ESE.group: 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.
What changed
ESE.group
NACE 64.210, Activities of holding companies
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€107,343
31-12-2024 · €40,564+€66,779
Equity
€412,479
31-12-2024 · €305,136+€107,343
Cash
€7,232
31-12-2024 · €4,580+€2,652
Balance sheet total
€3.9m
31-12-2024 · €4.1m-€156,519
Largest movements
Assets
- Tangible fixed assets -€168,892
down €168,892 (-6.0%), from €2.8m to €2.6m
of which Land and buildings: -€117,437
- Financial fixed assets +€95,000
up €95,000 (+14.2%), from €667,653 to €762,653
of which Affiliated companies: +€95,000
- Receivables within one year -€67,779
down €67,779 (-13.6%), from €497,514 to €429,735
of which Trade receivables: -€109,912
Equity and liabilities
- Trade debts -€201,354
down €201,354 (-50.6%), from €397,761 to €196,406
- Debts after one year -€162,200
down €162,200 (-12.9%), from €1.3m to €1.1m
- Reserves +€107,343
up €107,343 (+36.2%), from €296,407 to €403,750
- Other debts +€65,670
up €65,670 (+3.5%), from €1.9m to €1.9m
Income statement
- Financial charges -€40,146
down €40,146 (-53.0%), from €75,810 to €35,664
- Services and other goods -€38,913
down €38,913 (-4.1%), from €938,400 to €899,486
- Other operating income +€19,952
up €19,952 (+12.4%), from €160,834 to €180,786
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€40,564
Turnover
+€2,250
Other operating income
+€19,952
Services and other goods
+€38,913
Staff costs
-€38
Depreciation
-€7,451
Write-downs
+€800
Other operating charges
+€2,299
Other operating items
-€25,180
Financial income
+€1,141
Financial charges
+€40,146
Taxes
-€6,054
Result 31-12-2025
€107,343
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€251,633
Investment
-€94,636
Financing
-€154,346
Cash 31-12-2024
€4,580
From operations (derived)
+€251,633
Net result for the year
+€107,343
Depreciation
+€191,269
Receivables within one year
+€67,779
Deferred charges and accrued income
-€5,241
Trade debts
-€201,354
Tax, wage and social debts
+€15,218
Other debts
+€65,670
Accrued charges and deferred income
+€10,951
Investment (derived)
-€94,636
Investment in fixed assets (net)
-€94,636
Financing
-€154,346
Debts after one year
-€162,200
Current portion of long-term debt
-€6,869
Short-term financial debts
+€14,723
Cash 31-12-2025
€7,232
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,070,319 | €3,913,800 | -€156,519 | -3.8% |
| Fixed assets | 21/28 | €3,561,260 | €3,464,627 | -€96,633 | -2.7% |
| Intangible fixed assets | 21 | €97,431 | €74,690 | -€22,741 | -23.3% |
| Tangible fixed assets | 22/27 | €2,796,176 | €2,627,284 | -€168,892 | -6.0% |
| Land and buildings | 22 | €2,632,692 | €2,515,255 | -€117,437 | -4.5% |
| Plant, machinery and equipment | 23 | €34,150 | €24,577 | -€9,573 | -28.0% |
| Furniture and vehicles | 24 | €60,742 | €34,210 | -€26,532 | -43.7% |
| Leasing and similar rights | 25 | €68,592 | €53,242 | -€15,349 | -22.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €667,653 | €762,653 | +€95,000 | +14.2% |
| Affiliated companies | 280/1 | €662,778 | €757,778 | +€95,000 | +14.3% |
| Participating interests | 280 | €662,778 | €757,778 | +€95,000 | +14.3% |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €4,875 | €4,875 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,875 | €4,875 | = | 0.0% |
| Current assets | 29/58 | €509,059 | €449,173 | -€59,886 | -11.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €497,514 | €429,735 | -€67,779 | -13.6% |
| Trade receivables | 40 | €320,428 | €210,516 | -€109,912 | -34.3% |
| Other amounts receivable | 41 | €177,086 | €219,219 | +€42,133 | +23.8% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €4,580 | €7,232 | +€2,652 | +57.9% |
