ES PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Cash +€81,378
up €81,378 (+38.2%), from €213,178 to €294,556
mainly Receivables within one year (+€54,251) and Net result for the year (+€26,987)
- Receivables within one year -€54,251
down €54,251 (-97.9%), from €55,431 to €1,180
of which Trade receivables: -€44,813
- Tangible fixed assets +€7,275
up €7,275 (+19281.7%), from €38 to €7,313
of which Furniture and vehicles: +€5,169
- Reserves +€26,000
up €26,000 (+23.0%), from €113,000 to €139,000
of which Distributable reserves: +€26,000
- Other debts +€14,192
up €14,192 (+30.0%), from €47,330 to €61,522
- Tax, wage and social debts +€9,369
up €9,369 (+61.5%), from €15,245 to €24,614
of which Taxes: +€8,620
- Profit (loss) carried forward -€7,846
down €7,846 (-13.2%), from €59,304 to €51,458
- Trade debts -€5,379
down €5,379 (-24.6%), from €21,853 to €16,474
- Staff costs +€39,927
up €39,927 (+31.6%), from €126,468 to €166,395
- Gross operating margin +€38,454
up €38,454 (+23.0%), from €167,337 to €205,791
- Taxes +€3,790
up €3,790 (+70.5%), from €5,376 to €9,166
- Financial income +€3,585
up €3,585 (+282.8%), from €1,268 to €4,853
of which Non-recurring financial income: +€3,000
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 | €274,525 | €310,968 | +€36,443 | +13.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,288 | €8,563 | +€7,275 | +564.9% |
| Tangible fixed assets | 22/27 | €38 | €7,313 | +€7,275 | +19281.7% |
| Plant, machinery and equipment | 23 | €38 | €2,144 | +€2,106 | +5582.1% |
| Furniture and vehicles | 24 | €0 | €5,169 | +€5,169 | |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €273,237 | €302,405 | +€29,168 | +10.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €55,431 | €1,180 | -€54,251 | -97.9% |
| Trade receivables | 40 | €45,993 | €1,180 | -€44,813 | -97.4% |
| Other amounts receivable | 41 | €9,439 | €0 | -€9,439 | -100.0% |
| Cash at bank and in hand | 54/58 | €213,178 | €294,556 | +€81,378 | +38.2% |
| Deferred charges and accrued income | 490/1 | €4,628 | €6,669 | +€2,042 | +44.1% |
| Total equity and liabilities | 10/49 | €274,525 | €310,968 | +€36,443 | +13.3% |
| Equity | 10/15 | €186,664 | €204,818 | +€18,154 | +9.7% |
| Contributions | 10/11 | €14,360 | €14,360 | = | 0.0% |
| Reserves | 13 | €113,000 | €139,000 | +€26,000 | +23.0% |
| Tax-exempt reserves | 132 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €126,000 | +€26,000 | +26.0% |
| Profit (loss) carried forward | 14 | €59,304 | €51,458 | -€7,846 | -13.2% |
| Amounts payable | 17/49 | €87,861 | €106,150 | +€18,289 | +20.8% |
| Amounts payable within one year | 42/48 | €84,429 | €102,610 | +€18,181 | +21.5% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €21,853 | €16,474 | -€5,379 | -24.6% |
| Suppliers | 440/4 | €21,853 | €16,474 | -€5,379 | -24.6% |
| Taxes, remuneration and social security | 45 | €15,245 | €24,614 | +€9,369 | +61.5% |
| Taxes | 450/3 | €576 | €9,197 | +€8,620 | +1495.3% |
| Remuneration and social security | 454/9 | €14,669 | €15,418 | +€749 | +5.1% |
| Other amounts payable | 47/48 | €47,330 | €61,522 | +€14,192 | +30.0% |
| Accrued charges and deferred income | 492/3 | €3,432 | €3,540 | +€108 | +3.1% |
| Remuneration, social security and pensions | 62 | €126,468 | €166,395 | +€39,927 | +31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €797 | €1,873 | +€1,076 | +135.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €1,500 | +€1,500 | |
| Other operating charges | 640/8 | €595 | €646 | +€51 | +8.6% |
| Gross operating margin | 9900 | €167,337 | €205,791 | +€38,454 | +23.0% |
| Operating profit (loss) | 9901 | €39,476 | €35,377 | -€4,100 | -10.4% |
| Financial income | 75/76B | €1,268 | €4,853 | +€3,585 | +282.8% |
| Recurring financial income | 75 | €1,268 | €1,853 | +€585 | +46.2% |
| Non-recurring financial income | 76B | - | €3,000 | +€3,000 | |
| Financial charges | 65/66B | €4,059 | €4,077 | +€18 | +0.4% |
| Recurring financial charges | 65 | €4,059 | €4,077 | +€18 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €36,685 | €36,153 | -€532 | -1.5% |
| Income taxes | 67/77 | €5,376 | €9,166 | +€3,790 | +70.5% |
| Profit (loss) for the period | 9904 | €31,310 | €26,987 | -€4,322 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,310 | €26,987 | -€4,322 | -13.8% |
Source: filed annual accounts (NBB), fiscal 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.