EsMar: 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.
EsMar
Largest movements
- Tangible fixed assets -€32,797
down €32,797 (-7.8%), from €418,311 to €385,515
of which Land and buildings: -€19,588
- Intangible fixed assets -€8,878
down €8,878 (-25.0%), from €35,513 to €26,635
- Profit (loss) carried forward -€29,418
down €29,418 (-99.4%), from -€29,592 to -€59,010
- Reserves -€4,826
down €4,826 (-1.4%), from €353,166 to €348,340
of which Tax-exempt reserves: -€4,826
- Gross operating margin +€2,071
up €2,071 (+24.6%), from €8,427 to €10,498
- Other operating charges +€1,894
up €1,894 (+486%), from €390 to €2,284
- Depreciation +€330
up €330 (+0.8%), from €41,345 to €41,675
- Financial charges -€319
down €319 (-11.1%), from €2,865 to €2,545
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 | €456,696 | €416,428 | -€40,267 | -8.8% |
| Fixed assets | 21/28 | €453,824 | €412,150 | -€41,675 | -9.2% |
| Intangible fixed assets | 21 | €35,513 | €26,635 | -€8,878 | -25.0% |
| Tangible fixed assets | 22/27 | €418,311 | €385,515 | -€32,797 | -7.8% |
| Land and buildings | 22 | €399,306 | €379,718 | -€19,588 | -4.9% |
| Furniture and vehicles | 24 | €13,798 | €1,967 | -€11,831 | -85.7% |
| Other tangible fixed assets | 26 | €5,208 | €3,830 | -€1,378 | -26.5% |
| Current assets | 29/58 | €2,871 | €4,278 | +€1,407 | +49.0% |
| Amounts receivable within one year | 40/41 | - | €2,088 | +€2,088 | |
| Trade receivables | 40 | - | €2,088 | +€2,088 | |
| Cash at bank and in hand | 54/58 | €192 | €20 | -€172 | -89.6% |
| Deferred charges and accrued income | 490/1 | €2,679 | €2,171 | -€509 | -19.0% |
| Total equity and liabilities | 10/49 | €456,696 | €416,428 | -€40,267 | -8.8% |
| Equity | 10/15 | €364,433 | €330,190 | -€34,243 | -9.4% |
| Contributions | 10/11 | €40,860 | €40,860 | = | 0.0% |
| Reserves | 13 | €353,166 | €348,340 | -€4,826 | -1.4% |
| Tax-exempt reserves | 132 | €138,653 | €133,828 | -€4,826 | -3.5% |
| Distributable reserves | 133 | €214,512 | €214,512 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,592 | -€59,010 | -€29,418 | -99.4% |
| Provisions and deferred taxes | 16 | €51,443 | €49,416 | -€2,027 | -3.9% |
| Deferred taxes | 168 | €51,443 | €49,416 | -€2,027 | -3.9% |
| Amounts payable | 17/49 | €40,819 | €36,822 | -€3,997 | -9.8% |
| Amounts payable within one year | 42/48 | €39,928 | €36,822 | -€3,106 | -7.8% |
| Trade debts | 44 | €547 | €238 | -€309 | -56.5% |
| Suppliers | 440/4 | €547 | €238 | -€309 | -56.5% |
| Taxes, remuneration and social security | 45 | €1,115 | €1,283 | +€168 | +15.1% |
| Taxes | 450/3 | €1,115 | €1,283 | +€168 | +15.1% |
| Other amounts payable | 47/48 | €38,266 | €35,301 | -€2,965 | -7.7% |
| Accrued charges and deferred income | 492/3 | €891 | - | -€891 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,345 | €41,675 | +€330 | +0.8% |
| Other operating charges | 640/8 | €390 | €2,284 | +€1,894 | +486% |
| Gross operating margin | 9900 | €8,427 | €10,498 | +€2,071 | +24.6% |
| Operating profit (loss) | 9901 | -€33,308 | -€33,460 | -€152 | -0.5% |
| Financial income | 75/76B | €5 | €0 | -€5 | -92.7% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -92.7% |
| Financial charges | 65/66B | €2,865 | €2,545 | -€319 | -11.1% |
| Recurring financial charges | 65 | €2,865 | €2,545 | -€319 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | -€36,168 | -€36,005 | +€163 | +0.4% |
| Transfer from deferred taxes | 780 | €2,027 | €2,027 | = | 0.0% |
| Income taxes | 67/77 | €277 | €265 | -€12 | -4.2% |
| Profit (loss) for the period | 9904 | -€34,418 | -€34,243 | +€174 | +0.5% |
| Transfer from tax-exempt reserves | 789 | €4,826 | €4,826 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,592 | -€29,418 | +€174 | +0.6% |
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 27 October 2026 via checked.be.