ESPEJO: 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.
What changed
ESPEJO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€96,438
2024 · -€54,370-€42,068
Equity
€3.8m
2024 · €3.9m-€96,438
Cash
€26,291
2024 · €123,932-€97,641
Balance sheet total
€13.2m
2024 · €12.2m+€953,098
Largest movements
Assets
- Current investments -€1.2m
down €1.2m (-98.7%), from €1.2m to €15,734
- Financial fixed assets +€1.1m
up €1.1m (+11.6%), from €9.1m to €10.1m
- Receivables after one year +€634,176
up €634,176 (+78.6%), from €807,267 to €1.4m
- Receivables within one year +€451,239
up €451,239 (+199.7%), from €225,973 to €677,212
of which Other amounts receivable: +€443,384
Equity and liabilities
- Other debts +€1.0m
up €1.0m (+77.7%), from €1.3m to €2.3m
Income statement
- Financial charges +€27,002
up €27,002 (+15.9%), from €169,409 to €196,410
- Staff costs +€19,288
up €19,288 (+26.4%), from €73,090 to €92,378
- Gross operating margin +€13,479
up €13,479 (+7.2%), from €186,218 to €199,697
- Financial income -€12,830
down €12,830 (-18.5%), from €69,450 to €56,619
- Other operating charges -€3,745
down €3,745 (-38.1%), from €9,820 to €6,074
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.
Result 2024
-€54,370
Gross operating margin
+€13,479
Staff costs
-€19,288
Depreciation
-€269
Other operating charges
+€3,745
Financial income
-€12,830
Financial charges
-€27,002
Taxes
+€97
Result 2025
-€96,438
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.
From operations
-€98,208
Investment
+€567
Financing
€0
Cash 2024
€123,932
From operations (derived)
-€98,208
Net result for the year
-€96,438
Depreciation
+€57,669
Receivables after one year
-€634,176
Receivables within one year
-€451,239
Deferred charges and accrued income
-€23,561
Provisions
-€9,779
Trade debts
+€62,581
Tax, wage and social debts
-€22,284
Other debts
+€1.0m
Accrued charges and deferred income
-€1,083
Investment (derived)
+€567
Investment in fixed assets (net)
-€1.2m
Current investments
+€1.2m
Cash 2025
€26,291
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,226,636 | €13,179,734 | +€953,098 | +7.8% |
| Fixed assets | 21/28 | €9,792,019 | €10,887,044 | +€1.1m | +11.2% |
| Tangible fixed assets | 22/27 | €736,049 | €779,305 | +€43,256 | +5.9% |
| Land and buildings | 22 | €586,791 | €547,129 | -€39,662 | -6.8% |
| Plant, machinery and equipment | 23 | - | €7,248 | +€7,248 | |
| Furniture and vehicles | 24 | €58,508 | €79,728 | +€21,220 | +36.3% |
| Assets under construction and advance payments | 27 | €90,750 | €145,200 | +€54,450 | +60.0% |
| Financial fixed assets | 28 | €9,055,971 | €10,107,740 | +€1.1m | +11.6% |
| Current assets | 29/58 | €2,434,617 | €2,292,690 | -€141,927 | -5.8% |
| Amounts receivable after more than one year | 29 | €807,267 | €1,441,443 | +€634,176 | +78.6% |
| Other amounts receivable | 291 | €807,267 | €1,441,443 | +€634,176 | +78.6% |
| Amounts receivable within one year | 40/41 | €225,973 | €677,212 | +€451,239 | +199.7% |
| Trade receivables | 40 | €68,057 | €75,911 | +€7,854 | +11.5% |
| Other amounts receivable | 41 | €157,917 | €601,301 | +€443,384 | +280.8% |
| Current investments | 50/53 | €1,168,995 | €15,734 | -€1.2m | -98.7% |
| Cash at bank and in hand | 54/58 | €123,932 | €26,291 | -€97,641 | -78.8% |
| Deferred charges and accrued income | 490/1 | €108,449 | €132,011 | +€23,561 | +21.7% |
| Total equity and liabilities | 10/49 | €12,226,636 | €13,179,734 | +€953,098 | +7.8% |
| Equity | 10/15 | €3,944,811 | €3,848,374 | -€96,438 | -2.4% |
| Contributions | 10/11 | €4,470,000 | €4,470,000 | = | 0.0% |
| Outside capital | 11 | - | €4,470,000 | +€4.5m | |
| Other | 1109/19 | - | €4,470,000 | +€4.5m | |
| Profit (loss) carried forward | 14 | -€525,189 | -€621,626 | -€96,438 | -18.4% |
| Provisions and deferred taxes | 16 | €2,937,812 | €2,928,034 | -€9,779 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €2,937,812 | €2,928,034 | -€9,779 | -0.3% |
| Other liabilities and charges | 164/5 | €2,937,812 | €2,928,034 | -€9,779 | -0.3% |
| Amounts payable | 17/49 | €5,344,012 | €6,403,327 | +€1.1m | +19.8% |
| Amounts payable after more than one year | 17 | €3,903,750 | €3,903,750 | = | 0.0% |
| Other amounts payable | 178/9 | €3,903,750 | €3,903,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,383,543 | €2,443,941 | +€1.1m | +76.6% |
| Trade debts | 44 | €24,854 | €87,434 | +€62,581 | +251.8% |
| Suppliers | 440/4 | €24,854 | €87,434 | +€62,581 | +251.8% |
| Taxes, remuneration and social security | 45 | €45,483 | €23,199 | -€22,284 | -49.0% |
| Taxes | 450/3 | €33,164 | €6,822 | -€26,342 | -79.4% |
| Remuneration and social security | 454/9 | €12,319 | €16,377 | +€4,059 | +32.9% |
| Other amounts payable | 47/48 | €1,313,207 | €2,333,307 | +€1.0m | +77.7% |
| Accrued charges and deferred income | 492/3 | €56,719 | €55,636 | -€1,083 | -1.9% |
| Non-recurring operating income | 76A | €0 | €14,721 | +€14,721 | |
| Remuneration, social security and pensions | 62 | €73,090 | €92,378 | +€19,288 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,400 | €57,669 | +€269 | +0.5% |
| Other operating charges | 640/8 | €9,820 | €6,074 | -€3,745 | -38.1% |
| Gross operating margin | 9900 | €186,218 | €199,697 | +€13,479 | +7.2% |
| Operating profit (loss) | 9901 | €45,908 | €43,575 | -€2,332 | -5.1% |
| Financial income | 75/76B | €69,450 | €56,619 | -€12,830 | -18.5% |
| Recurring financial income | 75 | €69,450 | €56,619 | -€12,830 | -18.5% |
| Financial charges | 65/66B | €169,409 | €196,410 | +€27,002 | +15.9% |
| Recurring financial charges | 65 | €169,409 | €196,410 | +€27,002 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | -€54,051 | -€96,216 | -€42,165 | -78.0% |
| Income taxes | 67/77 | €319 | €222 | -€97 | -30.4% |
| Profit (loss) for the period | 9904 | -€54,370 | -€96,438 | -€42,068 | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,370 | -€96,438 | -€42,068 | -77.4% |
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 4 October 2026 via checked.be.