ESPIDEC: 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.
ESPIDEC
Largest movements
- Receivables within one year +€290,092
up €290,092 (+109.2%), from €265,751 to €555,843
of which Other amounts receivable: +€272,031
- Tangible fixed assets -€103,879
down €103,879 (-9.9%), from €1.1m to €950,572
of which Plant, machinery and equipment: -€76,490
- Cash -€81,821
down €81,821 (-37.8%), from €216,211 to €134,391
mainly Receivables within one year (-€290,092) and Debts after one year (-€127,208)
- Stocks and contracts +€40,231
up €40,231 (+6.5%), from €616,351 to €656,581
- Current investments -€30,000
no longer reported in 2025 (was €30,000)
- Profit (loss) carried forward +€207,994
up €207,994 (+17.9%), from €1.2m to €1.4m
- Debts after one year -€127,208
down €127,208 (-18.0%), from €707,584 to €580,376
- Short-term financial debts +€39,380
new in 2025: €39,380
- Gross operating margin +€26,030
up €26,030 (+4.0%), from €645,853 to €671,883
- Taxes +€10,494
up €10,494 (+17.0%), from €61,730 to €72,224
- Depreciation -€6,907
down €6,907 (-5.9%), from €117,254 to €110,347
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 | €2,184,112 | €2,297,832 | +€113,721 | +5.2% |
| Fixed assets | 21/28 | €1,054,451 | €950,572 | -€103,879 | -9.9% |
| Tangible fixed assets | 22/27 | €1,054,451 | €950,572 | -€103,879 | -9.9% |
| Land and buildings | 22 | €442,503 | €417,470 | -€25,033 | -5.7% |
| Plant, machinery and equipment | 23 | €578,276 | €501,786 | -€76,490 | -13.2% |
| Furniture and vehicles | 24 | €33,673 | €31,317 | -€2,356 | -7.0% |
| Current assets | 29/58 | €1,129,660 | €1,347,260 | +€217,599 | +19.3% |
| Stocks and contracts in progress | 3 | €616,351 | €656,581 | +€40,231 | +6.5% |
| Stocks | 30/36 | €616,351 | €656,581 | +€40,231 | +6.5% |
| Amounts receivable within one year | 40/41 | €265,751 | €555,843 | +€290,092 | +109.2% |
| Trade receivables | 40 | €117,132 | €135,192 | +€18,060 | +15.4% |
| Other amounts receivable | 41 | €148,619 | €420,651 | +€272,031 | +183.0% |
| Current investments | 50/53 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €216,211 | €134,391 | -€81,821 | -37.8% |
| Deferred charges and accrued income | 490/1 | €1,348 | €445 | -€903 | -67.0% |
| Total equity and liabilities | 10/49 | €2,184,112 | €2,297,832 | +€113,721 | +5.2% |
| Equity | 10/15 | €1,171,397 | €1,379,391 | +€207,994 | +17.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,163,337 | €1,371,331 | +€207,994 | +17.9% |
| Amounts payable | 17/49 | €1,012,715 | €918,441 | -€94,273 | -9.3% |
| Amounts payable after more than one year | 17 | €707,584 | €580,376 | -€127,208 | -18.0% |
| Financial debts | 170/4 | €707,584 | €580,376 | -€127,208 | -18.0% |
| Amounts payable within one year | 42/48 | €305,131 | €336,832 | +€31,701 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €133,960 | €137,653 | +€3,693 | +2.8% |
| Financial debts | 43 | - | €39,380 | +€39,380 | |
| Credit institutions | 430/8 | - | €39,380 | +€39,380 | |
| Trade debts | 44 | €85,093 | €75,938 | -€9,155 | -10.8% |
| Suppliers | 440/4 | €85,093 | €75,938 | -€9,155 | -10.8% |
| Taxes, remuneration and social security | 45 | €47,185 | €49,596 | +€2,410 | +5.1% |
| Taxes | 450/3 | €20,214 | €20,306 | +€92 | +0.5% |
| Remuneration and social security | 454/9 | €26,971 | €29,290 | +€2,318 | +8.6% |
| Other amounts payable | 47/48 | €38,893 | €34,266 | -€4,627 | -11.9% |
| Accrued charges and deferred income | 492/3 | - | €1,233 | +€1,233 | |
| Remuneration, social security and pensions | 62 | €242,363 | €242,168 | -€195 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,254 | €110,347 | -€6,907 | -5.9% |
| Other operating charges | 640/8 | €5 | €27 | +€22 | +442.1% |
| Gross operating margin | 9900 | €645,853 | €671,883 | +€26,030 | +4.0% |
| Operating profit (loss) | 9901 | €286,231 | €319,340 | +€33,110 | +11.6% |
| Financial income | 75/76B | - | €651 | +€651 | |
| Recurring financial income | 75 | - | €651 | +€651 | |
| Financial charges | 65/66B | €24,080 | €19,773 | -€4,307 | -17.9% |
| Recurring financial charges | 65 | €24,080 | €19,773 | -€4,307 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €262,150 | €300,218 | +€38,068 | +14.5% |
| Income taxes | 67/77 | €61,730 | €72,224 | +€10,494 | +17.0% |
| Profit (loss) for the period | 9904 | €200,421 | €227,994 | +€27,573 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €200,421 | €227,994 | +€27,573 | +13.8% |
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 29 September 2026 via checked.be.