ELSEN: 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.
What changed
ELSEN
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€982,749
2024 · €804,999+€177,750
Equity
€7.3m
2024 · €6.9m+€457,749
Cash
€1.0m
2024 · €675,675+€363,872
Balance sheet total
€10.0m
2024 · €8.6m+€1.4m
Largest movements
Assets
- Tangible fixed assets +€1.3m
up €1.3m (+151.6%), from €880,995 to €2.2m
of which Land and buildings: +€693,789
- Receivables within one year -€540,116
down €540,116 (-31.4%), from €1.7m to €1.2m
of which Other amounts receivable: -€535,049
- Cash +€363,872
up €363,872 (+53.9%), from €675,675 to €1.0m
mainly Net result for the year (+€982,749) and Receivables within one year (+€540,116)
- Stocks and contracts +€151,346
up €151,346 (+3.7%), from €4.1m to €4.3m
of which Contracts in progress: +€494,006
Equity and liabilities
- Debts after one year +€530,000
new in 2025: €530,000
- Profit (loss) carried forward +€459,499
up €459,499 (+7.6%), from €6.0m to €6.5m
- Trade debts +€240,331
up €240,331 (+27.2%), from €882,978 to €1.1m
Income statement
- Gross operating margin +€272,117
up €272,117 (+9.1%), from €3.0m to €3.3m
- Depreciation +€98,577
up €98,577 (+60.1%), from €164,154 to €262,730
- Staff costs -€73,703
down €73,703 (-3.9%), from €1.9m to €1.8m
- Taxes +€33,797
up €33,797 (+13.5%), from €249,937 to €283,734
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
€804,999
Gross operating margin
+€272,117
Staff costs
+€73,703
Depreciation
-€98,577
Other operating charges
+€1,495
Financial income
-€27,600
Financial charges
-€9,591
Taxes
-€33,797
Result 2025
€982,749
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
+€2.0m
Investment
-€1.7m
Financing
+€65,000
Cash 2024
€675,675
From operations (derived)
+€2.0m
Net result for the year
+€982,749
Depreciation
+€262,730
Smaller working-capital items
-€2,496
Stocks and contracts
-€151,346
Receivables within one year
+€540,116
Deferred charges and accrued income
+€25,817
Trade debts
+€240,331
Tax, wage and social debts
+€73,231
Advances received
+€79,450
Other debts
-€49,622
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.6m
Current investments
-€100,000
Financing
+€65,000
Debts after one year
+€530,000
Current portion of long-term debt
+€60,000
Contributions, distributions and other
-€525,000
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,647,675 | €10,035,176 | +€1.4m | +16.0% |
| Fixed assets | 21/28 | €1,103,967 | €2,443,325 | +€1.3m | +121.3% |
| Tangible fixed assets | 22/27 | €880,995 | €2,216,853 | +€1.3m | +151.6% |
| Land and buildings | 22 | €243,251 | €937,040 | +€693,789 | +285.2% |
| Plant, machinery and equipment | 23 | €483,866 | €562,595 | +€78,730 | +16.3% |
| Furniture and vehicles | 24 | €153,879 | €138,004 | -€15,875 | -10.3% |
| Assets under construction and advance payments | 27 | - | €579,215 | +€579,215 | |
| Financial fixed assets | 28 | €222,972 | €226,472 | +€3,500 | +1.6% |
| Current assets | 29/58 | €7,543,708 | €7,591,851 | +€48,143 | +0.6% |
| Amounts receivable after more than one year | 29 | €31,141 | €30,000 | -€1,141 | -3.7% |
| Other amounts receivable | 291 | €31,141 | €30,000 | -€1,141 | -3.7% |
| Stocks and contracts in progress | 3 | €4,141,372 | €4,292,718 | +€151,346 | +3.7% |
| Stocks | 30/36 | €1,401,623 | €1,058,963 | -€342,660 | -24.4% |
| Contracts in progress | 37 | €2,739,749 | €3,233,755 | +€494,006 | +18.0% |
| Amounts receivable within one year | 40/41 | €1,721,558 | €1,181,442 | -€540,116 | -31.4% |
