E. VAN ESPEN: 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. VAN ESPEN
Largest movements
- Receivables within one year +€87,280
up €87,280 (+2,611%), from €3,343 to €90,623
of which Trade receivables: +€86,174
- Cash +€81,452
up €81,452 (+722%), from €11,284 to €92,735
mainly Net result for the year (+€65,223) and Stocks and contracts (+€63,539)
- Stocks and contracts -€63,539
down €63,539 (-87.5%), from €72,646 to €9,107
of which Contracts in progress: -€63,643
- Financial fixed assets +€14,865
up €14,865 (+154%), from €9,653 to €24,518
- Reserves +€65,140
up €65,140 (+53.9%), from €120,824 to €185,964
of which Distributable reserves: +€65,140
- Tax, wage and social debts +€26,088
up €26,088 (+1,304%), from €2,000 to €28,088
of which Taxes: +€25,061
- Other debts +€16,018
up €16,018 (+371%), from €4,314 to €20,333
- Trade debts +€11,113
up €11,113 (+14.5%), from €76,743 to €87,856
- Gross operating margin +€80,450
up €80,450 (+1,379%), from €5,833 to €86,283
- Write-downs -€30,000
no longer reported in 2025 (was €30,000)
- Taxes +€18,792
up €18,792 (+8,059%), from €233 to €19,026
- Other operating charges -€3,143
down €3,143 (-70.8%), from €4,437 to €1,294
- Financial income -€2,603
down €2,603 (-84.3%), from €3,089 to €486
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 | €236,579 | €355,608 | +€119,029 | +50.3% |
| Fixed assets | 21/28 | €12,253 | €25,966 | +€13,713 | +112% |
| Tangible fixed assets | 22/27 | €2,601 | €1,449 | -€1,152 | -44.3% |
| Plant, machinery and equipment | 23 | €2,601 | €1,449 | -€1,152 | -44.3% |
| Financial fixed assets | 28 | €9,653 | €24,518 | +€14,865 | +154% |
| Current assets | 29/58 | €224,326 | €329,642 | +€105,316 | +46.9% |
| Amounts receivable after more than one year | 29 | €105,000 | €105,000 | = | 0.0% |
| Trade receivables | 290 | €105,000 | €105,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €72,646 | €9,107 | -€63,539 | -87.5% |
| Stocks | 30/36 | €9,003 | €9,107 | +€104 | +1.2% |
| Contracts in progress | 37 | €63,643 | - | -€63,643 | |
| Amounts receivable within one year | 40/41 | €3,343 | €90,623 | +€87,280 | +2,611% |
| Trade receivables | 40 | - | €86,174 | +€86,174 | |
| Other amounts receivable | 41 | €3,343 | €4,449 | +€1,106 | +33.1% |
| Cash at bank and in hand | 54/58 | €11,284 | €92,735 | +€81,452 | +722% |
| Deferred charges and accrued income | 490/1 | €32,053 | €32,177 | +€124 | +0.4% |
| Total equity and liabilities | 10/49 | €236,579 | €355,608 | +€119,029 | +50.3% |
| Equity | 10/15 | €153,522 | €218,745 | +€65,223 | +42.5% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | €30,987 | €30,987 | = | 0.0% |
| Issued capital | 100 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €120,824 | €185,964 | +€65,140 | +53.9% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,960 | €5,960 | = | 0.0% |
| Distributable reserves | 133 | €111,765 | €176,905 | +€65,140 | +58.3% |
| Profit (loss) carried forward | 14 | €1,711 | €1,794 | +€83 | +4.9% |
| Amounts payable | 17/49 | €83,057 | €136,863 | +€53,806 | +64.8% |
| Amounts payable within one year | 42/48 | €83,057 | €136,276 | +€53,219 | +64.1% |
| Trade debts | 44 | €76,743 | €87,856 | +€11,113 | +14.5% |
| Suppliers | 440/4 | €76,743 | €87,856 | +€11,113 | +14.5% |
| Taxes, remuneration and social security | 45 | €2,000 | €28,088 | +€26,088 | +1,304% |
| Taxes | 450/3 | - | €25,061 | +€25,061 | |
| Remuneration and social security | 454/9 | €2,000 | €3,028 | +€1,028 | +51.4% |
| Other amounts payable | 47/48 | €4,314 | €20,333 | +€16,018 | +371% |
| Accrued charges and deferred income | 492/3 | - | €587 | +€587 | |
| Non-recurring operating income | 76A | - | €29,000 | +€29,000 | |
| Remuneration, social security and pensions | 62 | €198 | - | -€198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,305 | €1,152 | -€2,153 | -65.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,000 | - | -€30,000 | |
| Other operating charges | 640/8 | €4,437 | €1,294 | -€3,143 | -70.8% |
| Gross operating margin | 9900 | €5,833 | €86,283 | +€80,450 | +1,379% |
| Operating profit (loss) | 9901 | -€32,107 | €83,837 | +€115,945 | |
| Financial income | 75/76B | €3,089 | €486 | -€2,603 | -84.3% |
| Recurring financial income | 75 | €3,089 | €486 | -€2,603 | -84.3% |
| Financial charges | 65/66B | €589 | €75 | -€514 | -87.3% |
| Recurring financial charges | 65 | €589 | €75 | -€514 | -87.3% |
| Profit (loss) for the period before taxes | 9903 | -€29,606 | €84,249 | +€113,855 | |
| Income taxes | 67/77 | €233 | €19,026 | +€18,792 | +8,059% |
| Profit (loss) for the period | 9904 | -€29,840 | €65,223 | +€95,063 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,840 | €65,223 | +€95,063 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.