ESNATAL: 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.
ESNATAL
Largest movements
- Stocks and contracts +€30,229
up €30,229 (+557%), from €5,429 to €35,658
- Cash -€21,097
down €21,097 (-64.6%), from €32,634 to €11,537
mainly Stocks and contracts (-€30,229) and Investment in fixed assets (net) (-€8,470)
- Receivables within one year +€5,081
up €5,081 (+33.0%), from €15,414 to €20,495
- Intangible fixed assets +€4,696
new in 2025: €4,696
- Tangible fixed assets +€2,059
up €2,059 (+14.1%), from €14,593 to €16,652
of which Furniture and vehicles: +€2,776
- Other debts +€14,824
up €14,824 (+270%), from €5,493 to €20,316
- Profit (loss) carried forward +€11,255
up €11,255 (+75.9%), from -€14,834 to -€3,578
- Trade debts -€3,017
down €3,017 (-48.0%), from €6,284 to €3,267
- Tax, wage and social debts -€1,206
down €1,206 (-9.8%), from €12,332 to €11,126
of which Taxes: -€1,120
- Gross operating margin +€7,097
up €7,097 (+60.0%), from €11,838 to €18,936
- Taxes +€3,860
up €3,860 (+391%), from €988 to €4,848
- Depreciation +€1,070
up €1,070 (+166%), from €645 to €1,716
- Other operating charges +€247
up €247 (+48.8%), from €505 to €752
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 | €69,275 | €91,131 | +€21,856 | +31.5% |
| Fixed assets | 21/28 | €14,593 | €21,348 | +€6,755 | +46.3% |
| Intangible fixed assets | 21 | - | €4,696 | +€4,696 | |
| Tangible fixed assets | 22/27 | €14,593 | €16,652 | +€2,059 | +14.1% |
| Plant, machinery and equipment | 23 | €53 | €0 | -€53 | -100% |
| Furniture and vehicles | 24 | €0 | €2,776 | +€2,776 | |
| Other tangible fixed assets | 26 | €14,540 | €13,876 | -€664 | -4.6% |
| Current assets | 29/58 | €54,681 | €69,783 | +€15,101 | +27.6% |
| Stocks and contracts in progress | 3 | €5,429 | €35,658 | +€30,229 | +557% |
| Stocks | 30/36 | €5,429 | €35,658 | +€30,229 | +557% |
| Amounts receivable within one year | 40/41 | €15,414 | €20,495 | +€5,081 | +33.0% |
| Trade receivables | 40 | €15,414 | €20,495 | +€5,081 | +33.0% |
| Cash at bank and in hand | 54/58 | €32,634 | €11,537 | -€21,097 | -64.6% |
| Deferred charges and accrued income | 490/1 | €1,204 | €2,093 | +€889 | +73.8% |
| Total equity and liabilities | 10/49 | €69,275 | €91,131 | +€21,856 | +31.5% |
| Equity | 10/15 | €45,166 | €56,422 | +€11,255 | +24.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,834 | -€3,578 | +€11,255 | +75.9% |
| Amounts payable | 17/49 | €24,109 | €34,709 | +€10,600 | +44.0% |
| Amounts payable within one year | 42/48 | €24,109 | €34,709 | +€10,600 | +44.0% |
| Trade debts | 44 | €6,284 | €3,267 | -€3,017 | -48.0% |
| Suppliers | 440/4 | €6,284 | €3,267 | -€3,017 | -48.0% |
| Taxes, remuneration and social security | 45 | €12,332 | €11,126 | -€1,206 | -9.8% |
| Taxes | 450/3 | €10,370 | €9,250 | -€1,120 | -10.8% |
| Remuneration and social security | 454/9 | €1,962 | €1,876 | -€86 | -4.4% |
| Other amounts payable | 47/48 | €5,493 | €20,316 | +€14,824 | +270% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €645 | €1,716 | +€1,070 | +166% |
| Other operating charges | 640/8 | €505 | €752 | +€247 | +48.8% |
| Gross operating margin | 9900 | €11,838 | €18,936 | +€7,097 | +60.0% |
| Operating profit (loss) | 9901 | €10,688 | €16,468 | +€5,781 | +54.1% |
| Financial income | 75/76B | €151 | €0 | -€151 | -100% |
| Recurring financial income | 75 | €151 | €0 | -€151 | -100% |
| Financial charges | 65/66B | €323 | €365 | +€42 | +13.0% |
| Recurring financial charges | 65 | €323 | €365 | +€42 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €10,515 | €16,103 | +€5,588 | +53.1% |
| Income taxes | 67/77 | €988 | €4,848 | +€3,860 | +391% |
| Profit (loss) for the period | 9904 | €9,527 | €11,255 | +€1,728 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,527 | €11,255 | +€1,728 | +18.1% |
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.