ESTALEX: 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.
ESTALEX
Largest movements
- Cash +€84,467
up €84,467 (+92.1%), from €91,736 to €176,203
mainly Other debts (+€408,286) and Net result for the year (+€139,318)
- Receivables within one year -€14,254
down €14,254 (-15.8%), from €90,409 to €76,155
of which Other amounts receivable: -€9,397
- Tangible fixed assets -€10,868
down €10,868 (-3.9%), from €277,569 to €266,701
of which Furniture and vehicles: -€5,881
- Other debts +€408,286
up €408,286 (+548.7%), from €74,404 to €482,690
- Profit (loss) carried forward -€340,942
down €340,942 (-100.0%), from €340,942 to €0
- Trade debts -€5,898
down €5,898 (-74.2%), from €7,952 to €2,054
- Gross operating margin -€39,517
down €39,517 (-15.8%), from €250,426 to €210,909
- Taxes -€10,559
down €10,559 (-19.6%), from €53,950 to €43,391
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 | €462,964 | €526,175 | +€63,211 | +13.7% |
| Fixed assets | 21/28 | €277,569 | €266,701 | -€10,868 | -3.9% |
| Tangible fixed assets | 22/27 | €277,569 | €266,701 | -€10,868 | -3.9% |
| Land and buildings | 22 | €256,516 | €252,332 | -€4,184 | -1.6% |
| Plant, machinery and equipment | 23 | €426 | €240 | -€186 | -43.6% |
| Furniture and vehicles | 24 | €16,225 | €10,344 | -€5,881 | -36.2% |
| Other tangible fixed assets | 26 | €4,402 | €3,784 | -€617 | -14.0% |
| Current assets | 29/58 | €185,395 | €259,474 | +€74,079 | +40.0% |
| Amounts receivable within one year | 40/41 | €90,409 | €76,155 | -€14,254 | -15.8% |
| Trade receivables | 40 | €56,858 | €52,001 | -€4,857 | -8.5% |
| Other amounts receivable | 41 | €33,550 | €24,154 | -€9,397 | -28.0% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,736 | €176,203 | +€84,467 | +92.1% |
| Deferred charges and accrued income | 490/1 | €2,750 | €6,616 | +€3,866 | +140.6% |
| Total equity and liabilities | 10/49 | €462,964 | €526,175 | +€63,211 | +13.7% |
| Equity | 10/15 | €361,347 | €20,405 | -€340,942 | -94.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €340,942 | €0 | -€340,942 | -100.0% |
| Amounts payable | 17/49 | €101,617 | €505,770 | +€404,153 | +397.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €101,388 | €505,770 | +€404,382 | +398.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €7,952 | €2,054 | -€5,898 | -74.2% |
| Suppliers | 440/4 | €7,952 | €2,054 | -€5,898 | -74.2% |
| Advances received on contracts in progress | 46 | €1,475 | €575 | -€900 | -61.0% |
| Taxes, remuneration and social security | 45 | €17,557 | €20,450 | +€2,893 | +16.5% |
| Taxes | 450/3 | €17,557 | €20,450 | +€2,893 | +16.5% |
| Other amounts payable | 47/48 | €74,404 | €482,690 | +€408,286 | +548.7% |
| Accrued charges and deferred income | 492/3 | €229 | €0 | -€229 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,092 | €24,802 | -€2,290 | -8.5% |
| Other operating charges | 640/8 | €3,599 | €3,821 | +€222 | +6.2% |
| Non-recurring operating charges | 66A | - | €259 | +€259 | |
| Gross operating margin | 9900 | €250,426 | €210,909 | -€39,517 | -15.8% |
| Operating profit (loss) | 9901 | €219,734 | €182,028 | -€37,707 | -17.2% |
| Financial income | 75/76B | €784 | €1,038 | +€254 | +32.4% |
| Recurring financial income | 75 | €784 | €1,038 | +€254 | +32.4% |
| Financial charges | 65/66B | €2,750 | €357 | -€2,393 | -87.0% |
| Recurring financial charges | 65 | €2,750 | €357 | -€2,393 | -87.0% |
| Profit (loss) for the period before taxes | 9903 | €217,769 | €182,709 | -€35,060 | -16.1% |
| Income taxes | 67/77 | €53,950 | €43,391 | -€10,559 | -19.6% |
| Profit (loss) for the period | 9904 | €163,819 | €139,318 | -€24,501 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €163,819 | €139,318 | -€24,501 | -15.0% |
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 10 October 2026 via checked.be.