EST-DD: 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.
EST-DD
Largest movements
- Tangible fixed assets +€718,487
up €718,487 (+640.6%), from €112,154 to €830,641
of which Other tangible fixed assets: +€623,429
- Cash +€219,416
up €219,416 (+96.9%), from €226,365 to €445,781
mainly Debts after one year (+€482,984) and Trade debts (+€203,384)
- Stocks and contracts +€26,961
up €26,961 (+21.7%), from €124,486 to €151,447
- Debts after one year +€482,984
new in 2025: €482,984
- Trade debts +€203,384
up €203,384 (+145.8%), from €139,539 to €342,923
- Profit (loss) carried forward +€94,130
up €94,130 (+74.1%), from €127,022 to €221,152
- Other debts +€85,481
up €85,481 (+82.3%), from €103,870 to €189,351
- Current portion of long-term debt +€78,679
new in 2025: €78,679
- Staff costs -€226,218
down €226,218 (-29.9%), from €755,538 to €529,320
- Gross operating margin -€201,519
down €201,519 (-20.1%), from €1.0m to €798,883
- Taxes -€37,071
down €37,071 (-78.5%), from €47,229 to €10,158
- Financial charges +€18,471
up €18,471 (+133.4%), from €13,849 to €32,320
- Depreciation +€16,795
up €16,795 (+28.6%), from €58,723 to €75,518
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 | €525,945 | €1,491,724 | +€965,779 | +183.6% |
| Fixed assets | 21/28 | €112,788 | €833,623 | +€720,835 | +639.1% |
| Intangible fixed assets | 21 | €634 | €2,982 | +€2,348 | +370.4% |
| Tangible fixed assets | 22/27 | €112,154 | €830,641 | +€718,487 | +640.6% |
| Plant, machinery and equipment | 23 | €55,003 | €115,720 | +€60,717 | +110.4% |
| Furniture and vehicles | 24 | €9,140 | €43,481 | +€34,341 | +375.7% |
| Other tangible fixed assets | 26 | €48,011 | €671,440 | +€623,429 | +1298.5% |
| Current assets | 29/58 | €413,157 | €658,101 | +€244,944 | +59.3% |
| Stocks and contracts in progress | 3 | €124,486 | €151,447 | +€26,961 | +21.7% |
| Stocks | 30/36 | €124,486 | €151,447 | +€26,961 | +21.7% |
| Amounts receivable within one year | 40/41 | €57,673 | €56,226 | -€1,447 | -2.5% |
| Trade receivables | 40 | €56,343 | €53,660 | -€2,683 | -4.8% |
| Other amounts receivable | 41 | €1,330 | €2,565 | +€1,235 | +92.9% |
| Cash at bank and in hand | 54/58 | €226,365 | €445,781 | +€219,416 | +96.9% |
| Deferred charges and accrued income | 490/1 | €4,634 | €4,647 | +€13 | +0.3% |
| Total equity and liabilities | 10/49 | €525,945 | €1,491,724 | +€965,779 | +183.6% |
| Equity | 10/15 | €222,686 | €315,645 | +€92,959 | +41.7% |
| Contributions | 10/11 | €16,483 | €16,483 | +€0 | 0.0% |
| Reserves | 13 | €79,181 | €78,009 | -€1,172 | -1.5% |
| Non-distributable reserves | 130/1 | €5,523 | €5,523 | -€0 | 0.0% |
| Reserves not available under the articles | 1311 | €5,523 | €5,523 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €22,550 | €21,378 | -€1,172 | -5.2% |
| Distributable reserves | 133 | €51,108 | €51,108 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €127,022 | €221,152 | +€94,130 | +74.1% |
| Amounts payable | 17/49 | €303,259 | €1,176,079 | +€872,820 | +287.8% |
| Amounts payable after more than one year | 17 | - | €482,984 | +€482,984 | |
| Financial debts | 170/4 | - | €482,984 | +€482,984 | |
| Amounts payable within one year | 42/48 | €303,259 | €693,095 | +€389,836 | +128.5% |
| Current portion of amounts payable after more than one year | 42 | - | €78,679 | +€78,679 | |
| Financial debts | 43 | - | €12 | +€12 | |
| Credit institutions | 430/8 | - | €12 | +€12 | |
| Trade debts | 44 | €139,539 | €342,923 | +€203,384 | +145.8% |
| Suppliers | 440/4 | €139,539 | €342,923 | +€203,384 | +145.8% |
| Taxes, remuneration and social security | 45 | €59,850 | €82,129 | +€22,279 | +37.2% |
| Taxes | 450/3 | €18,163 | €39,927 | +€21,764 | +119.8% |
| Remuneration and social security | 454/9 | €41,687 | €42,203 | +€516 | +1.2% |
| Other amounts payable | 47/48 | €103,870 | €189,351 | +€85,481 | +82.3% |
| Non-recurring operating income | 76A | - | €7,227 | +€7,227 | |
| Remuneration, social security and pensions | 62 | €755,538 | €529,320 | -€226,218 | -29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,723 | €75,518 | +€16,795 | +28.6% |
| Other operating charges | 640/8 | €3,477 | €3,287 | -€190 | -5.5% |
| Non-recurring operating charges | 66A | - | €5,966 | +€5,966 | |
| Gross operating margin | 9900 | €1,000,402 | €798,883 | -€201,519 | -20.1% |
| Operating profit (loss) | 9901 | €182,664 | €184,792 | +€2,128 | +1.2% |
| Financial income | 75/76B | €1,562 | €644 | -€918 | -58.8% |
| Recurring financial income | 75 | €1,562 | €644 | -€918 | -58.8% |
| Financial charges | 65/66B | €13,849 | €32,320 | +€18,471 | +133.4% |
| Recurring financial charges | 65 | €13,849 | €32,320 | +€18,471 | +133.4% |
| Profit (loss) for the period before taxes | 9903 | €170,377 | €153,116 | -€17,261 | -10.1% |
| Income taxes | 67/77 | €47,229 | €10,158 | -€37,071 | -78.5% |
| Profit (loss) for the period | 9904 | €123,147 | €142,958 | +€19,811 | +16.1% |
| Transfer from tax-exempt reserves | 789 | €1,368 | €1,172 | -€196 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €124,515 | €144,131 | +€19,616 | +15.8% |
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 12 October 2026 via checked.be.