ES Management: 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 Management
Largest movements
- Cash +€18,418
up €18,418 (+352%), from €5,232 to €23,650
mainly Net result for the year (+€16,549) and Depreciation (+€8,000)
- Deferred charges and accrued income +€8,428
up €8,428 (+48.8%), from €17,275 to €25,704
- Tangible fixed assets -€8,000
down €8,000 (-5.6%), from €144,000 to €136,000
- Reserves +€16,549
up €16,549 (+4.0%), from €413,261 to €429,810
- Gross operating margin +€4,303
up €4,303 (+18.2%), from €23,644 to €27,947
- Taxes +€1,586
up €1,586 (+24.6%), from €6,445 to €8,031
- Financial income +€360
up €360 (+4.6%), from €7,740 to €8,100
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 | €436,940 | €455,493 | +€18,552 | +4.2% |
| Fixed assets | 21/28 | €144,000 | €136,000 | -€8,000 | -5.6% |
| Tangible fixed assets | 22/27 | €144,000 | €136,000 | -€8,000 | -5.6% |
| Land and buildings | 22 | €144,000 | €136,000 | -€8,000 | -5.6% |
| Current assets | 29/58 | €292,940 | €319,493 | +€26,552 | +9.1% |
| Amounts receivable within one year | 40/41 | €270,433 | €270,139 | -€294 | -0.1% |
| Other amounts receivable | 41 | €270,433 | €270,139 | -€294 | -0.1% |
| Cash at bank and in hand | 54/58 | €5,232 | €23,650 | +€18,418 | +352% |
| Deferred charges and accrued income | 490/1 | €17,275 | €25,704 | +€8,428 | +48.8% |
| Total equity and liabilities | 10/49 | €436,940 | €455,493 | +€18,552 | +4.2% |
| Equity | 10/15 | €431,811 | €448,360 | +€16,549 | +3.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €413,261 | €429,810 | +€16,549 | +4.0% |
| Distributable reserves | 133 | €413,261 | €429,810 | +€16,549 | +4.0% |
| Amounts payable | 17/49 | €5,129 | €7,133 | +€2,004 | +39.1% |
| Amounts payable within one year | 42/48 | €2,029 | €3,910 | +€1,880 | +92.6% |
| Trade debts | 44 | €84 | €878 | +€794 | +945% |
| Suppliers | 440/4 | €84 | €878 | +€794 | +945% |
| Taxes, remuneration and social security | 45 | €1,945 | €3,031 | +€1,086 | +55.8% |
| Taxes | 450/3 | €1,945 | €3,031 | +€1,086 | +55.8% |
| Accrued charges and deferred income | 492/3 | €3,100 | €3,223 | +€123 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,000 | €8,000 | = | 0.0% |
| Other operating charges | 640/8 | €3,387 | €3,426 | +€39 | +1.1% |
| Gross operating margin | 9900 | €23,644 | €27,947 | +€4,303 | +18.2% |
| Operating profit (loss) | 9901 | €12,257 | €16,521 | +€4,264 | +34.8% |
| Financial income | 75/76B | €7,740 | €8,100 | +€360 | +4.6% |
| Recurring financial income | 75 | €7,740 | €8,100 | +€360 | +4.6% |
| Financial charges | 65/66B | €39 | €41 | +€2 | +5.6% |
| Recurring financial charges | 65 | €39 | €41 | +€2 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €19,959 | €24,580 | +€4,622 | +23.2% |
| Income taxes | 67/77 | €6,445 | €8,031 | +€1,586 | +24.6% |
| Profit (loss) for the period | 9904 | €13,513 | €16,549 | +€3,036 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,513 | €16,549 | +€3,036 | +22.5% |
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 30 October 2026 via checked.be.