Espeel Projects: 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.
Espeel Projects
Largest movements
- Receivables within one year +€35,033
up €35,033 (+141%), from €24,833 to €59,865
of which Other amounts receivable: +€23,978
- Cash -€14,214
down €14,214 (-30.2%), from €47,115 to €32,902
mainly Receivables within one year (-€35,033) and Investment in fixed assets (net) (-€10,608)
- Tangible fixed assets +€9,953
up €9,953 (+780%), from €1,277 to €11,230
of which Furniture and vehicles: +€10,323
- Reserves +€17,487
up €17,487 (+34.0%), from €51,508 to €68,995
- Tax, wage and social debts +€10,792
up €10,792 (+56.5%), from €19,104 to €29,896
- Trade debts +€1,711
up €1,711 (+86.1%), from €1,988 to €3,699
- Gross operating margin -€42,335
down €42,335 (-63.3%), from €66,933 to €24,598
- Taxes -€7,223
down €7,223 (-48.6%), from €14,850 to €7,627
- Financial income +€1,051
up €1,051 (+136%), from €773 to €1,823
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 | €75,652 | €106,285 | +€30,634 | +40.5% |
| Fixed assets | 21/28 | €1,277 | €11,230 | +€9,953 | +780% |
| Tangible fixed assets | 22/27 | €1,277 | €11,230 | +€9,953 | +780% |
| Plant, machinery and equipment | 23 | €1,277 | €907 | -€370 | -29.0% |
| Furniture and vehicles | 24 | - | €10,323 | +€10,323 | |
| Current assets | 29/58 | €74,375 | €95,055 | +€20,680 | +27.8% |
| Amounts receivable within one year | 40/41 | €24,833 | €59,865 | +€35,033 | +141% |
| Trade receivables | 40 | - | €11,054 | +€11,054 | |
| Other amounts receivable | 41 | €24,833 | €48,811 | +€23,978 | +96.6% |
| Cash at bank and in hand | 54/58 | €47,115 | €32,902 | -€14,214 | -30.2% |
| Deferred charges and accrued income | 490/1 | €2,427 | €2,288 | -€139 | -5.7% |
| Total equity and liabilities | 10/49 | €75,652 | €106,285 | +€30,634 | +40.5% |
| Equity | 10/15 | €53,508 | €70,995 | +€17,487 | +32.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €51,508 | €68,995 | +€17,487 | +34.0% |
| Distributable reserves | 133 | €51,508 | €68,995 | +€17,487 | +34.0% |
| Amounts payable | 17/49 | €22,144 | €35,290 | +€13,146 | +59.4% |
| Amounts payable within one year | 42/48 | €21,091 | €33,595 | +€12,504 | +59.3% |
| Trade debts | 44 | €1,988 | €3,699 | +€1,711 | +86.1% |
| Suppliers | 440/4 | €1,988 | €3,699 | +€1,711 | +86.1% |
| Taxes, remuneration and social security | 45 | €19,104 | €29,896 | +€10,792 | +56.5% |
| Taxes | 450/3 | €19,104 | €29,896 | +€10,792 | +56.5% |
| Accrued charges and deferred income | 492/3 | €1,052 | €1,695 | +€643 | +61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €281 | €655 | +€374 | +133% |
| Other operating charges | 640/8 | €828 | €524 | -€304 | -36.7% |
| Gross operating margin | 9900 | €66,933 | €24,598 | -€42,335 | -63.3% |
| Operating profit (loss) | 9901 | €65,824 | €23,419 | -€42,406 | -64.4% |
| Financial income | 75/76B | €773 | €1,823 | +€1,051 | +136% |
| Recurring financial income | 75 | €773 | €1,823 | +€1,051 | +136% |
| Financial charges | 65/66B | €239 | €128 | -€112 | -46.6% |
| Recurring financial charges | 65 | €239 | €128 | -€112 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | €66,358 | €25,114 | -€41,244 | -62.2% |
| Income taxes | 67/77 | €14,850 | €7,627 | -€7,223 | -48.6% |
| Profit (loss) for the period | 9904 | €51,508 | €17,487 | -€34,021 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,508 | €17,487 | -€34,021 | -66.0% |
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 23 October 2026 via checked.be.