ESW Electro: what changed
What changed
ESW Electro
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€380
2024 · -€4,070+€4,450
Equity
€81,383
2024 · €81,003+€380
Cash
€13,910
2024 · €39,643-€25,733
Balance sheet total
€110,152
2024 · €128,530-€18,378
Largest movements
Assets
- Cash -€25,733
down €25,733 (-64.9%), from €39,643 to €13,910
mainly Trade debts (-€21,285) and Investment in fixed assets (net) (-€5,655)
- Tangible fixed assets +€3,898
up €3,898 (+122%), from €3,192 to €7,090
- Receivables within one year +€2,109
up €2,109 (+3.7%), from €57,197 to €59,306
of which Trade receivables: +€2,109
- Deferred charges and accrued income +€2,071
up €2,071 (+202%), from €1,027 to €3,098
Equity and liabilities
- Trade debts -€21,285
down €21,285 (-52.3%), from €40,698 to €19,413
- Tax, wage and social debts +€4,224
up €4,224 (+195%), from €2,161 to €6,385
of which Taxes: +€3,524
Income statement
- Gross operating margin +€6,101
up €6,101, from -€423 to €5,678
- Depreciation +€1,360
up €1,360 (+89.5%), from €1,520 to €2,880
- Taxes +€942
up €942 (+422%), from €223 to €1,165
- Financial charges -€547
down €547 (-70.1%), from €780 to €233
- Other operating charges -€118
down €118 (-10.2%), from €1,152 to €1,034
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
-€4,070
Gross operating margin
+€6,101
Depreciation
-€1,360
Other operating charges
+€118
Financial income
-€14
Financial charges
+€547
Taxes
-€942
Result 2025
€380
raises the resultlowers the result
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
-€18,810
Investment
-€5,655
Financing
-€1,268
Cash 2024
€39,643
From operations (derived)
-€18,810
Net result for the year
+€380
Depreciation
+€2,880
Stocks and contracts
-€400
Receivables within one year
-€2,109
Deferred charges and accrued income
-€2,071
Trade debts
-€21,285
Tax, wage and social debts
+€4,224
Other debts
-€441
Accrued charges and deferred income
+€12
Investment (derived)
-€5,655
Investment in fixed assets (net)
-€5,655
Financing
-€1,268
Debts after one year
-€1,281
Current portion of long-term debt
-€1,268
Short-term financial debts
+€1,281
Cash 2025
€13,910
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,530 | €110,152 | -€18,378 | -14.3% |
| Fixed assets | 21/28 | €6,741 | €9,516 | +€2,775 | +41.2% |
| Intangible fixed assets | 21 | €3,549 | €2,426 | -€1,123 | -31.6% |
| Tangible fixed assets | 22/27 | €3,192 | €7,090 | +€3,898 | +122% |
| Furniture and vehicles | 24 | €3,192 | €7,090 | +€3,898 | +122% |
| Current assets | 29/58 | €121,789 | €100,636 | -€21,153 | -17.4% |
| Stocks and contracts in progress | 3 | €23,922 | €24,322 | +€400 | +1.7% |
| Stocks | 30/36 | €23,922 | €24,322 | +€400 | +1.7% |
| Amounts receivable within one year | 40/41 | €57,197 | €59,306 | +€2,109 | +3.7% |
| Trade receivables | 40 | €53,420 | €55,529 | +€2,109 | +3.9% |
| Other amounts receivable | 41 | €3,777 | €3,777 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €39,643 | €13,910 | -€25,733 | -64.9% |
| Deferred charges and accrued income | 490/1 | €1,027 | €3,098 | +€2,071 | +202% |
| Total equity and liabilities | 10/49 | €128,530 | €110,152 | -€18,378 | -14.3% |
| Equity | 10/15 | €81,003 | €81,383 | +€380 | +0.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €79,003 | €79,383 | +€380 | +0.5% |
| Distributable reserves | 133 | €79,003 | €79,383 | +€380 | +0.5% |
| Amounts payable | 17/49 | €47,527 | €28,769 | -€18,758 | -39.5% |
| Amounts payable after more than one year | 17 | €2,575 | €1,294 | -€1,281 | -49.7% |
| Financial debts | 170/4 | €2,575 | €1,294 | -€1,281 | -49.7% |
| Amounts payable within one year | 42/48 | €44,568 | €27,079 | -€17,489 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €1,268 | - | -€1,268 | |
| Financial debts | 43 | - | €1,281 | +€1,281 | |
| Other loans | 439 | - | €1,281 | +€1,281 | |
| Trade debts | 44 | €40,698 | €19,413 | -€21,285 | -52.3% |
| Suppliers | 440/4 | €40,698 | €19,413 | -€21,285 | -52.3% |
| Taxes, remuneration and social security | 45 | €2,161 | €6,385 | +€4,224 | +195% |
| Taxes | 450/3 | €661 | €4,185 | +€3,524 | +533% |
| Remuneration and social security | 454/9 | €1,500 | €2,200 | +€700 | +46.7% |
| Other amounts payable | 47/48 | €441 | - | -€441 | |
| Accrued charges and deferred income | 492/3 | €384 | €396 | +€12 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,520 | €2,880 | +€1,360 | +89.5% |
| Other operating charges | 640/8 | €1,152 | €1,034 | -€118 | -10.2% |
| Gross operating margin | 9900 | -€423 | €5,678 | +€6,101 | |
| Operating profit (loss) | 9901 | -€3,095 | €1,764 | +€4,859 | |
| Financial income | 75/76B | €28 | €14 | -€14 | -50.0% |
| Recurring financial income | 75 | €28 | €14 | -€14 | -50.0% |
| Financial charges | 65/66B | €780 | €233 | -€547 | -70.1% |
| Recurring financial charges | 65 | €780 | €233 | -€547 | -70.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,847 | €1,545 | +€5,392 | |
| Income taxes | 67/77 | €223 | €1,165 | +€942 | +422% |
| Profit (loss) for the period | 9904 | -€4,070 | €380 | +€4,450 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,070 | €380 | +€4,450 |
Next steps
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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 6 November 2026 via checked.be.