THE ES WAY: 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.
THE ES WAY
Largest movements
- Cash +€47,677
up €47,677 (+48.3%), from €98,617 to €146,294
mainly Other debts (+€149,097) and Net result for the year (+€56,946)
- Tangible fixed assets -€10,602
down €10,602 (-35.2%), from €30,122 to €19,520
of which Leasing and similar rights: -€7,442
- Other debts +€149,097
up €149,097 (+570%), from €26,175 to €175,272
- Reserves -€114,554
down €114,554 (-98.8%), from €115,992 to €1,438
- Tax, wage and social debts +€8,530
up €8,530 (+196%), from €4,345 to €12,874
- Current portion of long-term debt -€3,919
down €3,919 (-54.5%), from €7,190 to €3,271
- Debts after one year -€3,271
down €3,271 (-100%), from €3,271 to €0
- Gross operating margin +€4,880
up €4,880 (+6.3%), from €77,203 to €82,084
- Financial charges -€1,796
down €1,796 (-78.2%), from €2,297 to €501
- Taxes +€1,659
up €1,659 (+13.8%), from €12,038 to €13,697
- Other operating charges -€1,372
down €1,372 (-68.9%), from €1,992 to €620
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 | €161,176 | €197,278 | +€36,102 | +22.4% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €30,122 | €19,520 | -€10,602 | -35.2% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €30,122 | €19,520 | -€10,602 | -35.2% |
| Plant, machinery and equipment | 23 | €1,376 | €1,194 | -€181 | -13.2% |
| Furniture and vehicles | 24 | €11,905 | €8,926 | -€2,979 | -25.0% |
| Leasing and similar rights | 25 | €16,842 | €9,400 | -€7,442 | -44.2% |
| Current assets | 29/58 | €131,054 | €177,758 | +€46,704 | +35.6% |
| Amounts receivable within one year | 40/41 | €31,533 | €31,047 | -€486 | -1.5% |
| Trade receivables | 40 | €25,894 | €27,349 | +€1,455 | +5.6% |
| Other amounts receivable | 41 | €5,639 | €3,698 | -€1,941 | -34.4% |
| Cash at bank and in hand | 54/58 | €98,617 | €146,294 | +€47,677 | +48.3% |
| Deferred charges and accrued income | 490/1 | €904 | €417 | -€487 | -53.9% |
| Total equity and liabilities | 10/49 | €161,176 | €197,278 | +€36,102 | +22.4% |
| Equity | 10/15 | €118,992 | €4,438 | -€114,554 | -96.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €115,992 | €1,438 | -€114,554 | -98.8% |
| Distributable reserves | 133 | €115,992 | €1,438 | -€114,554 | -98.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,184 | €192,840 | +€150,656 | +357% |
| Amounts payable after more than one year | 17 | €3,271 | €0 | -€3,271 | -100% |
| Financial debts | 170/4 | €3,271 | €0 | -€3,271 | -100% |
| Amounts payable within one year | 42/48 | €38,913 | €192,840 | +€153,927 | +396% |
| Current portion of amounts payable after more than one year | 42 | €7,190 | €3,271 | -€3,919 | -54.5% |
| Trade debts | 44 | €1,203 | €1,423 | +€220 | +18.2% |
| Suppliers | 440/4 | €1,203 | €1,423 | +€220 | +18.2% |
| Taxes, remuneration and social security | 45 | €4,345 | €12,874 | +€8,530 | +196% |
| Taxes | 450/3 | €4,345 | €12,874 | +€8,530 | +196% |
| Other amounts payable | 47/48 | €26,175 | €175,272 | +€149,097 | +570% |
| Remuneration, social security and pensions | 62 | €875 | €888 | +€13 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,605 | €10,602 | -€3 | 0.0% |
| Other operating charges | 640/8 | €1,992 | €620 | -€1,372 | -68.9% |
| Gross operating margin | 9900 | €77,203 | €82,084 | +€4,880 | +6.3% |
| Operating profit (loss) | 9901 | €63,731 | €69,973 | +€6,241 | +9.8% |
| Financial income | 75/76B | €849 | €1,171 | +€322 | +37.9% |
| Recurring financial income | 75 | €849 | €1,171 | +€322 | +37.9% |
| Financial charges | 65/66B | €2,297 | €501 | -€1,796 | -78.2% |
| Recurring financial charges | 65 | €2,297 | €501 | -€1,796 | -78.2% |
| Profit (loss) for the period before taxes | 9903 | €62,284 | €70,643 | +€8,359 | +13.4% |
| Income taxes | 67/77 | €12,038 | €13,697 | +€1,659 | +13.8% |
| Profit (loss) for the period | 9904 | €50,246 | €56,946 | +€6,700 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,246 | €56,946 | +€6,700 | +13.3% |
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 23 October 2026 via checked.be.