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
- Receivables within one year -€129,054
down €129,054 (-12.4%), from €1.0m to €913,730
of which Other amounts receivable: -€90,851
- Reserves -€310,178
down €310,178 (-38.1%), from €815,068 to €504,890
of which Distributable reserves: -€310,178
- Other debts +€205,521
up €205,521 (+753%), from €27,285 to €232,806
- Trade debts -€47,802
down €47,802 (-40.5%), from €118,000 to €70,197
- Short-term financial debts +€23,790
up €23,790 (+196%), from €12,115 to €35,905
of which Credit institutions: +€23,432
- Gross operating margin +€11,420
up €11,420 (+28.2%), from €40,430 to €51,851
- Financial income -€5,511
down €5,511 (-9.8%), from €55,970 to €50,459
- Other operating charges -€2,667
down €2,667 (-67.0%), from €3,979 to €1,311
- Taxes +€1,827
up €1,827 (+6.2%), from €29,532 to €31,358
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 | €1,052,780 | €925,241 | -€127,539 | -12.1% |
| Fixed assets | 21/28 | €4,493 | €3,749 | -€744 | -16.6% |
| Tangible fixed assets | 22/27 | €4,367 | €3,623 | -€744 | -17.0% |
| Plant, machinery and equipment | 23 | €323 | €109 | -€214 | -66.2% |
| Furniture and vehicles | 24 | €853 | €389 | -€464 | -54.4% |
| Other tangible fixed assets | 26 | €3,191 | €3,125 | -€66 | -2.1% |
| Financial fixed assets | 28 | €126 | €126 | = | 0.0% |
| Current assets | 29/58 | €1,048,287 | €921,492 | -€126,795 | -12.1% |
| Amounts receivable within one year | 40/41 | €1,042,784 | €913,730 | -€129,054 | -12.4% |
| Trade receivables | 40 | €132,027 | €93,824 | -€38,203 | -28.9% |
| Other amounts receivable | 41 | €910,757 | €819,906 | -€90,851 | -10.0% |
| Cash at bank and in hand | 54/58 | €3,199 | €6,182 | +€2,983 | +93.3% |
| Deferred charges and accrued income | 490/1 | €2,305 | €1,581 | -€724 | -31.4% |
| Total equity and liabilities | 10/49 | €1,052,780 | €925,241 | -€127,539 | -12.1% |
| Equity | 10/15 | €885,778 | €575,600 | -€310,178 | -35.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €815,068 | €504,890 | -€310,178 | -38.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,970 | €2,970 | = | 0.0% |
| Distributable reserves | 133 | €810,098 | €499,920 | -€310,178 | -38.3% |
| Profit (loss) carried forward | 14 | €50,710 | €50,710 | = | 0.0% |
| Amounts payable | 17/49 | €167,002 | €349,641 | +€182,639 | +109% |
| Amounts payable within one year | 42/48 | €166,801 | €349,603 | +€182,802 | +110% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €0 | -€5,000 | -100% |
| Financial debts | 43 | €12,115 | €35,905 | +€23,790 | +196% |
| Credit institutions | 430/8 | €11,686 | €35,118 | +€23,432 | +201% |
| Other loans | 439 | €429 | €787 | +€358 | +83.5% |
| Trade debts | 44 | €118,000 | €70,197 | -€47,802 | -40.5% |
| Suppliers | 440/4 | €118,000 | €70,197 | -€47,802 | -40.5% |
| Taxes, remuneration and social security | 45 | €4,401 | €10,694 | +€6,293 | +143% |
| Taxes | 450/3 | €4,401 | €10,694 | +€6,293 | +143% |
| Other amounts payable | 47/48 | €27,285 | €232,806 | +€205,521 | +753% |
| Accrued charges and deferred income | 492/3 | €201 | €38 | -€163 | -81.0% |
| Non-recurring operating income | 76A | €476 | €0 | -€476 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €810 | €744 | -€66 | -8.1% |
| Other operating charges | 640/8 | €3,979 | €1,311 | -€2,667 | -67.0% |
| Non-recurring operating charges | 66A | €89 | €6,708 | +€6,619 | +7,396% |
| Gross operating margin | 9900 | €40,430 | €51,851 | +€11,420 | +28.2% |
| Operating profit (loss) | 9901 | €35,552 | €43,087 | +€7,535 | +21.2% |
| Financial income | 75/76B | €55,970 | €50,459 | -€5,511 | -9.8% |
| Recurring financial income | 75 | €55,970 | €50,459 | -€5,511 | -9.8% |
| Financial charges | 65/66B | €4,325 | €4,615 | +€290 | +6.7% |
| Recurring financial charges | 65 | €4,325 | €4,615 | +€290 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €87,197 | €88,931 | +€1,733 | +2.0% |
| Income taxes | 67/77 | €29,532 | €31,358 | +€1,827 | +6.2% |
| Profit (loss) for the period | 9904 | €57,666 | €57,573 | -€93 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,666 | €57,573 | -€93 | -0.2% |
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 16 October 2026 via checked.be.