ESG BELGIUM: 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.
ESG BELGIUM
Largest movements
- Financial fixed assets +€200,000
up €200,000 (+23.5%), from €850,000 to €1.1m
- Receivables within one year +€141,218
up €141,218 (+1,418%), from €9,960 to €151,179
of which Trade receivables: +€146,091
- Tangible fixed assets -€62,400
down €62,400 (-100%), from €62,400 to €0
- Profit (loss) carried forward +€286,307
up €286,307 (+39.0%), from -€733,367 to -€447,060
- Other debts +€183,489
up €183,489 (+42.9%), from €428,035 to €611,524
- Debts after one year -€137,507
down €137,507 (-13.5%), from €1.0m to €878,031
- Current portion of long-term debt -€24,480
down €24,480 (-18.0%), from €135,665 to €111,185
- Accrued charges and deferred income -€22,564
down €22,564 (-88.3%), from €25,564 to €3,000
- Financial income +€195,392
up €195,392 (+4,213%), from €4,638 to €200,030
of which Non-recurring financial income: +€195,532
- Gross operating margin +€99,157
up €99,157 (+256%), from €38,791 to €137,948
- Depreciation -€31,200
down €31,200 (-100%), from €31,200 to €0
- Other operating charges -€7,224
down €7,224 (-97.1%), from €7,443 to €219
- Financial charges -€3,619
down €3,619 (-6.6%), from €55,071 to €51,453
of which Financial charges: -€3,619
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.
Derived cash bridge
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 | €925,450 | €1,208,306 | +€282,856 | +30.6% |
| Fixed assets | 21/28 | €912,400 | €1,050,000 | +€137,600 | +15.1% |
| Tangible fixed assets | 22/27 | €62,400 | €0 | -€62,400 | -100% |
| Leasing and similar rights | 25 | €62,400 | €0 | -€62,400 | -100% |
| Financial fixed assets | 28 | €850,000 | €1,050,000 | +€200,000 | +23.5% |
| Current assets | 29/58 | €13,050 | €158,306 | +€145,256 | +1,113% |
| Amounts receivable within one year | 40/41 | €9,960 | €151,179 | +€141,218 | +1,418% |
| Trade receivables | 40 | €5,088 | €151,179 | +€146,091 | +2,871% |
| Other amounts receivable | 41 | €4,873 | €0 | -€4,873 | -100% |
| Cash at bank and in hand | 54/58 | €876 | €6,080 | +€5,205 | +594% |
| Deferred charges and accrued income | 490/1 | €2,214 | €1,047 | -€1,167 | -52.7% |
| Total equity and liabilities | 10/49 | €925,450 | €1,208,306 | +€282,856 | +30.6% |
| Equity | 10/15 | -€683,367 | -€397,060 | +€286,307 | +41.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€733,367 | -€447,060 | +€286,307 | +39.0% |
| Amounts payable | 17/49 | €1,608,817 | €1,605,366 | -€3,451 | -0.2% |
| Amounts payable after more than one year | 17 | €1,015,539 | €878,031 | -€137,507 | -13.5% |
| Financial debts | 170/4 | €1,015,539 | €878,031 | -€137,507 | -13.5% |
| Amounts payable within one year | 42/48 | €567,714 | €724,335 | +€156,620 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €135,665 | €111,185 | -€24,480 | -18.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,222 | €966 | -€2,256 | -70.0% |
| Suppliers | 440/4 | €3,222 | €966 | -€2,256 | -70.0% |
| Taxes, remuneration and social security | 45 | €792 | €660 | -€133 | -16.7% |
| Taxes | 450/3 | €792 | €660 | -€133 | -16.7% |
| Other amounts payable | 47/48 | €428,035 | €611,524 | +€183,489 | +42.9% |
| Accrued charges and deferred income | 492/3 | €25,564 | €3,000 | -€22,564 | -88.3% |
| Non-recurring operating income | 76A | - | €13,331 | +€13,331 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,200 | €0 | -€31,200 | -100% |
| Other operating charges | 640/8 | €7,443 | €219 | -€7,224 | -97.1% |
| Gross operating margin | 9900 | €38,791 | €137,948 | +€99,157 | +256% |
| Operating profit (loss) | 9901 | €148 | €137,729 | +€137,581 | +93,023% |
| Financial income | 75/76B | €4,638 | €200,030 | +€195,392 | +4,213% |
| Recurring financial income | 75 | €170 | €30 | -€140 | -82.3% |
| Non-recurring financial income | 76B | €4,468 | €200,000 | +€195,532 | +4,376% |
| Financial charges | 65/66B | €55,071 | €51,453 | -€3,619 | -6.6% |
| Recurring financial charges | 65 | €55,071 | €51,453 | -€3,619 | -6.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€50,285 | €286,307 | +€336,592 | |
| Income taxes | 67/77 | €327 | €0 | -€327 | -100% |
| Profit (loss) for the period | 9904 | -€50,612 | €286,307 | +€336,919 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,612 | €286,307 | +€336,919 |
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 28 October 2026 via checked.be.