ESFE: 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.
ESFE
Largest movements
- Current investments +€69,397
up €69,397 (+68.8%), from €100,823 to €170,220
- Cash -€36,935
down €36,935 (-62.2%), from €59,348 to €22,413
mainly Current investments (-€69,397) and Current portion of long-term debt (-€3,162)
- Receivables within one year -€15,760
down €15,760 (-12.9%), from €122,030 to €106,270
of which Trade receivables: -€16,335
- Profit (loss) carried forward +€12,685
up €12,685 (+2.3%), from -€554,432 to -€541,747
- Gross operating margin +€3,554
up €3,554 (+3.8%), from €93,472 to €97,026
- Financial income +€3,255
new in 2025: €3,255
- Staff costs +€2,955
up €2,955 (+3.9%), from €76,509 to €79,464
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 | €1,006,663 | €1,016,960 | +€10,297 | +1.0% |
| Fixed assets | 21/28 | €656,311 | €649,907 | -€6,405 | -1.0% |
| Tangible fixed assets | 22/27 | €13,911 | €7,507 | -€6,405 | -46.0% |
| Furniture and vehicles | 24 | €13,911 | €7,507 | -€6,405 | -46.0% |
| Financial fixed assets | 28 | €642,400 | €642,400 | = | 0.0% |
| Current assets | 29/58 | €350,352 | €367,053 | +€16,702 | +4.8% |
| Amounts receivable after more than one year | 29 | €68,151 | €68,151 | = | 0.0% |
| Other amounts receivable | 291 | €68,151 | €68,151 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €122,030 | €106,270 | -€15,760 | -12.9% |
| Trade receivables | 40 | €116,531 | €100,196 | -€16,335 | -14.0% |
| Other amounts receivable | 41 | €5,499 | €6,074 | +€575 | +10.5% |
| Current investments | 50/53 | €100,823 | €170,220 | +€69,397 | +68.8% |
| Cash at bank and in hand | 54/58 | €59,348 | €22,413 | -€36,935 | -62.2% |
| Total equity and liabilities | 10/49 | €1,006,663 | €1,016,960 | +€10,297 | +1.0% |
| Equity | 10/15 | €505,068 | €517,753 | +€12,685 | +2.5% |
| Contributions | 10/11 | €1,059,500 | €1,059,500 | = | 0.0% |
| Outside capital | 11 | €1,059,500 | - | -€1.1m | |
| Other | 1109/19 | €1,059,500 | - | -€1.1m | |
| Profit (loss) carried forward | 14 | -€554,432 | -€541,747 | +€12,685 | +2.3% |
| Amounts payable | 17/49 | €501,595 | €499,207 | -€2,388 | -0.5% |
| Amounts payable after more than one year | 17 | €637 | - | -€637 | |
| Financial debts | 170/4 | €637 | - | -€637 | |
| Amounts payable within one year | 42/48 | €500,958 | €499,207 | -€1,751 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €3,799 | €637 | -€3,162 | -83.2% |
| Trade debts | 44 | €1,916 | €2,196 | +€280 | +14.6% |
| Suppliers | 440/4 | €1,916 | €2,196 | +€280 | +14.6% |
| Taxes, remuneration and social security | 45 | €5,002 | €6,362 | +€1,360 | +27.2% |
| Taxes | 450/3 | €5,002 | €6,362 | +€1,360 | +27.2% |
| Other amounts payable | 47/48 | €490,242 | €490,012 | -€230 | 0.0% |
| Remuneration, social security and pensions | 62 | €76,509 | €79,464 | +€2,955 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,301 | €6,405 | +€103 | +1.6% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €93,472 | €97,026 | +€3,554 | +3.8% |
| Operating profit (loss) | 9901 | €9,553 | €10,015 | +€462 | +4.8% |
| Financial income | 75/76B | - | €3,255 | +€3,255 | |
| Recurring financial income | 75 | - | €3,255 | +€3,255 | |
| Financial charges | 65/66B | - | €352 | +€352 | |
| Recurring financial charges | 65 | - | €352 | +€352 | |
| Profit (loss) for the period before taxes | 9903 | €9,553 | €12,918 | +€3,365 | +35.2% |
| Income taxes | 67/77 | -€334 | €233 | +€567 | |
| Profit (loss) for the period | 9904 | €9,887 | €12,685 | +€2,798 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,887 | €12,685 | +€2,798 | +28.3% |
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 6 October 2026 via checked.be.