4 ESCH: 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.
4 ESCH
Largest movements
- Receivables within one year +€85,906
up €85,906 (+118%), from €72,754 to €158,660
of which Trade receivables: +€91,836
- Receivables after one year -€16,897
down €16,897 (-14.8%), from €114,170 to €97,273
- Cash -€11,895
down €11,895 (-85.3%), from €13,949 to €2,053
mainly Receivables within one year (-€85,906) and Investment in fixed assets (net) (-€10,469)
- Reserves +€39,449
up €39,449 (+15.7%), from €250,818 to €290,267
of which Distributable reserves: +€41,309
- Trade debts +€21,953
new in 2025: €21,953
- Current portion of long-term debt -€7,548
no longer reported in 2025 (was €7,548)
- Tax, wage and social debts +€5,463
up €5,463 (+20.1%), from €27,140 to €32,603
of which Taxes: +€2,749
- Gross operating margin +€78,863
up €78,863 (+79.3%), from €99,462 to €178,325
- Staff costs +€39,852
up €39,852 (+68.8%), from €57,908 to €97,760
- Other operating charges +€15,824
up €15,824 (+1,427%), from €1,109 to €16,933
- Taxes +€6,452
up €6,452 (+67.1%), from €9,615 to €16,067
- Financial income +€5,975
up €5,975 (+53,542%), from €11 to €5,986
of which Non-recurring financial income: +€5,301
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 | €299,145 | €359,614 | +€60,469 | +20.2% |
| Fixed assets | 21/28 | €96,252 | €98,165 | +€1,913 | +2.0% |
| Tangible fixed assets | 22/27 | €84,812 | €86,725 | +€1,913 | +2.3% |
| Land and buildings | 22 | €40,511 | €54,789 | +€14,278 | +35.2% |
| Plant, machinery and equipment | 23 | €0 | €2,160 | +€2,160 | |
| Furniture and vehicles | 24 | €1,543 | €2,367 | +€824 | +53.4% |
| Assets under construction and advance payments | 27 | €42,758 | €27,409 | -€15,349 | -35.9% |
| Financial fixed assets | 28 | €11,440 | €11,440 | = | 0.0% |
| Current assets | 29/58 | €202,893 | €261,449 | +€58,556 | +28.9% |
| Amounts receivable after more than one year | 29 | €114,170 | €97,273 | -€16,897 | -14.8% |
| Other amounts receivable | 291 | €114,170 | €97,273 | -€16,897 | -14.8% |
| Stocks and contracts in progress | 3 | €1,302 | €1,339 | +€37 | +2.8% |
| Stocks | 30/36 | €1,302 | €1,339 | +€37 | +2.8% |
| Amounts receivable within one year | 40/41 | €72,754 | €158,660 | +€85,906 | +118% |
| Trade receivables | 40 | €59,346 | €151,183 | +€91,836 | +155% |
| Other amounts receivable | 41 | €13,408 | €7,477 | -€5,930 | -44.2% |
| Cash at bank and in hand | 54/58 | €13,949 | €2,053 | -€11,895 | -85.3% |
| Deferred charges and accrued income | 490/1 | €718 | €2,123 | +€1,405 | +196% |
| Total equity and liabilities | 10/49 | €299,145 | €359,614 | +€60,469 | +20.2% |
| Equity | 10/15 | €263,218 | €304,527 | +€41,309 | +15.7% |
| Contributions | 10/11 | €12,400 | €14,260 | +€1,860 | +15.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €250,818 | €290,267 | +€39,449 | +15.7% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €248,958 | €290,267 | +€41,309 | +16.6% |
| Amounts payable | 17/49 | €35,927 | €55,087 | +€19,160 | +53.3% |
| Amounts payable within one year | 42/48 | €35,927 | €54,556 | +€18,628 | +51.9% |
| Current portion of amounts payable after more than one year | 42 | €7,548 | - | -€7,548 | |
| Trade debts | 44 | - | €21,953 | +€21,953 | |
| Suppliers | 440/4 | - | €21,953 | +€21,953 | |
| Taxes, remuneration and social security | 45 | €27,140 | €32,603 | +€5,463 | +20.1% |
| Taxes | 450/3 | €24,089 | €26,838 | +€2,749 | +11.4% |
| Remuneration and social security | 454/9 | €3,051 | €5,765 | +€2,714 | +88.9% |
| Other amounts payable | 47/48 | €1,240 | - | -€1,240 | |
| Accrued charges and deferred income | 492/3 | - | €532 | +€532 | |
| Remuneration, social security and pensions | 62 | €57,908 | €97,760 | +€39,852 | +68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,359 | €8,557 | +€4,198 | +96.3% |
| Other operating charges | 640/8 | €1,109 | €16,933 | +€15,824 | +1,427% |
| Gross operating margin | 9900 | €99,462 | €178,325 | +€78,863 | +79.3% |
| Operating profit (loss) | 9901 | €36,086 | €55,076 | +€18,990 | +52.6% |
| Financial income | 75/76B | €11 | €5,986 | +€5,975 | +53,542% |
| Recurring financial income | 75 | €11 | €685 | +€674 | +6,040% |
| Non-recurring financial income | 76B | - | €5,301 | +€5,301 | |
| Financial charges | 65/66B | €1,333 | €3,687 | +€2,354 | +177% |
| Recurring financial charges | 65 | €1,333 | €3,687 | +€2,354 | +177% |
| Profit (loss) for the period before taxes | 9903 | €34,764 | €57,375 | +€22,611 | +65.0% |
| Income taxes | 67/77 | €9,615 | €16,067 | +€6,452 | +67.1% |
| Profit (loss) for the period | 9904 | €25,149 | €41,309 | +€16,159 | +64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,149 | €41,309 | +€16,159 | +64.3% |
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.