| Trade receivables | 40 | €1,036,965 | €1,031,897 | -€5,067 | -0.5% |
| Other amounts receivable | 41 | €684,593 | €149,544 | -€535,049 | -78.2% |
| Current investments | 50/53 | €900,000 | €1,000,000 | +€100,000 | +11.1% |
| Cash at bank and in hand | 54/58 | €675,675 | €1,039,547 | +€363,872 | +53.9% |
| Deferred charges and accrued income | 490/1 | €73,961 | €48,144 | -€25,817 | -34.9% |
| Total equity and liabilities | 10/49 | €8,647,675 | €10,035,176 | +€1.4m | +16.0% |
| Equity | 10/15 | €6,861,795 | €7,319,545 | +€457,749 | +6.7% |
| Contributions | 10/11 | €248,000 | €248,000 | = | 0.0% |
| Capital | 10 | €248,000 | €248,000 | = | 0.0% |
| Issued capital | 100 | €248,000 | €248,000 | = | 0.0% |
| Reserves | 13 | €572,420 | €570,670 | -€1,750 | -0.3% |
| Non-distributable reserves | 130/1 | €198,349 | €196,599 | -€1,750 | -0.9% |
| Legal reserve | 130 | €24,800 | €24,800 | = | 0.0% |
| Other | 1319 | €173,549 | €171,799 | -€1,750 | -1.0% |
| Tax-exempt reserves | 132 | €80,734 | €80,734 | = | 0.0% |
| Distributable reserves | 133 | €293,337 | €293,337 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,041,376 | €6,500,875 | +€459,499 | +7.6% |
| Amounts payable | 17/49 | €1,785,879 | €2,715,631 | +€929,752 | +52.1% |
| Amounts payable after more than one year | 17 | - | €530,000 | +€530,000 | |
| Financial debts | 170/4 | - | €530,000 | +€530,000 | |
| Amounts payable within one year | 42/48 | €1,781,904 | €2,185,293 | +€403,389 | +22.6% |
| Current portion of amounts payable after more than one year | 42 | - | €60,000 | +€60,000 | |
| Trade debts | 44 | €882,978 | €1,123,308 | +€240,331 | +27.2% |
| Suppliers | 440/4 | €882,978 | €1,123,308 | +€240,331 | +27.2% |
| Advances received on contracts in progress | 46 | €115,250 | €194,700 | +€79,450 | +68.9% |
| Taxes, remuneration and social security | 45 | €208,271 | €281,502 | +€73,231 | +35.2% |
| Taxes | 450/3 | €30,238 | €144,055 | +€113,817 | +376.4% |
| Remuneration and social security | 454/9 | €178,034 | €137,447 | -€40,587 | -22.8% |
| Other amounts payable | 47/48 | €575,405 | €525,783 | -€49,622 | -8.6% |
| Accrued charges and deferred income | 492/3 | €3,975 | €338 | -€3,637 | -91.5% |
| Non-recurring operating income | 76A | €12,232 | €33,356 | +€21,124 | +172.7% |
| Remuneration, social security and pensions | 62 | €1,880,989 | €1,807,286 | -€73,703 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,154 | €262,730 | +€98,577 | +60.1% |
| Other operating charges | 640/8 | €24,786 | €23,291 | -€1,495 | -6.0% |
| Gross operating margin | 9900 | €2,978,598 | €3,250,715 | +€272,117 | +9.1% |
| Operating profit (loss) | 9901 | €908,669 | €1,157,407 | +€248,738 | +27.4% |
| Financial income | 75/76B | €154,333 | €126,734 | -€27,600 | -17.9% |
| Recurring financial income | 75 | €154,333 | €126,734 | -€27,600 | -17.9% |
| Financial charges | 65/66B | €8,067 | €17,658 | +€9,591 | +118.9% |
| Recurring financial charges | 65 | €8,067 | €17,658 | +€9,591 | +118.9% |
| Profit (loss) for the period before taxes | 9903 | €1,054,936 | €1,266,483 | +€211,547 | +20.1% |
| Income taxes | 67/77 | €249,937 | €283,734 | +€33,797 | +13.5% |
| Profit (loss) for the period | 9904 | €804,999 | €982,749 | +€177,750 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €804,999 | €982,749 | +€177,750 | +22.1% |
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 30 September 2026 via checked.be.