ESEA: what changed
ESEA
Largest movements
- Cash -€189,339
down €189,339 (-87.8%), from €215,623 to €26,284
mainly Advances received (-€143,463) and Investment in fixed assets (net) (-€83,011)
- Intangible fixed assets +€73,096
new in 2025: €73,096
- Receivables within one year -€33,913
down €33,913 (-13.9%), from €244,626 to €210,712
of which Trade receivables: -€28,418
- Advances received -€143,463
no longer reported in 2025 (was €143,463)
- Trade debts -€54,415
down €54,415 (-70.7%), from €76,984 to €22,569
- Profit (loss) carried forward +€33,973
up €33,973, from -€27,280 to €6,693
- Other debts +€22,258
up €22,258 (+140%), from €15,876 to €38,134
- Debts after one year -€4,876
down €4,876 (-2.0%), from €250,000 to €245,124
- Gross operating margin +€163,436
up €163,436, from -€5,012 to €158,424
- Staff costs +€57,232
up €57,232 (+134%), from €42,567 to €99,799
- Depreciation +€8,334
up €8,334 (+2,122%), from €393 to €8,727
- Financial charges +€4,622
up €4,622 (+45.8%), from €10,086 to €14,708
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €467,471 | €321,281 | -€146,189 | -31.3% |
| Fixed assets | 21/28 | €7,223 | €81,507 | +€74,284 | +1,029% |
| Intangible fixed assets | 21 | - | €73,096 | +€73,096 | |
| Tangible fixed assets | 22/27 | €2,535 | €3,723 | +€1,188 | +46.9% |
| Furniture and vehicles | 24 | €43 | €1,581 | +€1,538 | +3,593% |
| Other tangible fixed assets | 26 | €2,492 | €2,142 | -€350 | -14.0% |
| Financial fixed assets | 28 | €4,688 | €4,688 | = | 0.0% |
| Current assets | 29/58 | €460,248 | €239,775 | -€220,474 | -47.9% |
| Amounts receivable within one year | 40/41 | €244,626 | €210,712 | -€33,913 | -13.9% |
| Trade receivables | 40 | €238,130 | €209,712 | -€28,418 | -11.9% |
| Other amounts receivable | 41 | €6,495 | €1,000 | -€5,495 | -84.6% |
| Cash at bank and in hand | 54/58 | €215,623 | €26,284 | -€189,339 | -87.8% |
| Deferred charges and accrued income | 490/1 | - | €2,778 | +€2,778 | |
| Total equity and liabilities | 10/49 | €467,471 | €321,281 | -€146,189 | -31.3% |
| Equity | 10/15 | -€24,780 | €9,193 | +€33,973 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,280 | €6,693 | +€33,973 | |
| Amounts payable | 17/49 | €492,250 | €312,088 | -€180,162 | -36.6% |
| Amounts payable after more than one year | 17 | €250,000 | €245,124 | -€4,876 | -2.0% |
| Financial debts | 170/4 | €250,000 | €245,124 | -€4,876 | -2.0% |
| Amounts payable within one year | 42/48 | €242,250 | €66,964 | -€175,287 | -72.4% |
| Financial debts | 43 | - | €873 | +€873 | |
| Credit institutions | 430/8 | - | €873 | +€873 | |
| Trade debts | 44 | €76,984 | €22,569 | -€54,415 | -70.7% |
| Suppliers | 440/4 | €76,984 | €22,569 | -€54,415 | -70.7% |
| Advances received on contracts in progress | 46 | €143,463 | - | -€143,463 | |
| Taxes, remuneration and social security | 45 | €5,928 | €5,389 | -€540 | -9.1% |
| Taxes | 450/3 | - | €389 | +€389 | |
| Remuneration and social security | 454/9 | €5,928 | €5,000 | -€928 | -15.7% |
| Other amounts payable | 47/48 | €15,876 | €38,134 | +€22,258 | +140% |
| Remuneration, social security and pensions | 62 | €42,567 | €99,799 | +€57,232 | +134% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €393 | €8,727 | +€8,334 | +2,122% |
| Other operating charges | 640/8 | €2,332 | €1,328 | -€1,004 | -43.0% |
| Gross operating margin | 9900 | -€5,012 | €158,424 | +€163,436 | |
| Operating profit (loss) | 9901 | -€50,303 | €48,570 | +€98,874 | |
| Financial income | 75/76B | €782 | €111 | -€671 | -85.8% |
| Recurring financial income | 75 | €782 | €111 | -€671 | -85.8% |
| Financial charges | 65/66B | €10,086 | €14,708 | +€4,622 | +45.8% |
| Recurring financial charges | 65 | €10,086 | €14,708 | +€4,622 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | -€59,608 | €33,973 | +€93,581 | |
| Profit (loss) for the period | 9904 | -€59,608 | €33,973 | +€93,581 | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,608 | €33,973 | +€93,581 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.