IMMO ELZEN: 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.
IMMO ELZEN
Largest movements
- Current investments -€262,553
down €262,553 (-19.7%), from €1.3m to €1.1m
- Cash +€21,071
up €21,071 (+211%), from €9,970 to €31,041
mainly Current investments (+€262,553) and Depreciation (+€14,059)
- Tangible fixed assets -€18,962
down €18,962 (-6.5%), from €290,821 to €271,859
of which Land and buildings: -€11,170
- Debts after one year -€119,173
down €119,173 (-82.7%), from €144,031 to €24,858
- Other debts -€70,000
no longer reported in 2025 (was €70,000)
- Accrued charges and deferred income -€33,050
down €33,050 (-26.4%), from €125,274 to €92,224
- Tax, wage and social debts -€30,000
no longer reported in 2025 (was €30,000)
- Taxes +€22,513
up €22,513 (+36,311%), from €62 to €22,575
- Gross operating margin -€9,991
down €9,991 (-18.5%), from -€53,923 to -€63,914
- Financial income +€9,252
up €9,252 (+9.1%), from €101,692 to €110,944
of which Non-recurring financial income: +€10,184
- Depreciation -€1,983
down €1,983 (-12.4%), from €16,042 to €14,059
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 | €1,795,685 | €1,539,751 | -€255,934 | -14.3% |
| Fixed assets | 21/28 | €290,821 | €271,859 | -€18,962 | -6.5% |
| Tangible fixed assets | 22/27 | €290,821 | €271,859 | -€18,962 | -6.5% |
| Land and buildings | 22 | €273,513 | €262,343 | -€11,170 | -4.1% |
| Plant, machinery and equipment | 23 | €11,220 | €4,433 | -€6,787 | -60.5% |
| Other tangible fixed assets | 26 | €6,088 | €5,083 | -€1,005 | -16.5% |
| Current assets | 29/58 | €1,504,864 | €1,267,892 | -€236,972 | -15.7% |
| Amounts receivable within one year | 40/41 | €162,083 | €165,748 | +€3,665 | +2.3% |
| Trade receivables | 40 | €7,445 | €3,500 | -€3,945 | -53.0% |
| Other amounts receivable | 41 | €154,638 | €162,248 | +€7,610 | +4.9% |
| Current investments | 50/53 | €1,331,972 | €1,069,419 | -€262,553 | -19.7% |
| Cash at bank and in hand | 54/58 | €9,970 | €31,041 | +€21,071 | +211% |
| Deferred charges and accrued income | 490/1 | €839 | €1,684 | +€845 | +101% |
| Total equity and liabilities | 10/49 | €1,795,685 | €1,539,751 | -€255,934 | -14.3% |
| Equity | 10/15 | €1,391,793 | €1,395,662 | +€3,869 | +0.3% |
| Contributions | 10/11 | €280,616 | €280,616 | = | 0.0% |
| Capital | 10 | €280,616 | €280,616 | = | 0.0% |
| Issued capital | 100 | €280,616 | €280,616 | = | 0.0% |
| Reserves | 13 | €1,111,177 | €1,115,046 | +€3,869 | +0.3% |
| Non-distributable reserves | 130/1 | €46,853 | €46,853 | = | 0.0% |
| Legal reserve | 130 | €28,062 | €28,062 | = | 0.0% |
| Other | 1319 | €18,791 | €18,791 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,778 | €30,674 | -€3,104 | -9.2% |
| Distributable reserves | 133 | €1,030,546 | €1,037,519 | +€6,973 | +0.7% |
| Provisions and deferred taxes | 16 | €11,261 | €10,226 | -€1,035 | -9.2% |
| Deferred taxes | 168 | €11,261 | €10,226 | -€1,035 | -9.2% |
| Amounts payable | 17/49 | €392,631 | €133,863 | -€258,768 | -65.9% |
| Amounts payable after more than one year | 17 | €144,031 | €24,858 | -€119,173 | -82.7% |
| Financial debts | 170/4 | €144,031 | €24,858 | -€119,173 | -82.7% |
| Amounts payable within one year | 42/48 | €123,326 | €16,781 | -€106,545 | -86.4% |
| Current portion of amounts payable after more than one year | 42 | €23,326 | €10,358 | -€12,968 | -55.6% |
| Trade debts | 44 | - | €6,423 | +€6,423 | |
| Suppliers | 440/4 | - | €6,423 | +€6,423 | |
| Taxes, remuneration and social security | 45 | €30,000 | - | -€30,000 | |
| Taxes | 450/3 | €30,000 | - | -€30,000 | |
| Other amounts payable | 47/48 | €70,000 | - | -€70,000 | |
| Accrued charges and deferred income | 492/3 | €125,274 | €92,224 | -€33,050 | -26.4% |
| Non-recurring operating income | 76A | €8,379 | - | -€8,379 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,042 | €14,059 | -€1,983 | -12.4% |
| Other operating charges | 640/8 | €1,770 | €1,823 | +€53 | +3.0% |
| Non-recurring operating charges | 66A | €1,411 | €1,403 | -€8 | -0.6% |
| Gross operating margin | 9900 | -€53,923 | -€63,914 | -€9,991 | -18.5% |
| Operating profit (loss) | 9901 | -€73,146 | -€81,199 | -€8,053 | -11.0% |
| Financial income | 75/76B | €101,692 | €110,944 | +€9,252 | +9.1% |
| Recurring financial income | 75 | €15,333 | €14,401 | -€932 | -6.1% |
| Non-recurring financial income | 76B | €86,359 | €96,543 | +€10,184 | +11.8% |
| Financial charges | 65/66B | €4,864 | €4,336 | -€528 | -10.9% |
| Recurring financial charges | 65 | €4,864 | €4,336 | -€528 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €23,682 | €25,409 | +€1,727 | +7.3% |
| Transfer from deferred taxes | 780 | €1,035 | €1,035 | = | 0.0% |
| Income taxes | 67/77 | €62 | €22,575 | +€22,513 | +36,311% |
| Profit (loss) for the period | 9904 | €24,655 | €3,869 | -€20,786 | -84.3% |
| Transfer from tax-exempt reserves | 789 | €3,107 | €3,104 | -€3 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,762 | €6,973 | -€20,789 | -74.9% |
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 14 October 2026 via checked.be.