ESEPAR: 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.
ESEPAR
Largest movements
- Receivables within one year -€5,309
down €5,309 (-53.3%), from €9,955 to €4,646
of which Trade receivables: -€5,457
- Tangible fixed assets -€835
down €835 (-14.0%), from €5,948 to €5,113
of which Land and buildings: -€440
- Cash +€258
up €258 (+39.2%), from €657 to €915
mainly Receivables within one year (+€5,309) and Other debts (+€2,629)
- Profit (loss) carried forward -€8,803
down €8,803 (-1.2%), from -€715,345 to -€724,148
- Other debts +€2,629
up €2,629 (+0.4%), from €664,908 to €667,537
- Trade debts +€288
up €288 (+53.1%), from €542 to €829
- Gross operating margin -€5,654
down €5,654 (-392.2%), from -€1,442 to -€7,096
- Other operating charges +€552
up €552 (+467.8%), from €118 to €670
- Depreciation -€144
down €144 (-14.7%), from €979 to €835
- Financial charges -€109
down €109 (-35.0%), from €310 to €202
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 | €16,560 | €10,674 | -€5,886 | -35.5% |
| Fixed assets | 21/28 | €5,948 | €5,113 | -€835 | -14.0% |
| Tangible fixed assets | 22/27 | €5,948 | €5,113 | -€835 | -14.0% |
| Land and buildings | 22 | €5,550 | €5,110 | -€440 | -7.9% |
| Plant, machinery and equipment | 23 | €398 | €3 | -€395 | -99.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €10,612 | €5,560 | -€5,052 | -47.6% |
| Amounts receivable within one year | 40/41 | €9,955 | €4,646 | -€5,309 | -53.3% |
| Trade receivables | 40 | €8,422 | €2,965 | -€5,457 | -64.8% |
| Other amounts receivable | 41 | €1,533 | €1,681 | +€148 | +9.6% |
| Cash at bank and in hand | 54/58 | €657 | €915 | +€258 | +39.2% |
| Total equity and liabilities | 10/49 | €16,560 | €10,674 | -€5,886 | -35.5% |
| Equity | 10/15 | -€648,890 | -€657,693 | -€8,803 | -1.4% |
| 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 | €4,456 | €4,456 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,456 | €4,456 | = | 0.0% |
| Legal reserve | 130 | €4,456 | €4,456 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€715,345 | -€724,148 | -€8,803 | -1.2% |
| Amounts payable | 17/49 | €665,450 | €668,366 | +€2,916 | +0.4% |
| Amounts payable within one year | 42/48 | €665,450 | €668,366 | +€2,916 | +0.4% |
| Trade debts | 44 | €542 | €829 | +€288 | +53.1% |
| Suppliers | 440/4 | €542 | €829 | +€288 | +53.1% |
| Other amounts payable | 47/48 | €664,908 | €667,537 | +€2,629 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €979 | €835 | -€144 | -14.7% |
| Other operating charges | 640/8 | €118 | €670 | +€552 | +467.8% |
| Gross operating margin | 9900 | -€1,442 | -€7,096 | -€5,654 | -392.2% |
| Operating profit (loss) | 9901 | -€2,539 | -€8,601 | -€6,062 | -238.8% |
| Financial charges | 65/66B | €310 | €202 | -€109 | -35.0% |
| Recurring financial charges | 65 | €310 | €202 | -€109 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,849 | -€8,803 | -€5,954 | -209.0% |
| Profit (loss) for the period | 9904 | -€2,849 | -€8,803 | -€5,954 | -209.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,849 | -€8,803 | -€5,954 | -209.0% |
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 8 October 2026 via checked.be.