E-S-TEL: 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-TEL
Largest movements
- Cash +€2.3m
up €2.3m (+2,321%), from €97,264 to €2.4m
mainly Contributions, distributions and other (+€3.1m) and Depreciation (+€346,938)
- Receivables within one year +€77,858
up €77,858 (+26.3%), from €296,457 to €374,315
of which Other amounts receivable: +€222,476
- Tangible fixed assets -€65,230
down €65,230 (-6.1%), from €1.1m to €1.0m
of which Assets under construction and advance payments: -€50,000
- Stocks and contracts +€62,956
up €62,956 (+81.7%), from €77,088 to €140,044
- Contributions +€3.1m
up €3.1m (+257%), from €1.2m to €4.3m
- Profit (loss) carried forward -€833,259
down €833,259 (-189%), from -€440,963 to -€1.3m
- Debts after one year +€339,478
up €339,478 (+26.6%), from €1.3m to €1.6m
of which Other amounts payable: +€400,000
- Trade debts -€299,857
down €299,857 (-87.2%), from €343,876 to €44,019
- Current portion of long-term debt +€73,382
up €73,382 (+416%), from €17,653 to €91,035
- Depreciation +€232,847
up €232,847 (+204%), from €114,091 to €346,938
- Staff costs +€223,297
up €223,297 (+979%), from €22,816 to €246,113
- Gross operating margin +€77,892
up €77,892 (+30.7%), from -€253,758 to -€175,867
- Financial charges +€58,054
up €58,054 (+273%), from €21,303 to €79,357
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.
Derived cash bridge
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 | €2,415,756 | €4,816,568 | +€2.4m | +99.4% |
| Fixed assets | 21/28 | €1,942,096 | €1,927,477 | -€14,619 | -0.8% |
| Intangible fixed assets | 21 | €875,093 | €919,430 | +€44,337 | +5.1% |
| Tangible fixed assets | 22/27 | €1,065,550 | €1,000,319 | -€65,230 | -6.1% |
| Plant, machinery and equipment | 23 | €685,530 | €695,019 | +€9,488 | +1.4% |
| Furniture and vehicles | 24 | €13,199 | €7,962 | -€5,237 | -39.7% |
| Other tangible fixed assets | 26 | €316,820 | €297,339 | -€19,481 | -6.1% |
| Assets under construction and advance payments | 27 | €50,000 | €0 | -€50,000 | -100% |
| Financial fixed assets | 28 | €1,453 | €7,728 | +€6,275 | +432% |
| Current assets | 29/58 | €473,660 | €2,889,090 | +€2.4m | +510% |
| Stocks and contracts in progress | 3 | €77,088 | €140,044 | +€62,956 | +81.7% |
| Stocks | 30/36 | €77,088 | €140,044 | +€62,956 | +81.7% |
| Amounts receivable within one year | 40/41 | €296,457 | €374,315 | +€77,858 | +26.3% |
| Trade receivables | 40 | €259,399 | €114,781 | -€144,618 | -55.8% |
| Other amounts receivable | 41 | €37,058 | €259,534 | +€222,476 | +600% |
| Cash at bank and in hand | 54/58 | €97,264 | €2,354,781 | +€2.3m | +2,321% |
| Deferred charges and accrued income | 490/1 | €2,851 | €19,950 | +€17,099 | +600% |
| Total equity and liabilities | 10/49 | €2,415,756 | €4,816,568 | +€2.4m | +99.4% |
| Equity | 10/15 | €769,037 | €3,040,778 | +€2.3m | +295% |
| Contributions | 10/11 | €1,210,000 | €4,315,000 | +€3.1m | +257% |
| Profit (loss) carried forward | 14 | -€440,963 | -€1,274,222 | -€833,259 | -189% |
| Amounts payable | 17/49 | €1,646,719 | €1,775,790 | +€129,071 | +7.8% |
| Amounts payable after more than one year | 17 | €1,276,416 | €1,615,894 | +€339,478 | +26.6% |
| Financial debts | 170/4 | €501,416 | €440,894 | -€60,522 | -12.1% |
| Other amounts payable | 178/9 | €775,000 | €1,175,000 | +€400,000 | +51.6% |
| Amounts payable within one year | 42/48 | €365,649 | €159,590 | -€206,059 | -56.4% |
| Current portion of amounts payable after more than one year | 42 | €17,653 | €91,035 | +€73,382 | +416% |
| Trade debts | 44 | €343,876 | €44,019 | -€299,857 | -87.2% |
| Suppliers | 440/4 | €343,876 | €44,019 | -€299,857 | -87.2% |
| Taxes, remuneration and social security | 45 | €8 | €21,685 | +€21,677 | +271,639% |
| Taxes | 450/3 | €8 | €2,545 | +€2,537 | +31,787% |
| Remuneration and social security | 454/9 | - | €19,140 | +€19,140 | |
| Other amounts payable | 47/48 | €4,111 | €2,851 | -€1,260 | -30.7% |
| Accrued charges and deferred income | 492/3 | €4,654 | €306 | -€4,348 | -93.4% |
| Remuneration, social security and pensions | 62 | €22,816 | €246,113 | +€223,297 | +979% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,091 | €346,938 | +€232,847 | +204% |
| Other operating charges | 640/8 | €524 | €977 | +€454 | +86.7% |
| Gross operating margin | 9900 | -€253,758 | -€175,867 | +€77,892 | +30.7% |
| Operating profit (loss) | 9901 | -€391,189 | -€769,896 | -€378,707 | -96.8% |
| Financial income | 75/76B | €16,313 | €15,993 | -€320 | -2.0% |
| Recurring financial income | 75 | €16,313 | €15,993 | -€320 | -2.0% |
| Financial charges | 65/66B | €21,303 | €79,357 | +€58,054 | +273% |
| Recurring financial charges | 65 | €21,303 | €79,357 | +€58,054 | +273% |
| Profit (loss) for the period before taxes | 9903 | -€396,179 | -€833,259 | -€437,081 | -110% |
| Profit (loss) for the period | 9904 | -€396,179 | -€833,259 | -€437,081 | -110% |
| Profit (loss) for the period to be appropriated | 9905 | -€396,179 | -€833,259 | -€437,081 | -110% |
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 26 October 2026 via checked.be.