Est - immo: what changed
Two fiscal 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 - immo
Largest movements
- Tangible fixed assets -€31,159
down €31,159 (-9.4%), from €333,162 to €302,003
of which Land and buildings: -€24,490
- Receivables within one year +€19,989
up €19,989 (+11.3%), from €177,671 to €197,660
- Cash +€5,925
up €5,925 (+9.5%), from €62,431 to €68,356
mainly Depreciation (+€31,159) and Net result for the year (+€2,292)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€817
down €817 (-1.8%), from €44,483 to €43,666
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 | €573,263 | €568,109 | -€5,155 | -0.9% |
| Fixed assets | 21/28 | €333,162 | €302,003 | -€31,159 | -9.4% |
| Tangible fixed assets | 22/27 | €333,162 | €302,003 | -€31,159 | -9.4% |
| Land and buildings | 22 | €322,048 | €297,558 | -€24,490 | -7.6% |
| Furniture and vehicles | 24 | €11,114 | €4,446 | -€6,668 | -60.0% |
| Current assets | 29/58 | €240,101 | €266,105 | +€26,004 | +10.8% |
| Amounts receivable within one year | 40/41 | €177,671 | €197,660 | +€19,989 | +11.3% |
| Other amounts receivable | 41 | €177,671 | €197,660 | +€19,989 | +11.3% |
| Cash at bank and in hand | 54/58 | €62,431 | €68,356 | +€5,925 | +9.5% |
| Deferred charges and accrued income | 490/1 | - | €90 | +€90 | |
| Total equity and liabilities | 10/49 | €573,263 | €568,109 | -€5,155 | -0.9% |
| Equity | 10/15 | €545,042 | €547,334 | +€2,292 | +0.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €482,650 | €484,942 | +€2,292 | +0.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €57,682 | €49,018 | -€8,664 | -15.0% |
| Distributable reserves | 133 | €418,768 | €429,724 | +€10,956 | +2.6% |
| Profit (loss) carried forward | 14 | €392 | €392 | = | 0.0% |
| Provisions and deferred taxes | 16 | €21,050 | €17,550 | -€3,500 | -16.6% |
| Deferred taxes | 168 | €21,050 | €17,550 | -€3,500 | -16.6% |
| Amounts payable | 17/49 | €7,171 | €3,224 | -€3,947 | -55.0% |
| Amounts payable within one year | 42/48 | €6,096 | €3,224 | -€2,872 | -47.1% |
| Trade debts | 44 | €1,809 | €479 | -€1,330 | -73.5% |
| Suppliers | 440/4 | €1,809 | €479 | -€1,330 | -73.5% |
| Taxes, remuneration and social security | 45 | €3,047 | €1,505 | -€1,542 | -50.6% |
| Taxes | 450/3 | €3,047 | €1,505 | -€1,542 | -50.6% |
| Other amounts payable | 47/48 | €1,240 | €1,240 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,075 | - | -€1,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,982 | €31,159 | +€177 | +0.6% |
| Other operating charges | 640/8 | €6,938 | €7,069 | +€131 | +1.9% |
| Gross operating margin | 9900 | €44,483 | €43,666 | -€817 | -1.8% |
| Operating profit (loss) | 9901 | €6,563 | €5,438 | -€1,125 | -17.1% |
| Financial charges | 65/66B | €63 | €67 | +€4 | +6.5% |
| Recurring financial charges | 65 | €63 | €67 | +€4 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €6,500 | €5,371 | -€1,129 | -17.4% |
| Transfer from deferred taxes | 780 | €3,500 | €3,500 | = | 0.0% |
| Income taxes | 67/77 | €6,927 | €6,579 | -€348 | -5.0% |
| Profit (loss) for the period | 9904 | €3,073 | €2,292 | -€781 | -25.4% |
| Transfer from tax-exempt reserves | 789 | €8,664 | €8,664 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,736 | €10,956 | -€781 | -6.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.