ESCUDO DE ORO: 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.
What changed
ESCUDO DE ORO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€18,731
2024 · €88,298-€69,567
Equity
€441,238
2024 · €422,507+€18,731
Cash
€266,311
2024 · €239,551+€26,760
Balance sheet total
€586,940
2024 · €565,470+€21,470
Largest movements
Assets
- Cash +€26,760
up €26,760 (+11.2%), from €239,551 to €266,311
mainly Net result for the year (+€18,731) and Tax, wage and social debts (+€6,500)
Equity and liabilities
- Profit (loss) carried forward +€18,731
up €18,731 (+5.8%), from -€320,239 to -€301,508
- Tax, wage and social debts +€6,500
new in 2025: €6,500
Income statement
- Gross operating margin -€69,790
down €69,790 (-72.2%), from €96,670 to €26,880
- Taxes +€2,000
new in 2025: €2,000
- Financial charges -€1,671
down €1,671 (-96.9%), from €1,724 to €54
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.
Result 2024
€88,298
Gross operating margin
-€69,790
Depreciation
-€171
Other operating charges
+€723
Financial income
+€1
Financial charges
+€1,671
Taxes
-€2,000
Result 2025
€18,731
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.
From operations
+€28,037
Investment
-€1,277
Financing
€0
Cash 2024
€239,551
From operations (derived)
+€28,037
Net result for the year
+€18,731
Depreciation
+€413
Receivables within one year
+€5,689
Deferred charges and accrued income
+€466
Trade debts
+€1,667
Tax, wage and social debts
+€6,500
Other debts
-€4,647
Accrued charges and deferred income
-€781
Investment (derived)
-€1,277
Investment in fixed assets (net)
-€1,277
Cash 2025
€266,311
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €565,470 | €586,940 | +€21,470 | +3.8% |
| Fixed assets | 21/28 | €232,711 | €233,575 | +€864 | +0.4% |
| Tangible fixed assets | 22/27 | €229,701 | €230,565 | +€864 | +0.4% |
| Land and buildings | 22 | €229,229 | €229,157 | -€72 | 0.0% |
| Furniture and vehicles | 24 | €471 | €1,408 | +€936 | +198.6% |
| Financial fixed assets | 28 | €3,010 | €3,010 | = | 0.0% |
| Current assets | 29/58 | €332,759 | €353,365 | +€20,606 | +6.2% |
| Amounts receivable within one year | 40/41 | €91,949 | €86,260 | -€5,689 | -6.2% |
| Trade receivables | 40 | €39,331 | €46,259 | +€6,927 | +17.6% |
| Other amounts receivable | 41 | €52,618 | €40,001 | -€12,616 | -24.0% |
| Cash at bank and in hand | 54/58 | €239,551 | €266,311 | +€26,760 | +11.2% |
| Deferred charges and accrued income | 490/1 | €1,260 | €794 | -€466 | -37.0% |
| Total equity and liabilities | 10/49 | €565,470 | €586,940 | +€21,470 | +3.8% |
| Equity | 10/15 | €422,507 | €441,238 | +€18,731 | +4.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €680,745 | €680,745 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,745 | €80,745 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €74,545 | €74,545 | = | 0.0% |
| Distributable reserves | 133 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€320,239 | -€301,508 | +€18,731 | +5.8% |
| Amounts payable | 17/49 | €142,964 | €145,702 | +€2,738 | +1.9% |
| Amounts payable after more than one year | 17 | €150 | €150 | = | 0.0% |
| Other amounts payable | 178/9 | €150 | €150 | = | 0.0% |
| Amounts payable within one year | 42/48 | €141,443 | €144,963 | +€3,520 | +2.5% |
| Trade debts | 44 | €584 | €2,251 | +€1,667 | +285.3% |
| Suppliers | 440/4 | €584 | €2,251 | +€1,667 | +285.3% |
| Taxes, remuneration and social security | 45 | - | €6,500 | +€6,500 | |
| Remuneration and social security | 454/9 | - | €6,500 | +€6,500 | |
| Other amounts payable | 47/48 | €140,859 | €136,211 | -€4,647 | -3.3% |
| Accrued charges and deferred income | 492/3 | €1,371 | €590 | -€781 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241 | €413 | +€171 | +71.0% |
| Other operating charges | 640/8 | €6,455 | €5,731 | -€723 | -11.2% |
| Gross operating margin | 9900 | €96,670 | €26,880 | -€69,790 | -72.2% |
| Operating profit (loss) | 9901 | €89,974 | €20,736 | -€69,238 | -77.0% |
| Financial income | 75/76B | €48 | €49 | +€1 | +1.7% |
| Recurring financial income | 75 | €48 | €49 | +€1 | +1.7% |
| Financial charges | 65/66B | €1,724 | €54 | -€1,671 | -96.9% |
| Recurring financial charges | 65 | €1,724 | €54 | -€1,671 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €88,298 | €20,731 | -€67,567 | -76.5% |
| Income taxes | 67/77 | - | €2,000 | +€2,000 | |
| Profit (loss) for the period | 9904 | €88,298 | €18,731 | -€69,567 | -78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,298 | €18,731 | -€69,567 | -78.8% |
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 5 October 2026 via checked.be.