ESPERANZA: 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.
ESPERANZA
Largest movements
- Cash +€61,360
up €61,360 (+27.8%), from €220,497 to €281,858
mainly Net result for the year (+€44,978) and Current investments (+€40,000)
- Current investments -€40,000
down €40,000 (-20.0%), from €200,000 to €160,000
- Receivables within one year +€26,797
up €26,797 (+99.7%), from €26,887 to €53,684
of which Trade receivables: +€26,411
- Reserves +€44,978
up €44,978 (+61.7%), from €72,842 to €117,820
- Tax, wage and social debts +€39,326
up €39,326 (+217%), from €18,161 to €57,486
of which Taxes: +€37,481
- Debts after one year -€20,600
down €20,600 (-17.0%), from €121,464 to €100,864
- Advances received -€15,022
down €15,022 (-8.3%), from €180,981 to €165,960
- Gross operating margin +€35,774
up €35,774 (+49.9%), from €71,633 to €107,408
- Staff costs +€26,771
up €26,771 (+97.8%), from €27,384 to €54,155
- Write-downs -€9,725
new in 2025: -€9,725
- Financial income +€6,159
up €6,159 (+1,362%), from €452 to €6,611
- Taxes +€5,970
up €5,970 (+44.2%), from €13,513 to €19,483
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 | €459,721 | €511,744 | +€52,024 | +11.3% |
| Fixed assets | 21/28 | €10,758 | €13,070 | +€2,312 | +21.5% |
| Tangible fixed assets | 22/27 | €4,750 | €7,062 | +€2,312 | +48.7% |
| Plant, machinery and equipment | 23 | €2,733 | €1,688 | -€1,045 | -38.2% |
| Furniture and vehicles | 24 | €1,316 | €4,906 | +€3,591 | +273% |
| Other tangible fixed assets | 26 | €701 | €468 | -€234 | -33.3% |
| Financial fixed assets | 28 | €6,008 | €6,008 | = | 0.0% |
| Current assets | 29/58 | €448,963 | €498,674 | +€49,712 | +11.1% |
| Amounts receivable within one year | 40/41 | €26,887 | €53,684 | +€26,797 | +99.7% |
| Trade receivables | 40 | €22,384 | €48,796 | +€26,411 | +118% |
| Other amounts receivable | 41 | €4,503 | €4,888 | +€386 | +8.6% |
| Current investments | 50/53 | €200,000 | €160,000 | -€40,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €220,497 | €281,858 | +€61,360 | +27.8% |
| Deferred charges and accrued income | 490/1 | €1,578 | €3,133 | +€1,555 | +98.5% |
| Total equity and liabilities | 10/49 | €459,721 | €511,744 | +€52,024 | +11.3% |
| Equity | 10/15 | €122,842 | €167,820 | +€44,978 | +36.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €72,842 | €117,820 | +€44,978 | +61.7% |
| Distributable reserves | 133 | €72,842 | €117,820 | +€44,978 | +61.7% |
| Amounts payable | 17/49 | €336,879 | €343,924 | +€7,045 | +2.1% |
| Amounts payable after more than one year | 17 | €121,464 | €100,864 | -€20,600 | -17.0% |
| Financial debts | 170/4 | €121,464 | €100,864 | -€20,600 | -17.0% |
| Amounts payable within one year | 42/48 | €215,415 | €243,060 | +€27,645 | +12.8% |
| Trade debts | 44 | €10,290 | €14,289 | +€4,000 | +38.9% |
| Suppliers | 440/4 | €10,290 | €14,289 | +€4,000 | +38.9% |
| Advances received on contracts in progress | 46 | €180,981 | €165,960 | -€15,022 | -8.3% |
| Taxes, remuneration and social security | 45 | €18,161 | €57,486 | +€39,326 | +217% |
| Taxes | 450/3 | €11,348 | €48,829 | +€37,481 | +330% |
| Remuneration and social security | 454/9 | €6,812 | €8,657 | +€1,845 | +27.1% |
| Other amounts payable | 47/48 | €5,984 | €5,325 | -€659 | -11.0% |
| Remuneration, social security and pensions | 62 | €27,384 | €54,155 | +€26,771 | +97.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,407 | €2,079 | -€2,329 | -52.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€9,725 | -€9,725 | |
| Other operating charges | 640/8 | €1,367 | €1,198 | -€169 | -12.4% |
| Gross operating margin | 9900 | €71,633 | €107,408 | +€35,774 | +49.9% |
| Operating profit (loss) | 9901 | €38,476 | €59,702 | +€21,226 | +55.2% |
| Financial income | 75/76B | €452 | €6,611 | +€6,159 | +1,362% |
| Recurring financial income | 75 | €452 | €6,611 | +€6,159 | +1,362% |
| Financial charges | 65/66B | €1,813 | €1,852 | +€39 | +2.2% |
| Recurring financial charges | 65 | €1,813 | €1,852 | +€39 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €37,115 | €64,461 | +€27,346 | +73.7% |
| Income taxes | 67/77 | €13,513 | €19,483 | +€5,970 | +44.2% |
| Profit (loss) for the period | 9904 | €23,602 | €44,978 | +€21,377 | +90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,602 | €44,978 | +€21,377 | +90.6% |
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 14 October 2026 via checked.be.