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
- Cash -€13,095
down €13,095 (-7.4%), from €176,975 to €163,880
mainly Net result for the year (-€39,646) and Receivables within one year (-€8,666)
- Receivables within one year +€8,666
up €8,666 (+13.1%), from €66,093 to €74,759
of which Trade receivables: +€49,538
- Tangible fixed assets -€7,493
down €7,493 (-24.7%), from €30,315 to €22,822
of which Furniture and vehicles: -€7,781
- Profit (loss) carried forward -€39,646
down €39,646 (-50.4%), from €78,695 to €39,049
- Trade debts +€14,237
up €14,237 (+256.0%), from €5,561 to €19,798
- Other debts +€11,952
new in 2025: €11,952
- Financial charges +€53,252
up €53,252 (+427.4%), from €12,459 to €65,711
- Gross operating margin -€39,685
down €39,685 (-41.1%), from €96,580 to €56,895
- Taxes -€9,211
down €9,211 (-96.8%), from €9,514 to €304
- Staff costs +€1,599
up €1,599 (+8.8%), from €18,072 to €19,671
- Other operating charges +€1,092
up €1,092 (+93.4%), from €1,169 to €2,261
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 | €273,405 | €261,460 | -€11,945 | -4.4% |
| Fixed assets | 21/28 | €30,315 | €22,822 | -€7,493 | -24.7% |
| Tangible fixed assets | 22/27 | €30,315 | €22,822 | -€7,493 | -24.7% |
| Plant, machinery and equipment | 23 | €760 | €1,047 | +€288 | +37.9% |
| Furniture and vehicles | 24 | €29,556 | €21,774 | -€7,781 | -26.3% |
| Current assets | 29/58 | €243,090 | €238,639 | -€4,452 | -1.8% |
| Amounts receivable within one year | 40/41 | €66,093 | €74,759 | +€8,666 | +13.1% |
| Trade receivables | 40 | €18,140 | €67,679 | +€49,538 | +273.1% |
| Other amounts receivable | 41 | €47,952 | €7,080 | -€40,872 | -85.2% |
| Cash at bank and in hand | 54/58 | €176,975 | €163,880 | -€13,095 | -7.4% |
| Deferred charges and accrued income | 490/1 | €22 | €0 | -€22 | -100.0% |
| Total equity and liabilities | 10/49 | €273,405 | €261,460 | -€11,945 | -4.4% |
| Equity | 10/15 | €252,640 | €212,994 | -€39,646 | -15.7% |
| Contributions | 10/11 | €6,184 | €6,184 | = | 0.0% |
| Reserves | 13 | €167,760 | €167,760 | = | 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% |
| Distributable reserves | 133 | €165,900 | €165,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,695 | €39,049 | -€39,646 | -50.4% |
| Amounts payable | 17/49 | €20,766 | €48,467 | +€27,701 | +133.4% |
| Amounts payable within one year | 42/48 | €20,766 | €48,467 | +€27,701 | +133.4% |
| Trade debts | 44 | €5,561 | €19,798 | +€14,237 | +256.0% |
| Suppliers | 440/4 | €5,561 | €19,798 | +€14,237 | +256.0% |
| Taxes, remuneration and social security | 45 | €15,205 | €16,717 | +€1,512 | +9.9% |
| Taxes | 450/3 | €8,642 | €10,248 | +€1,607 | +18.6% |
| Remuneration and social security | 454/9 | €6,563 | €6,468 | -€95 | -1.4% |
| Other amounts payable | 47/48 | - | €11,952 | +€11,952 | |
| Non-recurring operating income | 76A | €0 | €12,781 | +€12,781 | |
| Remuneration, social security and pensions | 62 | €18,072 | €19,671 | +€1,599 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,281 | €8,646 | -€635 | -6.8% |
| Other operating charges | 640/8 | €1,169 | €2,261 | +€1,092 | +93.4% |
| Gross operating margin | 9900 | €96,580 | €56,895 | -€39,685 | -41.1% |
| Operating profit (loss) | 9901 | €68,057 | €26,316 | -€41,741 | -61.3% |
| Financial income | 75/76B | €17 | €53 | +€35 | +203.6% |
| Recurring financial income | 75 | €17 | €53 | +€35 | +203.6% |
| Financial charges | 65/66B | €12,459 | €65,711 | +€53,252 | +427.4% |
| Recurring financial charges | 65 | €12,459 | €65,711 | +€53,252 | +427.4% |
| Profit (loss) for the period before taxes | 9903 | €55,615 | -€39,342 | -€94,958 | |
| Income taxes | 67/77 | €9,514 | €304 | -€9,211 | -96.8% |
| Profit (loss) for the period | 9904 | €46,101 | -€39,646 | -€85,747 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,101 | -€39,646 | -€85,747 |
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.