ESMAEL: 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.
ESMAEL
Largest movements
- Tangible fixed assets -€25,876
down €25,876 (-8.9%), from €289,183 to €263,307
of which Land and buildings: -€13,971
- Cash -€14,405
down €14,405 (-20.0%), from €72,130 to €57,725
mainly Contributions, distributions and other (-€67,838) and Debts after one year (-€31,309)
- Receivables within one year +€11,143
up €11,143 (+36.7%), from €30,359 to €41,502
of which Other amounts receivable: +€10,192
- Reserves -€52,996
down €52,996 (-57.3%), from €92,480 to €39,484
- Other debts +€52,868
up €52,868 (+487%), from €10,859 to €63,727
- Debts after one year -€31,309
down €31,309 (-13.1%), from €239,500 to €208,190
- Trade debts +€9,021
up €9,021 (+393%), from €2,296 to €11,317
- Staff costs -€9,158
down €9,158 (-16.9%), from €54,063 to €44,906
- Gross operating margin -€8,781
down €8,781 (-7.5%), from €117,543 to €108,762
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 | €421,302 | €395,161 | -€26,142 | -6.2% |
| Fixed assets | 21/28 | €289,629 | €263,753 | -€25,876 | -8.9% |
| Tangible fixed assets | 22/27 | €289,183 | €263,307 | -€25,876 | -8.9% |
| Land and buildings | 22 | €268,864 | €254,892 | -€13,971 | -5.2% |
| Furniture and vehicles | 24 | €20,320 | €8,415 | -€11,905 | -58.6% |
| Financial fixed assets | 28 | €446 | €446 | = | 0.0% |
| Current assets | 29/58 | €131,673 | €131,407 | -€265 | -0.2% |
| Stocks and contracts in progress | 3 | €5,759 | €5,127 | -€632 | -11.0% |
| Stocks | 30/36 | €5,759 | €5,127 | -€632 | -11.0% |
| Amounts receivable within one year | 40/41 | €30,359 | €41,502 | +€11,143 | +36.7% |
| Trade receivables | 40 | €303 | €1,254 | +€951 | +314% |
| Other amounts receivable | 41 | €30,056 | €40,248 | +€10,192 | +33.9% |
| Current investments | 50/53 | €20,975 | €25,187 | +€4,212 | +20.1% |
| Cash at bank and in hand | 54/58 | €72,130 | €57,725 | -€14,405 | -20.0% |
| Deferred charges and accrued income | 490/1 | €2,450 | €1,866 | -€584 | -23.8% |
| Total equity and liabilities | 10/49 | €421,302 | €395,161 | -€26,142 | -6.2% |
| Equity | 10/15 | €99,054 | €46,058 | -€52,996 | -53.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €92,480 | €39,484 | -€52,996 | -57.3% |
| Distributable reserves | 133 | €92,480 | €39,484 | -€52,996 | -57.3% |
| Profit (loss) carried forward | 14 | €374 | €374 | = | 0.0% |
| Amounts payable | 17/49 | €322,248 | €349,102 | +€26,855 | +8.3% |
| Amounts payable after more than one year | 17 | €239,500 | €208,190 | -€31,309 | -13.1% |
| Financial debts | 170/4 | €239,500 | €208,190 | -€31,309 | -13.1% |
| Amounts payable within one year | 42/48 | €82,748 | €140,912 | +€58,164 | +70.3% |
| Current portion of amounts payable after more than one year | 42 | €34,775 | €31,309 | -€3,465 | -10.0% |
| Financial debts | 43 | €5,781 | €6,687 | +€906 | +15.7% |
| Credit institutions | 430/8 | €3,410 | €4,326 | +€916 | +26.8% |
| Other loans | 439 | €2,370 | €2,361 | -€9 | -0.4% |
| Trade debts | 44 | €2,296 | €11,317 | +€9,021 | +393% |
| Suppliers | 440/4 | €2,296 | €11,317 | +€9,021 | +393% |
| Taxes, remuneration and social security | 45 | €29,038 | €27,871 | -€1,167 | -4.0% |
| Taxes | 450/3 | €24,338 | €22,970 | -€1,368 | -5.6% |
| Remuneration and social security | 454/9 | €4,699 | €4,901 | +€202 | +4.3% |
| Other amounts payable | 47/48 | €10,859 | €63,727 | +€52,868 | +487% |
| Remuneration, social security and pensions | 62 | €54,063 | €44,906 | -€9,158 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,030 | €25,876 | -€1,154 | -4.3% |
| Other operating charges | 640/8 | €3,805 | €3,312 | -€493 | -13.0% |
| Gross operating margin | 9900 | €117,543 | €108,762 | -€8,781 | -7.5% |
| Operating profit (loss) | 9901 | €32,645 | €34,668 | +€2,023 | +6.2% |
| Financial income | 75/76B | €1,822 | €2,281 | +€459 | +25.2% |
| Recurring financial income | 75 | €1,822 | €2,281 | +€459 | +25.2% |
| Financial charges | 65/66B | €15,167 | €16,225 | +€1,058 | +7.0% |
| Recurring financial charges | 65 | €15,167 | €16,225 | +€1,058 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €19,300 | €20,724 | +€1,425 | +7.4% |
| Income taxes | 67/77 | €5,413 | €5,882 | +€469 | +8.7% |
| Profit (loss) for the period | 9904 | €13,887 | €14,842 | +€955 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,887 | €14,842 | +€955 | +6.9% |
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 19 October 2026 via checked.be.