E'SPA: 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.
E'SPA
Largest movements
- Receivables within one year +€76,257
up €76,257 (+2232.6%), from €3,416 to €79,673
of which Other amounts receivable: +€76,482
- Tangible fixed assets +€19,774
up €19,774 (+8.2%), from €242,555 to €262,329
of which Plant, machinery and equipment: +€35,623
- Cash -€15,425
down €15,425 (-7.1%), from €215,954 to €200,530
mainly Receivables within one year (-€76,257) and Investment in fixed assets (net) (-€55,547)
- Profit (loss) carried forward +€81,117
up €81,117 (+51.2%), from €158,525 to €239,642
- Trade debts +€7,979
up €7,979 (+32.1%), from €24,850 to €32,829
- Debts after one year -€5,955
no longer reported in 2025 (was €5,955)
- Depreciation -€28,470
down €28,470 (-44.3%), from €64,243 to €35,773
- Taxes +€8,359
up €8,359 (+509.5%), from €1,641 to €10,000
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.
Cash bridge derived
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 | €469,956 | €549,874 | +€79,918 | +17.0% |
| Fixed assets | 21/28 | €243,642 | €263,416 | +€19,774 | +8.1% |
| Tangible fixed assets | 22/27 | €242,555 | €262,329 | +€19,774 | +8.2% |
| Land and buildings | 22 | €159,632 | €143,774 | -€15,858 | -9.9% |
| Plant, machinery and equipment | 23 | €44,869 | €80,493 | +€35,623 | +79.4% |
| Furniture and vehicles | 24 | €38,053 | €38,061 | +€8 | 0.0% |
| Financial fixed assets | 28 | €1,087 | €1,087 | = | 0.0% |
| Current assets | 29/58 | €226,314 | €286,458 | +€60,144 | +26.6% |
| Stocks and contracts in progress | 3 | €6,469 | €6,255 | -€214 | -3.3% |
| Stocks | 30/36 | €6,469 | €6,255 | -€214 | -3.3% |
| Amounts receivable within one year | 40/41 | €3,416 | €79,673 | +€76,257 | +2232.6% |
| Trade receivables | 40 | €3,213 | €2,989 | -€224 | -7.0% |
| Other amounts receivable | 41 | €203 | €76,684 | +€76,482 | +37720.3% |
| Cash at bank and in hand | 54/58 | €215,954 | €200,530 | -€15,425 | -7.1% |
| Deferred charges and accrued income | 490/1 | €474 | - | -€474 | |
| Total equity and liabilities | 10/49 | €469,956 | €549,874 | +€79,918 | +17.0% |
| Equity | 10/15 | €347,151 | €428,268 | +€81,117 | +23.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €64,000 | €64,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Legal reserve | 130 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €59,000 | €59,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €158,525 | €239,642 | +€81,117 | +51.2% |
| Investment grants | 15 | €24,626 | €24,626 | = | 0.0% |
| Amounts payable | 17/49 | €122,805 | €121,606 | -€1,199 | -1.0% |
| Amounts payable after more than one year | 17 | €5,955 | - | -€5,955 | |
| Other amounts payable | 178/9 | €5,955 | - | -€5,955 | |
| Amounts payable within one year | 42/48 | €113,932 | €119,494 | +€5,563 | +4.9% |
| Trade debts | 44 | €24,850 | €32,829 | +€7,979 | +32.1% |
| Suppliers | 440/4 | €24,850 | €32,829 | +€7,979 | +32.1% |
| Advances received on contracts in progress | 46 | €49,489 | €45,584 | -€3,905 | -7.9% |
| Taxes, remuneration and social security | 45 | €39,593 | €40,424 | +€831 | +2.1% |
| Taxes | 450/3 | €21,971 | €17,653 | -€4,318 | -19.7% |
| Remuneration and social security | 454/9 | €17,622 | €22,770 | +€5,149 | +29.2% |
| Other amounts payable | 47/48 | - | €658 | +€658 | |
| Accrued charges and deferred income | 492/3 | €2,918 | €2,111 | -€806 | -27.6% |
| Non-recurring operating income | 76A | €19,141 | €3,719 | -€15,422 | -80.6% |
| Remuneration, social security and pensions | 62 | €209,405 | €210,482 | +€1,077 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,243 | €35,773 | -€28,470 | -44.3% |
| Other operating charges | 640/8 | €6,149 | €5,670 | -€479 | -7.8% |
| Gross operating margin | 9900 | €346,851 | €343,485 | -€3,366 | -1.0% |
| Operating profit (loss) | 9901 | €67,054 | €91,559 | +€24,505 | +36.5% |
| Financial charges | 65/66B | €1,429 | €442 | -€987 | -69.1% |
| Recurring financial charges | 65 | €1,429 | €442 | -€987 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | €65,624 | €91,117 | +€25,493 | +38.8% |
| Income taxes | 67/77 | €1,641 | €10,000 | +€8,359 | +509.5% |
| Profit (loss) for the period | 9904 | €63,983 | €81,117 | +€17,134 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,983 | €81,117 | +€17,134 | +26.8% |
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 9 October 2026 via checked.be.