ELSALIE: 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
ELSALIE
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€145,110
2024 · -€56,138+€201,248
Equity
€2.0m
2024 · €317,320+€1.7m
Cash
€5,387
2024 · €79,427-€74,040
Balance sheet total
€2.3m
2024 · €752,275+€1.6m
Largest movements
Assets
- Financial fixed assets +€1.6m
up €1.6m (+242%), from €669,175 to €2.3m
- Cash -€74,040
down €74,040 (-93.2%), from €79,427 to €5,387
mainly Investment in fixed assets (net) (-€1.6m) and Other debts (-€60,577)
- Tangible fixed assets +€28,282
up €28,282 (+1,516%), from €1,866 to €30,148
of which Furniture and vehicles: +€27,651
Equity and liabilities
- Revaluation surpluses +€1.5m
new in 2025: €1.5m
- Profit (loss) carried forward +€105,110
up €105,110 (+37.9%), from €277,320 to €382,430
- Other debts -€60,577
down €60,577 (-38.4%), from €157,804 to €97,227
- Debts after one year -€29,815
down €29,815 (-15.4%), from €193,344 to €163,528
of which Financial debts: -€29,815
Income statement
- Financial income +€146,215
up €146,215 (+26,115%), from €560 to €146,774
of which Financial income: +€146,215
- Financial charges -€54,117
down €54,117 (-75.9%), from €71,338 to €17,221
of which Non-recurring financial charges: -€40,380
- Gross operating margin +€1,666
up €1,666 (+10.4%), from €16,097 to €17,763
- Depreciation +€783
up €783 (+78.0%), from €1,004 to €1,787
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
-€56,138
Gross operating margin
+€1,666
Depreciation
-€783
Other operating charges
-€88
Financial income
+€146,215
Financial charges
+€54,117
Taxes
+€121
Result 2025
€145,110
raises the resultlowers the result
Derived cash bridge
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
+€92,431
Investment
-€1.6m
Financing
+€1.5m
Cash 2024
€79,427
From operations (derived)
+€92,431
Net result for the year
+€145,110
Depreciation
+€1,787
Smaller working-capital items
-€1,682
Other debts
-€60,577
Accrued charges and deferred income
+€7,793
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
+€1.5m
Debts after one year
-€29,815
Current portion of long-term debt
+€5,211
Contributions, distributions and other
+€1.5m
Cash 2025
€5,387
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €752,275 | €2,326,266 | +€1.6m | +209% |
| Formation expenses | 20 | €404 | €253 | -€152 | -37.5% |
| Fixed assets | 21/28 | €671,041 | €2,316,897 | +€1.6m | +245% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €1,866 | €30,148 | +€28,282 | +1,516% |
| Land and buildings | 22 | - | €0 | = | |
| Plant, machinery and equipment | 23 | €1,008 | €1,638 | +€631 | +62.6% |
| Furniture and vehicles | 24 | €858 | €28,510 | +€27,651 | +3,222% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Financial fixed assets | 28 | €669,175 | €2,286,749 | +€1.6m | +242% |
| Current assets | 29/58 | €80,830 | €9,117 | -€71,713 | -88.7% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €100 | €842 | +€742 | +742% |
| Trade receivables | 40 | - | €842 | +€842 | |
| Other amounts receivable | 41 | €100 | €0 | -€100 | -100% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €79,427 | €5,387 | -€74,040 | -93.2% |
| Deferred charges and accrued income | 490/1 | €1,303 | €2,888 | +€1,585 | +122% |
| Total equity and liabilities | 10/49 | €752,275 | €2,326,266 | +€1.6m | +209% |
| Equity | 10/15 | €317,320 | €1,968,054 | +€1.7m | +520% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,545,624 | +€1.5m | |
| Reserves | 13 | - | €0 | = | |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | - | €0 | = | |
| Profit (loss) carried forward | 14 | €277,320 | €382,430 | +€105,110 | +37.9% |
| Investment grants | 15 | - | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €0 | = | |
| Provisions for liabilities and charges | 160/5 | - | €0 | = | |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | - | €0 | = | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €434,955 | €358,212 | -€76,743 | -17.6% |
| Amounts payable after more than one year | 17 | €193,344 | €163,528 | -€29,815 | -15.4% |
| Financial debts | 170/4 | €193,344 | €163,528 | -€29,815 | -15.4% |
| Trade debts | 175 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €206,577 | €151,856 | -€54,720 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €44,604 | €49,815 | +€5,211 | +11.7% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €2,054 | €595 | -€1,459 | -71.0% |
| Suppliers | 440/4 | €2,054 | €595 | -€1,459 | -71.0% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €2,115 | €4,219 | +€2,104 | +99.5% |
| Taxes | 450/3 | €2,115 | €1,593 | -€522 | -24.7% |
| Remuneration and social security | 454/9 | - | €2,626 | +€2,626 | |
| Other amounts payable | 47/48 | €157,804 | €97,227 | -€60,577 | -38.4% |
| Accrued charges and deferred income | 492/3 | €35,034 | €42,828 | +€7,793 | +22.2% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,004 | €1,787 | +€783 | +78.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €0 | = | |
| Other operating charges | 640/8 | €99 | €187 | +€88 | +89.5% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €16,097 | €17,763 | +€1,666 | +10.4% |
| Operating profit (loss) | 9901 | €14,994 | €15,789 | +€794 | +5.3% |
| Financial income | 75/76B | €560 | €146,774 | +€146,215 | +26,115% |
| Recurring financial income | 75 | €560 | €146,774 | +€146,215 | +26,115% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €71,338 | €17,221 | -€54,117 | -75.9% |
| Recurring financial charges | 65 | €30,958 | €17,221 | -€13,737 | -44.4% |
| Non-recurring financial charges | 66B | €40,380 | €0 | -€40,380 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€55,784 | €145,342 | +€201,126 | |
| Transfer from deferred taxes | 780 | - | €0 | = | |
| Transfer to deferred taxes | 680 | - | €0 | = | |
| Income taxes | 67/77 | €354 | €232 | -€121 | -34.3% |
| Profit (loss) for the period | 9904 | -€56,138 | €145,110 | +€201,248 | |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,138 | €145,110 | +€201,248 |
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 29 October 2026 via checked.be.