ESP-Projects: 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.
ESP-Projects
Largest movements
- Receivables within one year -€307,434
down €307,434 (-42.2%), from €729,256 to €421,822
of which Other amounts receivable: -€225,486
- Stocks and contracts +€132,341
up €132,341 (+33.4%), from €396,146 to €528,488
of which Contracts in progress: +€88,147
- Cash +€24,866
up €24,866 (+22.0%), from €112,822 to €137,687
mainly Receivables within one year (+€307,434) and Debts after one year (+€163,988)
- Reserves -€261,862
down €261,862 (-54.8%), from €477,720 to €215,859
- Debts after one year +€163,988
up €163,988 (+278.5%), from €58,887 to €222,876
- Trade debts -€131,579
down €131,579 (-33.2%), from €395,885 to €264,307
- Advances received -€86,618
down €86,618 (-48.6%), from €178,212 to €91,595
- Short-term financial debts +€80,333
up €80,333 (+53.5%), from €150,253 to €230,586
- Gross operating margin -€110,096
down €110,096 (-9.2%), from €1.2m to €1.1m
- Staff costs -€66,651
down €66,651 (-6.1%), from €1.1m to €1.0m
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 | €1,371,206 | €1,211,354 | -€159,852 | -11.7% |
| Fixed assets | 21/28 | €123,814 | €114,754 | -€9,060 | -7.3% |
| Intangible fixed assets | 21 | €896 | €206 | -€690 | -77.0% |
| Tangible fixed assets | 22/27 | €122,918 | €114,548 | -€8,370 | -6.8% |
| Land and buildings | 22 | €84,249 | €81,606 | -€2,643 | -3.1% |
| Plant, machinery and equipment | 23 | €29,644 | €28,211 | -€1,434 | -4.8% |
| Furniture and vehicles | 24 | €9,024 | €4,731 | -€4,293 | -47.6% |
| Current assets | 29/58 | €1,247,392 | €1,096,600 | -€150,791 | -12.1% |
| Stocks and contracts in progress | 3 | €396,146 | €528,488 | +€132,341 | +33.4% |
| Stocks | 30/36 | €253,603 | €297,797 | +€44,194 | +17.4% |
| Contracts in progress | 37 | €142,543 | €230,690 | +€88,147 | +61.8% |
| Amounts receivable within one year | 40/41 | €729,256 | €421,822 | -€307,434 | -42.2% |
| Trade receivables | 40 | €368,525 | €286,577 | -€81,949 | -22.2% |
| Other amounts receivable | 41 | €360,731 | €135,245 | -€225,486 | -62.5% |
| Cash at bank and in hand | 54/58 | €112,822 | €137,687 | +€24,866 | +22.0% |
| Deferred charges and accrued income | 490/1 | €9,168 | €8,604 | -€564 | -6.2% |
| Total equity and liabilities | 10/49 | €1,371,206 | €1,211,354 | -€159,852 | -11.7% |
| Equity | 10/15 | €502,720 | €240,859 | -€261,862 | -52.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €477,720 | €215,859 | -€261,862 | -54.8% |
| Distributable reserves | 133 | €477,720 | €215,859 | -€261,862 | -54.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €868,485 | €970,495 | +€102,010 | +11.7% |
| Amounts payable after more than one year | 17 | €58,887 | €222,876 | +€163,988 | +278.5% |
| Financial debts | 170/4 | €58,887 | €222,876 | +€163,988 | +278.5% |
| Amounts payable within one year | 42/48 | €809,422 | €747,620 | -€61,802 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €12,145 | €57,825 | +€45,680 | +376.1% |
| Financial debts | 43 | €150,253 | €230,586 | +€80,333 | +53.5% |
| Credit institutions | 430/8 | €150,253 | €230,586 | +€80,333 | +53.5% |
| Trade debts | 44 | €395,885 | €264,307 | -€131,579 | -33.2% |
| Suppliers | 440/4 | €395,885 | €264,307 | -€131,579 | -33.2% |
| Advances received on contracts in progress | 46 | €178,212 | €91,595 | -€86,618 | -48.6% |
| Taxes, remuneration and social security | 45 | €70,854 | €96,593 | +€25,739 | +36.3% |
| Taxes | 450/3 | €6,079 | €12,471 | +€6,393 | +105.2% |
| Remuneration and social security | 454/9 | €64,775 | €84,122 | +€19,347 | +29.9% |
| Other amounts payable | 47/48 | €2,072 | €6,715 | +€4,642 | +224.0% |
| Accrued charges and deferred income | 492/3 | €176 | €0 | -€176 | -100.0% |
| Non-recurring operating income | 76A | €0 | €1,240 | +€1,240 | |
| Remuneration, social security and pensions | 62 | €1,091,744 | €1,025,093 | -€66,651 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,796 | €18,491 | +€2,695 | +17.1% |
| Other operating charges | 640/8 | €4,798 | €8,071 | +€3,273 | +68.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,193,582 | €1,083,487 | -€110,096 | -9.2% |
| Operating profit (loss) | 9901 | €81,245 | €31,833 | -€49,412 | -60.8% |
| Financial income | 75/76B | €666 | €501 | -€165 | -24.8% |
| Recurring financial income | 75 | €666 | €501 | -€165 | -24.8% |
| Financial charges | 65/66B | €24,312 | €23,461 | -€850 | -3.5% |
| Recurring financial charges | 65 | €24,312 | €23,461 | -€850 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €57,599 | €8,872 | -€48,727 | -84.6% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €17,232 | €5,734 | -€11,498 | -66.7% |
| Profit (loss) for the period | 9904 | €40,367 | €3,138 | -€37,229 | -92.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €40,367 | €3,138 | -€37,229 | -92.2% |
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.