ES: 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.
ES
Largest movements
- Cash +€303,887
up €303,887 (+157.4%), from €193,120 to €497,007
mainly Investment in fixed assets (net) (+€203,650) and Stocks and contracts (+€125,582)
- Tangible fixed assets -€203,650
no longer reported in 2025 (was €203,650)
- Stocks and contracts -€125,582
down €125,582 (-38.9%), from €323,037 to €197,455
- Reserves -€34,702
down €34,702 (-5.0%), from €699,420 to €664,718
of which Distributable reserves: -€34,702
- Gross operating margin -€80,835
down €80,835 (-32.9%), from €245,935 to €165,101
- Taxes -€25,042
down €25,042 (-81.1%), from €30,864 to €5,822
- Staff costs -€13,078
down €13,078 (-9.5%), from €137,755 to €124,676
- Other operating charges +€5,766
up €5,766 (+42.6%), from €13,543 to €19,309
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 | €845,917 | €813,699 | -€32,218 | -3.8% |
| Fixed assets | 21/28 | €203,650 | - | -€203,650 | |
| Tangible fixed assets | 22/27 | €203,650 | - | -€203,650 | |
| Land and buildings | 22 | €203,650 | - | -€203,650 | |
| Current assets | 29/58 | €642,267 | €813,699 | +€171,432 | +26.7% |
| Stocks and contracts in progress | 3 | €323,037 | €197,455 | -€125,582 | -38.9% |
| Stocks | 30/36 | €323,037 | €197,455 | -€125,582 | -38.9% |
| Amounts receivable within one year | 40/41 | €25,762 | €18,785 | -€6,978 | -27.1% |
| Trade receivables | 40 | €25,627 | €4,315 | -€21,313 | -83.2% |
| Other amounts receivable | 41 | €135 | €14,470 | +€14,335 | +10618.6% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €193,120 | €497,007 | +€303,887 | +157.4% |
| Deferred charges and accrued income | 490/1 | €347 | €452 | +€104 | +30.0% |
| Total equity and liabilities | 10/49 | €845,917 | €813,699 | -€32,218 | -3.8% |
| Equity | 10/15 | €823,420 | €788,718 | -€34,702 | -4.2% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €699,420 | €664,718 | -€34,702 | -5.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €687,020 | €652,318 | -€34,702 | -5.1% |
| Amounts payable | 17/49 | €22,497 | €24,981 | +€2,484 | +11.0% |
| Amounts payable within one year | 42/48 | €22,497 | €24,981 | +€2,484 | +11.0% |
| Trade debts | 44 | €602 | €3,739 | +€3,137 | +521.0% |
| Suppliers | 440/4 | €602 | €3,739 | +€3,137 | +521.0% |
| Taxes, remuneration and social security | 45 | €19,985 | €13,002 | -€6,983 | -34.9% |
| Taxes | 450/3 | €9,925 | €3,994 | -€5,931 | -59.8% |
| Remuneration and social security | 454/9 | €10,060 | €9,008 | -€1,052 | -10.5% |
| Other amounts payable | 47/48 | €1,910 | €8,240 | +€6,330 | +331.4% |
| Non-recurring operating income | 76A | - | €51,381 | +€51,381 | |
| Remuneration, social security and pensions | 62 | €137,755 | €124,676 | -€13,078 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €568 | - | -€568 | |
| Other operating charges | 640/8 | €13,543 | €19,309 | +€5,766 | +42.6% |
| Non-recurring operating charges | 66A | €3,168 | - | -€3,168 | |
| Gross operating margin | 9900 | €245,935 | €165,101 | -€80,835 | -32.9% |
| Operating profit (loss) | 9901 | €90,901 | €21,115 | -€69,786 | -76.8% |
| Financial income | 75/76B | €2,699 | €526 | -€2,173 | -80.5% |
| Recurring financial income | 75 | €2,699 | €526 | -€2,173 | -80.5% |
| Financial charges | 65/66B | €933 | €1,021 | +€88 | +9.4% |
| Recurring financial charges | 65 | €933 | €1,021 | +€88 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €92,667 | €20,620 | -€72,047 | -77.7% |
| Income taxes | 67/77 | €30,864 | €5,822 | -€25,042 | -81.1% |
| Profit (loss) for the period | 9904 | €61,803 | €14,798 | -€47,005 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,803 | €14,798 | -€47,005 | -76.1% |
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 12 October 2026 via checked.be.