ESTADA: 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.
ESTADA
Largest movements
- Tangible fixed assets -€35,774
down €35,774 (-4.3%), from €830,164 to €794,390
of which Land and buildings: -€26,226
- Cash +€30,262
up €30,262 (+29.0%), from €104,180 to €134,442
mainly Net result for the year (+€114,651) and Depreciation (+€35,774)
- Profit (loss) carried forward +€114,651
up €114,651 (+21.8%), from €526,236 to €640,887
- Other debts -€106,030
down €106,030 (-88.1%), from €120,359 to €14,329
- Tax, wage and social debts +€25,581
up €25,581 (+102.5%), from €24,966 to €50,547
- Debts after one year -€20,192
down €20,192 (-21.0%), from €96,365 to €76,173
- Trade debts -€13,908
down €13,908 (-9.5%), from €146,502 to €132,594
- Gross operating margin +€54,363
up €54,363 (+37.8%), from €143,909 to €198,273
- Taxes +€20,556
up €20,556 (+97.9%), from €20,994 to €41,550
- Depreciation -€4,611
down €4,611 (-11.4%), from €40,386 to €35,774
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 | €954,836 | €955,183 | +€346 | 0.0% |
| Fixed assets | 21/28 | €830,164 | €794,390 | -€35,774 | -4.3% |
| Tangible fixed assets | 22/27 | €830,164 | €794,390 | -€35,774 | -4.3% |
| Land and buildings | 22 | €808,194 | €781,968 | -€26,226 | -3.2% |
| Plant, machinery and equipment | 23 | €16,971 | €10,115 | -€6,856 | -40.4% |
| Furniture and vehicles | 24 | €3,704 | €2,307 | -€1,397 | -37.7% |
| Other tangible fixed assets | 26 | €1,296 | - | -€1,296 | |
| Current assets | 29/58 | €124,672 | €160,793 | +€36,121 | +29.0% |
| Amounts receivable within one year | 40/41 | €20,492 | €26,351 | +€5,859 | +28.6% |
| Trade receivables | 40 | €18,042 | €5,942 | -€12,100 | -67.1% |
| Other amounts receivable | 41 | €2,450 | €20,409 | +€17,959 | +733.0% |
| Cash at bank and in hand | 54/58 | €104,180 | €134,442 | +€30,262 | +29.0% |
| Total equity and liabilities | 10/49 | €954,836 | €955,183 | +€346 | 0.0% |
| Equity | 10/15 | €546,696 | €661,347 | +€114,651 | +21.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €526,236 | €640,887 | +€114,651 | +21.8% |
| Amounts payable | 17/49 | €408,140 | €293,835 | -€114,305 | -28.0% |
| Amounts payable after more than one year | 17 | €96,365 | €76,173 | -€20,192 | -21.0% |
| Financial debts | 170/4 | €96,365 | €76,173 | -€20,192 | -21.0% |
| Amounts payable within one year | 42/48 | €311,775 | €217,662 | -€94,113 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €19,948 | €20,192 | +€244 | +1.2% |
| Trade debts | 44 | €146,502 | €132,594 | -€13,908 | -9.5% |
| Suppliers | 440/4 | €146,502 | €132,594 | -€13,908 | -9.5% |
| Taxes, remuneration and social security | 45 | €24,966 | €50,547 | +€25,581 | +102.5% |
| Taxes | 450/3 | €24,966 | €50,547 | +€25,581 | +102.5% |
| Other amounts payable | 47/48 | €120,359 | €14,329 | -€106,030 | -88.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,386 | €35,774 | -€4,611 | -11.4% |
| Other operating charges | 640/8 | €4,610 | €4,347 | -€263 | -5.7% |
| Gross operating margin | 9900 | €143,909 | €198,273 | +€54,363 | +37.8% |
| Operating profit (loss) | 9901 | €98,914 | €158,151 | +€59,237 | +59.9% |
| Financial charges | 65/66B | €2,489 | €1,950 | -€540 | -21.7% |
| Recurring financial charges | 65 | €2,489 | €1,950 | -€540 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €96,425 | €156,202 | +€59,777 | +62.0% |
| Income taxes | 67/77 | €20,994 | €41,550 | +€20,556 | +97.9% |
| Profit (loss) for the period | 9904 | €75,431 | €114,651 | +€39,220 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €75,431 | €114,651 | +€39,220 | +52.0% |
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 3 October 2026 via checked.be.