E & SV: 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 & SV
Largest movements
- Cash -€110,117
down €110,117 (-55.0%), from €200,037 to €89,920
mainly Other debts (-€113,500) and Investment in fixed assets (net) (-€74,744)
- Receivables within one year -€83,968
down €83,968 (-46.8%), from €179,238 to €95,270
of which Other amounts receivable: -€89,714
- Current investments +€60,000
up €60,000 (+50.0%), from €120,000 to €180,000
- Tangible fixed assets +€37,541
up €37,541 (+7.4%), from €504,342 to €541,883
of which Furniture and vehicles: +€59,673
- Financial fixed assets +€12,000
up €12,000 (+18,462%), from €65 to €12,065
- Other debts -€113,500
no longer reported in 2025 (was €113,500)
- Reserves +€55,664
up €55,664 (+7.2%), from €768,957 to €824,621
of which Distributable reserves: +€55,664
- Debts after one year -€23,478
down €23,478 (-27.5%), from €85,314 to €61,836
- Gross operating margin -€128,784
down €128,784 (-50.8%), from €253,648 to €124,864
- Taxes -€37,075
down €37,075 (-58.1%), from €63,818 to €26,743
- Financial charges +€13,904
up €13,904 (+233%), from €5,975 to €19,879
of which Non-recurring financial charges: +€13,777
- Financial income -€3,006
down €3,006 (-34.0%), from €8,835 to €5,829
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 | €1,050,255 | €961,324 | -€88,931 | -8.5% |
| Fixed assets | 21/28 | €504,407 | €553,948 | +€49,541 | +9.8% |
| Tangible fixed assets | 22/27 | €504,342 | €541,883 | +€37,541 | +7.4% |
| Land and buildings | 22 | €491,185 | €470,774 | -€20,411 | -4.2% |
| Plant, machinery and equipment | 23 | €8,262 | €6,541 | -€1,721 | -20.8% |
| Furniture and vehicles | 24 | €4,896 | €64,568 | +€59,673 | +1,219% |
| Financial fixed assets | 28 | €65 | €12,065 | +€12,000 | +18,462% |
| Current assets | 29/58 | €545,847 | €407,376 | -€138,472 | -25.4% |
| Amounts receivable after more than one year | 29 | €35,430 | €35,430 | = | 0.0% |
| Other amounts receivable | 291 | €35,430 | €35,430 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €179,238 | €95,270 | -€83,968 | -46.8% |
| Trade receivables | 40 | €30,358 | €36,103 | +€5,745 | +18.9% |
| Other amounts receivable | 41 | €148,880 | €59,167 | -€89,714 | -60.3% |
| Current investments | 50/53 | €120,000 | €180,000 | +€60,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €200,037 | €89,920 | -€110,117 | -55.0% |
| Deferred charges and accrued income | 490/1 | €11,141 | €6,756 | -€4,386 | -39.4% |
| Total equity and liabilities | 10/49 | €1,050,255 | €961,324 | -€88,931 | -8.5% |
| Equity | 10/15 | €775,157 | €830,821 | +€55,664 | +7.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €768,957 | €824,621 | +€55,664 | +7.2% |
| Tax-exempt reserves | 132 | €147,928 | €147,928 | = | 0.0% |
| Distributable reserves | 133 | €621,029 | €676,693 | +€55,664 | +9.0% |
| Amounts payable | 17/49 | €275,097 | €130,503 | -€144,595 | -52.6% |
| Amounts payable after more than one year | 17 | €85,314 | €61,836 | -€23,478 | -27.5% |
| Financial debts | 170/4 | €85,314 | €61,836 | -€23,478 | -27.5% |
| Amounts payable within one year | 42/48 | €189,783 | €68,666 | -€121,117 | -63.8% |
| Current portion of amounts payable after more than one year | 42 | €29,569 | €23,478 | -€6,091 | -20.6% |
| Trade debts | 44 | €5,718 | - | -€5,718 | |
| Suppliers | 440/4 | €5,718 | - | -€5,718 | |
| Taxes, remuneration and social security | 45 | €40,996 | €45,188 | +€4,192 | +10.2% |
| Taxes | 450/3 | €40,996 | €45,188 | +€4,192 | +10.2% |
| Other amounts payable | 47/48 | €113,500 | - | -€113,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,868 | €25,203 | +€1,335 | +5.6% |
| Other operating charges | 640/8 | €2,154 | €3,204 | +€1,049 | +48.7% |
| Gross operating margin | 9900 | €253,648 | €124,864 | -€128,784 | -50.8% |
| Operating profit (loss) | 9901 | €227,626 | €96,457 | -€131,169 | -57.6% |
| Financial income | 75/76B | €8,835 | €5,829 | -€3,006 | -34.0% |
| Recurring financial income | 75 | €8,835 | €5,829 | -€3,006 | -34.0% |
| Financial charges | 65/66B | €5,975 | €19,879 | +€13,904 | +233% |
| Recurring financial charges | 65 | €5,975 | €6,102 | +€127 | +2.1% |
| Non-recurring financial charges | 66B | - | €13,777 | +€13,777 | |
| Profit (loss) for the period before taxes | 9903 | €230,486 | €82,407 | -€148,078 | -64.2% |
| Income taxes | 67/77 | €63,818 | €26,743 | -€37,075 | -58.1% |
| Profit (loss) for the period | 9904 | €166,668 | €55,664 | -€111,004 | -66.6% |
| Transfer to tax-exempt reserves | 689 | €63,150 | - | -€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €103,518 | €55,664 | -€47,854 | -46.2% |
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 29 October 2026 via checked.be.