ES-Build: 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-Build
Largest movements
- Stocks and contracts +€188,642
up €188,642 (+11,179%), from €1,688 to €190,330
- Cash -€23,684
down €23,684 (-16.5%), from €143,171 to €119,487
mainly Stocks and contracts (-€188,642) and Contributions, distributions and other (-€158,835)
- Tangible fixed assets -€11,387
down €11,387 (-31.6%), from €36,041 to €24,653
of which Furniture and vehicles: -€11,100
- Short-term financial debts +€122,000
new in 2025: €122,000
- Other debts +€76,956
up €76,956 (+177,400%), from €43 to €77,000
- Reserves -€68,750
down €68,750 (-39.5%), from €174,200 to €105,450
- Tax, wage and social debts +€16,428
up €16,428 (+88.2%), from €18,623 to €35,051
- Trade debts +€8,053
up €8,053 (+17.3%), from €46,623 to €54,676
- Gross operating margin +€40,600
up €40,600 (+40.2%), from €100,879 to €141,480
- Other operating charges +€11,145
up €11,145 (+784%), from €1,422 to €12,568
- Taxes +€7,126
up €7,126 (+39.1%), from €18,248 to €25,374
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 | €241,490 | €396,176 | +€154,686 | +64.1% |
| Fixed assets | 21/28 | €36,041 | €24,653 | -€11,387 | -31.6% |
| Tangible fixed assets | 22/27 | €36,041 | €24,653 | -€11,387 | -31.6% |
| Furniture and vehicles | 24 | €30,184 | €19,084 | -€11,100 | -36.8% |
| Other tangible fixed assets | 26 | €5,856 | €5,569 | -€287 | -4.9% |
| Current assets | 29/58 | €205,449 | €371,523 | +€166,074 | +80.8% |
| Amounts receivable after more than one year | 29 | €31,000 | €31,000 | = | 0.0% |
| Other amounts receivable | 291 | €31,000 | €31,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,688 | €190,330 | +€188,642 | +11,179% |
| Stocks | 30/36 | €1,688 | €190,330 | +€188,642 | +11,179% |
| Amounts receivable within one year | 40/41 | €27,165 | €28,327 | +€1,162 | +4.3% |
| Trade receivables | 40 | €20,413 | €21,574 | +€1,162 | +5.7% |
| Other amounts receivable | 41 | €6,752 | €6,752 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €143,171 | €119,487 | -€23,684 | -16.5% |
| Deferred charges and accrued income | 490/1 | €2,426 | €2,379 | -€46 | -1.9% |
| Total equity and liabilities | 10/49 | €241,490 | €396,176 | +€154,686 | +64.1% |
| Equity | 10/15 | €176,200 | €107,450 | -€68,750 | -39.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €174,200 | €105,450 | -€68,750 | -39.5% |
| Distributable reserves | 133 | €174,200 | €105,450 | -€68,750 | -39.5% |
| Amounts payable | 17/49 | €65,290 | €288,726 | +€223,436 | +342% |
| Amounts payable within one year | 42/48 | €65,290 | €288,726 | +€223,436 | +342% |
| Financial debts | 43 | - | €122,000 | +€122,000 | |
| Credit institutions | 430/8 | - | €122,000 | +€122,000 | |
| Trade debts | 44 | €46,623 | €54,676 | +€8,053 | +17.3% |
| Suppliers | 440/4 | €46,623 | €54,676 | +€8,053 | +17.3% |
| Taxes, remuneration and social security | 45 | €18,623 | €35,051 | +€16,428 | +88.2% |
| Taxes | 450/3 | €18,623 | €35,051 | +€16,428 | +88.2% |
| Other amounts payable | 47/48 | €43 | €77,000 | +€76,956 | +177,400% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,010 | €13,350 | +€340 | +2.6% |
| Other operating charges | 640/8 | €1,422 | €12,568 | +€11,145 | +784% |
| Gross operating margin | 9900 | €100,879 | €141,480 | +€40,600 | +40.2% |
| Operating profit (loss) | 9901 | €86,447 | €115,562 | +€29,115 | +33.7% |
| Financial income | 75/76B | €620 | €620 | -€0 | 0.0% |
| Recurring financial income | 75 | €620 | €620 | -€0 | 0.0% |
| Financial charges | 65/66B | €662 | €723 | +€61 | +9.2% |
| Recurring financial charges | 65 | €662 | €723 | +€61 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €86,405 | €115,459 | +€29,054 | +33.6% |
| Income taxes | 67/77 | €18,248 | €25,374 | +€7,126 | +39.1% |
| Profit (loss) for the period | 9904 | €68,157 | €90,085 | +€21,928 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,157 | €90,085 | +€21,928 | +32.2% |
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 20 October 2026 via checked.be.