ESL WORKS: what changed
ESL WORKS
Largest movements
- Receivables within one year -€126,909
down €126,909 (-53.0%), from €239,314 to €112,405
of which Trade receivables: -€131,887
- Tangible fixed assets +€51,193
up €51,193 (+422%), from €12,121 to €63,314
of which Furniture and vehicles: +€54,704
- Cash +€5,922
up €5,922 (+87.8%), from €6,746 to €12,668
mainly Receivables within one year (+€126,909) and Other debts (+€32,566)
- Trade debts -€138,975
down €138,975 (-75.6%), from €183,904 to €44,928
- Other debts +€32,566
up €32,566 (+47.1%), from €69,089 to €101,655
- Debts after one year +€32,060
new in 2025: €32,060
- Current portion of long-term debt +€9,680
new in 2025: €9,680
- Profit (loss) carried forward -€7,849
down €7,849, from €1,866 to -€5,983
- Gross operating margin +€15,110
up €15,110 (+150%), from €10,076 to €25,185
- Staff costs +€13,312
new in 2025: €13,312
- Other operating charges +€6,710
up €6,710 (+15,249%), from €44 to €6,754
- Depreciation +€6,174
up €6,174 (+135%), from €4,579 to €10,753
- Financial charges +€1,270
up €1,270 (+589%), from €216 to €1,485
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €258,480 | €188,899 | -€69,581 | -26.9% |
| Fixed assets | 21/28 | €12,419 | €63,613 | +€51,193 | +412% |
| Tangible fixed assets | 22/27 | €12,121 | €63,314 | +€51,193 | +422% |
| Plant, machinery and equipment | 23 | €10,012 | €6,501 | -€3,510 | -35.1% |
| Furniture and vehicles | 24 | €2,109 | €56,812 | +€54,704 | +2,594% |
| Financial fixed assets | 28 | €299 | €299 | = | 0.0% |
| Current assets | 29/58 | €246,060 | €125,286 | -€120,774 | -49.1% |
| Amounts receivable within one year | 40/41 | €239,314 | €112,405 | -€126,909 | -53.0% |
| Trade receivables | 40 | €225,714 | €93,827 | -€131,887 | -58.4% |
| Other amounts receivable | 41 | €13,600 | €18,578 | +€4,977 | +36.6% |
| Cash at bank and in hand | 54/58 | €6,746 | €12,668 | +€5,922 | +87.8% |
| Deferred charges and accrued income | 490/1 | - | €213 | +€213 | |
| Total equity and liabilities | 10/49 | €258,480 | €188,899 | -€69,581 | -26.9% |
| Equity | 10/15 | €4,366 | -€3,483 | -€7,849 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,866 | -€5,983 | -€7,849 | |
| Amounts payable | 17/49 | €254,113 | €192,381 | -€61,732 | -24.3% |
| Amounts payable after more than one year | 17 | - | €32,060 | +€32,060 | |
| Financial debts | 170/4 | - | €32,060 | +€32,060 | |
| Amounts payable within one year | 42/48 | €254,113 | €160,321 | -€93,792 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | - | €9,680 | +€9,680 | |
| Trade debts | 44 | €183,904 | €44,928 | -€138,975 | -75.6% |
| Suppliers | 440/4 | €183,904 | €44,928 | -€138,975 | -75.6% |
| Taxes, remuneration and social security | 45 | €1,121 | €4,058 | +€2,937 | +262% |
| Taxes | 450/3 | €1,121 | €4,058 | +€2,937 | +262% |
| Other amounts payable | 47/48 | €69,089 | €101,655 | +€32,566 | +47.1% |
| Remuneration, social security and pensions | 62 | - | €13,312 | +€13,312 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,579 | €10,753 | +€6,174 | +135% |
| Other operating charges | 640/8 | €44 | €6,754 | +€6,710 | +15,249% |
| Gross operating margin | 9900 | €10,076 | €25,185 | +€15,110 | +150% |
| Operating profit (loss) | 9901 | €5,453 | -€5,634 | -€11,087 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €216 | €1,485 | +€1,270 | +589% |
| Recurring financial charges | 65 | €216 | €1,485 | +€1,270 | +589% |
| Profit (loss) for the period before taxes | 9903 | €5,239 | -€7,119 | -€12,358 | |
| Income taxes | 67/77 | €1,121 | €729 | -€392 | -34.9% |
| Profit (loss) for the period | 9904 | €4,118 | -€7,849 | -€11,966 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,118 | -€7,849 | -€11,966 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.