E.S.M PROJECT: 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.M PROJECT
Largest movements
- Receivables within one year +€21,639
up €21,639 (+980%), from €2,208 to €23,847
of which Other amounts receivable: +€23,819
- Cash -€2,759
down €2,759 (-25.5%), from €10,812 to €8,053
mainly Receivables within one year (-€21,639) and Other debts (-€1,750)
- Tangible fixed assets -€1,695
down €1,695 (-15.7%), from €10,811 to €9,116
of which Furniture and vehicles: -€1,695
- Deferred charges and accrued income +€1,174
new in 2025: €1,174
- Profit (loss) carried forward +€6,143
up €6,143 (+64.4%), from €9,535 to €15,679
- Tax, wage and social debts +€4,233
up €4,233 (+38.6%), from €10,957 to €15,190
of which Taxes: +€4,366
- Current portion of long-term debt +€3,973
new in 2025: €3,973
- Trade debts +€2,983
up €2,983 (+651%), from €458 to €3,440
- Debts after one year +€2,545
new in 2025: €2,545
- Turnover +€15,079
up €15,079 (+13.9%), from €108,370 to €123,449
- Gross operating margin +€12,132
up €12,132 (+74.8%), from €16,221 to €28,353
- Staff costs +€10,461
new in 2025: €10,461
- Purchases and services +€4,922
up €4,922 (+4.7%), from €103,833 to €108,755
- Other operating charges +€3,077
up €3,077 (+419%), from €734 to €3,811
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 | €24,700 | €42,827 | +€18,127 | +73.4% |
| Formation expenses | 20 | €869 | €637 | -€232 | -26.7% |
| Fixed assets | 21/28 | €10,811 | €9,116 | -€1,695 | -15.7% |
| Tangible fixed assets | 22/27 | €10,811 | €9,116 | -€1,695 | -15.7% |
| Furniture and vehicles | 24 | €10,811 | €9,116 | -€1,695 | -15.7% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Current assets | 29/58 | €13,020 | €33,074 | +€20,053 | +154% |
| Amounts receivable within one year | 40/41 | €2,208 | €23,847 | +€21,639 | +980% |
| Trade receivables | 40 | €2,180 | - | -€2,180 | |
| Other amounts receivable | 41 | €28 | €23,847 | +€23,819 | +84,254% |
| Cash at bank and in hand | 54/58 | €10,812 | €8,053 | -€2,759 | -25.5% |
| Deferred charges and accrued income | 490/1 | - | €1,174 | +€1,174 | |
| Total equity and liabilities | 10/49 | €24,700 | €42,827 | +€18,127 | +73.4% |
| Equity | 10/15 | €11,535 | €17,679 | +€6,143 | +53.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,535 | €15,679 | +€6,143 | +64.4% |
| Amounts payable | 17/49 | €13,165 | €25,148 | +€11,983 | +91.0% |
| Amounts payable after more than one year | 17 | - | €2,545 | +€2,545 | |
| Financial debts | 170/4 | - | €2,545 | +€2,545 | |
| Amounts payable within one year | 42/48 | €13,165 | €22,602 | +€9,438 | +71.7% |
| Current portion of amounts payable after more than one year | 42 | - | €3,973 | +€3,973 | |
| Trade debts | 44 | €458 | €3,440 | +€2,983 | +651% |
| Suppliers | 440/4 | €458 | €3,440 | +€2,983 | +651% |
| Taxes, remuneration and social security | 45 | €10,957 | €15,190 | +€4,233 | +38.6% |
| Taxes | 450/3 | €7,657 | €12,023 | +€4,366 | +57.0% |
| Remuneration and social security | 454/9 | €3,300 | €3,166 | -€134 | -4.1% |
| Other amounts payable | 47/48 | €1,750 | €0 | -€1,750 | -100% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Turnover | 70 | €108,370 | €123,449 | +€15,079 | +13.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €103,833 | €108,755 | +€4,922 | +4.7% |
| Remuneration, social security and pensions | 62 | - | €10,461 | +€10,461 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,172 | €1,927 | +€755 | +64.5% |
| Other operating charges | 640/8 | €734 | €3,811 | +€3,077 | +419% |
| Gross operating margin | 9900 | €16,221 | €28,353 | +€12,132 | +74.8% |
| Operating profit (loss) | 9901 | €14,316 | €12,154 | -€2,162 | -15.1% |
| Financial income | 75/76B | €2 | €19 | +€17 | +733% |
| Recurring financial income | 75 | €2 | €19 | +€17 | +733% |
| Financial charges | 65/66B | €934 | €2,006 | +€1,072 | +115% |
| Recurring financial charges | 65 | €934 | €2,006 | +€1,072 | +115% |
| Profit (loss) for the period before taxes | 9903 | €13,384 | €10,167 | -€3,217 | -24.0% |
| Income taxes | 67/77 | €3,849 | €3,935 | +€87 | +2.3% |
| Profit (loss) for the period | 9904 | €9,535 | €6,232 | -€3,304 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,535 | €6,232 | -€3,304 | -34.6% |
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 30 October 2026 via checked.be.