Estago: 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.
Estago
Largest movements
- Receivables within one year +€81,935
up €81,935 (+32.8%), from €250,029 to €331,964
of which Trade receivables: +€67,961
- Cash -€38,114
down €38,114 (-32.2%), from €118,192 to €80,078
mainly Contributions, distributions and other (-€215,000) and Receivables within one year (-€81,935)
- Tangible fixed assets -€19,757
down €19,757 (-9.9%), from €199,620 to €179,863
of which Other tangible fixed assets: -€11,066
- Other debts +€68,623
up €68,623 (+28.0%), from €245,000 to €313,623
- Tax, wage and social debts -€25,426
down €25,426 (-68.5%), from €37,131 to €11,705
of which Taxes: -€27,517
- Debts after one year -€21,915
down €21,915 (-12.9%), from €170,154 to €148,238
- Trade debts +€9,588
up €9,588 (+14.3%), from €67,071 to €76,659
- Reserves -€7,139
down €7,139 (-83.2%), from €8,585 to €1,446
- Gross operating margin -€29,458
down €29,458 (-8.4%), from €350,379 to €320,922
- Staff costs +€22,935
up €22,935 (+390.9%), from €5,867 to €28,802
- Taxes -€20,072
down €20,072 (-29.1%), from €68,956 to €48,884
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 | €568,048 | €592,187 | +€24,139 | +4.2% |
| Fixed assets | 21/28 | €199,620 | €179,863 | -€19,757 | -9.9% |
| Tangible fixed assets | 22/27 | €199,620 | €179,863 | -€19,757 | -9.9% |
| Land and buildings | 22 | €119,174 | €111,254 | -€7,920 | -6.6% |
| Plant, machinery and equipment | 23 | €13,190 | €17,987 | +€4,797 | +36.4% |
| Furniture and vehicles | 24 | €8,565 | €2,997 | -€5,568 | -65.0% |
| Other tangible fixed assets | 26 | €58,691 | €47,625 | -€11,066 | -18.9% |
| Current assets | 29/58 | €368,428 | €412,323 | +€43,896 | +11.9% |
| Amounts receivable within one year | 40/41 | €250,029 | €331,964 | +€81,935 | +32.8% |
| Trade receivables | 40 | €230,176 | €298,137 | +€67,961 | +29.5% |
| Other amounts receivable | 41 | €19,853 | €33,827 | +€13,974 | +70.4% |
| Cash at bank and in hand | 54/58 | €118,192 | €80,078 | -€38,114 | -32.2% |
| Deferred charges and accrued income | 490/1 | €207 | €282 | +€74 | +35.9% |
| Total equity and liabilities | 10/49 | €568,048 | €592,187 | +€24,139 | +4.2% |
| Equity | 10/15 | €27,185 | €20,046 | -€7,139 | -26.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,585 | €1,446 | -€7,139 | -83.2% |
| Distributable reserves | 133 | €8,585 | €1,446 | -€7,139 | -83.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €540,863 | €572,141 | +€31,277 | +5.8% |
| Amounts payable after more than one year | 17 | €170,154 | €148,238 | -€21,915 | -12.9% |
| Financial debts | 170/4 | €170,154 | €148,238 | -€21,915 | -12.9% |
| Amounts payable within one year | 42/48 | €370,710 | €423,903 | +€53,193 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €21,508 | €21,915 | +€407 | +1.9% |
| Trade debts | 44 | €67,071 | €76,659 | +€9,588 | +14.3% |
| Suppliers | 440/4 | €67,071 | €76,659 | +€9,588 | +14.3% |
| Taxes, remuneration and social security | 45 | €37,131 | €11,705 | -€25,426 | -68.5% |
| Taxes | 450/3 | €34,128 | €6,611 | -€27,517 | -80.6% |
| Remuneration and social security | 454/9 | €3,003 | €5,094 | +€2,092 | +69.7% |
| Other amounts payable | 47/48 | €245,000 | €313,623 | +€68,623 | +28.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €5,867 | €28,802 | +€22,935 | +390.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,362 | €27,008 | +€2,646 | +10.9% |
| Other operating charges | 640/8 | €5,366 | €4,131 | -€1,234 | -23.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €350,379 | €320,922 | -€29,458 | -8.4% |
| Operating profit (loss) | 9901 | €314,785 | €260,981 | -€53,804 | -17.1% |
| Financial income | 75/76B | €192 | €1 | -€191 | -99.5% |
| Recurring financial income | 75 | €192 | €1 | -€191 | -99.5% |
| Financial charges | 65/66B | €4,349 | €4,237 | -€112 | -2.6% |
| Recurring financial charges | 65 | €4,349 | €4,237 | -€112 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €310,628 | €256,745 | -€53,883 | -17.3% |
| Income taxes | 67/77 | €68,956 | €48,884 | -€20,072 | -29.1% |
| Profit (loss) for the period | 9904 | €241,672 | €207,861 | -€33,811 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €241,672 | €207,861 | -€33,811 | -14.0% |
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 12 October 2026 via checked.be.