ESPS: what changed
ESPS
Largest movements
- Receivables within one year -€72,612
down €72,612 (-73.8%), from €98,406 to €25,794
of which Other amounts receivable: -€61,294
- Cash +€46,360
up €46,360 (+892%), from €5,196 to €51,557
mainly Receivables within one year (+€72,612) and Net result for the year (+€56,533)
- Stocks and contracts -€32,959
down €32,959 (-72.6%), from €45,368 to €12,409
- Tangible fixed assets +€3,801
up €3,801 (+22.4%), from €16,976 to €20,777
of which Other tangible fixed assets: +€7,150
- Trade debts -€42,974
down €42,974 (-64.0%), from €67,165 to €24,191
- Contributions -€17,550
down €17,550 (-94.6%), from €18,550 to €1,000
- Reserves +€9,386
up €9,386 (+17.3%), from €54,148 to €63,533
of which Distributable reserves: +€9,951
- Other debts +€7,332
new in 2025: €7,332
- Debts after one year -€5,567
no longer reported in 2025 (was €5,567)
- Gross operating margin +€44,532
up €44,532 (+124%), from €36,034 to €80,565
- Taxes +€7,737
up €7,737 (+107%), from €7,241 to €14,978
- Depreciation +€5,179
up €5,179 (+138%), from €3,762 to €8,941
- Other operating charges -€1,662
down €1,662 (-49.8%), from €3,339 to €1,677
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 | €165,947 | €111,213 | -€54,734 | -33.0% |
| Fixed assets | 21/28 | €16,976 | €20,777 | +€3,801 | +22.4% |
| Tangible fixed assets | 22/27 | €16,976 | €20,777 | +€3,801 | +22.4% |
| Plant, machinery and equipment | 23 | €3,826 | €6,700 | +€2,875 | +75.1% |
| Furniture and vehicles | 24 | €13,151 | €6,927 | -€6,224 | -47.3% |
| Other tangible fixed assets | 26 | - | €7,150 | +€7,150 | |
| Current assets | 29/58 | €148,971 | €90,436 | -€58,535 | -39.3% |
| Stocks and contracts in progress | 3 | €45,368 | €12,409 | -€32,959 | -72.6% |
| Stocks | 30/36 | €45,368 | €12,409 | -€32,959 | -72.6% |
| Amounts receivable within one year | 40/41 | €98,406 | €25,794 | -€72,612 | -73.8% |
| Trade receivables | 40 | €37,084 | €25,766 | -€11,318 | -30.5% |
| Other amounts receivable | 41 | €61,322 | €28 | -€61,294 | -100.0% |
| Cash at bank and in hand | 54/58 | €5,196 | €51,557 | +€46,360 | +892% |
| Deferred charges and accrued income | 490/1 | - | €676 | +€676 | |
| Total equity and liabilities | 10/49 | €165,947 | €111,213 | -€54,734 | -33.0% |
| Equity | 10/15 | €72,698 | €64,533 | -€8,164 | -11.2% |
| Contributions | 10/11 | €18,550 | €1,000 | -€17,550 | -94.6% |
| Reserves | 13 | €54,148 | €63,533 | +€9,386 | +17.3% |
| Non-distributable reserves | 130/1 | €565 | - | -€565 | |
| Reserves not available under the articles | 1311 | €565 | - | -€565 | |
| Distributable reserves | 133 | €53,583 | €63,533 | +€9,951 | +18.6% |
| Amounts payable | 17/49 | €93,249 | €46,680 | -€46,570 | -49.9% |
| Amounts payable after more than one year | 17 | €5,567 | - | -€5,567 | |
| Financial debts | 170/4 | €5,567 | - | -€5,567 | |
| Amounts payable within one year | 42/48 | €87,682 | €46,680 | -€41,002 | -46.8% |
| Current portion of amounts payable after more than one year | 42 | €5,278 | €5,567 | +€290 | +5.5% |
| Financial debts | 43 | €1,657 | - | -€1,657 | |
| Credit institutions | 430/8 | €1,657 | - | -€1,657 | |
| Trade debts | 44 | €67,165 | €24,191 | -€42,974 | -64.0% |
| Suppliers | 440/4 | €67,165 | €24,191 | -€42,974 | -64.0% |
| Taxes, remuneration and social security | 45 | €13,582 | €9,590 | -€3,992 | -29.4% |
| Taxes | 450/3 | €13,582 | €9,590 | -€3,992 | -29.4% |
| Other amounts payable | 47/48 | - | €7,332 | +€7,332 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,762 | €8,941 | +€5,179 | +138% |
| Other operating charges | 640/8 | €3,339 | €1,677 | -€1,662 | -49.8% |
| Non-recurring operating charges | 66A | €473 | - | -€473 | |
| Gross operating margin | 9900 | €36,034 | €80,565 | +€44,532 | +124% |
| Operating profit (loss) | 9901 | €28,460 | €69,947 | +€41,487 | +146% |
| Financial income | 75/76B | €3,262 | €2,842 | -€419 | -12.9% |
| Recurring financial income | 75 | €3,262 | €2,842 | -€419 | -12.9% |
| Financial charges | 65/66B | €566 | €1,278 | +€712 | +126% |
| Recurring financial charges | 65 | €566 | €1,278 | +€712 | +126% |
| Profit (loss) for the period before taxes | 9903 | €31,155 | €71,512 | +€40,356 | +130% |
| Income taxes | 67/77 | €7,241 | €14,978 | +€7,737 | +107% |
| Profit (loss) for the period | 9904 | €23,914 | €56,533 | +€32,619 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €23,914 | €56,533 | +€32,619 | +136% |
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.