E.S.B.: 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.B.
Largest movements
- Receivables within one year -€192,560
down €192,560 (-31.4%), from €613,826 to €421,266
- Cash -€52,379
down €52,379 (-32.7%), from €160,184 to €107,805
mainly Contributions, distributions and other (-€195,900) and Net result for the year (-€53,341)
- Reserves -€249,241
down €249,241 (-12.4%), from €2.0m to €1.8m
of which Distributable reserves: -€249,241
- Financial income -€823,218
down €823,218 (-99.8%), from €824,647 to €1,429
- Gross operating margin -€17,266
down €17,266 (-161.4%), from -€10,695 to -€27,961
- Financial charges -€10,269
down €10,269 (-98.1%), from €10,464 to €195
- Other operating charges +€7,117
up €7,117 (+37.8%), from €18,845 to €25,962
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 | €2,075,822 | €1,830,883 | -€244,939 | -11.8% |
| Fixed assets | 21/28 | €1,301,813 | €1,301,813 | = | 0.0% |
| Tangible fixed assets | 22/27 | €516,506 | €516,506 | = | 0.0% |
| Land and buildings | 22 | €205,607 | €205,607 | = | 0.0% |
| Other tangible fixed assets | 26 | €310,899 | €310,899 | = | 0.0% |
| Financial fixed assets | 28 | €785,306 | €785,306 | = | 0.0% |
| Current assets | 29/58 | €774,010 | €529,071 | -€244,939 | -31.6% |
| Amounts receivable within one year | 40/41 | €613,826 | €421,266 | -€192,560 | -31.4% |
| Other amounts receivable | 41 | €613,826 | €421,266 | -€192,560 | -31.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €160,184 | €107,805 | -€52,379 | -32.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,075,822 | €1,830,883 | -€244,939 | -11.8% |
| Equity | 10/15 | €2,074,143 | €1,824,902 | -€249,241 | -12.0% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €2,004,143 | €1,754,902 | -€249,241 | -12.4% |
| Non-distributable reserves | 130/1 | €34,650 | €34,650 | = | 0.0% |
| Legal reserve | 130 | €34,650 | €34,650 | = | 0.0% |
| Distributable reserves | 133 | €1,969,493 | €1,720,252 | -€249,241 | -12.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,680 | €5,982 | +€4,302 | +256.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,680 | €5,982 | +€4,302 | +256.2% |
| Trade debts | 44 | €1,680 | €5,758 | +€4,078 | +242.8% |
| Suppliers | 440/4 | €1,680 | €5,758 | +€4,078 | +242.8% |
| Taxes, remuneration and social security | 45 | - | €224 | +€224 | |
| Taxes | 450/3 | - | €224 | +€224 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €18,845 | €25,962 | +€7,117 | +37.8% |
| Gross operating margin | 9900 | -€10,695 | -€27,961 | -€17,266 | -161.4% |
| Operating profit (loss) | 9901 | -€29,540 | -€53,923 | -€24,383 | -82.5% |
| Financial income | 75/76B | €824,647 | €1,429 | -€823,218 | -99.8% |
| Recurring financial income | 75 | €824,647 | €1,429 | -€823,218 | -99.8% |
| Financial charges | 65/66B | €10,464 | €195 | -€10,269 | -98.1% |
| Recurring financial charges | 65 | €10,464 | €195 | -€10,269 | -98.1% |
| Profit (loss) for the period before taxes | 9903 | €784,644 | -€52,688 | -€837,332 | |
| Income taxes | 67/77 | €767 | €653 | -€114 | -14.9% |
| Profit (loss) for the period | 9904 | €783,877 | -€53,341 | -€837,218 | |
| Profit (loss) for the period to be appropriated | 9905 | €783,877 | -€53,341 | -€837,218 |
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 5 October 2026 via checked.be.