ESPHAR: 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.
ESPHAR
Largest movements
- Tangible fixed assets -€37,516
down €37,516 (-7.0%), from €537,601 to €500,085
of which Other tangible fixed assets: -€35,774
- Receivables within one year +€14,819
up €14,819 (+151.7%), from €9,767 to €24,586
- Other debts +€21,919
up €21,919 (+39.1%), from €56,064 to €77,983
- Profit (loss) carried forward -€19,432
down €19,432 (-95.8%), from -€20,289 to -€39,721
- Debts after one year -€15,243
down €15,243 (-7.0%), from €219,321 to €204,078
of which Financial debts: -€15,243
- Financial charges +€4,415
up €4,415 (+33.6%), from €13,124 to €17,539
- Depreciation -€2,532
down €2,532 (-6.3%), from €40,048 to €37,516
- Gross operating margin -€2,247
down €2,247 (-5.2%), from €43,619 to €41,372
- Other operating charges -€1,468
down €1,468 (-20.9%), from €7,029 to €5,561
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 | €813,202 | €789,262 | -€23,940 | -2.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €787,601 | €750,085 | -€37,516 | -4.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €537,601 | €500,085 | -€37,516 | -7.0% |
| Land and buildings | 22 | €183,293 | €183,293 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,939 | €196 | -€1,743 | -89.9% |
| Other tangible fixed assets | 26 | €352,370 | €316,596 | -€35,774 | -10.2% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €25,601 | €39,178 | +€13,576 | +53.0% |
| Amounts receivable within one year | 40/41 | €9,767 | €24,586 | +€14,819 | +151.7% |
| Trade receivables | 40 | €9,767 | €24,586 | +€14,819 | +151.7% |
| Cash at bank and in hand | 54/58 | €13,687 | €12,599 | -€1,087 | -7.9% |
| Deferred charges and accrued income | 490/1 | €2,147 | €1,992 | -€155 | -7.2% |
| Total equity and liabilities | 10/49 | €813,202 | €789,262 | -€23,940 | -2.9% |
| Equity | 10/15 | €492,505 | €473,074 | -€19,432 | -3.9% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Revaluation surpluses | 12 | €93,564 | €93,564 | = | 0.0% |
| Reserves | 13 | €19,230 | €19,230 | = | 0.0% |
| Distributable reserves | 133 | €19,230 | €19,230 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,289 | -€39,721 | -€19,432 | -95.8% |
| Amounts payable | 17/49 | €320,697 | €316,189 | -€4,508 | -1.4% |
| Amounts payable after more than one year | 17 | €219,321 | €204,078 | -€15,243 | -7.0% |
| Financial debts | 170/4 | €15,243 | - | -€15,243 | |
| Other amounts payable | 178/9 | €204,078 | €204,078 | = | 0.0% |
| Amounts payable within one year | 42/48 | €101,376 | €112,111 | +€10,735 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €32,220 | €26,534 | -€5,686 | -17.6% |
| Trade debts | 44 | €4,470 | €2,778 | -€1,693 | -37.9% |
| Suppliers | 440/4 | €4,470 | €2,778 | -€1,693 | -37.9% |
| Taxes, remuneration and social security | 45 | €8,620 | €4,815 | -€3,805 | -44.1% |
| Taxes | 450/3 | €6,523 | €4,815 | -€1,707 | -26.2% |
| Remuneration and social security | 454/9 | €2,098 | - | -€2,098 | |
| Other amounts payable | 47/48 | €56,064 | €77,983 | +€21,919 | +39.1% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,048 | €37,516 | -€2,532 | -6.3% |
| Other operating charges | 640/8 | €7,029 | €5,561 | -€1,468 | -20.9% |
| Gross operating margin | 9900 | €43,619 | €41,372 | -€2,247 | -5.2% |
| Operating profit (loss) | 9901 | -€3,458 | -€1,705 | +€1,753 | +50.7% |
| Financial charges | 65/66B | €13,124 | €17,539 | +€4,415 | +33.6% |
| Recurring financial charges | 65 | €13,124 | €17,539 | +€4,415 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,582 | -€19,245 | -€2,663 | -16.1% |
| Income taxes | 67/77 | €180 | €187 | +€7 | +4.1% |
| Profit (loss) for the period | 9904 | -€16,762 | -€19,432 | -€2,670 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,762 | -€19,432 | -€2,670 | -15.9% |
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.