ESTAMINET: 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.
ESTAMINET
Largest movements
- Tangible fixed assets -€77,607
down €77,607 (-9.4%), from €824,528 to €746,921
of which Land and buildings: -€70,850
- