649 | -€78,819 | -74.0% |
| Current investments | 50/53 | €957,000 | €287,000 | -€670,000 | -70.0% |
| Cash at bank and in hand | 54/58 | €73,223 | €525,405 | +€452,182 | +617.5% |
| Deferred charges and accrued income | 490/1 | €20,516 | €18,264 | -€2,252 | -11.0% |
| Total equity and liabilities | 10/49 | €2,569,721 | €2,326,732 | -€242,990 | -9.5% |
| Equity | 10/15 | €1,723,425 | €1,596,099 | -€127,326 | -7.4% |
| Contributions | 10/11 | €48,185 | €48,185 | = | 0.0% |
| Reserves | 13 | €1,090,721 | €962,837 | -€127,884 | -11.7% |
| Tax-exempt reserves | 132 | €634,582 | €603,243 | -€31,339 | -4.9% |
| Distributable reserves | 133 | €456,139 | €359,594 | -€96,545 | -21.2% |
| Profit (loss) carried forward | 14 | €584,519 | €585,076 | +€557 | +0.1% |
| Provisions and deferred taxes | 16 | €211,527 | €201,081 | -€10,446 | -4.9% |
| Deferred taxes | 168 | €211,527 | €201,081 | -€10,446 | -4.9% |
| Amounts payable | 17/49 | €634,769 | €529,552 | -€105,217 | -16.6% |
| Amounts payable after more than one year | 17 | €457,224 | €411,025 | -€46,199 | -10.1% |
| Financial debts | 170/4 | €457,224 | €411,025 | -€46,199 | -10.1% |
| Amounts payable within one year | 42/48 | €168,135 | €109,603 | -€58,532 | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €45,405 | €46,199 | +€795 | +1.7% |
| Financial debts | 43 | €8,114 | €5,721 | -€2,393 | -29.5% |
| Credit institutions | 430/8 | €0 | €5,721 | +€5,721 | |
| Other loans | 439 | €8,114 | €0 | -€8,114 | -100.0% |
| Trade debts | 44 | €1,421 | €1,461 | +€41 | +2.9% |
| Suppliers | 440/4 | €1,421 | €1,461 | +€41 | +2.9% |
| Taxes, remuneration and social security | 45 | €19,495 | €11,260 | -€8,234 | -42.2% |
| Taxes | 450/3 | €19,495 | €11,260 | -€8,234 | -42.2% |
| Other amounts payable | 47/48 | €93,701 | €44,961 | -€48,740 | -52.0% |
| Accrued charges and deferred income | 492/3 | €9,410 | €8,923 | -€486 | -5.2% |
| Non-recurring operating income | 76A | €722,662 | €0 | -€722,662 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,879 | €77,194 | +€5,315 | +7.4% |
| Other operating charges | 640/8 | €23,532 | €22,680 | -€853 | -3.6% |
| Non-recurring operating charges | 66A | €178 | €0 | -€178 | -100.0% |
| Gross operating margin | 9900 | €827,031 | €103,830 | -€723,201 | -87.4% |
| Operating profit (loss) | 9901 | €731,442 | €3,956 | -€727,486 | -99.5% |
| Financial income | 75/76B | €23,150 | €26,998 | +€3,848 | +16.6% |
| Recurring financial income | 75 | €23,150 | €26,998 | +€3,848 | +16.6% |
| Financial charges | 65/66B | €9,305 | €8,595 | -€710 | -7.6% |
| Recurring financial charges | 65 | €9,305 | €8,595 | -€710 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €745,286 | €22,359 | -€722,928 | -97.0% |
| Transfer from deferred taxes | 780 | €13,358 | €10,446 | -€2,912 | -21.8% |
| Income taxes | 67/77 | €210,848 | €23,586 | -€187,262 | -88.8% |
| Profit (loss) for the period | 9904 | €547,797 | €9,219 | -€538,578 | -98.3% |
| Transfer from tax-exempt reserves | 789 | €40,074 | €31,339 | -€8,735 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €587,870 | €40,557 | -€547,313 | -93.1% |
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 11 October 2026 via checked.be.