ESVE: 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.
ESVE
Largest movements
- Tangible fixed assets +€185,930
up €185,930 (+18.1%), from €1.0m to €1.2m
of which Assets under construction and advance payments: +€202,256
- Receivables within one year -€14,000
no longer reported in 2025 (was €14,000)
- Other debts +€235,019
up €235,019 (+64.1%), from €366,538 to €601,557
- Profit (loss) carried forward -€65,380
down €65,380 (-49.5%), from €132,082 to €66,703
- Gross operating margin -€67,810
down €67,810 (-82.0%), from €82,695 to €14,885
- Depreciation +€10,154
up €10,154 (+16.8%), from €60,574 to €70,728
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 | €1,043,108 | €1,212,390 | +€169,282 | +16.2% |
| Fixed assets | 21/28 | €1,024,810 | €1,210,741 | +€185,930 | +18.1% |
| Tangible fixed assets | 22/27 | €1,024,810 | €1,210,741 | +€185,930 | +18.1% |
| Land and buildings | 22 | €826,160 | €809,834 | -€16,325 | -2.0% |
| Assets under construction and advance payments | 27 | €198,651 | €400,907 | +€202,256 | +102% |
| Current assets | 29/58 | €18,297 | €1,649 | -€16,648 | -91.0% |
| Amounts receivable within one year | 40/41 | €14,000 | - | -€14,000 | |
| Other amounts receivable | 41 | €14,000 | - | -€14,000 | |
| Cash at bank and in hand | 54/58 | €4,070 | €1,414 | -€2,656 | -65.3% |
| Deferred charges and accrued income | 490/1 | €227 | €235 | +€8 | +3.6% |
| Total equity and liabilities | 10/49 | €1,043,108 | €1,212,390 | +€169,282 | +16.2% |
| Equity | 10/15 | €674,810 | €609,431 | -€65,380 | -9.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €524,136 | €524,136 | = | 0.0% |
| Distributable reserves | 133 | €524,136 | €524,136 | = | 0.0% |
| Profit (loss) carried forward | 14 | €132,082 | €66,703 | -€65,380 | -49.5% |
| Amounts payable | 17/49 | €368,297 | €602,959 | +€234,662 | +63.7% |
| Amounts payable within one year | 42/48 | €368,297 | €602,959 | +€234,662 | +63.7% |
| Trade debts | 44 | €242 | €138 | -€104 | -43.0% |
| Suppliers | 440/4 | €242 | €138 | -€104 | -43.0% |
| Taxes, remuneration and social security | 45 | €1,517 | €1,264 | -€253 | -16.7% |
| Taxes | 450/3 | €1,517 | €1,264 | -€253 | -16.7% |
| Other amounts payable | 47/48 | €366,538 | €601,557 | +€235,019 | +64.1% |
| Non-recurring operating income | 76A | €69,197 | - | -€69,197 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,574 | €70,728 | +€10,154 | +16.8% |
| Other operating charges | 640/8 | €3,184 | €3,206 | +€21 | +0.7% |
| Non-recurring operating charges | 66A | €18,727 | - | -€18,727 | |
| Gross operating margin | 9900 | €82,695 | €14,885 | -€67,810 | -82.0% |
| Operating profit (loss) | 9901 | €210 | -€59,048 | -€59,258 | |
| Financial charges | 65/66B | €5,962 | €6,331 | +€370 | +6.2% |
| Recurring financial charges | 65 | €5,962 | €6,331 | +€370 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,752 | -€65,380 | -€59,627 | -1,037% |
| Profit (loss) for the period | 9904 | -€5,752 | -€65,380 | -€59,627 | -1,037% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,752 | -€65,380 | -€59,627 | -1,037% |
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 18 October 2026 via checked.be.