E&S: what changed
Two fiscal 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.
E&S
Largest movements
- Receivables within one year -€39,234
down €39,234 (-19.5%), from €200,984 to €161,749
of which Trade receivables: -€24,378
- Tangible fixed assets -€11,945
down €11,945 (-18.9%), from €63,169 to €51,224
of which Other tangible fixed assets: -€10,980
- Cash +€2,888
up €2,888 (+159.3%), from €1,812 to €4,700
mainly Current portion of long-term debt (+€43,465) and Receivables within one year (+€39,234)
- Short-term financial debts -€68,757
down €68,757 (-73.3%), from €93,757 to €25,000
of which Credit institutions: -€68,757
- Current portion of long-term debt +€43,465
new in 2025: €43,465
- Reserves -€17,500
down €17,500 (-37.6%), from €46,581 to €29,081
- Tax, wage and social debts -€12,541
down €12,541 (-20.6%), from €60,981 to €48,440
of which Taxes: -€8,509
- Other debts +€10,655
up €10,655 (+105.4%), from €10,109 to €20,763
- Staff costs -€5,544
down €5,544 (-1.8%), from €312,213 to €306,669
- Other operating charges -€3,612
down €3,612 (-74.2%), from €4,870 to €1,257
- Gross operating margin -€3,486
down €3,486 (-1.0%), from €346,103 to €342,617
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.
Cash bridge derived
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 | €265,966 | €217,674 | -€48,292 | -18.2% |
| Fixed assets | 21/28 | €63,169 | €51,224 | -€11,945 | -18.9% |
| Tangible fixed assets | 22/27 | €63,169 | €51,224 | -€11,945 | -18.9% |
| Furniture and vehicles | 24 | €1,448 | €483 | -€965 | -66.7% |
| Other tangible fixed assets | 26 | €61,721 | €50,742 | -€10,980 | -17.8% |
| Current assets | 29/58 | €202,796 | €166,450 | -€36,347 | -17.9% |
| Amounts receivable within one year | 40/41 | €200,984 | €161,749 | -€39,234 | -19.5% |
| Trade receivables | 40 | €50,498 | €26,120 | -€24,378 | -48.3% |
| Other amounts receivable | 41 | €150,486 | €135,629 | -€14,857 | -9.9% |
| Cash at bank and in hand | 54/58 | €1,812 | €4,700 | +€2,888 | +159.3% |
| Total equity and liabilities | 10/49 | €265,966 | €217,674 | -€48,292 | -18.2% |
| Equity | 10/15 | €65,472 | €47,972 | -€17,500 | -26.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,581 | €29,081 | -€17,500 | -37.6% |
| Distributable reserves | 133 | €46,581 | €29,081 | -€17,500 | -37.6% |
| Profit (loss) carried forward | 14 | €291 | €291 | = | 0.0% |
| Amounts payable | 17/49 | €200,494 | €169,702 | -€30,791 | -15.4% |
| Amounts payable within one year | 42/48 | €200,494 | €169,702 | -€30,791 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | - | €43,465 | +€43,465 | |
| Financial debts | 43 | €93,757 | €25,000 | -€68,757 | -73.3% |
| Credit institutions | 430/8 | €68,757 | - | -€68,757 | |
| Other loans | 439 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €35,647 | €32,034 | -€3,613 | -10.1% |
| Suppliers | 440/4 | €35,647 | €32,034 | -€3,613 | -10.1% |
| Taxes, remuneration and social security | 45 | €60,981 | €48,440 | -€12,541 | -20.6% |
| Taxes | 450/3 | €33,617 | €25,108 | -€8,509 | -25.3% |
| Remuneration and social security | 454/9 | €27,363 | €23,332 | -€4,032 | -14.7% |
| Other amounts payable | 47/48 | €10,109 | €20,763 | +€10,655 | +105.4% |
| Remuneration, social security and pensions | 62 | €312,213 | €306,669 | -€5,544 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,246 | €11,945 | -€301 | -2.5% |
| Other operating charges | 640/8 | €4,870 | €1,257 | -€3,612 | -74.2% |
| Gross operating margin | 9900 | €346,103 | €342,617 | -€3,486 | -1.0% |
| Operating profit (loss) | 9901 | €16,774 | €22,745 | +€5,972 | +35.6% |
| Financial income | 75/76B | €28 | €0 | -€28 | -99.8% |
| Recurring financial income | 75 | €28 | €0 | -€28 | -99.8% |
| Financial charges | 65/66B | €15,352 | €17,195 | +€1,842 | +12.0% |
| Recurring financial charges | 65 | €15,352 | €17,093 | +€1,740 | +11.3% |
| Non-recurring financial charges | 66B | - | €102 | +€102 | |
| Profit (loss) for the period before taxes | 9903 | €1,449 | €5,551 | +€4,102 | +283.1% |
| Income taxes | 67/77 | €909 | €2,288 | +€1,379 | +151.7% |
| Profit (loss) for the period | 9904 | €540 | €3,263 | +€2,723 | +504.4% |
| Profit (loss) for the period to be appropriated | 9905 | €540 | €3,263 | +€2,723 | +504.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.