ESPADON: 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.
ESPADON
Largest movements
- Financial fixed assets +€24,251
up €24,251 (+6.0%), from €405,450 to €429,701
- Reserves +€35,593
up €35,593 (+14.7%), from €241,729 to €277,322
of which Distributable reserves: +€35,593
- Tax, wage and social debts -€7,929
down €7,929 (-34.3%), from €23,129 to €15,200
of which Taxes: -€5,729
- Depreciation -€6,824
down €6,824 (-89.3%), from €7,644 to €820
- Gross operating margin -€4,621
down €4,621 (-7.3%), from €63,436 to €58,814
- Other operating charges +€2,641
up €2,641 (+165.0%), from €1,600 to €4,241
- Taxes -€948
down €948 (-5.0%), from €18,839 to €17,892
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 | €431,388 | €458,716 | +€27,328 | +6.3% |
| Fixed assets | 21/28 | €406,767 | €430,199 | +€23,431 | +5.8% |
| Tangible fixed assets | 22/27 | €1,317 | €498 | -€820 | -62.2% |
| Furniture and vehicles | 24 | €1,317 | €498 | -€820 | -62.2% |
| Financial fixed assets | 28 | €405,450 | €429,701 | +€24,251 | +6.0% |
| Current assets | 29/58 | €24,621 | €28,518 | +€3,897 | +15.8% |
| Amounts receivable within one year | 40/41 | €16,002 | €16,538 | +€536 | +3.3% |
| Trade receivables | 40 | €15,199 | €11,361 | -€3,838 | -25.3% |
| Other amounts receivable | 41 | €803 | €5,177 | +€4,374 | +544.4% |
| Cash at bank and in hand | 54/58 | €5,731 | €8,354 | +€2,623 | +45.8% |
| Deferred charges and accrued income | 490/1 | €2,888 | €3,625 | +€738 | +25.6% |
| Total equity and liabilities | 10/49 | €431,388 | €458,716 | +€27,328 | +6.3% |
| Equity | 10/15 | €254,129 | €289,722 | +€35,593 | +14.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €241,729 | €277,322 | +€35,593 | +14.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €239,869 | €275,462 | +€35,593 | +14.8% |
| Amounts payable | 17/49 | €177,259 | €168,994 | -€8,265 | -4.7% |
| Amounts payable within one year | 42/48 | €177,196 | €168,994 | -€8,202 | -4.6% |
| Trade debts | 44 | €6,833 | €5,385 | -€1,448 | -21.2% |
| Suppliers | 440/4 | €6,833 | €5,385 | -€1,448 | -21.2% |
| Taxes, remuneration and social security | 45 | €23,129 | €15,200 | -€7,929 | -34.3% |
| Taxes | 450/3 | €5,729 | - | -€5,729 | |
| Remuneration and social security | 454/9 | €17,400 | €15,200 | -€2,200 | -12.6% |
| Other amounts payable | 47/48 | €147,233 | €148,409 | +€1,175 | +0.8% |
| Accrued charges and deferred income | 492/3 | €63 | - | -€63 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,644 | €820 | -€6,824 | -89.3% |
| Other operating charges | 640/8 | €1,600 | €4,241 | +€2,641 | +165.0% |
| Non-recurring operating charges | 66A | €98 | €90 | -€8 | -7.7% |
| Gross operating margin | 9900 | €63,436 | €58,814 | -€4,621 | -7.3% |
| Operating profit (loss) | 9901 | €54,095 | €53,664 | -€431 | -0.8% |
| Financial charges | 65/66B | €240 | €179 | -€61 | -25.3% |
| Recurring financial charges | 65 | €240 | €179 | -€61 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €53,855 | €53,485 | -€370 | -0.7% |
| Income taxes | 67/77 | €18,839 | €17,892 | -€948 | -5.0% |
| Profit (loss) for the period | 9904 | €35,015 | €35,593 | +€578 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,015 | €35,593 | +€578 | +1.7% |
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 6 October 2026 via checked.be.