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 +€43,507
up €43,507 (+62.1%), from €70,028 to €113,535
mainly Net result for the year (+€38,340) and Tax, wage and social debts (+€8,770)
- Receivables within one year +€3,232
up €3,232 (+25.6%), from €12,604 to €15,836
of which Trade receivables: +€2,330
- Reserves +€38,340
up €38,340 (+68.9%), from €55,670 to €94,010
- Tax, wage and social debts +€8,770
up €8,770 (+131%), from €6,682 to €15,451
- Provisions +€46,473
up €46,473, from -€46,473 to €0
- Gross operating margin +€19,384
up €19,384 (+53.7%), from €36,103 to €55,488
- Taxes -€13,097
down €13,097 (-44.9%), from €29,184 to €16,088
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 | €83,513 | €131,142 | +€47,629 | +57.0% |
| Current assets | 29/58 | €83,513 | €131,142 | +€47,629 | +57.0% |
| Amounts receivable within one year | 40/41 | €12,604 | €15,836 | +€3,232 | +25.6% |
| Trade receivables | 40 | €11,725 | €14,055 | +€2,330 | +19.9% |
| Other amounts receivable | 41 | €879 | €1,781 | +€902 | +103% |
| Cash at bank and in hand | 54/58 | €70,028 | €113,535 | +€43,507 | +62.1% |
| Deferred charges and accrued income | 490/1 | €882 | €1,771 | +€889 | +101% |
| Total equity and liabilities | 10/49 | €83,513 | €131,142 | +€47,629 | +57.0% |
| Equity | 10/15 | €74,270 | €112,610 | +€38,340 | +51.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,670 | €94,010 | +€38,340 | +68.9% |
| Distributable reserves | 133 | €55,670 | €94,010 | +€38,340 | +68.9% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €9,244 | €18,532 | +€9,289 | +100% |
| Amounts payable within one year | 42/48 | €9,244 | €18,532 | +€9,289 | +100% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,562 | €3,081 | +€519 | +20.3% |
| Suppliers | 440/4 | €2,562 | €3,081 | +€519 | +20.3% |
| Taxes, remuneration and social security | 45 | €6,682 | €15,451 | +€8,770 | +131% |
| Taxes | 450/3 | €6,682 | €15,451 | +€8,770 | +131% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€46,473 | €0 | +€46,473 | |
| Other operating charges | 640/8 | €1,365 | €993 | -€371 | -27.2% |
| Gross operating margin | 9900 | €36,103 | €55,488 | +€19,384 | +53.7% |
| Operating profit (loss) | 9901 | €81,212 | €54,494 | -€26,717 | -32.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €68 | €67 | -€1 | -1.3% |
| Recurring financial charges | 65 | €68 | €67 | -€1 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €81,145 | €54,428 | -€26,717 | -32.9% |
| Income taxes | 67/77 | €29,184 | €16,088 | -€13,097 | -44.9% |
| Profit (loss) for the period | 9904 | €51,960 | €38,340 | -€13,620 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,960 | €38,340 | -€13,620 | -26.2% |
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 28 October 2026 via checked.be.