ELSA ESTATE: 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.
ELSA ESTATE
Largest movements
- Current investments +€3.0m
new in 2025: €3.0m
- Tangible fixed assets -€1.3m
down €1.3m (-44.4%), from €3.0m to €1.6m
of which Land and buildings: -€1.3m
- Cash +€708,581
up €708,581 (+179.9%), from €393,949 to €1.1m
mainly Net result for the year (+€2.6m) and Investment in fixed assets (net) (+€1.2m)
- Receivables within one year +€262,510
up €262,510 (+212.5%), from €123,526 to €386,036
of which Other amounts receivable: +€267,643
- Reserves +€2.5m
up €2.5m (+108.9%), from €2.3m to €4.9m
of which Distributable reserves: +€2.0m
- Other debts +€212,110
up €212,110 (+54.9%), from €386,674 to €598,784
- Provisions -€121,184
down €121,184 (-67.4%), from €179,696 to €58,512
of which Provisions for liabilities and charges: -€104,109
- Tax, wage and social debts +€114,685
up €114,685 (+407.8%), from €28,122 to €142,808
- Short-term financial debts -€85,200
down €85,200 (-31.8%), from €268,100 to €182,900
- Gross operating margin +€3.2m
up €3.2m (+605.6%), from €528,765 to €3.7m
- Taxes +€1.0m
up €1.0m (+1268.3%), from €81,813 to €1.1m
- Depreciation -€185,226
down €185,226 (-67.2%), from €275,518 to €90,292
- Provisions -€104,109
new in 2025: -€104,109
- Financial charges -€46,141
down €46,141, from €36,601 to -€9,540
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 | €3,991,720 | €6,654,332 | +€2.7m | +66.7% |
| Fixed assets | 21/28 | €3,460,861 | €2,150,922 | -€1.3m | -37.9% |
| Tangible fixed assets | 22/27 | €2,950,861 | €1,640,922 | -€1.3m | -44.4% |
| Land and buildings | 22 | €2,931,310 | €1,629,174 | -€1.3m | -44.4% |
| Plant, machinery and equipment | 23 | €1,367 | €384 | -€982 | -71.9% |
| Furniture and vehicles | 24 | €10,411 | €5,225 | -€5,186 | -49.8% |
| Other tangible fixed assets | 26 | €7,773 | €6,138 | -€1,635 | -21.0% |
| Financial fixed assets | 28 | €510,000 | €510,000 | = | 0.0% |
| Current assets | 29/58 | €530,860 | €4,503,410 | +€4.0m | +748.3% |
| Amounts receivable within one year | 40/41 | €123,526 | €386,036 | +€262,510 | +212.5% |
| Trade receivables | 40 | €10,729 | €5,597 | -€5,132 | -47.8% |
| Other amounts receivable | 41 | €112,796 | €380,439 | +€267,643 | +237.3% |
| Current investments | 50/53 | - | €3,000,000 | +€3.0m | |
| Cash at bank and in hand | 54/58 | €393,949 | €1,102,530 | +€708,581 | +179.9% |
| Deferred charges and accrued income | 490/1 | €13,385 | €14,843 | +€1,459 | +10.9% |
| Total equity and liabilities | 10/49 | €3,991,720 | €6,654,332 | +€2.7m | +66.7% |
| Equity | 10/15 | €3,025,372 | €5,569,565 | +€2.5m | +84.1% |
| Contributions | 10/11 | €688,800 | €688,800 | = | 0.0% |
| Reserves | 13 | €2,336,572 | €4,880,765 | +€2.5m | +108.9% |
| Tax-exempt reserves | 132 | €302,347 | €865,549 | +€563,202 | +186.3% |
| Distributable reserves | 133 | €2,034,225 | €4,015,215 | +€2.0m | +97.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €179,696 | €58,512 | -€121,184 | -67.4% |
| Provisions for liabilities and charges | 160/5 | €104,109 | €0 | -€104,109 | -100.0% |
| Major repairs and maintenance | 162 | €104,109 | €0 | -€104,109 | -100.0% |
| Deferred taxes | 168 | €75,587 | €58,512 | -€17,074 | -22.6% |
| Amounts payable | 17/49 | €786,653 | €1,026,255 | +€239,602 | +30.5% |
| Amounts payable within one year | 42/48 | €728,971 | €994,730 | +€265,760 | +36.5% |
| Financial debts | 43 | €268,100 | €182,900 | -€85,200 | -31.8% |
| Credit institutions | 430/8 | €268,100 | €182,900 | -€85,200 | -31.8% |
| Trade debts | 44 | €46,074 | €70,239 | +€24,164 | +52.4% |
| Suppliers | 440/4 | €46,074 | €70,239 | +€24,164 | +52.4% |
| Taxes, remuneration and social security | 45 | €28,122 | €142,808 | +€114,685 | +407.8% |
| Taxes | 450/3 | €28,122 | €142,808 | +€114,685 | +407.8% |
| Other amounts payable | 47/48 | €386,674 | €598,784 | +€212,110 | +54.9% |
| Accrued charges and deferred income | 492/3 | €57,682 | €31,525 | -€26,157 | -45.3% |
| Non-recurring operating income | 76A | €19,266 | €3,277,504 | +€3.3m | +16911.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275,518 | €90,292 | -€185,226 | -67.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€104,109 | -€104,109 | |
| Other operating charges | 640/8 | €68,250 | €91,309 | +€23,059 | +33.8% |
| Non-recurring operating charges | 66A | €750 | €6,183 | +€5,433 | +724.4% |
| Gross operating margin | 9900 | €528,765 | €3,730,881 | +€3.2m | +605.6% |
| Operating profit (loss) | 9901 | €184,246 | €3,647,206 | +€3.5m | +1879.5% |
| Financial income | 75/76B | €8,457 | €13,836 | +€5,379 | +63.6% |
| Recurring financial income | 75 | €8,457 | €13,836 | +€5,379 | +63.6% |
| Financial charges | 65/66B | €36,601 | -€9,540 | -€46,141 | |
| Recurring financial charges | 65 | €36,601 | -€9,540 | -€46,141 | |
| Profit (loss) for the period before taxes | 9903 | €156,103 | €3,670,582 | +€3.5m | +2251.4% |
| Transfer from deferred taxes | 780 | €27,019 | €17,074 | -€9,944 | -36.8% |
| Income taxes | 67/77 | €81,813 | €1,119,449 | +€1.0m | +1268.3% |
| Profit (loss) for the period | 9904 | €101,308 | €2,568,207 | +€2.5m | +2435.0% |
| Transfer from tax-exempt reserves | 789 | €108,075 | €68,298 | -€39,777 | -36.8% |
| Transfer to tax-exempt reserves | 689 | - | €631,500 | +€631,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €209,383 | €2,005,005 | +€1.8m | +857.6% |
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.