ESPAMA: 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.
ESPAMA
Largest movements
- Cash +€38,070
up €38,070 (+23.0%), from €165,654 to €203,724
mainly Net result for the year (+€36,948) and Other debts (+€27,252)
- Other debts +€27,252
up €27,252 (+60.6%), from €44,966 to €72,218
- Reserves +€6,799
up €6,799 (+9.3%), from €73,091 to €79,890
of which Distributable reserves: +€6,799
- Tax, wage and social debts +€4,476
up €4,476 (+53.6%), from €8,346 to €12,822
of which Taxes: +€2,522
- Gross operating margin +€49,239
up €49,239 (+3148.3%), from €1,564 to €50,803
- Taxes +€12,266
up €12,266 (+11794.2%), from €104 to €12,370
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 | €172,168 | €210,623 | +€38,455 | +22.3% |
| Fixed assets | 21/28 | €944 | €1,672 | +€728 | +77.1% |
| Tangible fixed assets | 22/27 | €694 | €1,422 | +€728 | +104.9% |
| Furniture and vehicles | 24 | €694 | €1,422 | +€728 | +104.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €171,224 | €208,951 | +€37,727 | +22.0% |
| Amounts receivable within one year | 40/41 | €3,840 | €3,810 | -€30 | -0.8% |
| Other amounts receivable | 41 | €3,840 | €3,810 | -€30 | -0.8% |
| Cash at bank and in hand | 54/58 | €165,654 | €203,724 | +€38,070 | +23.0% |
| Deferred charges and accrued income | 490/1 | €1,730 | €1,417 | -€313 | -18.1% |
| Total equity and liabilities | 10/49 | €172,168 | €210,623 | +€38,455 | +22.3% |
| Equity | 10/15 | €118,763 | €125,583 | +€6,820 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €73,091 | €79,890 | +€6,799 | +9.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,554 | €5,554 | = | 0.0% |
| Distributable reserves | 133 | €65,677 | €72,476 | +€6,799 | +10.4% |
| Profit (loss) carried forward | 14 | €27,072 | €27,093 | +€21 | +0.1% |
| Amounts payable | 17/49 | €53,405 | €85,040 | +€31,635 | +59.2% |
| Amounts payable within one year | 42/48 | €53,405 | €85,040 | +€31,635 | +59.2% |
| Trade debts | 44 | €93 | - | -€93 | |
| Suppliers | 440/4 | €93 | - | -€93 | |
| Taxes, remuneration and social security | 45 | €8,346 | €12,822 | +€4,476 | +53.6% |
| Taxes | 450/3 | €8,346 | €10,868 | +€2,522 | +30.2% |
| Remuneration and social security | 454/9 | - | €1,954 | +€1,954 | |
| Other amounts payable | 47/48 | €44,966 | €72,218 | +€27,252 | +60.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €359 | €402 | +€43 | +12.0% |
| Other operating charges | 640/8 | €824 | €826 | +€2 | +0.2% |
| Gross operating margin | 9900 | €1,564 | €50,803 | +€49,239 | +3148.3% |
| Operating profit (loss) | 9901 | €381 | €49,575 | +€49,194 | +12911.8% |
| Financial charges | 65/66B | €171 | €257 | +€86 | +50.3% |
| Recurring financial charges | 65 | €171 | €257 | +€86 | +50.3% |
| Profit (loss) for the period before taxes | 9903 | €210 | €49,318 | +€49,108 | +23384.8% |
| Income taxes | 67/77 | €104 | €12,370 | +€12,266 | +11794.2% |
| Profit (loss) for the period | 9904 | €106 | €36,948 | +€36,842 | +34756.6% |
| Profit (loss) for the period to be appropriated | 9905 | €106 | €36,948 | +€36,842 | +34756.6% |
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.