ESDR: 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.
ESDR
Largest movements
- Deferred charges and accrued income +€58,691
up €58,691 (+15,320%), from €383 to €59,074
- Cash -€44,428
down €44,428 (-89.7%), from €49,550 to €5,122
mainly Deferred charges and accrued income (-€58,691) and Debts after one year (-€38,775)
- Debts after one year -€38,775
down €38,775 (-6.9%), from €565,214 to €526,438
- Reserves +€38,012
up €38,012 (+9.1%), from €417,923 to €455,935
- Other debts +€13,948
up €13,948 (+13.7%), from €101,697 to €115,644
- Tax, wage and social debts -€12,542
down €12,542 (-43.7%), from €28,672 to €16,130
- Financial income -€429,000
down €429,000 (-100%), from €429,000 to €0
- Gross operating margin +€42,228
up €42,228 (+102%), from €41,257 to €83,484
- Taxes -€13,118
down €13,118 (-54.4%), from €24,111 to €10,993
- Financial charges +€5,988
up €5,988 (+26.6%), from €22,507 to €28,495
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.
Derived cash bridge
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 | €1,158,854 | €1,166,454 | +€7,601 | +0.7% |
| Fixed assets | 21/28 | €977,985 | €973,259 | -€4,727 | -0.5% |
| Tangible fixed assets | 22/27 | €19,185 | €14,459 | -€4,727 | -24.6% |
| Furniture and vehicles | 24 | €19,185 | €14,459 | -€4,727 | -24.6% |
| Financial fixed assets | 28 | €958,800 | €958,800 | = | 0.0% |
| Current assets | 29/58 | €180,868 | €193,196 | +€12,327 | +6.8% |
| Amounts receivable within one year | 40/41 | €130,935 | €129,000 | -€1,935 | -1.5% |
| Trade receivables | 40 | €1,935 | €0 | -€1,935 | -100% |
| Other amounts receivable | 41 | €129,000 | €129,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €49,550 | €5,122 | -€44,428 | -89.7% |
| Deferred charges and accrued income | 490/1 | €383 | €59,074 | +€58,691 | +15,320% |
| Total equity and liabilities | 10/49 | €1,158,854 | €1,166,454 | +€7,601 | +0.7% |
| Equity | 10/15 | €422,923 | €460,935 | +€38,012 | +9.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €417,923 | €455,935 | +€38,012 | +9.1% |
| Distributable reserves | 133 | €417,923 | €455,935 | +€38,012 | +9.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €735,931 | €705,519 | -€30,411 | -4.1% |
| Amounts payable after more than one year | 17 | €565,214 | €526,438 | -€38,775 | -6.9% |
| Financial debts | 170/4 | €565,214 | €526,438 | -€38,775 | -6.9% |
| Amounts payable within one year | 42/48 | €170,717 | €171,740 | +€1,023 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €38,582 | €38,775 | +€193 | +0.5% |
| Trade debts | 44 | €1,766 | €1,191 | -€575 | -32.6% |
| Suppliers | 440/4 | €1,766 | €1,191 | -€575 | -32.6% |
| Taxes, remuneration and social security | 45 | €28,672 | €16,130 | -€12,542 | -43.7% |
| Taxes | 450/3 | €28,672 | €16,130 | -€12,542 | -43.7% |
| Other amounts payable | 47/48 | €101,697 | €115,644 | +€13,948 | +13.7% |
| Accrued charges and deferred income | 492/3 | - | €7,341 | +€7,341 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,447 | €4,727 | +€280 | +6.3% |
| Other operating charges | 640/8 | €435 | €334 | -€101 | -23.2% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €41,257 | €83,484 | +€42,228 | +102% |
| Operating profit (loss) | 9901 | €36,375 | €78,360 | +€41,986 | +115% |
| Financial income | 75/76B | €429,000 | €0 | -€429,000 | -100% |
| Recurring financial income | 75 | €429,000 | €0 | -€429,000 | -100% |
| Financial charges | 65/66B | €22,507 | €28,495 | +€5,988 | +26.6% |
| Recurring financial charges | 65 | €22,507 | €28,495 | +€5,988 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €442,867 | €49,865 | -€393,002 | -88.7% |
| Income taxes | 67/77 | €24,111 | €10,993 | -€13,118 | -54.4% |
| Profit (loss) for the period | 9904 | €418,756 | €38,871 | -€379,885 | -90.7% |
| Profit (loss) for the period to be appropriated | 9905 | €418,756 | €38,871 | -€379,885 | -90.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.