E.S.D.: what changed
E.S.D.
Largest movements
- Cash -€167,901
down €167,901 (-45.4%), from €370,082 to €202,180
mainly Debts after one year (-€103,094) and Investment in fixed assets (net) (-€60,795)
- Receivables within one year +€44,447
up €44,447 (+33.6%), from €132,402 to €176,849
of which Trade receivables: +€79,971
- Tangible fixed assets -€28,561
down €28,561 (-2.2%), from €1.3m to €1.3m
of which Land and buildings: -€25,683
- Debts after one year -€103,094
down €103,094 (-21.6%), from €476,920 to €373,826
- Accrued charges and deferred income -€37,248
down €37,248 (-58.6%), from €63,588 to €26,340
- Other debts -€27,150
down €27,150 (-7.0%), from €385,602 to €358,452
- Current portion of long-term debt -€21,132
down €21,132 (-17.0%), from €124,225 to €103,094
- Gross operating margin -€106,149
down €106,149 (-23.3%), from €455,361 to €349,211
- Taxes -€25,672
down €25,672 (-78.0%), from €32,915 to €7,243
- Staff costs -€22,030
down €22,030 (-10.6%), from €207,555 to €185,526
- Depreciation +€11,613
up €11,613 (+14.9%), from €77,744 to €89,356
- Financial charges -€7,493
down €7,493 (-16.8%), from €44,626 to €37,133
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,998,273 | €1,832,457 | -€165,816 | -8.3% |
| Fixed assets | 21/28 | €1,293,302 | €1,264,741 | -€28,561 | -2.2% |
| Tangible fixed assets | 22/27 | €1,293,167 | €1,264,606 | -€28,561 | -2.2% |
| Land and buildings | 22 | €1,116,035 | €1,090,352 | -€25,683 | -2.3% |
| Plant, machinery and equipment | 23 | €42,740 | €35,126 | -€7,614 | -17.8% |
| Furniture and vehicles | 24 | €134,392 | €139,127 | +€4,735 | +3.5% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €704,971 | €567,717 | -€137,254 | -19.5% |
| Stocks and contracts in progress | 3 | €194,000 | €181,000 | -€13,000 | -6.7% |
| Stocks | 30/36 | €194,000 | €170,000 | -€24,000 | -12.4% |
| Contracts in progress | 37 | €0 | €11,000 | +€11,000 | |
| Amounts receivable within one year | 40/41 | €132,402 | €176,849 | +€44,447 | +33.6% |
| Trade receivables | 40 | €82,195 | €162,166 | +€79,971 | +97.3% |
| Other amounts receivable | 41 | €50,207 | €14,683 | -€35,524 | -70.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €370,082 | €202,180 | -€167,901 | -45.4% |
| Deferred charges and accrued income | 490/1 | €8,487 | €7,687 | -€800 | -9.4% |
| Total equity and liabilities | 10/49 | €1,998,273 | €1,832,457 | -€165,816 | -8.3% |
| Equity | 10/15 | €867,815 | €887,055 | +€19,240 | +2.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €847,815 | €867,055 | +€19,240 | +2.3% |
| Distributable reserves | 133 | €847,815 | €867,055 | +€19,240 | +2.3% |
| Amounts payable | 17/49 | €1,130,458 | €945,402 | -€185,056 | -16.4% |
| Amounts payable after more than one year | 17 | €476,920 | €373,826 | -€103,094 | -21.6% |
| Financial debts | 170/4 | €476,920 | €373,826 | -€103,094 | -21.6% |
| Amounts payable within one year | 42/48 | €589,951 | €545,237 | -€44,714 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €124,225 | €103,094 | -€21,132 | -17.0% |
| Trade debts | 44 | €53,114 | €63,473 | +€10,359 | +19.5% |
| Suppliers | 440/4 | €53,114 | €63,473 | +€10,359 | +19.5% |
| Taxes, remuneration and social security | 45 | €27,010 | €20,218 | -€6,792 | -25.1% |
| Taxes | 450/3 | €14,845 | €2,365 | -€12,480 | -84.1% |
| Remuneration and social security | 454/9 | €12,165 | €17,853 | +€5,688 | +46.8% |
| Other amounts payable | 47/48 | €385,602 | €358,452 | -€27,150 | -7.0% |
| Accrued charges and deferred income | 492/3 | €63,588 | €26,340 | -€37,248 | -58.6% |
| Remuneration, social security and pensions | 62 | €207,555 | €185,526 | -€22,030 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,744 | €89,356 | +€11,613 | +14.9% |
| Other operating charges | 640/8 | €11,693 | €11,468 | -€225 | -1.9% |
| Gross operating margin | 9900 | €455,361 | €349,211 | -€106,149 | -23.3% |
| Operating profit (loss) | 9901 | €158,369 | €62,862 | -€95,508 | -60.3% |
| Financial income | 75/76B | €1,579 | €754 | -€825 | -52.2% |
| Recurring financial income | 75 | €1,579 | €754 | -€825 | -52.2% |
| Financial charges | 65/66B | €44,626 | €37,133 | -€7,493 | -16.8% |
| Recurring financial charges | 65 | €44,626 | €37,133 | -€7,493 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €115,322 | €26,483 | -€88,839 | -77.0% |
| Income taxes | 67/77 | €32,915 | €7,243 | -€25,672 | -78.0% |
| Profit (loss) for the period | 9904 | €82,408 | €19,240 | -€63,168 | -76.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,408 | €19,240 | -€63,168 | -76.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.