ESA 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.
ESA Management
Largest movements
- Cash -€14,977
down €14,977 (-30.1%), from €49,697 to €34,720
mainly Contributions, distributions and other (-€225,000) and Receivables within one year (-€11,753)
- Deferred charges and accrued income -€12,568
down €12,568 (-32.0%), from €39,323 to €26,755
- Receivables within one year +€11,753
up €11,753 (+16.4%), from €71,841 to €83,595
of which Trade receivables: +€14,940
- Tangible fixed assets -€5,320
down €5,320 (-7.9%), from €67,294 to €61,975
of which Furniture and vehicles: -€3,640
- Profit (loss) carried forward -€33,590
down €33,590, from €3,791 to -€29,799
- Other debts +€17,060
up €17,060 (+11.7%), from €145,416 to €162,476
- Accrued charges and deferred income -€6,548
down €6,548 (-56.7%), from €11,550 to €5,002
- Tax, wage and social debts +€2,634
up €2,634 (+5.9%), from €44,726 to €47,361
- Gross operating margin -€150,819
down €150,819 (-36.0%), from €418,798 to €267,979
- Taxes -€34,070
down €34,070 (-33.2%), from €102,609 to €68,538
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 | €228,156 | €207,044 | -€21,112 | -9.3% |
| Fixed assets | 21/28 | €67,294 | €61,975 | -€5,320 | -7.9% |
| Tangible fixed assets | 22/27 | €67,294 | €61,975 | -€5,320 | -7.9% |
| Land and buildings | 22 | €47,105 | €45,425 | -€1,680 | -3.6% |
| Furniture and vehicles | 24 | €5,844 | €2,205 | -€3,640 | -62.3% |
| Other tangible fixed assets | 26 | €14,345 | €14,345 | = | 0.0% |
| Current assets | 29/58 | €160,862 | €145,069 | -€15,792 | -9.8% |
| Amounts receivable within one year | 40/41 | €71,841 | €83,595 | +€11,753 | +16.4% |
| Trade receivables | 40 | €24,450 | €39,390 | +€14,940 | +61.1% |
| Other amounts receivable | 41 | €47,391 | €44,205 | -€3,187 | -6.7% |
| Cash at bank and in hand | 54/58 | €49,697 | €34,720 | -€14,977 | -30.1% |
| Deferred charges and accrued income | 490/1 | €39,323 | €26,755 | -€12,568 | -32.0% |
| Total equity and liabilities | 10/49 | €228,156 | €207,044 | -€21,112 | -9.3% |
| Equity | 10/15 | €24,251 | -€9,339 | -€33,590 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,791 | -€29,799 | -€33,590 | |
| Amounts payable | 17/49 | €203,905 | €216,383 | +€12,478 | +6.1% |
| Amounts payable within one year | 42/48 | €192,355 | €211,381 | +€19,027 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €450 | €450 | = | 0.0% |
| Trade debts | 44 | €1,762 | €1,095 | -€668 | -37.9% |
| Suppliers | 440/4 | €1,762 | €1,095 | -€668 | -37.9% |
| Taxes, remuneration and social security | 45 | €44,726 | €47,361 | +€2,634 | +5.9% |
| Taxes | 450/3 | €44,726 | €47,361 | +€2,634 | +5.9% |
| Other amounts payable | 47/48 | €145,416 | €162,476 | +€17,060 | +11.7% |
| Accrued charges and deferred income | 492/3 | €11,550 | €5,002 | -€6,548 | -56.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,147 | €5,320 | +€1,173 | +28.3% |
| Other operating charges | 640/8 | €951 | €1,231 | +€279 | +29.4% |
| Gross operating margin | 9900 | €418,798 | €267,979 | -€150,819 | -36.0% |
| Operating profit (loss) | 9901 | €413,701 | €261,429 | -€152,271 | -36.8% |
| Financial income | 75/76B | €175 | €0 | -€175 | -100% |
| Recurring financial income | 75 | €175 | €0 | -€175 | -100% |
| Financial charges | 65/66B | €2,574 | €1,481 | -€1,093 | -42.5% |
| Recurring financial charges | 65 | €2,574 | €1,481 | -€1,093 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €411,302 | €259,948 | -€151,353 | -36.8% |
| Income taxes | 67/77 | €102,609 | €68,538 | -€34,070 | -33.2% |
| Profit (loss) for the period | 9904 | €308,693 | €191,410 | -€117,283 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €308,693 | €191,410 | -€117,283 | -38.0% |
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.