Esplendor: what changed
Esplendor
Largest movements
- Tangible fixed assets +€331,627
up €331,627 (+9,445%), from €3,511 to €335,138
of which Land and buildings: +€299,667
- Current investments +€100,000
new in 2025: €100,000
- Cash -€19,201
down €19,201 (-28.0%), from €68,650 to €49,449
mainly Investment in fixed assets (net) (-€332,522) and Contributions, distributions and other (-€116,273)
- Receivables within one year +€17,092
up €17,092 (+146%), from €11,726 to €28,818
of which Other amounts receivable: +€17,500
- Debts after one year +€359,971
new in 2025: €359,971
- Other debts +€120,387
up €120,387 (+2,610%), from €4,612 to €124,999
- Reserves -€43,451
down €43,451 (-84.7%), from €51,273 to €7,822
- Gross operating margin +€40,003
up €40,003 (+54.6%), from €73,317 to €113,320
- Financial charges +€3,739
up €3,739 (+5,193%), from €72 to €3,811
- Taxes -€3,662
down €3,662 (-17.7%), from €20,662 to €17,000
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €83,918 | €515,776 | +€431,858 | +515% |
| Fixed assets | 21/28 | €3,511 | €335,138 | +€331,627 | +9,445% |
| Tangible fixed assets | 22/27 | €3,511 | €335,138 | +€331,627 | +9,445% |
| Land and buildings | 22 | - | €299,667 | +€299,667 | |
| Plant, machinery and equipment | 23 | €3,326 | €35,460 | +€32,134 | +966% |
| Furniture and vehicles | 24 | €52 | €0 | -€52 | -100% |
| Other tangible fixed assets | 26 | €134 | €12 | -€122 | -91.2% |
| Current assets | 29/58 | €80,407 | €180,638 | +€100,231 | +125% |
| Amounts receivable within one year | 40/41 | €11,726 | €28,818 | +€17,092 | +146% |
| Trade receivables | 40 | €11,726 | €11,318 | -€408 | -3.5% |
| Other amounts receivable | 41 | - | €17,500 | +€17,500 | |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €68,650 | €49,449 | -€19,201 | -28.0% |
| Deferred charges and accrued income | 490/1 | €30 | €2,371 | +€2,341 | +7,738% |
| Total equity and liabilities | 10/49 | €83,918 | €515,776 | +€431,858 | +515% |
| Equity | 10/15 | €69,873 | €26,422 | -€43,451 | -62.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,273 | €7,822 | -€43,451 | -84.7% |
| Distributable reserves | 133 | €51,273 | €7,822 | -€43,451 | -84.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €14,045 | €489,354 | +€475,309 | +3,384% |
| Amounts payable after more than one year | 17 | - | €359,971 | +€359,971 | |
| Financial debts | 170/4 | - | €359,971 | +€359,971 | |
| Amounts payable within one year | 42/48 | €14,045 | €129,383 | +€115,338 | +821% |
| Trade debts | 44 | €4,771 | €1,407 | -€3,364 | -70.5% |
| Suppliers | 440/4 | €4,771 | €1,407 | -€3,364 | -70.5% |
| Taxes, remuneration and social security | 45 | €4,662 | €2,977 | -€1,685 | -36.1% |
| Taxes | 450/3 | €4,662 | €846 | -€3,816 | -81.9% |
| Remuneration and social security | 454/9 | - | €2,131 | +€2,131 | |
| Other amounts payable | 47/48 | €4,612 | €124,999 | +€120,387 | +2,610% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €959 | €895 | -€65 | -6.7% |
| Other operating charges | 640/8 | €505 | €958 | +€452 | +89.5% |
| Non-recurring operating charges | 66A | - | €18,585 | +€18,585 | |
| Gross operating margin | 9900 | €73,317 | €113,320 | +€40,003 | +54.6% |
| Operating profit (loss) | 9901 | €71,852 | €92,882 | +€21,030 | +29.3% |
| Financial income | 75/76B | - | €751 | +€751 | |
| Recurring financial income | 75 | - | €751 | +€751 | |
| Financial charges | 65/66B | €72 | €3,811 | +€3,739 | +5,193% |
| Recurring financial charges | 65 | €72 | €3,811 | +€3,739 | +5,193% |
| Profit (loss) for the period before taxes | 9903 | €71,780 | €89,822 | +€18,042 | +25.1% |
| Income taxes | 67/77 | €20,662 | €17,000 | -€3,662 | -17.7% |
| Profit (loss) for the period | 9904 | €51,118 | €72,822 | +€21,704 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,118 | €72,822 | +€21,704 | +42.5% |
Next steps
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 6 November 2026 via checked.be.