ES&CC: 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&CC
Largest movements
- Current investments +€545,032
up €545,032 (+19.2%), from €2.8m to €3.4m
- Cash +€481,401
up €481,401 (+94.0%), from €512,105 to €993,506
mainly Net result for the year (+€1.0m) and Tax, wage and social debts (+€94,835)
- Receivables within one year +€51,634
up €51,634 (+254.8%), from €20,263 to €71,896
of which Other amounts receivable: +€47,507
- Reserves +€885,638
up €885,638 (+26.0%), from €3.4m to €4.3m
of which Distributable reserves: +€780,388
- Tax, wage and social debts +€94,835
up €94,835 (+95.7%), from €99,112 to €193,947
- Other debts +€87,735
up €87,735 (+199.8%), from €43,916 to €131,651
- Gross operating margin -€101,828
down €101,828 (-19.0%), from €535,219 to €433,391
- Financial income -€83,856
down €83,856 (-9.3%), from €897,498 to €813,643
- Taxes -€58,097
down €58,097 (-22.2%), from €261,186 to €203,089
- Financial charges +€15,500
up €15,500 (+249.8%), from €6,204 to €21,704
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 | €3,568,774 | €4,635,269 | +€1.1m | +29.9% |
| Fixed assets | 21/28 | €152,283 | €158,257 | +€5,974 | +3.9% |
| Tangible fixed assets | 22/27 | €2,562 | €8,536 | +€5,974 | +233.2% |
| Land and buildings | 22 | €1,062 | €8,536 | +€7,474 | +703.9% |
| Other tangible fixed assets | 26 | €1,500 | €0 | -€1,500 | -100.0% |
| Financial fixed assets | 28 | €149,722 | €149,722 | = | 0.0% |
| Current assets | 29/58 | €3,416,490 | €4,477,012 | +€1.1m | +31.0% |
| Stocks and contracts in progress | 3 | €40,795 | €33,159 | -€7,636 | -18.7% |
| Stocks | 30/36 | €40,795 | €33,159 | -€7,636 | -18.7% |
| Amounts receivable within one year | 40/41 | €20,263 | €71,896 | +€51,634 | +254.8% |
| Trade receivables | 40 | €20,263 | €24,389 | +€4,127 | +20.4% |
| Other amounts receivable | 41 | €0 | €47,507 | +€47,507 | |
| Current investments | 50/53 | €2,832,627 | €3,377,659 | +€545,032 | +19.2% |
| Cash at bank and in hand | 54/58 | €512,105 | €993,506 | +€481,401 | +94.0% |
| Deferred charges and accrued income | 490/1 | €10,701 | €791 | -€9,909 | -92.6% |
| Total equity and liabilities | 10/49 | €3,568,774 | €4,635,269 | +€1.1m | +29.9% |
| Equity | 10/15 | €3,423,889 | €4,309,527 | +€885,638 | +25.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,403,889 | €4,289,527 | +€885,638 | +26.0% |
| Tax-exempt reserves | 132 | - | €105,250 | +€105,250 | |
| Distributable reserves | 133 | €3,403,889 | €4,184,277 | +€780,388 | +22.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €144,885 | €325,742 | +€180,857 | +124.8% |
| Amounts payable within one year | 42/48 | €144,885 | €325,742 | +€180,857 | +124.8% |
| Trade debts | 44 | €1,857 | €144 | -€1,713 | -92.3% |
| Suppliers | 440/4 | €1,857 | €144 | -€1,713 | -92.3% |
| Taxes, remuneration and social security | 45 | €99,112 | €193,947 | +€94,835 | +95.7% |
| Taxes | 450/3 | €99,112 | €193,947 | +€94,835 | +95.7% |
| Other amounts payable | 47/48 | €43,916 | €131,651 | +€87,735 | +199.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,295 | €2,746 | +€451 | +19.7% |
| Other operating charges | 640/8 | €505 | €3,856 | +€3,350 | +663.0% |
| Gross operating margin | 9900 | €535,219 | €433,391 | -€101,828 | -19.0% |
| Operating profit (loss) | 9901 | €532,419 | €426,790 | -€105,630 | -19.8% |
| Financial income | 75/76B | €897,498 | €813,643 | -€83,856 | -9.3% |
| Recurring financial income | 75 | €897,498 | €813,643 | -€83,856 | -9.3% |
| Financial charges | 65/66B | €6,204 | €21,704 | +€15,500 | +249.8% |
| Recurring financial charges | 65 | €6,204 | €21,704 | +€15,500 | +249.8% |
| Profit (loss) for the period before taxes | 9903 | €1,423,713 | €1,218,728 | -€204,986 | -14.4% |
| Income taxes | 67/77 | €261,186 | €203,089 | -€58,097 | -22.2% |
| Profit (loss) for the period | 9904 | €1,162,527 | €1,015,638 | -€146,888 | -12.6% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,162,527 | €910,388 | -€252,138 | -21.7% |
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 9 October 2026 via checked.be.