ESPEVELO3: what changed
What changed
ESPEVELO3
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
-€5,580
2024 · -€14,793+€9,213
Equity
€2.8m
2024 · €2.8m-€5,580
Cash
€115,966
2024 · €42,779+€73,187
Balance sheet total
€26.8m
2024 · €7.9m+€18.9m
Largest movements
Assets
- Tangible fixed assets +€18.8m
up €18.8m (+252%), from €7.5m to €26.3m
Equity and liabilities
- Short-term financial debts +€11.8m
up €11.8m (+9,401,357%), from €125 to €11.8m
- Other debts +€8.3m
new in 2025: €8.3m
- Debts after one year -€4.5m
down €4.5m (-100%), from €4.5m to €0
- Trade debts +€3.3m
up €3.3m (+587%), from €556,686 to €3.8m
Income statement
- Gross operating margin +€11,081
up €11,081 (+77.9%), from -€14,229 to -€3,149
- Purchases and services -€11,081
down €11,081 (-77.9%), from €14,229 to €3,149
- Financial charges +€1,835
up €1,835 (+1,040%), from €176 to €2,011
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€14,793
Gross operating margin
+€11,081
Other operating charges
-€33
Financial charges
-€1,835
Result 2025
-€5,580
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€11.6m
Investment
-€18.8m
Financing
+€7.3m
Cash 2024
€42,779
From operations (derived)
+€11.6m
Net result for the year
-€5,580
Receivables within one year
-€12,322
Trade debts
+€3.3m
Other debts
+€8.3m
Accrued charges and deferred income
+€69,056
Investment (derived)
-€18.8m
Investment in fixed assets (net)
-€18.8m
Financing
+€7.3m
Debts after one year
-€4.5m
Short-term financial debts
+€11.8m
Cash 2025
€115,966
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,854,075 | €26,785,725 | +€18.9m | +241% |
| Fixed assets | 21/28 | €7,486,271 | €26,332,411 | +€18.8m | +252% |
| Tangible fixed assets | 22/27 | €7,486,271 | €26,332,411 | +€18.8m | +252% |
| Other tangible fixed assets | 26 | €7,486,271 | €26,332,411 | +€18.8m | +252% |
| Current assets | 29/58 | €367,804 | €453,313 | +€85,509 | +23.2% |
| Amounts receivable within one year | 40/41 | €325,025 | €337,347 | +€12,322 | +3.8% |
| Trade receivables | 40 | €1,583 | €1,196 | -€387 | -24.5% |
| Other amounts receivable | 41 | €323,442 | €336,151 | +€12,709 | +3.9% |
| Cash at bank and in hand | 54/58 | €42,779 | €115,966 | +€73,187 | +171% |
| Total equity and liabilities | 10/49 | €7,854,075 | €26,785,725 | +€18.9m | +241% |
| Equity | 10/15 | €2,831,616 | €2,826,037 | -€5,580 | -0.2% |
| Contributions | 10/11 | €2,853,750 | €2,853,750 | = | 0.0% |
| Capital | 10 | €2,853,750 | €2,853,750 | = | 0.0% |
| Issued capital | 100 | €2,853,750 | €2,853,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,134 | -€27,713 | -€5,580 | -25.2% |
| Amounts payable | 17/49 | €5,022,459 | €23,959,688 | +€18.9m | +377% |
| Amounts payable after more than one year | 17 | €4,465,647 | €0 | -€4.5m | -100% |
| Financial debts | 170/4 | €4,465,647 | €0 | -€4.5m | -100% |
| Amounts payable within one year | 42/48 | €556,811 | €23,890,632 | +€23.3m | +4,191% |
| Financial debts | 43 | €125 | €11,751,822 | +€11.8m | +9,401,357% |
| Credit institutions | 430/8 | €125 | €11,751,822 | +€11.8m | +9,401,357% |
| Trade debts | 44 | €556,686 | €3,823,633 | +€3.3m | +587% |
| Suppliers | 440/4 | €556,686 | €3,823,633 | +€3.3m | +587% |
| Taxes, remuneration and social security | 45 | - | €0 | = | |
| Taxes | 450/3 | - | €0 | = | |
| Other amounts payable | 47/48 | - | €8,315,178 | +€8.3m | |
| Accrued charges and deferred income | 492/3 | - | €69,056 | +€69,056 | |
| Goods, raw materials, services and sundry goods | 60/61 | €14,229 | €3,149 | -€11,081 | -77.9% |
| Other operating charges | 640/8 | €387 | €420 | +€33 | +8.4% |
| Gross operating margin | 9900 | -€14,229 | -€3,149 | +€11,081 | +77.9% |
| Operating profit (loss) | 9901 | -€14,617 | -€3,569 | +€11,048 | +75.6% |
| Financial charges | 65/66B | €176 | €2,011 | +€1,835 | +1,040% |
| Recurring financial charges | 65 | €176 | €2,011 | +€1,835 | +1,040% |
| Profit (loss) for the period before taxes | 9903 | -€14,793 | -€5,580 | +€9,213 | +62.3% |
| Profit (loss) for the period | 9904 | -€14,793 | -€5,580 | +€9,213 | +62.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,793 | -€5,580 | +€9,213 | +62.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.