ESD: what changed
Two fiscal 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 -€3,744
down €3,744 (-13.8%), from €27,144 to €23,400
of which Other amounts receivable: -€2,734
- Cash -€1,502
no longer reported in 2025 (was €1,502)
mainly Net result for the year (-€4,958) and Trade debts (-€2,343)
- Tangible fixed assets -€671
down €671 (-41.5%), from €1,615 to €944
- Profit (loss) carried forward -€4,958
down €4,958 (-26.2%), from €18,931 to €13,973
- Trade debts -€2,343
no longer reported in 2025 (was €2,343)
- Short-term financial debts +€1,086
new in 2025: €1,086
- Gross operating margin -€33,543
down €33,543, from €32,338 to -€1,205
- Taxes -€7,060
no longer reported in 2025 (was €7,060)
- Depreciation -€1,854
down €1,854 (-73.4%), from €2,525 to €671
- Financial income +€800
new in 2025: €800
of which Financial income: +€800
- Staff costs +€564
up €564 (+19.6%), from €2,880 to €3,444
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 | €30,261 | €24,344 | -€5,917 | -19.6% |
| Fixed assets | 21/28 | €1,615 | €944 | -€671 | -41.5% |
| Tangible fixed assets | 22/27 | €1,615 | €944 | -€671 | -41.5% |
| Furniture and vehicles | 24 | €1,615 | €944 | -€671 | -41.5% |
| Current assets | 29/58 | €28,646 | €23,400 | -€5,246 | -18.3% |
| Amounts receivable within one year | 40/41 | €27,144 | €23,400 | -€3,744 | -13.8% |
| Trade receivables | 40 | €6,897 | €5,887 | -€1,010 | -14.6% |
| Other amounts receivable | 41 | €20,247 | €17,513 | -€2,734 | -13.5% |
| Cash at bank and in hand | 54/58 | €1,502 | - | -€1,502 | |
| Total equity and liabilities | 10/49 | €30,261 | €24,344 | -€5,917 | -19.6% |
| Equity | 10/15 | €20,931 | €15,973 | -€4,958 | -23.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,931 | €13,973 | -€4,958 | -26.2% |
| Amounts payable | 17/49 | €9,330 | €8,371 | -€959 | -10.3% |
| Amounts payable within one year | 42/48 | €9,330 | €8,371 | -€959 | -10.3% |
| Financial debts | 43 | - | €1,086 | +€1,086 | |
| Other loans | 439 | - | €1,086 | +€1,086 | |
| Trade debts | 44 | €2,343 | - | -€2,343 | |
| Suppliers | 440/4 | €2,343 | - | -€2,343 | |
| Taxes, remuneration and social security | 45 | €6,987 | €7,285 | +€298 | +4.3% |
| Taxes | 450/3 | €6,987 | €6,831 | -€156 | -2.2% |
| Remuneration and social security | 454/9 | - | €454 | +€454 | |
| Remuneration, social security and pensions | 62 | €2,880 | €3,444 | +€564 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,525 | €671 | -€1,854 | -73.4% |
| Other operating charges | 640/8 | €126 | €246 | +€120 | +95.2% |
| Non-recurring operating charges | 66A | €503 | - | -€503 | |
| Gross operating margin | 9900 | €32,338 | -€1,205 | -€33,543 | |
| Operating profit (loss) | 9901 | €26,304 | -€5,566 | -€31,870 | |
| Financial income | 75/76B | - | €800 | +€800 | |
| Recurring financial income | 75 | - | €800 | +€800 | |
| Non-recurring financial income | 76B | - | €800 | +€800 | |
| Financial charges | 65/66B | €313 | €192 | -€121 | -38.7% |
| Recurring financial charges | 65 | €313 | €192 | -€121 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €25,991 | -€4,958 | -€30,949 | |
| Income taxes | 67/77 | €7,060 | - | -€7,060 | |
| Profit (loss) for the period | 9904 | €18,931 | -€4,958 | -€23,889 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,931 | -€4,958 | -€23,889 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.