E.S.T. MANAGEMENT: 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.
E.S.T. MANAGEMENT
Largest movements
- Deferred charges and accrued income +€12,940
new in 2025: €12,940
- Tangible fixed assets -€9,351
down €9,351 (-36.6%), from €25,532 to €16,181
of which Other tangible fixed assets: -€6,289
- Receivables within one year -€3,242
down €3,242 (-29.7%), from €10,918 to €7,676
of which Trade receivables: -€6,254
- Cash +€2,895
up €2,895 (+3.0%), from €96,897 to €99,792
mainly Other debts (+€31,069) and Depreciation (+€9,351)
- Other debts +€31,069
up €31,069 (+2229.3%), from €1,394 to €32,463
- Reserves -€24,398
down €24,398 (-26.0%), from €93,762 to €69,364
of which Distributable reserves: -€24,500
- Trade debts -€4,070
down €4,070 (-93.4%), from €4,359 to €289
- Profit (loss) carried forward +€1,366
up €1,366 (+20.3%), from €6,733 to €8,099
- Gross operating margin -€16,246
down €16,246 (-38.3%), from €42,431 to €26,185
- Taxes -€4,154
down €4,154 (-42.1%), from €9,864 to €5,710
- Financial charges +€1,217
up €1,217 (+55.6%), from €2,189 to €3,407
- Other operating charges -€1,110
no longer reported in 2025 (was €1,110)
- Depreciation +€1,034
up €1,034 (+12.4%), from €8,317 to €9,351
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 | €133,347 | €136,589 | +€3,242 | +2.4% |
| Fixed assets | 21/28 | €25,532 | €16,181 | -€9,351 | -36.6% |
| Tangible fixed assets | 22/27 | €25,532 | €16,181 | -€9,351 | -36.6% |
| Furniture and vehicles | 24 | €6,320 | €3,258 | -€3,061 | -48.4% |
| Other tangible fixed assets | 26 | €19,213 | €12,923 | -€6,289 | -32.7% |
| Current assets | 29/58 | €107,815 | €120,408 | +€12,593 | +11.7% |
| Amounts receivable within one year | 40/41 | €10,918 | €7,676 | -€3,242 | -29.7% |
| Trade receivables | 40 | €8,918 | €2,664 | -€6,254 | -70.1% |
| Other amounts receivable | 41 | €2,000 | €5,012 | +€3,012 | +150.6% |
| Cash at bank and in hand | 54/58 | €96,897 | €99,792 | +€2,895 | +3.0% |
| Deferred charges and accrued income | 490/1 | - | €12,940 | +€12,940 | |
| Total equity and liabilities | 10/49 | €133,347 | €136,589 | +€3,242 | +2.4% |
| Equity | 10/15 | €119,094 | €96,063 | -€23,032 | -19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,762 | €69,364 | -€24,398 | -26.0% |
| Tax-exempt reserves | 132 | €902 | €1,004 | +€102 | +11.3% |
| Distributable reserves | 133 | €92,860 | €68,360 | -€24,500 | -26.4% |
| Profit (loss) carried forward | 14 | €6,733 | €8,099 | +€1,366 | +20.3% |
| Amounts payable | 17/49 | €14,253 | €40,526 | +€26,274 | +184.3% |
| Amounts payable within one year | 42/48 | €14,253 | €40,526 | +€26,274 | +184.3% |
| Trade debts | 44 | €4,359 | €289 | -€4,070 | -93.4% |
| Suppliers | 440/4 | €4,359 | €289 | -€4,070 | -93.4% |
| Taxes, remuneration and social security | 45 | €8,500 | €7,774 | -€725 | -8.5% |
| Taxes | 450/3 | €5,050 | €4,324 | -€725 | -14.4% |
| Remuneration and social security | 454/9 | €3,450 | €3,450 | = | 0.0% |
| Other amounts payable | 47/48 | €1,394 | €32,463 | +€31,069 | +2229.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,317 | €9,351 | +€1,034 | +12.4% |
| Other operating charges | 640/8 | €1,110 | - | -€1,110 | |
| Gross operating margin | 9900 | €42,431 | €26,185 | -€16,246 | -38.3% |
| Operating profit (loss) | 9901 | €33,003 | €16,834 | -€16,169 | -49.0% |
| Financial income | 75/76B | €63 | €250 | +€188 | +299.5% |
| Recurring financial income | 75 | €63 | €250 | +€188 | +299.5% |
| Financial charges | 65/66B | €2,189 | €3,407 | +€1,217 | +55.6% |
| Recurring financial charges | 65 | €2,189 | €3,407 | +€1,217 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | €30,877 | €13,678 | -€17,199 | -55.7% |
| Income taxes | 67/77 | €9,864 | €5,710 | -€4,154 | -42.1% |
| Profit (loss) for the period | 9904 | €21,013 | €7,968 | -€13,045 | -62.1% |
| Transfer to tax-exempt reserves | 689 | €96 | €102 | +€5 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,916 | €7,866 | -€13,050 | -62.4% |
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.