ES Vastgoed: 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 Vastgoed
Largest movements
- Tangible fixed assets -€18,375
down €18,375 (-1.9%), from €986,149 to €967,774
of which Other tangible fixed assets: -€12,020
- Cash +€17,164
up €17,164 (+93.1%), from €18,427 to €35,591
mainly Debts after one year (+€345,273) and Advances received (+€72,450)
- Other debts -€462,231
down €462,231 (-100%), from €462,231 to €0
- Debts after one year +€345,273
up €345,273 (+81.3%), from €424,609 to €769,882
- Advances received +€72,450
new in 2025: €72,450
- Reserves +€36,745
up €36,745 (+48.6%), from €75,673 to €112,418
- Gross operating margin +€32,077
up €32,077 (+70.8%), from €45,277 to €77,354
- Taxes +€7,381
up €7,381 (+152%), from €4,867 to €12,248
- Depreciation +€3,364
up €3,364 (+22.4%), from €15,011 to €18,375
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 | €1,017,383 | €1,007,499 | -€9,884 | -1.0% |
| Fixed assets | 21/28 | €986,149 | €967,774 | -€18,375 | -1.9% |
| Tangible fixed assets | 22/27 | €986,149 | €967,774 | -€18,375 | -1.9% |
| Land and buildings | 22 | €669,089 | €663,028 | -€6,061 | -0.9% |
| Plant, machinery and equipment | 23 | €1,322 | €1,028 | -€294 | -22.2% |
| Other tangible fixed assets | 26 | €315,738 | €303,718 | -€12,020 | -3.8% |
| Current assets | 29/58 | €31,234 | €39,725 | +€8,491 | +27.2% |
| Amounts receivable within one year | 40/41 | €12,612 | €4,052 | -€8,561 | -67.9% |
| Trade receivables | 40 | €2,458 | €1,300 | -€1,158 | -47.1% |
| Other amounts receivable | 41 | €10,154 | €2,752 | -€7,402 | -72.9% |
| Cash at bank and in hand | 54/58 | €18,427 | €35,591 | +€17,164 | +93.1% |
| Deferred charges and accrued income | 490/1 | €195 | €83 | -€112 | -57.6% |
| Total equity and liabilities | 10/49 | €1,017,383 | €1,007,499 | -€9,884 | -1.0% |
| Equity | 10/15 | €85,673 | €122,418 | +€36,745 | +42.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €75,673 | €112,418 | +€36,745 | +48.6% |
| Distributable reserves | 133 | €75,673 | €112,418 | +€36,745 | +48.6% |
| Amounts payable | 17/49 | €931,710 | €885,081 | -€46,629 | -5.0% |
| Amounts payable after more than one year | 17 | €424,609 | €769,882 | +€345,273 | +81.3% |
| Financial debts | 170/4 | €424,609 | €769,882 | +€345,273 | +81.3% |
| Amounts payable within one year | 42/48 | €502,454 | €111,761 | -€390,693 | -77.8% |
| Current portion of amounts payable after more than one year | 42 | €37,776 | €38,327 | +€551 | +1.5% |
| Trade debts | 44 | €1,322 | €52 | -€1,270 | -96.1% |
| Suppliers | 440/4 | €1,322 | €52 | -€1,270 | -96.1% |
| Advances received on contracts in progress | 46 | - | €72,450 | +€72,450 | |
| Taxes, remuneration and social security | 45 | €1,124 | €932 | -€192 | -17.1% |
| Taxes | 450/3 | €1,124 | €932 | -€192 | -17.1% |
| Other amounts payable | 47/48 | €462,231 | €0 | -€462,231 | -100% |
| Accrued charges and deferred income | 492/3 | €4,648 | €3,439 | -€1,209 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,011 | €18,375 | +€3,364 | +22.4% |
| Other operating charges | 640/8 | €2,768 | €2,481 | -€287 | -10.4% |
| Gross operating margin | 9900 | €45,277 | €77,354 | +€32,077 | +70.8% |
| Operating profit (loss) | 9901 | €27,498 | €56,498 | +€29,000 | +105% |
| Financial charges | 65/66B | €8,029 | €7,505 | -€524 | -6.5% |
| Recurring financial charges | 65 | €8,029 | €7,505 | -€524 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €19,469 | €48,993 | +€29,524 | +152% |
| Income taxes | 67/77 | €4,867 | €12,248 | +€7,381 | +152% |
| Profit (loss) for the period | 9904 | €14,602 | €36,745 | +€22,143 | +152% |
| Profit (loss) for the period to be appropriated | 9905 | €14,602 | €36,745 | +€22,143 | +152% |
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 18 October 2026 via checked.be.