E.S.B.: 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.
E.S.B.
Largest movements
- Tangible fixed assets +€904,650
up €904,650 (+101%), from €896,902 to €1.8m
- Stocks and contracts +€24,207
up €24,207 (+5.6%), from €429,821 to €454,028
- Revaluation surpluses +€701,438
new in 2025: €701,438
- Provisions +€233,813
new in 2025: €233,813
- Other debts +€24,155
up €24,155 (+7.1%), from €340,864 to €365,019
- Debts after one year -€23,125
down €23,125 (-2.9%), from €792,297 to €769,172
- Gross operating margin -€11,643
down €11,643 (-20.7%), from €56,319 to €44,676
- Other operating charges -€2,255
down €2,255 (-32.0%), from €7,056 to €4,801
- Financial charges -€597
down €597 (-3.2%), from €18,665 to €18,067
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 | €1,327,203 | €2,259,850 | +€932,647 | +70.3% |
| Fixed assets | 21/28 | €896,902 | €1,801,552 | +€904,650 | +101% |
| Tangible fixed assets | 22/27 | €896,902 | €1,801,552 | +€904,650 | +101% |
| Land and buildings | 22 | €896,902 | €1,801,552 | +€904,650 | +101% |
| Current assets | 29/58 | €430,301 | €458,298 | +€27,997 | +6.5% |
| Stocks and contracts in progress | 3 | €429,821 | €454,028 | +€24,207 | +5.6% |
| Stocks | 30/36 | €429,821 | €454,028 | +€24,207 | +5.6% |
| Amounts receivable within one year | 40/41 | €180 | €180 | = | 0.0% |
| Other amounts receivable | 41 | €180 | €180 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €300 | €4,090 | +€3,790 | +1,265% |
| Total equity and liabilities | 10/49 | €1,327,203 | €2,259,850 | +€932,647 | +70.3% |
| Equity | 10/15 | -€121,764 | €570,881 | +€692,645 | |
| Contributions | 10/11 | €6,396 | €6,396 | = | 0.0% |
| Capital | 10 | €6,396 | €6,396 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €12,196 | €12,196 | = | 0.0% |
| Revaluation surpluses | 12 | - | €701,438 | +€701,438 | |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€130,019 | -€138,812 | -€8,793 | -6.8% |
| Provisions and deferred taxes | 16 | - | €233,813 | +€233,813 | |
| Deferred taxes | 168 | - | €233,813 | +€233,813 | |
| Amounts payable | 17/49 | €1,448,967 | €1,455,157 | +€6,190 | +0.4% |
| Amounts payable after more than one year | 17 | €792,297 | €769,172 | -€23,125 | -2.9% |
| Financial debts | 170/4 | €792,297 | €769,172 | -€23,125 | -2.9% |
| Amounts payable within one year | 42/48 | €656,671 | €685,985 | +€29,314 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €49,285 | €50,368 | +€1,082 | +2.2% |
| Financial debts | 43 | €262,000 | €262,000 | = | 0.0% |
| Credit institutions | 430/8 | €262,000 | €262,000 | = | 0.0% |
| Trade debts | 44 | €4,521 | €8,598 | +€4,077 | +90.2% |
| Suppliers | 440/4 | €4,521 | €8,598 | +€4,077 | +90.2% |
| Other amounts payable | 47/48 | €340,864 | €365,019 | +€24,155 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,483 | €30,600 | +€118 | +0.4% |
| Other operating charges | 640/8 | €7,056 | €4,801 | -€2,255 | -32.0% |
| Gross operating margin | 9900 | €56,319 | €44,676 | -€11,643 | -20.7% |
| Operating profit (loss) | 9901 | €18,780 | €9,275 | -€9,506 | -50.6% |
| Financial charges | 65/66B | €18,665 | €18,067 | -€597 | -3.2% |
| Recurring financial charges | 65 | €18,665 | €18,067 | -€597 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €116 | -€8,793 | -€8,908 | |
| Profit (loss) for the period | 9904 | €116 | -€8,793 | -€8,908 | |
| Profit (loss) for the period to be appropriated | 9905 | €116 | -€8,793 | -€8,908 |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.