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
- Tangible fixed assets +€188,489
up €188,489 (+59.8%), from €315,071 to €503,561
of which Furniture and vehicles: +€214,344
- Receivables within one year +€19,885
up €19,885 (+23.2%), from €85,850 to €105,735
of which Trade receivables: +€23,396
- Cash -€12,010
down €12,010 (-6.6%), from €182,492 to €170,482
mainly Investment in fixed assets (net) (-€360,206) and Net result for the year (-€41,477)
- Debts after one year +€241,108
up €241,108 (+1,460%), from €16,515 to €257,623
- Reserves -€43,079
down €43,079 (-16.3%), from €264,729 to €221,650
of which Tax-exempt reserves: -€64,785
- Depreciation +€55,990
up €55,990 (+48.4%), from €115,592 to €171,582
- Gross operating margin +€31,723
up €31,723 (+30.3%), from €104,769 to €136,492
- Financial charges -€3,186
down €3,186 (-26.3%), from €12,105 to €8,918
- Taxes +€1,600
no longer reported in 2025 (was -€1,600)
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 | €592,172 | €784,056 | +€191,884 | +32.4% |
| Fixed assets | 21/28 | €315,446 | €504,071 | +€188,624 | +59.8% |
| Tangible fixed assets | 22/27 | €315,071 | €503,561 | +€188,489 | +59.8% |
| Land and buildings | 22 | €4,612 | €3,993 | -€619 | -13.4% |
| Plant, machinery and equipment | 23 | €84,713 | €59,477 | -€25,236 | -29.8% |
| Furniture and vehicles | 24 | €225,746 | €440,090 | +€214,344 | +94.9% |
| Financial fixed assets | 28 | €375 | €510 | +€135 | +36.0% |
| Current assets | 29/58 | €276,726 | €279,985 | +€3,260 | +1.2% |
| Stocks and contracts in progress | 3 | €5,731 | €2,434 | -€3,298 | -57.5% |
| Stocks | 30/36 | €5,731 | €2,434 | -€3,298 | -57.5% |
| Amounts receivable within one year | 40/41 | €85,850 | €105,735 | +€19,885 | +23.2% |
| Trade receivables | 40 | €70,963 | €94,359 | +€23,396 | +33.0% |
| Other amounts receivable | 41 | €14,887 | €11,376 | -€3,511 | -23.6% |
| Cash at bank and in hand | 54/58 | €182,492 | €170,482 | -€12,010 | -6.6% |
| Deferred charges and accrued income | 490/1 | €2,652 | €1,334 | -€1,318 | -49.7% |
| Total equity and liabilities | 10/49 | €592,172 | €784,056 | +€191,884 | +32.4% |
| Equity | 10/15 | €326,703 | €283,624 | -€43,079 | -13.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €264,729 | €221,650 | -€43,079 | -16.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €106,021 | €41,236 | -€64,785 | -61.1% |
| Distributable reserves | 133 | €152,511 | €174,217 | +€21,706 | +14.2% |
| Provisions and deferred taxes | 16 | €10,496 | €5,487 | -€5,009 | -47.7% |
| Deferred taxes | 168 | €10,496 | €5,487 | -€5,009 | -47.7% |
| Amounts payable | 17/49 | €254,974 | €494,945 | +€239,971 | +94.1% |
| Amounts payable after more than one year | 17 | €16,515 | €257,623 | +€241,108 | +1,460% |
| Financial debts | 170/4 | €16,515 | €257,623 | +€241,108 | +1,460% |
| Amounts payable within one year | 42/48 | €238,115 | €237,071 | -€1,045 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €60,794 | €59,515 | -€1,279 | -2.1% |
| Trade debts | 44 | €28,255 | €25,611 | -€2,644 | -9.4% |
| Suppliers | 440/4 | €28,255 | €25,611 | -€2,644 | -9.4% |
| Taxes, remuneration and social security | 45 | €2,606 | €7,088 | +€4,481 | +172% |
| Taxes | 450/3 | €806 | €5,288 | +€4,481 | +556% |
| Remuneration and social security | 454/9 | €1,800 | €1,800 | = | 0.0% |
| Other amounts payable | 47/48 | €146,460 | €144,857 | -€1,603 | -1.1% |
| Accrued charges and deferred income | 492/3 | €343 | €251 | -€92 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,592 | €171,582 | +€55,990 | +48.4% |
| Other operating charges | 640/8 | €4,678 | €3,442 | -€1,236 | -26.4% |
| Gross operating margin | 9900 | €104,769 | €136,492 | +€31,723 | +30.3% |
| Operating profit (loss) | 9901 | -€15,501 | -€38,531 | -€23,031 | -149% |
| Financial income | 75/76B | €1,365 | €964 | -€401 | -29.4% |
| Recurring financial income | 75 | €1,365 | €964 | -€401 | -29.4% |
| Financial charges | 65/66B | €12,105 | €8,918 | -€3,186 | -26.3% |
| Recurring financial charges | 65 | €12,105 | €8,918 | -€3,186 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | -€26,240 | -€46,486 | -€20,246 | -77.2% |
| Transfer from deferred taxes | 780 | €5,009 | €5,009 | = | 0.0% |
| Income taxes | 67/77 | -€1,600 | - | +€1,600 | |
| Profit (loss) for the period | 9904 | -€19,631 | -€41,477 | -€21,846 | -111% |
| Transfer from tax-exempt reserves | 789 | €20,035 | €64,785 | +€44,750 | +223% |
| Profit (loss) for the period to be appropriated | 9905 | €404 | €23,308 | +€22,904 | +5,670% |
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 14 October 2026 via checked.be.