E.S.C.: 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.C.
Largest movements
- Receivables within one year +€550,548
up €550,548 (+266.6%), from €206,512 to €757,060
of which Other amounts receivable: +€536,488
- Cash -€335,755
down €335,755 (-45.4%), from €738,834 to €403,079
mainly Receivables within one year (-€550,548) and Investment in fixed assets (net) (-€26,063)
- Receivables after one year -€233,921
down €233,921 (-65.0%), from €360,000 to €126,079
No liability line moved by more than 1% of the balance sheet total.
- Other operating charges -€4,710
down €4,710 (-26.7%), from €17,650 to €12,940
- Gross operating margin -€2,684
down €2,684 (-21.8%), from €12,329 to €9,645
- Financial income +€2,468
up €2,468 (+20.7%), from €11,905 to €14,373
- Depreciation +€1,597
up €1,597 (+4.8%), from €33,167 to €34,764
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 | €2,556,239 | €2,528,418 | -€27,821 | -1.1% |
| Fixed assets | 21/28 | €1,250,587 | €1,241,886 | -€8,701 | -0.7% |
| Tangible fixed assets | 22/27 | €298,926 | €290,225 | -€8,701 | -2.9% |
| Land and buildings | 22 | €298,926 | €290,225 | -€8,701 | -2.9% |
| Financial fixed assets | 28 | €951,661 | €951,661 | = | 0.0% |
| Current assets | 29/58 | €1,305,652 | €1,286,532 | -€19,120 | -1.5% |
| Amounts receivable after more than one year | 29 | €360,000 | €126,079 | -€233,921 | -65.0% |
| Other amounts receivable | 291 | €360,000 | €126,079 | -€233,921 | -65.0% |
| Amounts receivable within one year | 40/41 | €206,512 | €757,060 | +€550,548 | +266.6% |
| Trade receivables | 40 | - | €14,060 | +€14,060 | |
| Other amounts receivable | 41 | €206,512 | €743,000 | +€536,488 | +259.8% |
| Cash at bank and in hand | 54/58 | €738,834 | €403,079 | -€335,755 | -45.4% |
| Deferred charges and accrued income | 490/1 | €306 | €315 | +€8 | +2.7% |
| Total equity and liabilities | 10/49 | €2,556,239 | €2,528,418 | -€27,821 | -1.1% |
| Equity | 10/15 | €2,552,135 | €2,528,418 | -€23,717 | -0.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €2,412,395 | €2,412,395 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €2,400,000 | €2,400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,767 | €54,050 | -€23,717 | -30.5% |
| Amounts payable | 17/49 | €4,104 | - | -€4,104 | |
| Amounts payable within one year | 42/48 | €4,104 | - | -€4,104 | |
| Trade debts | 44 | €4,104 | - | -€4,104 | |
| Suppliers | 440/4 | €4,104 | - | -€4,104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,167 | €34,764 | +€1,597 | +4.8% |
| Other operating charges | 640/8 | €17,650 | €12,940 | -€4,710 | -26.7% |
| Gross operating margin | 9900 | €12,329 | €9,645 | -€2,684 | -21.8% |
| Operating profit (loss) | 9901 | -€38,489 | -€38,060 | +€429 | +1.1% |
| Financial income | 75/76B | €11,905 | €14,373 | +€2,468 | +20.7% |
| Recurring financial income | 75 | €11,905 | €14,373 | +€2,468 | +20.7% |
| Financial charges | 65/66B | €43 | €30 | -€13 | -29.9% |
| Recurring financial charges | 65 | €43 | €30 | -€13 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | -€26,627 | -€23,717 | +€2,910 | +10.9% |
| Profit (loss) for the period | 9904 | -€26,627 | -€23,717 | +€2,910 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,627 | -€23,717 | +€2,910 | +10.9% |
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 2 October 2026 via checked.be.