ESEM: 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.
ESEM
Largest movements
- Receivables within one year +€22,094
up €22,094 (+178.8%), from €12,356 to €34,450
of which Other amounts receivable: +€20,619
- Cash -€2,810
down €2,810 (-40.2%), from €6,991 to €4,180
mainly Receivables within one year (-€22,094) and Investment in fixed assets (net) (-€1,860)
- Intangible fixed assets -€1,500
down €1,500 (-16.7%), from €9,000 to €7,500
- Tangible fixed assets +€1,468
up €1,468 (+506.8%), from €290 to €1,758
of which Plant, machinery and equipment: +€1,718
- Profit (loss) carried forward +€13,472
up €13,472 (+92.4%), from €14,584 to €28,056
- Trade debts +€3,959
new in 2025: €3,959
- Tax, wage and social debts +€1,821
up €1,821 (+90.8%), from €2,007 to €3,828
- Gross operating margin +€21,074
up €21,074 (+70.6%), from €29,851 to €50,924
- Staff costs +€14,325
up €14,325 (+80.8%), from €17,722 to €32,047
- Taxes +€1,821
up €1,821 (+90.8%), from €2,007 to €3,828
- Financial income +€760
up €760 (+194.4%), from €391 to €1,151
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 | €31,590 | €50,843 | +€19,252 | +60.9% |
| Fixed assets | 21/28 | €9,290 | €9,258 | -€32 | -0.3% |
| Intangible fixed assets | 21 | €9,000 | €7,500 | -€1,500 | -16.7% |
| Tangible fixed assets | 22/27 | €290 | €1,758 | +€1,468 | +506.8% |
| Plant, machinery and equipment | 23 | - | €1,718 | +€1,718 | |
| Furniture and vehicles | 24 | €290 | €40 | -€250 | -86.3% |
| Current assets | 29/58 | €22,301 | €41,584 | +€19,284 | +86.5% |
| Stocks and contracts in progress | 3 | €2,954 | €2,954 | = | 0.0% |
| Stocks | 30/36 | €2,954 | €2,954 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,356 | €34,450 | +€22,094 | +178.8% |
| Trade receivables | 40 | - | €1,475 | +€1,475 | |
| Other amounts receivable | 41 | €12,356 | €32,975 | +€20,619 | +166.9% |
| Cash at bank and in hand | 54/58 | €6,991 | €4,180 | -€2,810 | -40.2% |
| Total equity and liabilities | 10/49 | €31,590 | €50,843 | +€19,252 | +60.9% |
| Equity | 10/15 | €29,584 | €43,056 | +€13,472 | +45.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Capital | 10 | - | €15,000 | +€15,000 | |
| Issued capital | 100 | - | €15,000 | +€15,000 | |
| Profit (loss) carried forward | 14 | €14,584 | €28,056 | +€13,472 | +92.4% |
| Amounts payable | 17/49 | €2,007 | €7,787 | +€5,780 | +288.0% |
| Amounts payable within one year | 42/48 | €2,007 | €7,787 | +€5,780 | +288.0% |
| Trade debts | 44 | - | €3,959 | +€3,959 | |
| Suppliers | 440/4 | - | €3,959 | +€3,959 | |
| Taxes, remuneration and social security | 45 | €2,007 | €3,828 | +€1,821 | +90.8% |
| Taxes | 450/3 | €2,007 | €3,828 | +€1,821 | +90.8% |
| Remuneration, social security and pensions | 62 | €17,722 | €32,047 | +€14,325 | +80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,710 | €1,892 | +€181 | +10.6% |
| Other operating charges | 640/8 | €593 | €186 | -€407 | -68.7% |
| Gross operating margin | 9900 | €29,851 | €50,924 | +€21,074 | +70.6% |
| Operating profit (loss) | 9901 | €9,826 | €16,800 | +€6,974 | +71.0% |
| Financial income | 75/76B | €391 | €1,151 | +€760 | +194.4% |
| Recurring financial income | 75 | €391 | €1,151 | +€760 | +194.4% |
| Financial charges | 65/66B | €184 | €652 | +€468 | +255.0% |
| Recurring financial charges | 65 | €184 | €652 | +€468 | +255.0% |
| Profit (loss) for the period before taxes | 9903 | €10,033 | €17,300 | +€7,267 | +72.4% |
| Income taxes | 67/77 | €2,007 | €3,828 | +€1,821 | +90.8% |
| Profit (loss) for the period | 9904 | €8,027 | €13,472 | +€5,445 | +67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,027 | €13,472 | +€5,445 | +67.8% |
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 11 October 2026 via checked.be.