ESMEE MASTER ISSUER: what changed
What changed
ESMEE MASTER ISSUER
filed annual accounts (NBB)
Net result for the year
€0
2024 · €0
Equity
€62,000
2024 · €62,000
Cash
€235.7m
2024 · €480.7m-€245.0m
Balance sheet total
€10.53bn
2024 · €10.55bn-€25.2m
Largest movements
Assets
- Current investments +€350.0m
new in 2025: €350.0m
- Cash -€245.0m
down €245.0m (-51.0%), from €480.7m to €235.7m
mainly Current investments (-€350.0m) and Receivables within one year (-€111.1m)
- Receivables after one year -€220.3m
down €220.3m (-2.7%), from €8.24bn to €8.02bn
- Receivables within one year +€111.1m
up €111.1m (+6.5%), from €1.70bn to €1.81bn
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial charges -€141.1m
down €141.1m (-18.7%), from €755.5m to €614.4m
- Financial income -€140.8m
down €140.8m (-18.5%), from €761.3m to €620.4m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€0
Other operating charges
-€263,600
Other operating items
+€24,772
Financial income
-€140.8m
Financial charges
+€141.1m
Taxes
-€70,340
Result 2025
€0
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€105.0m
Investment
-€350.0m
Financing
€0
Cash 2024
€480.7m
From operations (derived)
+€105.0m
Receivables after one year
+€220.3m
Receivables within one year
-€111.1m
Deferred charges and accrued income
+€20.9m
Smaller working-capital items
+€85,688
Other debts
+€1.9m
Accrued charges and deferred income
-€27.2m
Investment (derived)
-€350.0m
Current investments
-€350.0m
Cash 2025
€235.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,552,873,372 | €10,527,635,143 | -€25.2m | -0.2% |
| Current assets | 29/58 | €10,552,873,372 | €10,527,635,143 | -€25.2m | -0.2% |
| Amounts receivable after more than one year | 29 | €8,239,827,407 | €8,019,493,773 | -€220.3m | -2.7% |
| Other amounts receivable | 291 | €8,239,827,407 | €8,019,493,773 | -€220.3m | -2.7% |
| Amounts receivable within one year | 40/41 | €1,698,622,445 | €1,809,677,541 | +€111.1m | +6.5% |
| Other amounts receivable | 41 | €1,698,622,445 | €1,809,677,541 | +€111.1m | +6.5% |
| Current investments | 50/53 | - | €349,999,624 | +€350.0m | |
| Other investments | 51/53 | - | €349,999,624 | +€350.0m | |
| Cash at bank and in hand | 54/58 | €480,700,268 | €235,674,771 | -€245.0m | -51.0% |
| Deferred charges and accrued income | 490/1 | €133,723,252 | €112,789,435 | -€20.9m | -15.7% |
| Total equity and liabilities | 10/49 | €10,552,873,372 | €10,527,635,143 | -€25.2m | -0.2% |
| Equity | 10/15 | €62,000 | €62,000 | = | 0.0% |
| 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% |
| Amounts payable | 17/49 | €10,552,811,372 | €10,527,573,143 | -€25.2m | -0.2% |
| Amounts payable after more than one year | 17 | €10,350,000,000 | €10,350,000,000 | = | 0.0% |
| Financial debts | 170/4 | €10,350,000,000 | €10,350,000,000 | = | 0.0% |
| Subordinated loans | 170 | €350,000,000 | €350,000,000 | = | 0.0% |
| Unsubordinated bonds | 171 | €10,000,000,000 | €10,000,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €24,178,799 | €26,161,987 | +€2.0m | +8.2% |
| Trade debts | 44 | €1,408,799 | €1,424,147 | +€15,348 | +1.1% |
| Suppliers | 440/4 | €1,408,799 | €1,424,147 | +€15,348 | +1.1% |
| Taxes, remuneration and social security | 45 | - | €70,340 | +€70,340 | |
| Taxes | 450/3 | - | €70,340 | +€70,340 | |
| Other amounts payable | 47/48 | €22,770,000 | €24,667,500 | +€1.9m | +8.3% |
| Accrued charges and deferred income | 492/3 | €178,632,573 | €151,411,156 | -€27.2m | -15.2% |
| Operating charges | 60/66A | €5,739,038 | €5,977,866 | +€238,828 | +4.2% |
| Services and other goods | 61 | €5,738,070 | €5,713,298 | -€24,772 | -0.4% |
| Other operating charges | 640/8 | €968 | €264,568 | +€263,600 | +27,245% |
| Operating profit (loss) | 9901 | -€5,739,038 | -€5,977,866 | -€238,828 | -4.2% |
| Financial income | 75/76B | €761,270,447 | €620,435,910 | -€140.8m | -18.5% |
| Recurring financial income | 75 | €761,270,447 | €620,435,910 | -€140.8m | -18.5% |
| Income from current assets | 751 | €265,732,475 | €276,048,271 | +€10.3m | +3.9% |
| Other financial income | 752/9 | €495,537,972 | €344,387,639 | -€151.2m | -30.5% |
| Financial charges | 65/66B | €755,531,410 | €614,387,704 | -€141.1m | -18.7% |
| Recurring financial charges | 65 | €755,531,410 | €614,387,704 | -€141.1m | -18.7% |
| Debt charges | 650 | €495,198,742 | €343,700,983 | -€151.5m | -30.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€858,266 | €6,817,562 | +€7.7m | |
| Other financial charges | 652/9 | €261,190,934 | €263,869,159 | +€2.7m | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €0 | €70,340 | +€70,340 | |
| Income taxes | 67/77 | - | €70,340 | +€70,340 | |
| Taxes | 670/3 | - | €70,340 | +€70,340 | |
| Profit (loss) for the period | 9904 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €0 | = |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.