ES INVESTMENT: what changed
ES INVESTMENT
Largest movements
- Cash +€42,937
up €42,937 (+420%), from €10,229 to €53,166
mainly Net result for the year (+€67,691) and Trade debts (+€58,278)
- Tangible fixed assets -€27,605
down €27,605 (-22.5%), from €122,928 to €95,323
of which Plant, machinery and equipment: -€16,020
- Other debts -€75,609
down €75,609 (-12.5%), from €604,438 to €528,828
- Profit (loss) carried forward +€67,691
up €67,691 (+103%), from €65,966 to €133,656
- Trade debts +€58,278
up €58,278 (+709%), from €8,225 to €66,503
- Debts after one year -€29,456
down €29,456 (-15.5%), from €189,939 to €160,483
- Gross operating margin -€73,601
down €73,601 (-37.4%), from €196,741 to €123,140
- Depreciation -€20,576
down €20,576 (-42.7%), from €48,181 to €27,605
- Financial charges -€4,480
down €4,480 (-41.9%), from €10,704 to €6,224
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,617,631 | €1,632,133 | +€14,502 | +0.9% |
| Fixed assets | 21/28 | €980,016 | €952,411 | -€27,605 | -2.8% |
| Tangible fixed assets | 22/27 | €122,928 | €95,323 | -€27,605 | -22.5% |
| Plant, machinery and equipment | 23 | €41,832 | €25,812 | -€16,020 | -38.3% |
| Leasing and similar rights | 25 | €81,096 | €69,511 | -€11,585 | -14.3% |
| Financial fixed assets | 28 | €857,088 | €857,088 | = | 0.0% |
| Current assets | 29/58 | €637,616 | €679,722 | +€42,107 | +6.6% |
| Amounts receivable within one year | 40/41 | €627,387 | €626,556 | -€830 | -0.1% |
| Trade receivables | 40 | €238,611 | €333,389 | +€94,778 | +39.7% |
| Other amounts receivable | 41 | €388,776 | €293,168 | -€95,608 | -24.6% |
| Cash at bank and in hand | 54/58 | €10,229 | €53,166 | +€42,937 | +420% |
| Total equity and liabilities | 10/49 | €1,617,631 | €1,632,133 | +€14,502 | +0.9% |
| Equity | 10/15 | €320,672 | €388,362 | +€67,691 | +21.1% |
| Contributions | 10/11 | €247,000 | €247,000 | = | 0.0% |
| Capital | 10 | €247,000 | €247,000 | = | 0.0% |
| Issued capital | 100 | €247,000 | €247,000 | = | 0.0% |
| Reserves | 13 | €7,706 | €7,706 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,706 | €7,706 | = | 0.0% |
| Legal reserve | 130 | €7,706 | €7,706 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,966 | €133,656 | +€67,691 | +103% |
| Amounts payable | 17/49 | €1,296,960 | €1,243,771 | -€53,189 | -4.1% |
| Amounts payable after more than one year | 17 | €189,939 | €160,483 | -€29,456 | -15.5% |
| Financial debts | 170/4 | €189,939 | €160,483 | -€29,456 | -15.5% |
| Amounts payable within one year | 42/48 | €1,107,020 | €1,083,288 | -€23,733 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €28,077 | €29,456 | +€1,379 | +4.9% |
| Financial debts | 43 | €458,500 | €458,500 | = | 0.0% |
| Other loans | 439 | €458,500 | €458,500 | = | 0.0% |
| Trade debts | 44 | €8,225 | €66,503 | +€58,278 | +709% |
| Suppliers | 440/4 | €8,225 | €66,503 | +€58,278 | +709% |
| Taxes, remuneration and social security | 45 | €7,780 | - | -€7,780 | |
| Taxes | 450/3 | €7,780 | - | -€7,780 | |
| Other amounts payable | 47/48 | €604,438 | €528,828 | -€75,609 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,181 | €27,605 | -€20,576 | -42.7% |
| Other operating charges | 640/8 | €21,907 | €21,620 | -€287 | -1.3% |
| Gross operating margin | 9900 | €196,741 | €123,140 | -€73,601 | -37.4% |
| Operating profit (loss) | 9901 | €126,653 | €73,915 | -€52,738 | -41.6% |
| Financial charges | 65/66B | €10,704 | €6,224 | -€4,480 | -41.9% |
| Recurring financial charges | 65 | €10,704 | €6,224 | -€4,480 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €115,949 | €67,691 | -€48,258 | -41.6% |
| Profit (loss) for the period | 9904 | €115,949 | €67,691 | -€48,258 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €115,949 | €67,691 | -€48,258 | -41.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.