ESD: 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.
ESD
Largest movements
- Receivables within one year +€7,986
up €7,986 (+2301.7%), from €347 to €8,333
of which Trade receivables: +€7,986
- Cash +€7,625
up €7,625 (+34.3%), from €22,257 to €29,882
mainly Net result for the year (+€6,330) and Depreciation (+€5,641)
- Tangible fixed assets -€5,641
down €5,641 (-40.0%), from €14,086 to €8,445
- Deferred charges and accrued income -€1,942
down €1,942 (-22.8%), from €8,531 to €6,589
- Reserves +€6,330
up €6,330 (+17.4%), from €36,484 to €42,814
- Other debts +€1,221
up €1,221 (+76.9%), from €1,588 to €2,809
- Tax, wage and social debts +€857
up €857 (+24.5%), from €3,492 to €4,349
- Gross operating margin +€4,463
up €4,463 (+43.0%), from €10,372 to €14,834
- Depreciation +€2,727
up €2,727 (+93.6%), from €2,914 to €5,641
- Taxes +€650
up €650 (+39.3%), from €1,653 to €2,303
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 | €45,222 | €53,250 | +€8,028 | +17.8% |
| Fixed assets | 21/28 | €14,086 | €8,445 | -€5,641 | -40.0% |
| Tangible fixed assets | 22/27 | €14,086 | €8,445 | -€5,641 | -40.0% |
| Furniture and vehicles | 24 | €14,086 | €8,445 | -€5,641 | -40.0% |
| Current assets | 29/58 | €31,135 | €44,805 | +€13,669 | +43.9% |
| Amounts receivable within one year | 40/41 | €347 | €8,333 | +€7,986 | +2301.7% |
| Trade receivables | 40 | €0 | €7,986 | +€7,986 | |
| Other amounts receivable | 41 | €347 | €347 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,257 | €29,882 | +€7,625 | +34.3% |
| Deferred charges and accrued income | 490/1 | €8,531 | €6,589 | -€1,942 | -22.8% |
| Total equity and liabilities | 10/49 | €45,222 | €53,250 | +€8,028 | +17.8% |
| Equity | 10/15 | €39,484 | €45,814 | +€6,330 | +16.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €36,484 | €42,814 | +€6,330 | +17.4% |
| Distributable reserves | 133 | €36,484 | €42,814 | +€6,330 | +17.4% |
| Amounts payable | 17/49 | €5,738 | €7,436 | +€1,698 | +29.6% |
| Amounts payable within one year | 42/48 | €5,738 | €7,436 | +€1,698 | +29.6% |
| Trade debts | 44 | €658 | €278 | -€380 | -57.7% |
| Suppliers | 440/4 | €658 | €278 | -€380 | -57.7% |
| Taxes, remuneration and social security | 45 | €3,492 | €4,349 | +€857 | +24.5% |
| Taxes | 450/3 | €3,492 | €4,349 | +€857 | +24.5% |
| Other amounts payable | 47/48 | €1,588 | €2,809 | +€1,221 | +76.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,914 | €5,641 | +€2,727 | +93.6% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €10,372 | €14,834 | +€4,463 | +43.0% |
| Operating profit (loss) | 9901 | €6,953 | €8,673 | +€1,721 | +24.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €6,913 | €8,633 | +€1,719 | +24.9% |
| Income taxes | 67/77 | €1,653 | €2,303 | +€650 | +39.3% |
| Profit (loss) for the period | 9904 | €5,260 | €6,330 | +€1,070 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,260 | €6,330 | +€1,070 | +20.3% |
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.