EST EST EST: 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 EST EST
Largest movements
- Current investments -€365,574
down €365,574 (-16.5%), from €2.2m to €1.8m
- Receivables after one year +€150,000
new in 2025: €150,000
- Cash -€25,080
down €25,080 (-39.4%), from €63,687 to €38,607
mainly Contributions, distributions and other (-€316,000) and Receivables after one year (-€150,000)
- Reserves -€278,691
down €278,691 (-12.3%), from €2.3m to €2.0m
- Financial income +€42,944
up €42,944 (+111%), from €38,609 to €81,553
- Financial charges +€13,182
up €13,182, from -€4,217 to €8,965
- Taxes +€7,865
up €7,865 (+57.0%), from €13,808 to €21,673
- Gross operating margin -€7,209
down €7,209, from €390 to -€6,819
- Other operating charges +€223
up €223 (+3.7%), from €5,997 to €6,220
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 | €2,293,077 | €2,036,695 | -€256,382 | -11.2% |
| Fixed assets | 21/28 | €1,113 | €545 | -€567 | -51.0% |
| Tangible fixed assets | 22/27 | €1,113 | €545 | -€567 | -51.0% |
| Furniture and vehicles | 24 | €1,113 | €545 | -€567 | -51.0% |
| Current assets | 29/58 | €2,291,965 | €2,036,150 | -€255,815 | -11.2% |
| Amounts receivable after more than one year | 29 | - | €150,000 | +€150,000 | |
| Other amounts receivable | 291 | - | €150,000 | +€150,000 | |
| Amounts receivable within one year | 40/41 | €18,311 | €2,263 | -€16,049 | -87.6% |
| Trade receivables | 40 | €15,956 | €2,263 | -€13,694 | -85.8% |
| Other amounts receivable | 41 | €2,355 | €0 | -€2,355 | -100% |
| Current investments | 50/53 | €2,208,936 | €1,843,362 | -€365,574 | -16.5% |
| Cash at bank and in hand | 54/58 | €63,687 | €38,607 | -€25,080 | -39.4% |
| Deferred charges and accrued income | 490/1 | €1,031 | €1,918 | +€887 | +86.1% |
| Total equity and liabilities | 10/49 | €2,293,077 | €2,036,695 | -€256,382 | -11.2% |
| Equity | 10/15 | €2,273,758 | €1,995,067 | -€278,691 | -12.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,267,558 | €1,988,867 | -€278,691 | -12.3% |
| Distributable reserves | 133 | €2,267,558 | €1,988,867 | -€278,691 | -12.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,319 | €41,628 | +€22,309 | +115% |
| Amounts payable within one year | 42/48 | €16,909 | €39,393 | +€22,483 | +133% |
| Trade debts | 44 | €1,929 | €1,184 | -€745 | -38.6% |
| Suppliers | 440/4 | €1,929 | €1,184 | -€745 | -38.6% |
| Taxes, remuneration and social security | 45 | €2,284 | €9,030 | +€6,745 | +295% |
| Taxes | 450/3 | €2,284 | €9,030 | +€6,745 | +295% |
| Other amounts payable | 47/48 | €12,696 | €29,179 | +€16,483 | +130% |
| Accrued charges and deferred income | 492/3 | €2,410 | €2,235 | -€175 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €567 | €567 | = | 0.0% |
| Other operating charges | 640/8 | €5,997 | €6,220 | +€223 | +3.7% |
| Gross operating margin | 9900 | €390 | -€6,819 | -€7,209 | |
| Operating profit (loss) | 9901 | -€6,174 | -€13,606 | -€7,432 | -120% |
| Financial income | 75/76B | €38,609 | €81,553 | +€42,944 | +111% |
| Recurring financial income | 75 | €38,609 | €81,553 | +€42,944 | +111% |
| Financial charges | 65/66B | -€4,217 | €8,965 | +€13,182 | |
| Recurring financial charges | 65 | -€4,217 | €8,965 | +€13,182 | |
| Profit (loss) for the period before taxes | 9903 | €36,652 | €58,983 | +€22,330 | +60.9% |
| Income taxes | 67/77 | €13,808 | €21,673 | +€7,865 | +57.0% |
| Profit (loss) for the period | 9904 | €22,844 | €37,309 | +€14,465 | +63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,844 | €37,309 | +€14,465 | +63.3% |
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 14 October 2026 via checked.be.