EPSAD: what changed
Two fiscal 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.
EPSAD
Largest movements
- Tangible fixed assets -€45,741
down €45,741 (-7.9%), from €582,214 to €536,472
of which Land and buildings: -€45,227
- Receivables within one year -€20,723
down €20,723 (-73.4%), from €28,246 to €7,523
of which Trade receivables: -€22,265
- Cash +€10,469
new in 2025: €10,469
mainly Debts after one year (+€33,934) and Investment in fixed assets (net) (+€27,200)
- Current portion of long-term debt -€49,367
no longer reported in 2025 (was €49,367)
- Debts after one year +€33,934
up €33,934 (+9.4%), from €359,125 to €393,060
of which Financial debts: +€34,790
- Tax, wage and social debts -€19,250
down €19,250 (-99.1%), from €19,426 to €176
- Trade debts -€13,551
down €13,551 (-29.6%), from €45,731 to €32,180
- Short-term financial debts -€7,014
down €7,014 (-99.6%), from €7,045 to €31
- Financial income +€15,500
new in 2025: €15,500
of which Financial income: +€15,500
- Financial charges +€13,053
up €13,053 (+134.4%), from €9,710 to €22,763
- Depreciation -€8,833
down €8,833 (-32.3%), from €27,374 to €18,541
- Other operating charges -€6,875
no longer reported in 2025 (was €6,875)
- Gross operating margin +€5,289
up €5,289 (+25.0%), from €21,143 to €26,433
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 | €610,509 | €554,881 | -€55,627 | -9.1% |
| Fixed assets | 21/28 | €582,263 | €536,522 | -€45,741 | -7.9% |
| Tangible fixed assets | 22/27 | €582,214 | €536,472 | -€45,741 | -7.9% |
| Land and buildings | 22 | €579,734 | €534,507 | -€45,227 | -7.8% |
| Plant, machinery and equipment | 23 | - | €867 | +€867 | |
| Furniture and vehicles | 24 | €2,480 | €1,099 | -€1,381 | -55.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €28,246 | €18,359 | -€9,886 | -35.0% |
| Amounts receivable within one year | 40/41 | €28,246 | €7,523 | -€20,723 | -73.4% |
| Trade receivables | 40 | €28,246 | €5,981 | -€22,265 | -78.8% |
| Other amounts receivable | 41 | - | €1,542 | +€1,542 | |
| Cash at bank and in hand | 54/58 | - | €10,469 | +€10,469 | |
| Deferred charges and accrued income | 490/1 | - | €368 | +€368 | |
| Total equity and liabilities | 10/49 | €610,509 | €554,881 | -€55,627 | -9.1% |
| Equity | 10/15 | €129,023 | €129,435 | +€411 | +0.3% |
| Contributions | 10/11 | €454,512 | €454,512 | = | 0.0% |
| Capital | 10 | €454,512 | €454,512 | = | 0.0% |
| Issued capital | 100 | €454,512 | €454,512 | = | 0.0% |
| Reserves | 13 | €115,595 | €115,595 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,895 | €10,895 | = | 0.0% |
| Legal reserve | 130 | €10,895 | €10,895 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,700 | €5,700 | = | 0.0% |
| Distributable reserves | 133 | €99,000 | €99,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€441,084 | -€440,673 | +€411 | +0.1% |
| Amounts payable | 17/49 | €481,485 | €425,447 | -€56,039 | -11.6% |
| Amounts payable after more than one year | 17 | €359,125 | €393,060 | +€33,934 | +9.4% |
| Financial debts | 170/4 | €265,210 | €300,000 | +€34,790 | +13.1% |
| Other amounts payable | 178/9 | €93,915 | €93,060 | -€856 | -0.9% |
| Amounts payable within one year | 42/48 | €122,360 | €32,387 | -€89,973 | -73.5% |
| Current portion of amounts payable after more than one year | 42 | €49,367 | - | -€49,367 | |
| Financial debts | 43 | €7,045 | €31 | -€7,014 | -99.6% |
| Credit institutions | 430/8 | €7,045 | €31 | -€7,014 | -99.6% |
| Trade debts | 44 | €45,731 | €32,180 | -€13,551 | -29.6% |
| Suppliers | 440/4 | €45,731 | €32,180 | -€13,551 | -29.6% |
| Taxes, remuneration and social security | 45 | €19,426 | €176 | -€19,250 | -99.1% |
| Taxes | 450/3 | €19,426 | €176 | -€19,250 | -99.1% |
| Other amounts payable | 47/48 | €791 | - | -€791 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,374 | €18,541 | -€8,833 | -32.3% |
| Other operating charges | 640/8 | €6,875 | - | -€6,875 | |
| Gross operating margin | 9900 | €21,143 | €26,433 | +€5,289 | +25.0% |
| Operating profit (loss) | 9901 | -€13,106 | €7,891 | +€20,997 | |
| Financial income | 75/76B | - | €15,500 | +€15,500 | |
| Recurring financial income | 75 | - | €15,500 | +€15,500 | |
| Non-recurring financial income | 76B | - | €15,500 | +€15,500 | |
| Financial charges | 65/66B | €9,710 | €22,763 | +€13,053 | +134.4% |
| Recurring financial charges | 65 | €9,710 | €22,763 | +€13,053 | +134.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,816 | €629 | +€23,444 | |
| Income taxes | 67/77 | €140 | €217 | +€78 | +55.6% |
| Profit (loss) for the period | 9904 | -€22,955 | €411 | +€23,367 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,955 | €411 | +€23,367 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.