ESB-GROUP: 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-GROUP
Largest movements
- Financial fixed assets +€332,313
up €332,313 (+70.1%), from €473,783 to €806,096
- Receivables within one year -€193,955
down €193,955 (-18.2%), from €1.1m to €872,357
of which Trade receivables: -€199,391
- Cash +€157,579
up €157,579 (+53.6%), from €293,760 to €451,339
mainly Net result for the year (+€273,738) and Receivables within one year (+€193,955)
- Current investments +€28,105
up €28,105 (+10.9%), from €256,670 to €284,774
- Revaluation surpluses +€273,312
new in 2025: €273,312
- Reserves +€89,250
up €89,250 (+8.8%), from €1.0m to €1.1m
of which Distributable reserves: +€100,000
- Profit (loss) carried forward +€73,738
up €73,738 (+54.8%), from €134,662 to €208,400
- Tax, wage and social debts -€46,408
down €46,408 (-45.1%), from €102,935 to €56,526
of which Taxes: -€54,594
- Financial income +€101,889
up €101,889 (+106.4%), from €95,732 to €197,621
- Staff costs +€94,602
up €94,602 (+46.9%), from €201,735 to €296,337
- Gross operating margin -€31,663
down €31,663 (-4.6%), from €683,653 to €651,990
- Taxes -€25,255
down €25,255 (-25.1%), from €100,542 to €75,287
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 | €2,326,853 | €2,671,719 | +€344,866 | +14.8% |
| Fixed assets | 21/28 | €581,679 | €911,653 | +€329,974 | +56.7% |
| Tangible fixed assets | 22/27 | €107,896 | €105,557 | -€2,339 | -2.2% |
| Plant, machinery and equipment | 23 | €150 | €87 | -€63 | -42.1% |
| Furniture and vehicles | 24 | €32,594 | €33,609 | +€1,015 | +3.1% |
| Other tangible fixed assets | 26 | €75,152 | €71,861 | -€3,291 | -4.4% |
| Financial fixed assets | 28 | €473,783 | €806,096 | +€332,313 | +70.1% |
| Current assets | 29/58 | €1,745,174 | €1,760,066 | +€14,892 | +0.9% |
| Stocks and contracts in progress | 3 | €79,077 | €97,752 | +€18,675 | +23.6% |
| Stocks | 30/36 | €79,077 | €97,752 | +€18,675 | +23.6% |
| Amounts receivable within one year | 40/41 | €1,066,312 | €872,357 | -€193,955 | -18.2% |
| Trade receivables | 40 | €1,014,793 | €815,401 | -€199,391 | -19.6% |
| Other amounts receivable | 41 | €51,520 | €56,956 | +€5,436 | +10.6% |
| Current investments | 50/53 | €256,670 | €284,774 | +€28,105 | +10.9% |
| Cash at bank and in hand | 54/58 | €293,760 | €451,339 | +€157,579 | +53.6% |
| Deferred charges and accrued income | 490/1 | €49,355 | €53,843 | +€4,488 | +9.1% |
| Total equity and liabilities | 10/49 | €2,326,853 | €2,671,719 | +€344,866 | +14.8% |
| Equity | 10/15 | €1,252,912 | €1,699,962 | +€447,050 | +35.7% |
| Contributions | 10/11 | €107,500 | €118,250 | +€10,750 | +10.0% |
| Revaluation surpluses | 12 | - | €273,312 | +€273,312 | |
| Reserves | 13 | €1,010,750 | €1,100,000 | +€89,250 | +8.8% |
| Non-distributable reserves | 130/1 | €10,750 | - | -€10,750 | |
| Reserves not available under the articles | 1311 | €10,750 | - | -€10,750 | |
| Distributable reserves | 133 | €1,000,000 | €1,100,000 | +€100,000 | +10.0% |
| Profit (loss) carried forward | 14 | €134,662 | €208,400 | +€73,738 | +54.8% |
| Amounts payable | 17/49 | €1,073,941 | €971,756 | -€102,184 | -9.5% |
| Amounts payable after more than one year | 17 | €27,576 | €9,265 | -€18,310 | -66.4% |
| Financial debts | 170/4 | €27,576 | €9,265 | -€18,310 | -66.4% |
| Amounts payable within one year | 42/48 | €1,046,306 | €962,431 | -€83,875 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €80,303 | €80,652 | +€348 | +0.4% |
| Trade debts | 44 | €742,694 | €725,059 | -€17,636 | -2.4% |
| Suppliers | 440/4 | €742,694 | €724,313 | -€18,382 | -2.5% |
| Bills of exchange payable | 441 | - | €746 | +€746 | |
| Taxes, remuneration and social security | 45 | €102,935 | €56,526 | -€46,408 | -45.1% |
| Taxes | 450/3 | €79,889 | €25,295 | -€54,594 | -68.3% |
| Remuneration and social security | 454/9 | €23,045 | €31,231 | +€8,186 | +35.5% |
| Other amounts payable | 47/48 | €120,373 | €100,195 | -€20,179 | -16.8% |
| Accrued charges and deferred income | 492/3 | €59 | €60 | +€1 | +0.9% |
| Non-recurring operating income | 76A | - | €6,125 | +€6,125 | |
| Remuneration, social security and pensions | 62 | €201,735 | €296,337 | +€94,602 | +46.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,337 | €21,181 | -€156 | -0.7% |
| Other operating charges | 640/8 | €2,154 | €4,353 | +€2,200 | +102.1% |
| Non-recurring operating charges | 66A | - | €73,510 | +€73,510 | |
| Gross operating margin | 9900 | €683,653 | €651,990 | -€31,663 | -4.6% |
| Operating profit (loss) | 9901 | €458,427 | €256,609 | -€201,819 | -44.0% |
| Financial income | 75/76B | €95,732 | €197,621 | +€101,889 | +106.4% |
| Recurring financial income | 75 | €95,732 | €197,621 | +€101,889 | +106.4% |
| Financial charges | 65/66B | €107,109 | €105,205 | -€1,905 | -1.8% |
| Recurring financial charges | 65 | €17,109 | €9,206 | -€7,904 | -46.2% |
| Non-recurring financial charges | 66B | €90,000 | €95,999 | +€5,999 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €447,050 | €349,025 | -€98,025 | -21.9% |
| Income taxes | 67/77 | €100,542 | €75,287 | -€25,255 | -25.1% |
| Profit (loss) for the period | 9904 | €346,509 | €273,738 | -€72,770 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €346,509 | €273,738 | -€72,770 | -21.0% |
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 10 October 2026 via checked.be.