ESMA: 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.
ESMA
Largest movements
- Cash +€147,595
up €147,595 (+149.7%), from €98,626 to €246,222
mainly Depreciation (+€133,615) and Net result for the year (+€89,665)
- Tangible fixed assets -€131,120
down €131,120 (-23.5%), from €558,535 to €427,415
of which Plant, machinery and equipment: -€105,638
- Stocks and contracts +€28,566
up €28,566 (+6.2%), from €461,387 to €489,953
- Receivables within one year -€17,836
down €17,836 (-13.1%), from €135,757 to €117,921
of which Trade receivables: -€22,430
- Reserves +€89,000
up €89,000 (+17.4%), from €512,246 to €601,246
of which Distributable reserves: +€89,000
- Debts after one year -€34,788
down €34,788 (-30.0%), from €116,097 to €81,309
- Other debts -€22,060
down €22,060 (-84.1%), from €26,241 to €4,181
- Gross operating margin -€49,384
down €49,384 (-9.5%), from €519,757 to €470,373
- Financial income +€16,173
up €16,173 (+1754.7%), from €922 to €17,095
of which Financial income: +€16,173
- Staff costs -€10,114
down €10,114 (-4.7%), from €215,224 to €205,110
- Depreciation -€8,915
down €8,915 (-6.3%), from €142,531 to €133,615
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 | €1,275,758 | €1,305,876 | +€30,118 | +2.4% |
| Fixed assets | 21/28 | €559,281 | €428,161 | -€131,120 | -23.4% |
| Tangible fixed assets | 22/27 | €558,535 | €427,415 | -€131,120 | -23.5% |
| Land and buildings | 22 | €245,971 | €240,388 | -€5,583 | -2.3% |
| Plant, machinery and equipment | 23 | €255,903 | €150,266 | -€105,638 | -41.3% |
| Furniture and vehicles | 24 | €6,615 | €2,936 | -€3,679 | -55.6% |
| Leasing and similar rights | 25 | €50,045 | €33,825 | -€16,220 | -32.4% |
| Financial fixed assets | 28 | €746 | €746 | = | 0.0% |
| Current assets | 29/58 | €716,477 | €877,715 | +€161,238 | +22.5% |
| Stocks and contracts in progress | 3 | €461,387 | €489,953 | +€28,566 | +6.2% |
| Stocks | 30/36 | €461,387 | €489,953 | +€28,566 | +6.2% |
| Amounts receivable within one year | 40/41 | €135,757 | €117,921 | -€17,836 | -13.1% |
| Trade receivables | 40 | €120,690 | €98,260 | -€22,430 | -18.6% |
| Other amounts receivable | 41 | €15,067 | €19,661 | +€4,594 | +30.5% |
| Cash at bank and in hand | 54/58 | €98,626 | €246,222 | +€147,595 | +149.7% |
| Deferred charges and accrued income | 490/1 | €20,706 | €23,620 | +€2,913 | +14.1% |
| Total equity and liabilities | 10/49 | €1,275,758 | €1,305,876 | +€30,118 | +2.4% |
| Equity | 10/15 | €1,044,272 | €1,133,937 | +€89,665 | +8.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €512,246 | €601,246 | +€89,000 | +17.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €746 | €746 | = | 0.0% |
| Distributable reserves | 133 | €505,300 | €594,300 | +€89,000 | +17.6% |
| Profit (loss) carried forward | 14 | €470,026 | €470,691 | +€665 | +0.1% |
| Amounts payable | 17/49 | €231,486 | €171,939 | -€59,547 | -25.7% |
| Amounts payable after more than one year | 17 | €116,097 | €81,309 | -€34,788 | -30.0% |
| Financial debts | 170/4 | €116,097 | €81,309 | -€34,788 | -30.0% |
| Amounts payable within one year | 42/48 | €115,381 | €90,051 | -€25,330 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | €34,235 | €34,788 | +€553 | +1.6% |
| Trade debts | 44 | €17,412 | €15,374 | -€2,038 | -11.7% |
| Suppliers | 440/4 | €17,412 | €15,374 | -€2,038 | -11.7% |
| Taxes, remuneration and social security | 45 | €37,494 | €35,708 | -€1,786 | -4.8% |
| Taxes | 450/3 | €5,354 | €3,604 | -€1,750 | -32.7% |
| Remuneration and social security | 454/9 | €32,140 | €32,104 | -€36 | -0.1% |
| Other amounts payable | 47/48 | €26,241 | €4,181 | -€22,060 | -84.1% |
| Accrued charges and deferred income | 492/3 | €8 | €579 | +€571 | +6984.0% |
| Non-recurring operating income | 76A | - | €150 | +€150 | |
| Remuneration, social security and pensions | 62 | €215,224 | €205,110 | -€10,114 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,531 | €133,615 | -€8,915 | -6.3% |
| Other operating charges | 640/8 | €18,181 | €18,528 | +€347 | +1.9% |
| Gross operating margin | 9900 | €519,757 | €470,373 | -€49,384 | -9.5% |
| Operating profit (loss) | 9901 | €143,821 | €113,119 | -€30,701 | -21.3% |
| Financial income | 75/76B | €922 | €17,095 | +€16,173 | +1754.7% |
| Recurring financial income | 75 | €922 | €17,095 | +€16,173 | +1754.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,973 | €4,709 | -€264 | -5.3% |
| Recurring financial charges | 65 | €4,973 | €4,709 | -€264 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €139,770 | €125,505 | -€14,265 | -10.2% |
| Income taxes | 67/77 | €40,453 | €35,840 | -€4,613 | -11.4% |
| Profit (loss) for the period | 9904 | €99,317 | €89,665 | -€9,652 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €99,317 | €89,665 | -€9,652 | -9.7% |
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 12 October 2026 via checked.be.