ESMERO: 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.
ESMERO
Largest movements
- Receivables within one year -€35,781
down €35,781 (-95.6%), from €37,430 to €1,648
of which Trade receivables: -€36,286
- Cash -€24,750
down €24,750 (-78.7%), from €31,438 to €6,688
mainly Other debts (-€60,033) and Tax, wage and social debts (-€4,183)
- Tangible fixed assets -€9,979
down €9,979 (-24.9%), from €40,016 to €30,038
of which Plant, machinery and equipment: -€8,217
- Deferred charges and accrued income +€1,471
new in 2025: €1,471
- Other debts -€60,033
down €60,033 (-40.3%), from €148,991 to €88,958
- Tax, wage and social debts -€4,183
down €4,183 (-92.7%), from €4,511 to €328
of which Taxes: -€3,352
- Trade debts -€2,338
down €2,338 (-17.4%), from €13,424 to €11,086
- Investment grants -€1,604
down €1,604 (-33.3%), from €4,811 to €3,208
- Gross operating margin +€4,943
up €4,943 (+67.5%), from €7,323 to €12,266
- Depreciation -€1,137
down €1,137 (-8.7%), from €13,039 to €11,902
- Other operating charges -€657
down €657 (-52.9%), from €1,242 to €585
- Staff costs -€578
down €578 (-36.6%), from €1,577 to €999
- Financial charges -€393
down €393 (-60.5%), from €649 to €257
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 | €108,884 | €40,825 | -€68,059 | -62.5% |
| Fixed assets | 21/28 | €40,016 | €31,018 | -€8,999 | -22.5% |
| Tangible fixed assets | 22/27 | €40,016 | €30,038 | -€9,979 | -24.9% |
| Plant, machinery and equipment | 23 | €25,267 | €17,050 | -€8,217 | -32.5% |
| Furniture and vehicles | 24 | €2,462 | €368 | -€2,093 | -85.0% |
| Other tangible fixed assets | 26 | €12,288 | €12,620 | +€332 | +2.7% |
| Financial fixed assets | 28 | - | €980 | +€980 | |
| Current assets | 29/58 | €68,867 | €9,808 | -€59,060 | -85.8% |
| Amounts receivable within one year | 40/41 | €37,430 | €1,648 | -€35,781 | -95.6% |
| Trade receivables | 40 | €37,430 | €1,144 | -€36,286 | -96.9% |
| Other amounts receivable | 41 | - | €504 | +€504 | |
| Cash at bank and in hand | 54/58 | €31,438 | €6,688 | -€24,750 | -78.7% |
| Deferred charges and accrued income | 490/1 | - | €1,471 | +€1,471 | |
| Total equity and liabilities | 10/49 | €108,884 | €40,825 | -€68,059 | -62.5% |
| Equity | 10/15 | -€58,041 | -€59,546 | -€1,505 | -2.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,853 | -€72,754 | +€99 | +0.1% |
| Investment grants | 15 | €4,811 | €3,208 | -€1,604 | -33.3% |
| Amounts payable | 17/49 | €166,925 | €100,371 | -€66,554 | -39.9% |
| Amounts payable within one year | 42/48 | €166,925 | €100,371 | -€66,554 | -39.9% |
| Trade debts | 44 | €13,424 | €11,086 | -€2,338 | -17.4% |
| Suppliers | 440/4 | €13,424 | €11,086 | -€2,338 | -17.4% |
| Taxes, remuneration and social security | 45 | €4,511 | €328 | -€4,183 | -92.7% |
| Taxes | 450/3 | €3,680 | €328 | -€3,352 | -91.1% |
| Remuneration and social security | 454/9 | €831 | - | -€831 | |
| Other amounts payable | 47/48 | €148,991 | €88,958 | -€60,033 | -40.3% |
| Remuneration, social security and pensions | 62 | €1,577 | €999 | -€578 | -36.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,039 | €11,902 | -€1,137 | -8.7% |
| Other operating charges | 640/8 | €1,242 | €585 | -€657 | -52.9% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | €7,323 | €12,266 | +€4,943 | +67.5% |
| Operating profit (loss) | 9901 | -€8,598 | -€1,221 | +€7,377 | +85.8% |
| Financial income | 75/76B | €1,604 | €1,604 | -€0 | 0.0% |
| Recurring financial income | 75 | €1,604 | €1,604 | -€0 | 0.0% |
| Financial charges | 65/66B | €649 | €257 | -€393 | -60.5% |
| Recurring financial charges | 65 | €649 | €257 | -€393 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,643 | €127 | +€7,770 | |
| Income taxes | 67/77 | -€194 | €28 | +€222 | |
| Profit (loss) for the period | 9904 | -€7,449 | €99 | +€7,548 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,449 | €99 | +€7,548 |
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.