EST-ELLE: 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-ELLE
Largest movements
- Receivables within one year +€25,792
up €25,792 (+115%), from €22,437 to €48,229
of which Other amounts receivable: +€47,427
- Tangible fixed assets -€22,287
down €22,287 (-14.4%), from €154,259 to €131,972
of which Land and buildings: -€12,399
- Stocks and contracts +€10,691
up €10,691 (+16.6%), from €64,317 to €75,008
- Cash +€6,411
up €6,411 (+22.8%), from €28,167 to €34,578
mainly Tax, wage and social debts (+€38,885) and Depreciation (+€22,287)
- Tax, wage and social debts +€38,885
up €38,885 (+150%), from €25,937 to €64,822
of which Taxes: +€25,326
- Profit (loss) carried forward +€18,829
up €18,829 (+192%), from €9,793 to €28,622
- Debts after one year -€16,675
down €16,675 (-12.3%), from €135,654 to €118,979
- Other debts -€14,673
no longer reported in 2025 (was €14,673)
- Staff costs +€19,786
up €19,786 (+24.9%), from €79,422 to €99,207
- Gross operating margin -€17,589
down €17,589 (-9.0%), from €194,399 to €176,809
- Taxes -€6,338
down €6,338 (-31.1%), from €20,395 to €14,057
- Other operating charges +€5,491
up €5,491 (+82.5%), from €6,657 to €12,148
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 | €269,180 | €292,611 | +€23,431 | +8.7% |
| Fixed assets | 21/28 | €154,259 | €131,972 | -€22,287 | -14.4% |
| Tangible fixed assets | 22/27 | €154,259 | €131,972 | -€22,287 | -14.4% |
| Land and buildings | 22 | €112,299 | €99,900 | -€12,399 | -11.0% |
| Plant, machinery and equipment | 23 | €28,129 | €19,933 | -€8,196 | -29.1% |
| Furniture and vehicles | 24 | €5,605 | €4,950 | -€655 | -11.7% |
| Other tangible fixed assets | 26 | €8,226 | €7,189 | -€1,037 | -12.6% |
| Current assets | 29/58 | €114,921 | €160,639 | +€45,718 | +39.8% |
| Stocks and contracts in progress | 3 | €64,317 | €75,008 | +€10,691 | +16.6% |
| Stocks | 30/36 | €64,317 | €75,008 | +€10,691 | +16.6% |
| Amounts receivable within one year | 40/41 | €22,437 | €48,229 | +€25,792 | +115% |
| Trade receivables | 40 | €22,100 | €466 | -€21,634 | -97.9% |
| Other amounts receivable | 41 | €336 | €47,763 | +€47,427 | +14,111% |
| Cash at bank and in hand | 54/58 | €28,167 | €34,578 | +€6,411 | +22.8% |
| Deferred charges and accrued income | 490/1 | - | €2,824 | +€2,824 | |
| Total equity and liabilities | 10/49 | €269,180 | €292,611 | +€23,431 | +8.7% |
| Equity | 10/15 | €61,501 | €80,329 | +€18,829 | +30.6% |
| Contributions | 10/11 | €51,182 | €51,182 | = | 0.0% |
| Reserves | 13 | €526 | €526 | = | 0.0% |
| Tax-exempt reserves | 132 | €526 | €526 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,793 | €28,622 | +€18,829 | +192% |
| Amounts payable | 17/49 | €207,679 | €212,282 | +€4,602 | +2.2% |
| Amounts payable after more than one year | 17 | €135,654 | €118,979 | -€16,675 | -12.3% |
| Financial debts | 170/4 | €135,654 | €118,979 | -€16,675 | -12.3% |
| Amounts payable within one year | 42/48 | €72,025 | €91,943 | +€19,918 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €18,791 | €17,152 | -€1,639 | -8.7% |
| Trade debts | 44 | €12,623 | €9,969 | -€2,654 | -21.0% |
| Suppliers | 440/4 | €12,623 | €9,969 | -€2,654 | -21.0% |
| Taxes, remuneration and social security | 45 | €25,937 | €64,822 | +€38,885 | +150% |
| Taxes | 450/3 | €25,937 | €51,263 | +€25,326 | +97.6% |
| Remuneration and social security | 454/9 | - | €13,559 | +€13,559 | |
| Other amounts payable | 47/48 | €14,673 | - | -€14,673 | |
| Accrued charges and deferred income | 492/3 | - | €1,359 | +€1,359 | |
| Remuneration, social security and pensions | 62 | €79,422 | €99,207 | +€19,786 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,148 | €22,287 | -€861 | -3.7% |
| Other operating charges | 640/8 | €6,657 | €12,148 | +€5,491 | +82.5% |
| Gross operating margin | 9900 | €194,399 | €176,809 | -€17,589 | -9.0% |
| Operating profit (loss) | 9901 | €85,172 | €43,167 | -€42,005 | -49.3% |
| Financial income | 75/76B | €49 | €340 | +€292 | +597% |
| Recurring financial income | 75 | €49 | €340 | +€292 | +597% |
| Financial charges | 65/66B | €11,062 | €10,622 | -€440 | -4.0% |
| Recurring financial charges | 65 | €11,062 | €10,622 | -€440 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €74,159 | €32,885 | -€41,273 | -55.7% |
| Income taxes | 67/77 | €20,395 | €14,057 | -€6,338 | -31.1% |
| Profit (loss) for the period | 9904 | €53,763 | €18,829 | -€34,935 | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,763 | €18,829 | -€34,935 | -65.0% |
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 27 October 2026 via checked.be.