| Deferred charges and accrued income | 490/1 | €6,965 | €12,206 | +€5,241 | +75.2% |
| Total equity and liabilities | 10/49 | €4,070,319 | €3,913,800 | -€156,519 | -3.8% |
| Equity | 10/15 | €305,136 | €412,479 | +€107,343 | +35.2% |
| Contributions | 10/11 | €8,729 | €8,729 | = | 0.0% |
| Reserves | 13 | €296,407 | €403,750 | +€107,343 | +36.2% |
| Distributable reserves | 133 | €296,407 | €403,750 | +€107,343 | +36.2% |
| Amounts payable | 17/49 | €3,765,183 | €3,501,321 | -€263,862 | -7.0% |
| Amounts payable after more than one year | 17 | €1,253,952 | €1,091,752 | -€162,200 | -12.9% |
| Financial debts | 170/4 | €1,253,952 | €1,091,752 | -€162,200 | -12.9% |
| Leasing and similar obligations | 172 | €54,198 | €39,149 | -€15,050 | -27.8% |
| Credit institutions | 173 | €1,199,754 | €1,052,603 | -€147,150 | -12.3% |
| Amounts payable within one year | 42/48 | €2,476,953 | €2,364,341 | -€112,613 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €169,069 | €162,200 | -€6,869 | -4.1% |
| Financial debts | 43 | €25,000 | €39,723 | +€14,723 | +58.9% |
| Credit institutions | 430/8 | €25,000 | €39,723 | +€14,723 | +58.9% |
| Trade debts | 44 | €397,761 | €196,406 | -€201,354 | -50.6% |
| Suppliers | 440/4 | €397,761 | €196,406 | -€201,354 | -50.6% |
| Taxes, remuneration and social security | 45 | €9,195 | €24,413 | +€15,218 | +166% |
| Taxes | 450/3 | €573 | €6,395 | +€5,822 | +1,016% |
| Remuneration and social security | 454/9 | €8,622 | €18,018 | +€9,396 | +109% |
| Other amounts payable | 47/48 | €1,875,929 | €1,941,599 | +€65,670 | +3.5% |
| Accrued charges and deferred income | 492/3 | €34,278 | €45,228 | +€10,951 | +31.9% |
| Operating income | 70/76A | €1,358,990 | €1,352,014 | -€6,976 | -0.5% |
| Turnover | 70 | €1,167,330 | €1,169,580 | +€2,250 | +0.2% |
| Other operating income | 74 | €160,834 | €180,786 | +€19,952 | +12.4% |
| Non-recurring operating income | 76A | €30,826 | €1,648 | -€29,178 | -94.7% |
| Operating charges | 60/66A | €1,243,634 | €1,205,112 | -€38,522 | -3.1% |
| Services and other goods | 61 | €938,400 | €899,486 | -€38,913 | -4.1% |
| Remuneration, social security and pensions | 62 | €93,172 | €93,210 | +€38 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,818 | €191,269 | +€7,451 | +4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €400 | -€400 | -€800 | |
| Other operating charges | 640/8 | €23,846 | €21,547 | -€2,299 | -9.6% |
| Non-recurring operating charges | 66A | €3,998 | €0 | -€3,998 | -100% |
| Operating profit (loss) | 9901 | €115,356 | €146,902 | +€31,546 | +27.3% |
| Financial income | 75/76B | €1,736 | €2,877 | +€1,141 | +65.7% |
| Recurring financial income | 75 | €1,736 | €2,877 | +€1,141 | +65.7% |
| Income from current assets | 751 | €1,736 | €2,877 | +€1,142 | +65.8% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -95.7% |
| Financial charges | 65/66B | €75,810 | €35,664 | -€40,146 | -53.0% |
| Recurring financial charges | 65 | €75,810 | €35,664 | -€40,146 | -53.0% |
| Debt charges | 650 | €63,628 | €32,045 | -€31,583 | -49.6% |
| Other financial charges | 652/9 | €12,182 | €3,619 | -€8,563 | -70.3% |
| Profit (loss) for the period before taxes | 9903 | €41,282 | €114,115 | +€72,833 | +176% |
| Income taxes | 67/77 | €719 | €6,772 | +€6,054 | +842% |
| Taxes | 670/3 | €719 | €6,772 | +€6,054 | +842% |
| Profit (loss) for the period | 9904 | €40,564 | €107,343 | +€66,779 | +165% |
| Profit (loss) for the period to be appropriated | 9905 | €40,564 | €107,343 | +€66,779 | +165% |
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 19 October 2026 via checked.be.