ESVEBE: 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.
ESVEBE
Largest movements
- Tangible fixed assets +€857,048
up €857,048 (+2,971%), from €28,850 to €885,898
of which Land and buildings: +€868,371
- Cash -€174,447
down €174,447 (-93.1%), from €187,276 to €12,829
mainly Investment in fixed assets (net) (-€980,000) and Contributions, distributions and other (-€236,000)
- Receivables within one year +€167,964
up €167,964 (+90.8%), from €184,926 to €352,890
of which Trade receivables: +€179,227
- Other debts +€959,967
up €959,967 (+698%), from €137,582 to €1.1m
- Reserves -€146,300
down €146,300 (-19.9%), from €734,980 to €588,680
- Tax, wage and social debts +€44,431
up €44,431 (+413%), from €10,755 to €55,186
- Depreciation +€109,916
up €109,916 (+843%), from €13,036 to €122,952
- Gross operating margin +€77,879
up €77,879 (+41.8%), from €186,209 to €264,088
- Taxes -€11,355
down €11,355 (-19.5%), from €58,257 to €46,901
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 | €901,156 | €1,761,278 | +€860,122 | +95.4% |
| Fixed assets | 21/28 | €525,370 | €1,382,418 | +€857,048 | +163% |
| Tangible fixed assets | 22/27 | €28,850 | €885,898 | +€857,048 | +2,971% |
| Land and buildings | 22 | - | €868,371 | +€868,371 | |
| Furniture and vehicles | 24 | €28,850 | €17,527 | -€11,323 | -39.2% |
| Financial fixed assets | 28 | €496,520 | €496,520 | = | 0.0% |
| Current assets | 29/58 | €375,787 | €378,860 | +€3,074 | +0.8% |
| Amounts receivable within one year | 40/41 | €184,926 | €352,890 | +€167,964 | +90.8% |
| Trade receivables | 40 | €170,500 | €349,726 | +€179,227 | +105% |
| Other amounts receivable | 41 | €14,426 | €3,164 | -€11,262 | -78.1% |
| Cash at bank and in hand | 54/58 | €187,276 | €12,829 | -€174,447 | -93.1% |
| Deferred charges and accrued income | 490/1 | €3,584 | €13,141 | +€9,557 | +267% |
| Total equity and liabilities | 10/49 | €901,156 | €1,761,278 | +€860,122 | +95.4% |
| Equity | 10/15 | €748,831 | €602,580 | -€146,251 | -19.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €734,980 | €588,680 | -€146,300 | -19.9% |
| Distributable reserves | 133 | €734,980 | €588,680 | -€146,300 | -19.9% |
| Profit (loss) carried forward | 14 | €1,451 | €1,500 | +€49 | +3.4% |
| Amounts payable | 17/49 | €152,325 | €1,158,698 | +€1.0m | +661% |
| Amounts payable within one year | 42/48 | €152,325 | €1,157,700 | +€1.0m | +660% |
| Trade debts | 44 | €3,988 | €4,965 | +€976 | +24.5% |
| Suppliers | 440/4 | €3,988 | €4,965 | +€976 | +24.5% |
| Taxes, remuneration and social security | 45 | €10,755 | €55,186 | +€44,431 | +413% |
| Taxes | 450/3 | €10,755 | €55,186 | +€44,431 | +413% |
| Other amounts payable | 47/48 | €137,582 | €1,097,549 | +€959,967 | +698% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,036 | €122,952 | +€109,916 | +843% |
| Other operating charges | 640/8 | €5,723 | €3,830 | -€1,893 | -33.1% |
| Gross operating margin | 9900 | €186,209 | €264,088 | +€77,879 | +41.8% |
| Operating profit (loss) | 9901 | €167,449 | €137,306 | -€30,143 | -18.0% |
| Financial income | 75/76B | €15 | €0 | -€15 | -100% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -100% |
| Financial charges | 65/66B | €1,605 | €656 | -€948 | -59.1% |
| Recurring financial charges | 65 | €1,605 | €656 | -€948 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €165,860 | €136,650 | -€29,210 | -17.6% |
| Income taxes | 67/77 | €58,257 | €46,901 | -€11,355 | -19.5% |
| Profit (loss) for the period | 9904 | €107,603 | €89,749 | -€17,854 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €107,603 | €89,749 | -€17,854 | -16.6% |
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 24 October 2026 via checked.be.