ESB COLOR: 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.
ESB COLOR
Largest movements
- Stocks and contracts +€32,073
up €32,073 (+24.7%), from €130,074 to €162,147
- Cash -€28,015
down €28,015 (-58.3%), from €48,052 to €20,037
mainly Stocks and contracts (-€32,073) and Other debts (-€5,919)
- Receivables within one year +€4,898
up €4,898 (+84.4%), from €5,806 to €10,705
of which Trade receivables: +€3,202
- Tangible fixed assets +€2,877
up €2,877 (+178.5%), from €1,612 to €4,489
- Profit (loss) carried forward +€22,689
up €22,689 (+13.2%), from €171,375 to €194,064
- Other debts -€5,919
down €5,919 (-73.7%), from €8,031 to €2,111
- Trade debts -€5,107
down €5,107 (-84.8%), from €6,019 to €912
- Gross operating margin +€26,425
up €26,425 (+110.3%), from €23,955 to €50,380
- Taxes +€8,564
up €8,564, from -€2,153 to €6,412
- Staff costs +€4,685
up €4,685 (+34.1%), from €13,758 to €18,443
- Financial charges +€2,055
up €2,055, from -€1,806 to €249
- Depreciation -€1,731
down €1,731 (-60.7%), from €2,851 to €1,120
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 | €203,006 | €214,745 | +€11,739 | +5.8% |
| Fixed assets | 21/28 | €1,612 | €4,489 | +€2,877 | +178.5% |
| Tangible fixed assets | 22/27 | €1,612 | €4,489 | +€2,877 | +178.5% |
| Furniture and vehicles | 24 | €1,612 | €4,489 | +€2,877 | +178.5% |
| Current assets | 29/58 | €201,394 | €210,256 | +€8,862 | +4.4% |
| Stocks and contracts in progress | 3 | €130,074 | €162,147 | +€32,073 | +24.7% |
| Stocks | 30/36 | €130,074 | €162,147 | +€32,073 | +24.7% |
| Amounts receivable within one year | 40/41 | €5,806 | €10,705 | +€4,898 | +84.4% |
| Trade receivables | 40 | €3,172 | €6,374 | +€3,202 | +100.9% |
| Other amounts receivable | 41 | €2,634 | €4,331 | +€1,697 | +64.4% |
| Cash at bank and in hand | 54/58 | €48,052 | €20,037 | -€28,015 | -58.3% |
| Deferred charges and accrued income | 490/1 | €17,462 | €17,367 | -€95 | -0.5% |
| Total equity and liabilities | 10/49 | €203,006 | €214,745 | +€11,739 | +5.8% |
| Equity | 10/15 | €185,635 | €208,324 | +€22,689 | +12.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,375 | €194,064 | +€22,689 | +13.2% |
| Amounts payable | 17/49 | €17,371 | €6,421 | -€10,950 | -63.0% |
| Amounts payable within one year | 42/48 | €17,371 | €6,421 | -€10,950 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €1,688 | €1,614 | -€74 | -4.4% |
| Trade debts | 44 | €6,019 | €912 | -€5,107 | -84.8% |
| Suppliers | 440/4 | €6,019 | €912 | -€5,107 | -84.8% |
| Taxes, remuneration and social security | 45 | €1,633 | €1,784 | +€150 | +9.2% |
| Taxes | 450/3 | €58 | - | -€58 | |
| Remuneration and social security | 454/9 | €1,576 | €1,784 | +€208 | +13.2% |
| Other amounts payable | 47/48 | €8,031 | €2,111 | -€5,919 | -73.7% |
| Remuneration, social security and pensions | 62 | €13,758 | €18,443 | +€4,685 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,851 | €1,120 | -€1,731 | -60.7% |
| Other operating charges | 640/8 | €551 | €1,467 | +€917 | +166.5% |
| Gross operating margin | 9900 | €23,955 | €50,380 | +€26,425 | +110.3% |
| Operating profit (loss) | 9901 | €6,795 | €29,350 | +€22,554 | +331.9% |
| Financial charges | 65/66B | -€1,806 | €249 | +€2,055 | |
| Recurring financial charges | 65 | -€1,806 | €249 | +€2,055 | |
| Profit (loss) for the period before taxes | 9903 | €8,602 | €29,101 | +€20,499 | +238.3% |
| Income taxes | 67/77 | -€2,153 | €6,412 | +€8,564 | |
| Profit (loss) for the period | 9904 | €10,754 | €22,689 | +€11,935 | +111.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,754 | €22,689 | +€11,935 | +111.0% |
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 12 October 2026 via checked.be.