ELSA IMMO: 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 IMMO
Largest movements
- Cash -€589
down €589 (-2.2%), from €26,952 to €26,363
mainly Contributions, distributions and other (-€31,744) and Accrued charges and deferred income (-€7,251)
- Other debts +€18,744
up €18,744 (+1874.4%), from €1,000 to €19,744
- Reserves -€12,000
down €12,000 (-97.3%), from €12,331 to €331
of which Distributable reserves: -€12,000
- Accrued charges and deferred income -€7,251
down €7,251 (-60.7%), from €11,938 to €4,687
- Gross operating margin +€7,169
up €7,169 (+48.9%), from €14,652 to €21,821
- Other operating charges -€6,974
down €6,974 (-77.3%), from €9,022 to €2,048
- Depreciation -€4,455
down €4,455 (-100.0%), from €4,455 to €0
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 | €39,810 | €39,162 | -€648 | -1.6% |
| Fixed assets | 21/28 | €12,347 | €12,347 | = | 0.0% |
| Tangible fixed assets | 22/27 | €12,347 | €12,347 | = | 0.0% |
| Land and buildings | 22 | €12,347 | €12,347 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €27,463 | €26,815 | -€648 | -2.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,952 | €26,363 | -€589 | -2.2% |
| Deferred charges and accrued income | 490/1 | €511 | €451 | -€59 | -11.6% |
| Total equity and liabilities | 10/49 | €39,810 | €39,162 | -€648 | -1.6% |
| Equity | 10/15 | €26,732 | €14,732 | -€12,000 | -44.9% |
| Contributions | 10/11 | €14,401 | €14,401 | = | 0.0% |
| Reserves | 13 | €12,331 | €331 | -€12,000 | -97.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €12,331 | €331 | -€12,000 | -97.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,078 | €24,431 | +€11,352 | +86.8% |
| Amounts payable within one year | 42/48 | €1,141 | €19,744 | +€18,603 | +1631.1% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €141 | €0 | -€141 | -100.0% |
| Taxes | 450/3 | €141 | €0 | -€141 | -100.0% |
| Other amounts payable | 47/48 | €1,000 | €19,744 | +€18,744 | +1874.4% |
| Accrued charges and deferred income | 492/3 | €11,938 | €4,687 | -€7,251 | -60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,455 | €0 | -€4,455 | -100.0% |
| Other operating charges | 640/8 | €9,022 | €2,048 | -€6,974 | -77.3% |
| Gross operating margin | 9900 | €14,652 | €21,821 | +€7,169 | +48.9% |
| Operating profit (loss) | 9901 | €1,175 | €19,774 | +€18,599 | +1582.9% |
| Financial charges | 65/66B | €30 | €30 | = | 0.0% |
| Recurring financial charges | 65 | €30 | €30 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €1,145 | €19,744 | +€18,599 | +1624.4% |
| Income taxes | 67/77 | €141 | €0 | -€141 | -100.0% |
| Profit (loss) for the period | 9904 | €1,004 | €19,744 | +€18,739 | +1865.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,004 | €19,744 | +€18,739 | +1865.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.