Elsen-Houben: 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.
Elsen-Houben
Largest movements
- Current investments +€200,512
new in 2025: €200,512
- Cash -€167,862
down €167,862 (-38.1%), from €440,773 to €272,911
mainly Current investments (-€200,512) and Debts after one year (-€166,962)
- Tangible fixed assets -€61,342
down €61,342 (-5.0%), from €1.2m to €1.2m
- Receivables within one year -€56,214
down €56,214 (-74.4%), from €75,595 to €19,381
of which Other amounts receivable: -€32,436
- Stocks and contracts +€55,120
up €55,120, from €0 to €55,120
- Debts after one year -€166,962
down €166,962 (-8.3%), from €2.0m to €1.9m
of which Financial debts: -€166,962
- Other debts +€83,664
up €83,664 (+52.0%), from €160,864 to €244,528
- Reserves +€60,292
up €60,292 (+8.6%), from €701,790 to €762,083
of which Distributable reserves: +€71,983
- Gross operating margin -€591,383
down €591,383 (-80.1%), from €738,545 to €147,162
- Staff costs -€126,171
down €126,171, from €125,098 to -€1,074
- Financial income +€52,140
up €52,140 (+82,162%), from €63 to €52,204
- Financial charges +€39,526
up €39,526 (+150%), from €26,293 to €65,819
of which Financial charges: +€40,026
- Depreciation +€32,208
up €32,208 (+123%), from €26,175 to €58,383
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,258,711 | €3,231,851 | -€26,861 | -0.8% |
| Fixed assets | 21/28 | €2,742,343 | €2,681,000 | -€61,342 | -2.2% |
| Tangible fixed assets | 22/27 | €1,232,343 | €1,171,000 | -€61,342 | -5.0% |
| Land and buildings | 22 | €1,087,635 | €1,057,623 | -€30,013 | -2.8% |
| Plant, machinery and equipment | 23 | €1,265 | €4,174 | +€2,909 | +230% |
| Furniture and vehicles | 24 | €136,425 | €109,204 | -€27,221 | -20.0% |
| Other tangible fixed assets | 26 | €17 | €0 | -€17 | -100% |
| Assets under construction and advance payments | 27 | €7,000 | €0 | -€7,000 | -100% |
| Financial fixed assets | 28 | €1,510,000 | €1,510,000 | = | 0.0% |
| Current assets | 29/58 | €516,368 | €550,850 | +€34,482 | +6.7% |
| Stocks and contracts in progress | 3 | €0 | €55,120 | +€55,120 | |
| Stocks | 30/36 | €0 | €55,120 | +€55,120 | |
| Amounts receivable within one year | 40/41 | €75,595 | €19,381 | -€56,214 | -74.4% |
| Trade receivables | 40 | €43,155 | €19,378 | -€23,778 | -55.1% |
| Other amounts receivable | 41 | €32,440 | €4 | -€32,436 | -100.0% |
| Current investments | 50/53 | - | €200,512 | +€200,512 | |
| Cash at bank and in hand | 54/58 | €440,773 | €272,911 | -€167,862 | -38.1% |
| Deferred charges and accrued income | 490/1 | €0 | €2,925 | +€2,925 | |
| Total equity and liabilities | 10/49 | €3,258,711 | €3,231,851 | -€26,861 | -0.8% |
| Equity | 10/15 | €756,790 | €817,083 | +€60,292 | +8.0% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €701,790 | €762,083 | +€60,292 | +8.6% |
| Tax-exempt reserves | 132 | €434,247 | €422,557 | -€11,691 | -2.7% |
| Distributable reserves | 133 | €267,543 | €339,526 | +€71,983 | +26.9% |
| Provisions and deferred taxes | 16 | €108,562 | €105,639 | -€2,923 | -2.7% |
| Deferred taxes | 168 | €108,562 | €105,639 | -€2,923 | -2.7% |
| Amounts payable | 17/49 | €2,393,359 | €2,309,129 | -€84,230 | -3.5% |
| Amounts payable after more than one year | 17 | €2,018,568 | €1,851,605 | -€166,962 | -8.3% |
| Financial debts | 170/4 | €1,878,228 | €1,711,266 | -€166,962 | -8.9% |
| Other amounts payable | 178/9 | €140,339 | €140,339 | = | 0.0% |
| Amounts payable within one year | 42/48 | €358,773 | €441,505 | +€82,732 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €166,500 | €166,962 | +€462 | +0.3% |
| Trade debts | 44 | €15,329 | €5,744 | -€9,586 | -62.5% |
| Suppliers | 440/4 | €15,329 | €5,744 | -€9,586 | -62.5% |
| Taxes, remuneration and social security | 45 | €16,079 | €24,271 | +€8,192 | +50.9% |
| Taxes | 450/3 | €9,747 | €17,933 | +€8,186 | +84.0% |
| Remuneration and social security | 454/9 | €6,331 | €6,338 | +€6 | +0.1% |
| Other amounts payable | 47/48 | €160,864 | €244,528 | +€83,664 | +52.0% |
| Accrued charges and deferred income | 492/3 | €16,018 | €16,018 | = | 0.0% |
| Non-recurring operating income | 76A | €650,039 | €33,825 | -€616,214 | -94.8% |
| Remuneration, social security and pensions | 62 | €125,098 | -€1,074 | -€126,171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,175 | €58,383 | +€32,208 | +123% |
| Other operating charges | 640/8 | €10,092 | €4,535 | -€5,557 | -55.1% |
| Non-recurring operating charges | 66A | €224 | €0 | -€224 | -100% |
| Gross operating margin | 9900 | €738,545 | €147,162 | -€591,383 | -80.1% |
| Operating profit (loss) | 9901 | €576,956 | €85,318 | -€491,639 | -85.2% |
| Financial income | 75/76B | €63 | €52,204 | +€52,140 | +82,162% |
| Recurring financial income | 75 | €63 | €52,204 | +€52,140 | +82,162% |
| Financial charges | 65/66B | €26,293 | €65,819 | +€39,526 | +150% |
| Recurring financial charges | 65 | €25,793 | €65,819 | +€40,026 | +155% |
| Non-recurring financial charges | 66B | €500 | €0 | -€500 | -100% |
| Profit (loss) for the period before taxes | 9903 | €550,727 | €71,702 | -€479,025 | -87.0% |
| Transfer from deferred taxes | 780 | €2,923 | €2,923 | = | 0.0% |
| Transfer to deferred taxes | 680 | €111,484 | €0 | -€111,484 | -100% |
| Income taxes | 67/77 | €1,975 | €14,332 | +€12,358 | +626% |
| Profit (loss) for the period | 9904 | €440,191 | €60,292 | -€379,898 | -86.3% |
| Transfer from tax-exempt reserves | 789 | €11,691 | €11,691 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €445,938 | €0 | -€445,938 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €5,943 | €71,983 | +€66,039 | +1,111% |
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 21 October 2026 via checked.be.