ELSINORE: 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.
ELSINORE
Largest movements
- Cash -€835,435
down €835,435 (-52.0%), from €1.6m to €771,085
mainly Short-term financial debts (-€517,771) and Net result for the year (-€413,234)
- Receivables within one year +€409,373
up €409,373 (+12.0%), from €3.4m to €3.8m
of which Other amounts receivable: +€271,334
- Tangible fixed assets -€365,257
down €365,257 (-1.8%), from €20.0m to €19.6m
- Deferred charges and accrued income +€352,065
up €352,065 (+47.1%), from €747,352 to €1.1m
- Short-term financial debts -€517,771
down €517,771 (-100%), from €517,771 to €0
- Profit (loss) carried forward -€399,519
down €399,519 (-379%), from -€105,297 to -€504,816
- Current portion of long-term debt +€365,551
new in 2025: €365,551
- Revaluation surpluses -€321,033
down €321,033 (-3.9%), from €8.2m to €7.9m
- Reserves +€307,318
up €307,318 (+16.4%), from €1.9m to €2.2m
of which Distributable reserves: +€321,033
- Gross operating margin -€609,225
down €609,225 (-37.7%), from €1.6m to €1.0m
- Financial charges +€275,986
up €275,986 (+65.4%), from €421,734 to €697,720
- Taxes -€119,057
down €119,057 (-100%), from €119,057 to €0
- Depreciation -€115,607
down €115,607 (-13.3%), from €869,897 to €754,290
- Financial income -€28,190
down €28,190 (-16.8%), from €167,424 to €139,234
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 | €25,770,498 | €25,331,244 | -€439,254 | -1.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €20,009,174 | €19,643,917 | -€365,257 | -1.8% |
| Tangible fixed assets | 22/27 | €20,009,174 | €19,643,917 | -€365,257 | -1.8% |
| Land and buildings | 22 | €20,009,174 | €19,643,917 | -€365,257 | -1.8% |
| Current assets | 29/58 | €5,761,324 | €5,687,327 | -€73,997 | -1.3% |
| Amounts receivable within one year | 40/41 | €3,407,452 | €3,816,825 | +€409,373 | +12.0% |
| Trade receivables | 40 | €261,875 | €399,914 | +€138,039 | +52.7% |
| Other amounts receivable | 41 | €3,145,577 | €3,416,911 | +€271,334 | +8.6% |
| Cash at bank and in hand | 54/58 | €1,606,520 | €771,085 | -€835,435 | -52.0% |
| Deferred charges and accrued income | 490/1 | €747,352 | €1,099,417 | +€352,065 | +47.1% |
| Total equity and liabilities | 10/49 | €25,770,498 | €25,331,244 | -€439,254 | -1.7% |
| Equity | 10/15 | €12,023,894 | €11,610,660 | -€413,234 | -3.4% |
| Contributions | 10/11 | €2,042,064 | €2,042,064 | = | 0.0% |
| Capital | 10 | €2,042,064 | €2,042,064 | = | 0.0% |
| Issued capital | 100 | €2,042,064 | €2,042,064 | = | 0.0% |
| Revaluation surpluses | 12 | €8,215,014 | €7,893,982 | -€321,033 | -3.9% |
| Reserves | 13 | €1,872,112 | €2,179,431 | +€307,318 | +16.4% |
| Non-distributable reserves | 130/1 | €18,674 | €18,674 | = | 0.0% |
| Legal reserve | 130 | €18,674 | €18,674 | = | 0.0% |
| Tax-exempt reserves | 132 | €245,884 | €232,170 | -€13,714 | -5.6% |
| Distributable reserves | 133 | €1,607,554 | €1,928,586 | +€321,033 | +20.0% |
| Profit (loss) carried forward | 14 | -€105,297 | -€504,816 | -€399,519 | -379% |
| Provisions and deferred taxes | 16 | €81,961 | €77,390 | -€4,571 | -5.6% |
| Deferred taxes | 168 | €81,961 | €77,390 | -€4,571 | -5.6% |
| Amounts payable | 17/49 | €13,664,643 | €13,643,194 | -€21,449 | -0.2% |
| Amounts payable after more than one year | 17 | €11,811,462 | €11,841,711 | +€30,249 | +0.3% |
| Financial debts | 170/4 | €11,789,222 | €11,819,471 | +€30,249 | +0.3% |
| Other amounts payable | 178/9 | €22,240 | €22,240 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,547,697 | €1,331,746 | -€215,951 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | - | €365,551 | +€365,551 | |
| Financial debts | 43 | €517,771 | €0 | -€517,771 | -100% |
| Other loans | 439 | €517,771 | €0 | -€517,771 | -100% |
| Trade debts | 44 | €702,051 | €938,075 | +€236,024 | +33.6% |
| Suppliers | 440/4 | €702,051 | €938,075 | +€236,024 | +33.6% |
| Taxes, remuneration and social security | 45 | €97,885 | €28,120 | -€69,765 | -71.3% |
| Taxes | 450/3 | €97,885 | €28,120 | -€69,765 | -71.3% |
| Other amounts payable | 47/48 | €229,990 | €0 | -€229,990 | -100% |
| Accrued charges and deferred income | 492/3 | €305,483 | €469,737 | +€164,254 | +53.8% |
| Non-recurring operating income | 76A | €328,712 | €0 | -€328,712 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €869,897 | €754,290 | -€115,607 | -13.3% |
| Other operating charges | 640/8 | €104,365 | €112,770 | +€8,405 | +8.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,616,965 | €1,007,740 | -€609,225 | -37.7% |
| Operating profit (loss) | 9901 | €642,703 | €140,680 | -€502,023 | -78.1% |
| Financial income | 75/76B | €167,424 | €139,234 | -€28,190 | -16.8% |
| Recurring financial income | 75 | €167,424 | €139,234 | -€28,190 | -16.8% |
| Financial charges | 65/66B | €421,734 | €697,720 | +€275,986 | +65.4% |
| Recurring financial charges | 65 | €421,734 | €697,720 | +€275,986 | +65.4% |
| Profit (loss) for the period before taxes | 9903 | €388,393 | -€417,805 | -€806,198 | |
| Transfer from deferred taxes | 780 | €217 | €4,571 | +€4,355 | +2,011% |
| Transfer to deferred taxes | 680 | €82,178 | €0 | -€82,178 | -100% |
| Income taxes | 67/77 | €119,057 | €0 | -€119,057 | -100% |
| Profit (loss) for the period | 9904 | €187,375 | -€413,234 | -€600,609 | |
| Transfer from tax-exempt reserves | 789 | €650 | €13,714 | +€13,065 | +2,011% |
| Transfer to tax-exempt reserves | 689 | €246,534 | €0 | -€246,534 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,509 | -€399,519 | -€341,010 | -583% |
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 15 October 2026 via checked.be.