ELSELEEN: 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
ELSELEEN
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€595,826
2024 · €622,931-€27,105
Equity
€6.7m
2024 · €6.3m+€395,826
Cash
€323,694
2024 · €337,358-€13,664
Balance sheet total
€32.3m
2024 · €33.2m-€880,328
Largest movements
Assets
- Tangible fixed assets -€1.0m
down €1.0m (-3.2%), from €32.6m to €31.6m
of which Land and buildings: -€999,289
Equity and liabilities
- Debts after one year -€1.7m
down €1.7m (-9.7%), from €17.6m to €15.8m
of which Financial debts: -€1.7m
- Other debts +€774,705
up €774,705 (+32.8%), from €2.4m to €3.1m
- Reserves +€395,000
up €395,000 (+8.4%), from €4.7m to €5.1m
of which Distributable reserves: +€448,164
Income statement
- Financial charges -€98,493
down €98,493 (-12.6%), from €783,654 to €685,160
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
€622,931
Gross operating margin
-€29,617
Staff costs
-€19,165
Depreciation
-€30,961
Other operating charges
+€9,038
Other operating items
-€65,089
Financial income
+€32
Financial charges
+€98,493
Taxes
+€10,166
Deferred taxes and other
-€1
Result 2025
€595,826
raises the resultlowers the resultnot broken down further in the accounts
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
+€2.1m
Investment
-€263,284
Financing
-€1.9m
Cash 2024
€337,358
From operations (derived)
+€2.1m
Net result for the year
+€595,826
Depreciation
+€1.3m
Receivables within one year
-€119,585
Deferred charges and accrued income
-€31,412
Provisions
-€19,906
Trade debts
-€306,027
Tax, wage and social debts
+€5,213
Other debts
+€774,705
Accrued charges and deferred income
-€69,783
Investment (derived)
-€263,284
Investment in fixed assets (net)
-€263,284
Financing
-€1.9m
Debts after one year
-€1.7m
Current portion of long-term debt
+€47,500
Contributions, distributions and other
-€200,000
Cash 2025
€323,694
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,193,808 | €32,313,479 | -€880,328 | -2.7% |
| Fixed assets | 21/28 | €32,604,183 | €31,586,522 | -€1.0m | -3.1% |
| Intangible fixed assets | 21 | - | €20,837 | +€20,837 | |
| Tangible fixed assets | 22/27 | €32,604,183 | €31,565,685 | -€1.0m | -3.2% |
| Land and buildings | 22 | €32,494,265 | €31,494,976 | -€999,289 | -3.1% |
| Furniture and vehicles | 24 | €109,918 | €70,709 | -€39,210 | -35.7% |
| Current assets | 29/58 | €589,624 | €726,957 | +€137,333 | +23.3% |
| Stocks and contracts in progress | 3 | €64,958 | €64,958 | = | 0.0% |
| Stocks | 30/36 | €64,958 | €64,958 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €179,908 | €299,493 | +€119,585 | +66.5% |
| Trade receivables | 40 | €36,419 | €158,321 | +€121,903 | +335% |
| Other amounts receivable | 41 | €143,489 | €141,172 | -€2,317 | -1.6% |
| Cash at bank and in hand | 54/58 | €337,358 | €323,694 | -€13,664 | -4.1% |
| Deferred charges and accrued income | 490/1 | €7,401 | €38,813 | +€31,412 | +424% |
| Total equity and liabilities | 10/49 | €33,193,808 | €32,313,479 | -€880,328 | -2.7% |
| Equity | 10/15 | €6,343,878 | €6,739,704 | +€395,826 | +6.2% |
| Contributions | 10/11 | €1,656,710 | €1,656,710 | = | 0.0% |
| Capital | 10 | €1,656,710 | €1,656,710 | = | 0.0% |
| Issued capital | 100 | €1,656,710 | €1,656,710 | = | 0.0% |
| Reserves | 13 | €4,687,000 | €5,082,000 | +€395,000 | +8.4% |
| Non-distributable reserves | 130/1 | €165,671 | €165,671 | = | 0.0% |
| Legal reserve | 130 | €165,671 | €165,671 | = | 0.0% |
| Tax-exempt reserves | 132 | €704,181 | €651,016 | -€53,164 | -7.5% |
| Distributable reserves | 133 | €3,817,148 | €4,265,313 | +€448,164 | +11.7% |
| Profit (loss) carried forward | 14 | €168 | €994 | +€826 | +491% |
| Provisions and deferred taxes | 16 | €265,579 | €245,673 | -€19,906 | -7.5% |
| Deferred taxes | 168 | €265,579 | €245,673 | -€19,906 | -7.5% |
| Amounts payable | 17/49 | €26,584,350 | €25,328,102 | -€1.3m | -4.7% |
| Amounts payable after more than one year | 17 | €17,553,835 | €15,845,979 | -€1.7m | -9.7% |
| Financial debts | 170/4 | €12,274,773 | €10,566,917 | -€1.7m | -13.9% |
| Other amounts payable | 178/9 | €5,279,061 | €5,279,061 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,411,809 | €8,933,199 | +€521,391 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €1,660,356 | €1,707,856 | +€47,500 | +2.9% |
| Financial debts | 43 | €3,900,000 | €3,900,000 | = | 0.0% |
| Other loans | 439 | €3,900,000 | €3,900,000 | = | 0.0% |
| Trade debts | 44 | €459,619 | €153,592 | -€306,027 | -66.6% |
| Suppliers | 440/4 | €459,619 | €153,592 | -€306,027 | -66.6% |
| Taxes, remuneration and social security | 45 | €30,439 | €35,652 | +€5,213 | +17.1% |
| Taxes | 450/3 | €2,830 | €8,279 | +€5,449 | +193% |
| Remuneration and social security | 454/9 | €27,609 | €27,373 | -€236 | -0.9% |
| Other amounts payable | 47/48 | €2,361,395 | €3,136,100 | +€774,705 | +32.8% |
| Accrued charges and deferred income | 492/3 | €618,707 | €548,924 | -€69,783 | -11.3% |
| Remuneration, social security and pensions | 62 | €154,661 | €173,826 | +€19,165 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,249,984 | €1,280,945 | +€30,961 | +2.5% |
| Other operating charges | 640/8 | €207,680 | €198,643 | -€9,038 | -4.4% |
| Non-recurring operating charges | 66A | €24,480 | €89,569 | +€65,089 | +266% |
| Gross operating margin | 9900 | €3,177,568 | €3,147,951 | -€29,617 | -0.9% |
| Operating profit (loss) | 9901 | €1,540,764 | €1,404,969 | -€135,795 | -8.8% |
| Financial income | 75/76B | €3 | €35 | +€32 | +913% |
| Recurring financial income | 75 | €3 | €35 | +€32 | +913% |
| Financial charges | 65/66B | €783,654 | €685,160 | -€98,493 | -12.6% |
| Recurring financial charges | 65 | €783,654 | €685,160 | -€98,493 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €757,114 | €719,844 | -€37,270 | -4.9% |
| Transfer from deferred taxes | 780 | €19,907 | €19,906 | -€1 | 0.0% |
| Income taxes | 67/77 | €154,089 | €143,924 | -€10,166 | -6.6% |
| Profit (loss) for the period | 9904 | €622,931 | €595,826 | -€27,105 | -4.4% |
| Transfer from tax-exempt reserves | 789 | €53,168 | €53,164 | -€4 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €676,099 | €648,990 | -€27,109 | -4.0% |
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 17 October 2026 via checked.be.