ESL 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.
ESL BELGIUM
Largest movements
- Cash +€2,522
up €2,522 (+1,856%), from €136 to €2,658
mainly Other debts (+€2,400) and Tax, wage and social debts (+€799)
- Receivables within one year +€1,775
up €1,775 (+275%), from €645 to €2,420
of which Trade receivables: +€2,420
- Other debts +€2,400
up €2,400 (+21.9%), from €10,976 to €13,376
- Tax, wage and social debts +€799
up €799, from €0 to €799
of which Taxes: +€799
- Profit (loss) carried forward +€698
up €698 (+0.4%), from -€167,009 to -€166,311
- Trade debts +€400
up €400 (+0.3%), from €148,514 to €148,914
of which Suppliers: +€400
- Gross operating margin +€8,235
up €8,235, from -€6,358 to €1,877
- Turnover +€5,033
new in 2025: €5,033
- Depreciation -€858
down €858 (-100%), from €858 to €0
- Other operating charges +€809
up €809 (+686%), from €118 to €927
- Financial charges +€70
up €70 (+38.8%), from €181 to €252
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 | €781 | €5,078 | +€4,297 | +551% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €0 | €0 | = | |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | €0 | €0 | = | |
| Current assets | 29/58 | €781 | €5,078 | +€4,297 | +551% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €645 | €2,420 | +€1,775 | +275% |
| Trade receivables | 40 | €0 | €2,420 | +€2,420 | |
| Other amounts receivable | 41 | €645 | €0 | -€645 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €136 | €2,658 | +€2,522 | +1,856% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €781 | €5,078 | +€4,297 | +551% |
| Equity | 10/15 | -€158,709 | -€158,011 | +€698 | +0.4% |
| Contributions | 10/11 | €8,300 | €8,300 | = | 0.0% |
| Capital | 10 | - | €8,300 | +€8,300 | |
| Issued capital | 100 | - | €8,300 | +€8,300 | |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Financial assistance | 1313 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€167,009 | -€166,311 | +€698 | +0.4% |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €159,490 | €163,089 | +€3,599 | +2.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Trade debts | 175 | €0 | - | = | |
| Advances received on contracts in progress | 176 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €159,490 | €163,089 | +€3,599 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €148,514 | €148,914 | +€400 | +0.3% |
| Suppliers | 440/4 | €148,514 | €148,914 | +€400 | +0.3% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €799 | +€799 | |
| Taxes | 450/3 | €0 | €799 | +€799 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €10,976 | €13,376 | +€2,400 | +21.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | - | €5,033 | +€5,033 | |
| Remuneration, social security and pensions | 62 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €858 | €0 | -€858 | -100% |
| Other operating charges | 640/8 | €118 | €927 | +€809 | +686% |
| Gross operating margin | 9900 | -€6,358 | €1,877 | +€8,235 | |
| Operating profit (loss) | 9901 | -€7,334 | €950 | +€8,284 | |
| Financial charges | 65/66B | €181 | €252 | +€70 | +38.8% |
| Recurring financial charges | 65 | €181 | €252 | +€70 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | -€7,515 | €698 | +€8,213 | |
| Profit (loss) for the period | 9904 | -€7,515 | €698 | +€8,213 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,515 | €698 | +€8,213 |
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 30 October 2026 via checked.be.