ESTA 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.
ESTA MANAGEMENT
Largest movements
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€344,815
up €344,815 (+340%), from €101,455 to €446,270
mainly Current investments (+€400,000) and Depreciation (+€115,738)
- Tangible fixed assets -€107,123
down €107,123 (-5.5%), from €2.0m to €1.8m
of which Land and buildings: -€107,085
- Profit (loss) carried forward -€86,300
down €86,300 (-5.9%), from €1.5m to €1.4m
- Debts after one year -€62,448
down €62,448 (-5.1%), from €1.2m to €1.2m
- Financial income -€11,092
down €11,092 (-58.5%), from €18,954 to €7,863
- Financial charges -€9,716
down €9,716 (-17.8%), from €54,474 to €44,758
- Gross operating margin -€2,633
down €2,633 (-3.2%), from €81,455 to €78,822
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 | €2,846,585 | €2,688,995 | -€157,590 | -5.5% |
| Fixed assets | 21/28 | €2,240,270 | €2,133,147 | -€107,123 | -4.8% |
| Tangible fixed assets | 22/27 | €1,950,020 | €1,842,897 | -€107,123 | -5.5% |
| Land and buildings | 22 | €1,949,982 | €1,842,897 | -€107,085 | -5.5% |
| Furniture and vehicles | 24 | €38 | - | -€38 | |
| Financial fixed assets | 28 | €290,250 | €290,250 | = | 0.0% |
| Current assets | 29/58 | €606,315 | €555,848 | -€50,467 | -8.3% |
| Amounts receivable within one year | 40/41 | €103,791 | €108,094 | +€4,302 | +4.1% |
| Other amounts receivable | 41 | €103,791 | €108,094 | +€4,302 | +4.1% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €101,455 | €446,270 | +€344,815 | +340% |
| Deferred charges and accrued income | 490/1 | €1,068 | €1,484 | +€416 | +38.9% |
| Total equity and liabilities | 10/49 | €2,846,585 | €2,688,995 | -€157,590 | -5.5% |
| Equity | 10/15 | €1,527,750 | €1,441,449 | -€86,300 | -5.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,464,390 | €1,378,089 | -€86,300 | -5.9% |
| Amounts payable | 17/49 | €1,318,835 | €1,247,546 | -€71,290 | -5.4% |
| Amounts payable after more than one year | 17 | €1,221,852 | €1,159,403 | -€62,448 | -5.1% |
| Financial debts | 170/4 | €1,221,852 | €1,159,403 | -€62,448 | -5.1% |
| Amounts payable within one year | 42/48 | €95,463 | €88,142 | -€7,321 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €60,522 | €62,448 | +€1,926 | +3.2% |
| Trade debts | 44 | €14,341 | €5,094 | -€9,247 | -64.5% |
| Suppliers | 440/4 | €14,341 | €5,094 | -€9,247 | -64.5% |
| Other amounts payable | 47/48 | €20,600 | €20,600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,520 | - | -€1,520 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,300 | €115,738 | -€562 | -0.5% |
| Other operating charges | 640/8 | €12,304 | €12,489 | +€185 | +1.5% |
| Gross operating margin | 9900 | €81,455 | €78,822 | -€2,633 | -3.2% |
| Operating profit (loss) | 9901 | -€47,149 | -€49,405 | -€2,256 | -4.8% |
| Financial income | 75/76B | €18,954 | €7,863 | -€11,092 | -58.5% |
| Recurring financial income | 75 | €18,954 | €7,863 | -€11,092 | -58.5% |
| Financial charges | 65/66B | €54,474 | €44,758 | -€9,716 | -17.8% |
| Recurring financial charges | 65 | €54,474 | €44,758 | -€9,716 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | -€82,669 | -€86,300 | -€3,632 | -4.4% |
| Income taxes | 67/77 | €77 | - | -€77 | |
| Profit (loss) for the period | 9904 | -€82,745 | -€86,300 | -€3,555 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€82,745 | -€86,300 | -€3,555 | -4.3% |
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 25 October 2026 via checked.be.