Eestermans Associates: 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.
Eestermans Associates
Largest movements
- Tangible fixed assets -€57,289
down €57,289 (-7.8%), from €737,668 to €680,379
of which Land and buildings: -€51,654
- Cash +€13,616
up €13,616 (+72.1%), from €18,879 to €32,495
- Receivables within one year -€12,665
down €12,665 (-4.7%), from €271,397 to €258,732
of which Trade receivables: -€103,322
- Trade debts -€57,877
down €57,877 (-68.9%), from €84,024 to €26,148
- Profit (loss) carried forward +€48,777
up €48,777 (+16.7%), from €291,692 to €340,469
- Tax, wage and social debts -€34,541
down €34,541 (-61.7%), from €55,940 to €21,399
- Debts after one year -€26,001
down €26,001 (-5.0%), from €516,042 to €490,042
- Accrued charges and deferred income +€12,400
new in 2025: €12,400
- Gross operating margin -€23,964
down €23,964 (-17.9%), from €133,751 to €109,787
- Taxes -€6,870
down €6,870 (-30.9%), from €22,206 to €15,336
- Financial income +€5,046
up €5,046 (+150%), from €3,358 to €8,404
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,034,954 | €978,366 | -€56,587 | -5.5% |
| Fixed assets | 21/28 | €737,668 | €680,379 | -€57,289 | -7.8% |
| Tangible fixed assets | 22/27 | €737,668 | €680,379 | -€57,289 | -7.8% |
| Land and buildings | 22 | €729,213 | €677,559 | -€51,654 | -7.1% |
| Furniture and vehicles | 24 | €3,056 | €1,019 | -€2,038 | -66.7% |
| Other tangible fixed assets | 26 | €5,399 | €1,801 | -€3,598 | -66.6% |
| Current assets | 29/58 | €297,285 | €297,987 | +€702 | +0.2% |
| Stocks and contracts in progress | 3 | €6,566 | €6,566 | = | 0.0% |
| Stocks | 30/36 | €6,566 | €6,566 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €271,397 | €258,732 | -€12,665 | -4.7% |
| Trade receivables | 40 | €190,602 | €87,280 | -€103,322 | -54.2% |
| Other amounts receivable | 41 | €80,795 | €171,452 | +€90,657 | +112% |
| Cash at bank and in hand | 54/58 | €18,879 | €32,495 | +€13,616 | +72.1% |
| Deferred charges and accrued income | 490/1 | €443 | €195 | -€249 | -56.1% |
| Total equity and liabilities | 10/49 | €1,034,954 | €978,366 | -€56,587 | -5.5% |
| Equity | 10/15 | €366,434 | €415,212 | +€48,777 | +13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €56,143 | €56,143 | = | 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% |
| Distributable reserves | 133 | €54,283 | €54,283 | = | 0.0% |
| Profit (loss) carried forward | 14 | €291,692 | €340,469 | +€48,777 | +16.7% |
| Amounts payable | 17/49 | €668,519 | €563,154 | -€105,365 | -15.8% |
| Amounts payable after more than one year | 17 | €516,042 | €490,042 | -€26,001 | -5.0% |
| Financial debts | 170/4 | €516,042 | €490,042 | -€26,001 | -5.0% |
| Amounts payable within one year | 42/48 | €152,477 | €60,713 | -€91,764 | -60.2% |
| Current portion of amounts payable after more than one year | 42 | €12,512 | €13,166 | +€654 | +5.2% |
| Trade debts | 44 | €84,024 | €26,148 | -€57,877 | -68.9% |
| Suppliers | 440/4 | €84,024 | €26,148 | -€57,877 | -68.9% |
| Taxes, remuneration and social security | 45 | €55,940 | €21,399 | -€34,541 | -61.7% |
| Taxes | 450/3 | €55,940 | €21,399 | -€34,541 | -61.7% |
| Accrued charges and deferred income | 492/3 | - | €12,400 | +€12,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,645 | €28,645 | = | 0.0% |
| Other operating charges | 640/8 | €681 | €1,521 | +€840 | +123% |
| Gross operating margin | 9900 | €133,751 | €109,787 | -€23,964 | -17.9% |
| Operating profit (loss) | 9901 | €104,425 | €79,622 | -€24,804 | -23.8% |
| Financial income | 75/76B | €3,358 | €8,404 | +€5,046 | +150% |
| Recurring financial income | 75 | €3,358 | €8,404 | +€5,046 | +150% |
| Financial charges | 65/66B | €14,462 | €15,484 | +€1,021 | +7.1% |
| Recurring financial charges | 65 | €14,462 | €15,484 | +€1,021 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €93,321 | €72,542 | -€20,779 | -22.3% |
| Income taxes | 67/77 | €22,206 | €15,336 | -€6,870 | -30.9% |
| Profit (loss) for the period | 9904 | €71,115 | €57,206 | -€13,909 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,115 | €57,206 | -€13,909 | -19.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.