Dr. ESMANS: 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.
Dr. ESMANS
Largest movements
- Cash +€38,656
up €38,656 (+122%), from €31,683 to €70,339
mainly Other debts (+€179,797) and Net result for the year (+€47,905)
- Current investments -€5,000
down €5,000 (-1.5%), from €340,394 to €335,394
- Receivables within one year +€4,862
up €4,862 (+20.0%), from €24,316 to €29,178
- Other debts +€179,797
up €179,797 (+3,128%), from €5,748 to €185,545
- Reserves -€152,095
down €152,095 (-39.5%), from €384,735 to €232,639
of which Distributable reserves: -€152,095
- Tax, wage and social debts +€21,909
up €21,909 (+1,261%), from €1,737 to €23,646
of which Taxes: +€20,933
- Debts after one year -€14,039
down €14,039 (-74.8%), from €18,779 to €4,740
- Gross operating margin +€22,980
up €22,980 (+45.7%), from €50,337 to €73,317
- Financial income +€8,229
up €8,229 (+5,803%), from €142 to €8,371
- Taxes +€5,161
up €5,161 (+216%), from €2,394 to €7,555
- Staff costs -€1,162
down €1,162 (-7.6%), from €15,338 to €14,176
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 | €447,190 | €486,017 | +€38,827 | +8.7% |
| Fixed assets | 21/28 | €49,730 | €49,088 | -€642 | -1.3% |
| Tangible fixed assets | 22/27 | €49,730 | €49,088 | -€642 | -1.3% |
| Plant, machinery and equipment | 23 | €49,730 | €49,088 | -€642 | -1.3% |
| Current assets | 29/58 | €397,460 | €436,929 | +€39,468 | +9.9% |
| Amounts receivable within one year | 40/41 | €24,316 | €29,178 | +€4,862 | +20.0% |
| Other amounts receivable | 41 | €24,316 | €29,178 | +€4,862 | +20.0% |
| Current investments | 50/53 | €340,394 | €335,394 | -€5,000 | -1.5% |
| Cash at bank and in hand | 54/58 | €31,683 | €70,339 | +€38,656 | +122% |
| Deferred charges and accrued income | 490/1 | €1,067 | €2,018 | +€950 | +89.0% |
| Total equity and liabilities | 10/49 | €447,190 | €486,017 | +€38,827 | +8.7% |
| Equity | 10/15 | €403,335 | €251,239 | -€152,095 | -37.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €384,735 | €232,639 | -€152,095 | -39.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €382,875 | €230,779 | -€152,095 | -39.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €43,856 | €234,777 | +€190,922 | +435% |
| Amounts payable after more than one year | 17 | €18,779 | €4,740 | -€14,039 | -74.8% |
| Financial debts | 170/4 | €18,779 | €4,740 | -€14,039 | -74.8% |
| Amounts payable within one year | 42/48 | €25,077 | €230,037 | +€204,961 | +817% |
| Current portion of amounts payable after more than one year | 42 | €16,926 | €17,177 | +€251 | +1.5% |
| Trade debts | 44 | €665 | €3,669 | +€3,004 | +451% |
| Suppliers | 440/4 | €665 | €3,669 | +€3,004 | +451% |
| Taxes, remuneration and social security | 45 | €1,737 | €23,646 | +€21,909 | +1,261% |
| Taxes | 450/3 | €1,737 | €22,670 | +€20,933 | +1,205% |
| Remuneration and social security | 454/9 | €0 | €977 | +€977 | |
| Other amounts payable | 47/48 | €5,748 | €185,545 | +€179,797 | +3,128% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €15,338 | €14,176 | -€1,162 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,092 | €7,469 | -€623 | -7.7% |
| Other operating charges | 640/8 | €1,945 | €2,549 | +€604 | +31.1% |
| Gross operating margin | 9900 | €50,337 | €73,317 | +€22,980 | +45.7% |
| Operating profit (loss) | 9901 | €24,962 | €49,124 | +€24,162 | +96.8% |
| Financial income | 75/76B | €142 | €8,371 | +€8,229 | +5,803% |
| Recurring financial income | 75 | €142 | €8,371 | +€8,229 | +5,803% |
| Financial charges | 65/66B | €2,501 | €2,036 | -€465 | -18.6% |
| Recurring financial charges | 65 | €2,501 | €2,036 | -€465 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €22,604 | €55,460 | +€32,856 | +145% |
| Income taxes | 67/77 | €2,394 | €7,555 | +€5,161 | +216% |
| Profit (loss) for the period | 9904 | €20,210 | €47,905 | +€27,695 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €20,210 | €47,905 | +€27,695 | +137% |
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 20 October 2026 via checked.be.