ESDE: 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.
What changed
ESDE
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€20,000
2024 · -€36,153+€16,153
Equity
€460,250
2024 · €480,250-€20,000
Cash
€17,794
2024 · €2,320+€15,474
Balance sheet total
€2.6m
2024 · €2.7m-€94,916
Largest movements
Assets
- Tangible fixed assets -€105,866
down €105,866 (-4.2%), from €2.5m to €2.4m
of which Land and buildings: -€86,839
Equity and liabilities
- Debts after one year -€193,680
down €193,680 (-11.5%), from €1.7m to €1.5m
of which Financial debts: -€143,680
- Other debts +€135,126
up €135,126 (+45.6%), from €296,563 to €431,690
Income statement
- Gross operating margin +€35,202
up €35,202 (+21.0%), from €167,551 to €202,753
- Depreciation +€8,572
up €8,572 (+7.9%), from €108,958 to €117,530
- Financial charges +€7,765
up €7,765 (+10.0%), from €77,673 to €85,438
- Taxes +€2,638
up €2,638 (+789.2%), from €334 to €2,972
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.
Result 2024
-€36,153
Gross operating margin
+€35,202
Depreciation
-€8,572
Other operating charges
-€74
Financial income
-€0
Financial charges
-€7,765
Taxes
-€2,638
Result 2025
-€20,000
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.
From operations
+€225,767
Investment
-€11,664
Financing
-€198,629
Cash 2024
€2,320
From operations (derived)
+€225,767
Net result for the year
-€20,000
Depreciation
+€117,530
Receivables within one year
+€5,463
Deferred charges and accrued income
-€940
Provisions
-€2,354
Trade debts
-€2,032
Tax, wage and social debts
-€2,819
Other debts
+€135,126
Accrued charges and deferred income
-€4,207
Investment (derived)
-€11,664
Investment in fixed assets (net)
-€11,664
Financing
-€198,629
Debts after one year
-€193,680
Current portion of long-term debt
-€4,948
Cash 2025
€17,794
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,700,398 | €2,605,482 | -€94,916 | -3.5% |
| Fixed assets | 21/28 | €2,527,232 | €2,421,366 | -€105,866 | -4.2% |
| Tangible fixed assets | 22/27 | €2,525,621 | €2,419,755 | -€105,866 | -4.2% |
| Land and buildings | 22 | €2,444,757 | €2,357,919 | -€86,839 | -3.6% |
| Plant, machinery and equipment | 23 | €3,005 | €1,856 | -€1,150 | -38.3% |
| Furniture and vehicles | 24 | €7,057 | €4,714 | -€2,343 | -33.2% |
| Leasing and similar rights | 25 | €70,801 | €55,266 | -€15,535 | -21.9% |
| Financial fixed assets | 28 | €1,611 | €1,611 | = | 0.0% |
| Current assets | 29/58 | €173,166 | €184,116 | +€10,950 | +6.3% |
| Amounts receivable within one year | 40/41 | €170,747 | €165,283 | -€5,463 | -3.2% |
| Trade receivables | 40 | €159,815 | €145,139 | -€14,676 | -9.2% |
| Other amounts receivable | 41 | €10,932 | €20,144 | +€9,213 | +84.3% |
| Cash at bank and in hand | 54/58 | €2,320 | €17,794 | +€15,474 | +667.1% |
| Deferred charges and accrued income | 490/1 | €100 | €1,040 | +€940 | +943.8% |
| Total equity and liabilities | 10/49 | €2,700,398 | €2,605,482 | -€94,916 | -3.5% |
| Equity | 10/15 | €480,250 | €460,250 | -€20,000 | -4.2% |
| Contributions | 10/11 | €305,235 | €305,235 | = | 0.0% |
| Capital | 10 | €305,235 | €305,235 | = | 0.0% |
| Issued capital | 100 | €305,235 | €305,235 | = | 0.0% |
| Reserves | 13 | €186,985 | €182,413 | -€4,572 | -2.4% |
| Non-distributable reserves | 130/1 | €30,524 | €30,524 | = | 0.0% |
| Legal reserve | 130 | €30,524 | €30,524 | = | 0.0% |
| Tax-exempt reserves | 132 | €92,962 | €88,390 | -€4,572 | -4.9% |
| Distributable reserves | 133 | €63,500 | €63,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,971 | -€27,399 | -€15,428 | -128.9% |
| Provisions and deferred taxes | 16 | €47,868 | €45,514 | -€2,354 | -4.9% |
| Deferred taxes | 168 | €47,868 | €45,514 | -€2,354 | -4.9% |
| Amounts payable | 17/49 | €2,172,280 | €2,099,718 | -€72,561 | -3.3% |
| Amounts payable after more than one year | 17 | €1,684,819 | €1,491,138 | -€193,680 | -11.5% |
| Financial debts | 170/4 | €1,250,469 | €1,106,788 | -€143,680 | -11.5% |
| Other amounts payable | 178/9 | €434,350 | €384,350 | -€50,000 | -11.5% |
| Amounts payable within one year | 42/48 | €478,100 | €603,426 | +€125,327 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €154,129 | €149,180 | -€4,948 | -3.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €9,778 | €7,746 | -€2,032 | -20.8% |
| Suppliers | 440/4 | €9,778 | €7,746 | -€2,032 | -20.8% |
| Taxes, remuneration and social security | 45 | €17,629 | €14,810 | -€2,819 | -16.0% |
| Taxes | 450/3 | €17,629 | €14,810 | -€2,819 | -16.0% |
| Other amounts payable | 47/48 | €296,563 | €431,690 | +€135,126 | +45.6% |
| Accrued charges and deferred income | 492/3 | €9,362 | €5,154 | -€4,207 | -44.9% |
| Non-recurring operating income | 76A | €119 | €12,074 | +€11,954 | +10017.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,958 | €117,530 | +€8,572 | +7.9% |
| Other operating charges | 640/8 | €19,093 | €19,167 | +€74 | +0.4% |
| Gross operating margin | 9900 | €167,551 | €202,753 | +€35,202 | +21.0% |
| Operating profit (loss) | 9901 | €39,500 | €66,056 | +€26,556 | +67.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €77,673 | €85,438 | +€7,765 | +10.0% |
| Recurring financial charges | 65 | €77,673 | €85,438 | +€7,765 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | -€38,173 | -€19,382 | +€18,791 | +49.2% |
| Transfer from deferred taxes | 780 | €2,354 | €2,354 | = | 0.0% |
| Income taxes | 67/77 | €334 | €2,972 | +€2,638 | +789.2% |
| Profit (loss) for the period | 9904 | -€36,153 | -€20,000 | +€16,153 | +44.7% |
| Transfer from tax-exempt reserves | 789 | €4,572 | €4,572 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,581 | -€15,428 | +€16,153 | +51.1% |
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 6 October 2026 via checked.be.