ESPACE PHOTO: 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.
ESPACE PHOTO
Largest movements
- Stocks and contracts +€52,666
up €52,666 (+42.1%), from €125,135 to €177,801
- Tangible fixed assets -€21,739
down €21,739 (-6.1%), from €358,279 to €336,540
of which Land and buildings: -€15,300
- Receivables within one year +€13,651
up €13,651 (+78.4%), from €17,415 to €31,067
of which Trade receivables: +€13,440
- Reserves +€70,700
up €70,700 (+81.3%), from €87,000 to €157,700
- Other debts -€52,153
down €52,153 (-15.3%), from €340,425 to €288,272
- Tax, wage and social debts +€20,825
up €20,825 (+119%), from €17,472 to €38,297
- Trade debts +€7,795
up €7,795 (+77.0%), from €10,125 to €17,920
- Gross operating margin +€104,304
up €104,304 (+485%), from €21,502 to €125,806
- Taxes +€31,169
up €31,169 (+12,175%), from €256 to €31,425
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 | €527,251 | €574,420 | +€47,168 | +8.9% |
| Fixed assets | 21/28 | €358,279 | €336,540 | -€21,739 | -6.1% |
| Tangible fixed assets | 22/27 | €358,279 | €336,540 | -€21,739 | -6.1% |
| Land and buildings | 22 | €340,969 | €325,669 | -€15,300 | -4.5% |
| Furniture and vehicles | 24 | €1,677 | €415 | -€1,262 | -75.3% |
| Other tangible fixed assets | 26 | €15,633 | €10,456 | -€5,177 | -33.1% |
| Current assets | 29/58 | €168,972 | €237,880 | +€68,907 | +40.8% |
| Stocks and contracts in progress | 3 | €125,135 | €177,801 | +€52,666 | +42.1% |
| Stocks | 30/36 | €125,135 | €177,801 | +€52,666 | +42.1% |
| Amounts receivable within one year | 40/41 | €17,415 | €31,067 | +€13,651 | +78.4% |
| Trade receivables | 40 | €4,552 | €17,993 | +€13,440 | +295% |
| Other amounts receivable | 41 | €12,863 | €13,074 | +€211 | +1.6% |
| Cash at bank and in hand | 54/58 | €24,174 | €27,370 | +€3,196 | +13.2% |
| Deferred charges and accrued income | 490/1 | €2,247 | €1,642 | -€605 | -26.9% |
| Total equity and liabilities | 10/49 | €527,251 | €574,420 | +€47,168 | +8.9% |
| Equity | 10/15 | €124,545 | €195,247 | +€70,701 | +56.8% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €87,000 | €157,700 | +€70,700 | +81.3% |
| Distributable reserves | 133 | €87,000 | €157,700 | +€70,700 | +81.3% |
| Profit (loss) carried forward | 14 | €45 | €47 | +€1 | +3.2% |
| Amounts payable | 17/49 | €402,706 | €379,173 | -€23,533 | -5.8% |
| Amounts payable after more than one year | 17 | €34,684 | €34,684 | = | 0.0% |
| Financial debts | 170/4 | €34,684 | €34,684 | = | 0.0% |
| Amounts payable within one year | 42/48 | €368,022 | €344,489 | -€23,533 | -6.4% |
| Trade debts | 44 | €10,125 | €17,920 | +€7,795 | +77.0% |
| Suppliers | 440/4 | €10,125 | €17,920 | +€7,795 | +77.0% |
| Taxes, remuneration and social security | 45 | €17,472 | €38,297 | +€20,825 | +119% |
| Taxes | 450/3 | €17,472 | €38,297 | +€20,825 | +119% |
| Other amounts payable | 47/48 | €340,425 | €288,272 | -€52,153 | -15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,162 | €21,739 | +€577 | +2.7% |
| Other operating charges | 640/8 | €2,363 | €2,407 | +€45 | +1.9% |
| Gross operating margin | 9900 | €21,502 | €125,806 | +€104,304 | +485% |
| Operating profit (loss) | 9901 | -€2,023 | €101,660 | +€103,683 | |
| Financial income | 75/76B | €2,698 | €2,264 | -€435 | -16.1% |
| Recurring financial income | 75 | €2,698 | €2,264 | -€435 | -16.1% |
| Financial charges | 65/66B | €2,107 | €1,797 | -€310 | -14.7% |
| Recurring financial charges | 65 | €2,107 | €1,797 | -€310 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,432 | €102,126 | +€103,558 | |
| Income taxes | 67/77 | €256 | €31,425 | +€31,169 | +12,175% |
| Profit (loss) for the period | 9904 | -€1,688 | €70,701 | +€72,389 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,688 | €70,701 | +€72,389 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.