ESHEL: 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.
ESHEL
Largest movements
- Receivables within one year -€115,855
down €115,855 (-26.3%), from €440,978 to €325,123
of which Trade receivables: -€172,273
- Cash +€62,901
up €62,901 (+228.9%), from €27,484 to €90,385
mainly Receivables within one year (+€115,855) and Depreciation (+€49,183)
- Tangible fixed assets -€36,866
down €36,866 (-4.1%), from €891,504 to €854,637
of which Land and buildings: -€36,120
- Short-term financial debts -€93,567
down €93,567 (-88.0%), from €106,333 to €12,766
- Debts after one year -€55,963
down €55,963 (-8.6%), from €648,020 to €592,058
- Other debts +€39,950
up €39,950 (+23.8%), from €167,956 to €207,906
- Reserves +€31,348
up €31,348 (+13.2%), from €237,535 to €268,882
- Gross operating margin -€55,370
down €55,370 (-32.1%), from €172,608 to €117,238
- Taxes -€10,999
down €10,999 (-57.4%), from €19,174 to €8,174
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 | €1,370,290 | €1,275,142 | -€95,148 | -6.9% |
| Fixed assets | 21/28 | €891,504 | €854,637 | -€36,866 | -4.1% |
| Tangible fixed assets | 22/27 | €891,504 | €854,637 | -€36,866 | -4.1% |
| Land and buildings | 22 | €879,869 | €843,749 | -€36,120 | -4.1% |
| Plant, machinery and equipment | 23 | €2,955 | €6,646 | +€3,691 | +124.9% |
| Furniture and vehicles | 24 | €8,679 | €4,242 | -€4,437 | -51.1% |
| Current assets | 29/58 | €478,786 | €420,504 | -€58,282 | -12.2% |
| Amounts receivable within one year | 40/41 | €440,978 | €325,123 | -€115,855 | -26.3% |
| Trade receivables | 40 | €331,793 | €159,520 | -€172,273 | -51.9% |
| Other amounts receivable | 41 | €109,185 | €165,604 | +€56,419 | +51.7% |
| Cash at bank and in hand | 54/58 | €27,484 | €90,385 | +€62,901 | +228.9% |
| Deferred charges and accrued income | 490/1 | €10,324 | €4,996 | -€5,328 | -51.6% |
| Total equity and liabilities | 10/49 | €1,370,290 | €1,275,142 | -€95,148 | -6.9% |
| Equity | 10/15 | €256,135 | €287,482 | +€31,348 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €237,535 | €268,882 | +€31,348 | +13.2% |
| Distributable reserves | 133 | €237,535 | €268,882 | +€31,348 | +13.2% |
| Amounts payable | 17/49 | €1,114,155 | €987,659 | -€126,496 | -11.4% |
| Amounts payable after more than one year | 17 | €648,020 | €592,058 | -€55,963 | -8.6% |
| Financial debts | 170/4 | €648,020 | €592,058 | -€55,963 | -8.6% |
| Amounts payable within one year | 42/48 | €464,621 | €394,779 | -€69,842 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €55,035 | €55,963 | +€928 | +1.7% |
| Financial debts | 43 | €106,333 | €12,766 | -€93,567 | -88.0% |
| Credit institutions | 430/8 | €106,333 | €12,766 | -€93,567 | -88.0% |
| Trade debts | 44 | €131,021 | €117,552 | -€13,469 | -10.3% |
| Suppliers | 440/4 | €131,021 | €117,552 | -€13,469 | -10.3% |
| Taxes, remuneration and social security | 45 | €4,277 | €593 | -€3,684 | -86.1% |
| Taxes | 450/3 | €4,277 | €593 | -€3,684 | -86.1% |
| Other amounts payable | 47/48 | €167,956 | €207,906 | +€39,950 | +23.8% |
| Accrued charges and deferred income | 492/3 | €1,514 | €823 | -€691 | -45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,377 | €49,183 | -€194 | -0.4% |
| Other operating charges | 640/8 | €10,768 | €11,390 | +€621 | +5.8% |
| Gross operating margin | 9900 | €172,608 | €117,238 | -€55,370 | -32.1% |
| Operating profit (loss) | 9901 | €112,462 | €56,665 | -€55,797 | -49.6% |
| Financial income | 75/76B | - | €324 | +€324 | |
| Recurring financial income | 75 | - | €324 | +€324 | |
| Non-recurring financial income | 76B | - | €324 | +€324 | |
| Financial charges | 65/66B | €18,439 | €17,467 | -€971 | -5.3% |
| Recurring financial charges | 65 | €18,439 | €17,467 | -€971 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €94,024 | €39,522 | -€54,502 | -58.0% |
| Income taxes | 67/77 | €19,174 | €8,174 | -€10,999 | -57.4% |
| Profit (loss) for the period | 9904 | €74,850 | €31,348 | -€43,502 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,850 | €31,348 | -€43,502 | -58.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.