Emmanuel ESTIENNE 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.
Emmanuel ESTIENNE Management
Largest movements
- Current investments +€170,000
new in 2025: €170,000
- Cash -€157,057
down €157,057 (-82.6%), from €190,236 to €33,179
mainly Current investments (-€170,000) and Contributions, distributions and other (-€31,000)
- Receivables within one year -€11,981
down €11,981 (-18.5%), from €64,888 to €52,907
of which Trade receivables: -€61,871
- Other debts +€7,714
up €7,714 (+25.7%), from €30,030 to €37,744
- Tax, wage and social debts -€5,884
down €5,884 (-48.5%), from €12,143 to €6,259
- Gross operating margin -€18,445
down €18,445 (-31.8%), from €57,937 to €39,492
- Taxes -€5,490
down €5,490 (-41.6%), from €13,201 to €7,711
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 | €256,185 | €258,095 | +€1,909 | +0.7% |
| Fixed assets | 21/28 | €468 | €974 | +€506 | +108% |
| Tangible fixed assets | 22/27 | €468 | €974 | +€506 | +108% |
| Furniture and vehicles | 24 | €468 | €974 | +€506 | +108% |
| Current assets | 29/58 | €255,717 | €257,120 | +€1,403 | +0.5% |
| Amounts receivable within one year | 40/41 | €64,888 | €52,907 | -€11,981 | -18.5% |
| Trade receivables | 40 | €61,871 | - | -€61,871 | |
| Other amounts receivable | 41 | €3,017 | €52,907 | +€49,890 | +1,654% |
| Current investments | 50/53 | - | €170,000 | +€170,000 | |
| Cash at bank and in hand | 54/58 | €190,236 | €33,179 | -€157,057 | -82.6% |
| Deferred charges and accrued income | 490/1 | €593 | €1,034 | +€441 | +74.3% |
| Total equity and liabilities | 10/49 | €256,185 | €258,095 | +€1,909 | +0.7% |
| Equity | 10/15 | €213,820 | €213,892 | +€72 | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €210,650 | €210,650 | = | 0.0% |
| Distributable reserves | 133 | €210,650 | €210,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170 | €242 | +€72 | +42.4% |
| Amounts payable | 17/49 | €42,365 | €44,202 | +€1,837 | +4.3% |
| Amounts payable within one year | 42/48 | €42,173 | €44,003 | +€1,830 | +4.3% |
| Taxes, remuneration and social security | 45 | €12,143 | €6,259 | -€5,884 | -48.5% |
| Taxes | 450/3 | €12,143 | €6,259 | -€5,884 | -48.5% |
| Other amounts payable | 47/48 | €30,030 | €37,744 | +€7,714 | +25.7% |
| Accrued charges and deferred income | 492/3 | €192 | €200 | +€8 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181 | €259 | +€78 | +42.8% |
| Other operating charges | 640/8 | €403 | €395 | -€8 | -2.0% |
| Gross operating margin | 9900 | €57,937 | €39,492 | -€18,445 | -31.8% |
| Operating profit (loss) | 9901 | €57,353 | €38,838 | -€18,514 | -32.3% |
| Financial charges | 65/66B | - | €55 | +€55 | |
| Recurring financial charges | 65 | - | €55 | +€55 | |
| Profit (loss) for the period before taxes | 9903 | €57,353 | €38,783 | -€18,569 | -32.4% |
| Income taxes | 67/77 | €13,201 | €7,711 | -€5,490 | -41.6% |
| Profit (loss) for the period | 9904 | €44,152 | €31,072 | -€13,080 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,152 | €31,072 | -€13,080 | -29.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.