ELZENDAL: 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
ELZENDAL
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6,743
2024 · -€84,687+€77,943
Equity
€133,424
2024 · €140,168-€6,743
Cash
€348
2024 · €697-€349
Balance sheet total
€1.7m
2024 · €1.8m-€165,590
Largest movements
Assets
- Tangible fixed assets -€209,860
down €209,860 (-12.0%), from €1.8m to €1.5m
- Receivables within one year +€38,038
up €38,038 (+2,132%), from €1,784 to €39,822
of which Trade receivables: +€30,320
Equity and liabilities
- Short-term financial debts -€175,208
down €175,208 (-22.1%), from €791,208 to €616,000
- Other debts +€153,180
up €153,180 (+22.5%), from €681,497 to €834,677
- Debts after one year -€110,436
down €110,436 (-100%), from €110,436 to €0
- Reserves -€55,568
down €55,568 (-14.6%), from €380,752 to €325,184
of which Tax-exempt reserves: -€55,568
- Profit (loss) carried forward +€48,825
up €48,825 (+13.2%), from -€368,585 to -€319,760
Income statement
- Gross operating margin +€71,364
up €71,364 (+185%), from €38,531 to €109,894
- Financial charges +€38,760
up €38,760 (+117%), from €33,117 to €71,876
- Depreciation -€23,770
down €23,770 (-27.9%), from €85,215 to €61,445
- Other operating charges +€4,024
up €4,024 (+50.6%), from €7,949 to €11,973
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
-€84,687
Gross operating margin
+€71,364
Depreciation
+€23,770
Other operating charges
-€4,024
Financial income
-€100
Financial charges
-€38,760
Taxes
-€1
Deferred taxes and other
+€25,694
Result 2025
-€6,743
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
+€170,934
Investment
+€148,415
Financing
-€319,697
Cash 2024
€697
From operations (derived)
+€170,934
Net result for the year
-€6,743
Depreciation
+€61,445
Receivables within one year
-€38,038
Deferred charges and accrued income
-€6,581
Provisions
-€28,613
Trade debts
+€35,034
Tax, wage and social debts
+€3,305
Other debts
+€153,180
Accrued charges and deferred income
-€2,054
Investment (derived)
+€148,415
Investment in fixed assets (net)
+€148,415
Financing
-€319,697
Debts after one year
-€110,436
Current portion of long-term debt
-€34,053
Short-term financial debts
-€175,208
Cash 2025
€348
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,848,494 | €1,682,904 | -€165,590 | -9.0% |
| Fixed assets | 21/28 | €1,751,509 | €1,541,649 | -€209,860 | -12.0% |
| Tangible fixed assets | 22/27 | €1,751,509 | €1,541,649 | -€209,860 | -12.0% |
| Land and buildings | 22 | €1,751,509 | €1,541,649 | -€209,860 | -12.0% |
| Current assets | 29/58 | €96,985 | €141,255 | +€44,270 | +45.6% |
| Stocks and contracts in progress | 3 | €94,504 | €94,504 | = | 0.0% |
| Stocks | 30/36 | €94,504 | €94,504 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,784 | €39,822 | +€38,038 | +2,132% |
| Trade receivables | 40 | €1,497 | €31,818 | +€30,320 | +2,025% |
| Other amounts receivable | 41 | €287 | €8,004 | +€7,718 | +2,692% |
| Cash at bank and in hand | 54/58 | €697 | €348 | -€349 | -50.1% |
| Deferred charges and accrued income | 490/1 | - | €6,581 | +€6,581 | |
| Total equity and liabilities | 10/49 | €1,848,494 | €1,682,904 | -€165,590 | -9.0% |
| Equity | 10/15 | €140,168 | €133,424 | -€6,743 | -4.8% |
| Contributions | 10/11 | €128,000 | €128,000 | = | 0.0% |
| Capital | 10 | €128,000 | €128,000 | = | 0.0% |
| Issued capital | 100 | €128,000 | €128,000 | = | 0.0% |
| Reserves | 13 | €380,752 | €325,184 | -€55,568 | -14.6% |
| Non-distributable reserves | 130/1 | €53,262 | €53,262 | = | 0.0% |
| Legal reserve | 130 | €22,558 | €22,558 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,703 | €30,703 | = | 0.0% |
| Tax-exempt reserves | 132 | €130,415 | €74,847 | -€55,568 | -42.6% |
| Distributable reserves | 133 | €197,075 | €197,075 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€368,585 | -€319,760 | +€48,825 | +13.2% |
| Provisions and deferred taxes | 16 | €67,154 | €38,540 | -€28,613 | -42.6% |
| Deferred taxes | 168 | €67,154 | €38,540 | -€28,613 | -42.6% |
| Amounts payable | 17/49 | €1,641,172 | €1,510,939 | -€130,233 | -7.9% |
| Amounts payable after more than one year | 17 | €110,436 | €0 | -€110,436 | -100% |
| Financial debts | 170/4 | €110,436 | €0 | -€110,436 | -100% |
| Amounts payable within one year | 42/48 | €1,507,344 | €1,489,601 | -€17,742 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €34,053 | €0 | -€34,053 | -100% |
| Financial debts | 43 | €791,208 | €616,000 | -€175,208 | -22.1% |
| Credit institutions | 430/8 | €791,208 | €616,000 | -€175,208 | -22.1% |
| Trade debts | 44 | €574 | €35,608 | +€35,034 | +6,102% |
| Suppliers | 440/4 | €574 | €35,608 | +€35,034 | +6,102% |
| Taxes, remuneration and social security | 45 | €11 | €3,316 | +€3,305 | +29,374% |
| Taxes | 450/3 | €11 | €3,316 | +€3,305 | +29,374% |
| Other amounts payable | 47/48 | €681,497 | €834,677 | +€153,180 | +22.5% |
| Accrued charges and deferred income | 492/3 | €23,392 | €21,338 | -€2,054 | -8.8% |
| Non-recurring operating income | 76A | - | €118,125 | +€118,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,215 | €61,445 | -€23,770 | -27.9% |
| Other operating charges | 640/8 | €7,949 | €11,973 | +€4,024 | +50.6% |
| Gross operating margin | 9900 | €38,531 | €109,894 | +€71,364 | +185% |
| Operating profit (loss) | 9901 | -€54,634 | €36,476 | +€91,110 | |
| Financial income | 75/76B | €144 | €44 | -€100 | -69.5% |
| Recurring financial income | 75 | €144 | €44 | -€100 | -69.5% |
| Financial charges | 65/66B | €33,117 | €71,876 | +€38,760 | +117% |
| Recurring financial charges | 65 | €33,117 | €71,876 | +€38,760 | +117% |
| Profit (loss) for the period before taxes | 9903 | -€87,607 | -€35,356 | +€52,250 | +59.6% |
| Transfer from deferred taxes | 780 | €2,920 | €28,613 | +€25,694 | +880% |
| Income taxes | 67/77 | €0 | €1 | +€1 | |
| Profit (loss) for the period | 9904 | -€84,687 | -€6,743 | +€77,943 | +92.0% |
| Transfer from tax-exempt reserves | 789 | €5,670 | €55,568 | +€49,898 | +880% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,017 | €48,825 | +€127,841 |
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 19 October 2026 via checked.be.