Espada: 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.
Espada
Largest movements
- Cash -€310,275
down €310,275 (-74.7%), from €415,344 to €105,069
mainly Contributions, distributions and other (-€916,317) and Tax, wage and social debts (-€165,987)
- Current investments -€178,265
down €178,265 (-35.7%), from €499,361 to €321,097
- Receivables within one year -€89,150
down €89,150 (-28.6%), from €311,985 to €222,835
of which Trade receivables: -€163,511
- Reserves -€370,330
down €370,330 (-33.5%), from €1.1m to €735,437
of which Distributable reserves: -€749,230
- Tax, wage and social debts -€165,987
down €165,987 (-84.6%), from €196,108 to €30,121
- Other debts -€17,888
down €17,888 (-62.7%), from €28,528 to €10,640
- Trade debts -€17,094
down €17,094 (-67.4%), from €25,365 to €8,270
- Financial income +€117,210
up €117,210 (+1037.2%), from €11,300 to €128,511
- Gross operating margin -€109,526
down €109,526 (-15.4%), from €713,445 to €603,919
- Taxes -€9,501
down €9,501 (-5.5%), from €171,614 to €162,113
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 | €1,363,215 | €792,372 | -€570,844 | -41.9% |
| Fixed assets | 21/28 | €134,078 | €140,529 | +€6,451 | +4.8% |
| Tangible fixed assets | 22/27 | €129,578 | €140,529 | +€10,951 | +8.5% |
| Land and buildings | 22 | €113,134 | €127,724 | +€14,590 | +12.9% |
| Plant, machinery and equipment | 23 | €3,884 | €4,256 | +€373 | +9.6% |
| Furniture and vehicles | 24 | €12,561 | €8,549 | -€4,011 | -31.9% |
| Financial fixed assets | 28 | €4,500 | €0 | -€4,500 | -100.0% |
| Current assets | 29/58 | €1,229,137 | €651,843 | -€577,295 | -47.0% |
| Amounts receivable within one year | 40/41 | €311,985 | €222,835 | -€89,150 | -28.6% |
| Trade receivables | 40 | €311,985 | €148,474 | -€163,511 | -52.4% |
| Other amounts receivable | 41 | €0 | €74,360 | +€74,360 | |
| Current investments | 50/53 | €499,361 | €321,097 | -€178,265 | -35.7% |
| Cash at bank and in hand | 54/58 | €415,344 | €105,069 | -€310,275 | -74.7% |
| Deferred charges and accrued income | 490/1 | €2,447 | €2,842 | +€395 | +16.1% |
| Total equity and liabilities | 10/49 | €1,363,215 | €792,372 | -€570,844 | -41.9% |
| Equity | 10/15 | €1,110,767 | €740,437 | -€370,330 | -33.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,105,767 | €735,437 | -€370,330 | -33.5% |
| Tax-exempt reserves | 132 | €189,450 | €568,350 | +€378,900 | +200.0% |
| Distributable reserves | 133 | €916,317 | €167,087 | -€749,230 | -81.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €252,448 | €51,935 | -€200,514 | -79.4% |
| Amounts payable within one year | 42/48 | €250,001 | €49,281 | -€200,720 | -80.3% |
| Trade debts | 44 | €25,365 | €8,270 | -€17,094 | -67.4% |
| Suppliers | 440/4 | €25,365 | €8,270 | -€17,094 | -67.4% |
| Advances received on contracts in progress | 46 | - | €250 | +€250 | |
| Taxes, remuneration and social security | 45 | €196,108 | €30,121 | -€165,987 | -84.6% |
| Taxes | 450/3 | €196,108 | €30,121 | -€165,987 | -84.6% |
| Other amounts payable | 47/48 | €28,528 | €10,640 | -€17,888 | -62.7% |
| Accrued charges and deferred income | 492/3 | €2,447 | €2,653 | +€206 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,032 | €12,399 | +€6,367 | +105.6% |
| Other operating charges | 640/8 | €4,467 | €1,191 | -€3,276 | -73.3% |
| Gross operating margin | 9900 | €713,445 | €603,919 | -€109,526 | -15.4% |
| Operating profit (loss) | 9901 | €702,945 | €590,328 | -€112,617 | -16.0% |
| Financial income | 75/76B | €11,300 | €128,511 | +€117,210 | +1037.2% |
| Recurring financial income | 75 | €11,300 | €128,511 | +€117,210 | +1037.2% |
| Financial charges | 65/66B | €9,553 | €10,739 | +€1,186 | +12.4% |
| Recurring financial charges | 65 | €9,553 | €10,739 | +€1,186 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €704,693 | €708,100 | +€3,408 | +0.5% |
| Income taxes | 67/77 | €171,614 | €162,113 | -€9,501 | -5.5% |
| Profit (loss) for the period | 9904 | €533,079 | €545,987 | +€12,908 | +2.4% |
| Transfer to tax-exempt reserves | 689 | €0 | €378,900 | +€378,900 | |
| Profit (loss) for the period to be appropriated | 9905 | €533,079 | €167,087 | -€365,992 | -68.7% |
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 10 October 2026 via checked.be.