ESEFIN: 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.
ESEFIN
Largest movements
- Cash -€196,637
down €196,637 (-78.9%), from €249,083 to €52,446
mainly Receivables after one year (-€170,253) and Receivables within one year (-€167,815)
- Receivables after one year +€170,253
new in 2025: €170,253
- Receivables within one year +€167,815
up €167,815 (+271.9%), from €61,720 to €229,535
of which Trade receivables: +€172,946
- Tangible fixed assets -€105,776
down €105,776 (-44.8%), from €235,924 to €130,147
of which Furniture and vehicles: -€68,645
- Profit (loss) carried forward +€159,305
up €159,305 (+215.5%), from €73,914 to €233,219
- Debts after one year -€124,183
no longer reported in 2025 (was €124,183)
- Trade debts -€40,785
down €40,785 (-17.2%), from €236,811 to €196,026
- Current portion of long-term debt +€29,000
up €29,000, from €0 to €29,000
- Tax, wage and social debts +€8,325
up €8,325 (+8.4%), from €98,872 to €107,197
of which Remuneration and social security: +€8,524
- Gross operating margin +€124,233
up €124,233 (+55.2%), from €224,988 to €349,221
- Taxes -€114,712
down €114,712 (-92.8%), from €123,576 to €8,864
- Other operating charges +€30,495
up €30,495 (+492.3%), from €6,194 to €36,689
- Depreciation -€6,403
down €6,403 (-11.3%), from €56,588 to €50,185
- Staff costs +€4,599
up €4,599 (+7.7%), from €60,091 to €64,690
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 | €581,727 | €612,665 | +€30,938 | +5.3% |
| Fixed assets | 21/28 | €238,531 | €132,754 | -€105,776 | -44.3% |
| Tangible fixed assets | 22/27 | €235,924 | €130,147 | -€105,776 | -44.8% |
| Plant, machinery and equipment | 23 | €15,887 | €10,425 | -€5,462 | -34.4% |
| Furniture and vehicles | 24 | €151,501 | €82,856 | -€68,645 | -45.3% |
| Other tangible fixed assets | 26 | €68,536 | €36,867 | -€31,669 | -46.2% |
| Financial fixed assets | 28 | €2,607 | €2,607 | = | 0.0% |
| Current assets | 29/58 | €343,196 | €479,910 | +€136,714 | +39.8% |
| Amounts receivable after more than one year | 29 | - | €170,253 | +€170,253 | |
| Other amounts receivable | 291 | - | €170,253 | +€170,253 | |
| Stocks and contracts in progress | 3 | €20,895 | €16,178 | -€4,716 | -22.6% |
| Stocks | 30/36 | €20,895 | €16,178 | -€4,716 | -22.6% |
| Amounts receivable within one year | 40/41 | €61,720 | €229,535 | +€167,815 | +271.9% |
| Trade receivables | 40 | €52,476 | €225,422 | +€172,946 | +329.6% |
| Other amounts receivable | 41 | €9,244 | €4,113 | -€5,131 | -55.5% |
| Cash at bank and in hand | 54/58 | €249,083 | €52,446 | -€196,637 | -78.9% |
| Deferred charges and accrued income | 490/1 | €11,498 | €11,498 | = | 0.0% |
| Total equity and liabilities | 10/49 | €581,727 | €612,665 | +€30,938 | +5.3% |
| Equity | 10/15 | €101,194 | €260,498 | +€159,303 | +157.4% |
| Contributions | 10/11 | €24,800 | €24,799 | -€1 | 0.0% |
| Reserves | 13 | €2,480 | €2,480 | = | 0.0% |
| Distributable reserves | 133 | €2,480 | €2,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,914 | €233,219 | +€159,305 | +215.5% |
| Amounts payable | 17/49 | €480,532 | €352,167 | -€128,365 | -26.7% |
| Amounts payable after more than one year | 17 | €124,183 | - | -€124,183 | |
| Other amounts payable | 178/9 | €124,183 | - | -€124,183 | |
| Amounts payable within one year | 42/48 | €356,349 | €352,167 | -€4,182 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | €29,000 | +€29,000 | |
| Trade debts | 44 | €236,811 | €196,026 | -€40,785 | -17.2% |
| Suppliers | 440/4 | €236,811 | €196,026 | -€40,785 | -17.2% |
| Taxes, remuneration and social security | 45 | €98,872 | €107,197 | +€8,325 | +8.4% |
| Taxes | 450/3 | €90,122 | €89,923 | -€199 | -0.2% |
| Remuneration and social security | 454/9 | €8,750 | €17,274 | +€8,524 | +97.4% |
| Other amounts payable | 47/48 | €20,667 | €19,944 | -€722 | -3.5% |
| Non-recurring operating income | 76A | €3,194 | €6,183 | +€2,989 | +93.6% |
| Remuneration, social security and pensions | 62 | €60,091 | €64,690 | +€4,599 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,588 | €50,185 | -€6,403 | -11.3% |
| Other operating charges | 640/8 | €6,194 | €36,689 | +€30,495 | +492.3% |
| Non-recurring operating charges | 66A | - | €21,444 | +€21,444 | |
| Gross operating margin | 9900 | €224,988 | €349,221 | +€124,233 | +55.2% |
| Operating profit (loss) | 9901 | €102,115 | €176,213 | +€74,098 | +72.6% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €12,407 | €8,044 | -€4,363 | -35.2% |
| Recurring financial charges | 65 | €12,407 | €8,044 | -€4,363 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €89,713 | €168,169 | +€78,456 | +87.5% |
| Income taxes | 67/77 | €123,576 | €8,864 | -€114,712 | -92.8% |
| Profit (loss) for the period | 9904 | -€33,863 | €159,305 | +€193,167 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,863 | €159,305 | +€193,167 |
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 5 October 2026 via checked.be.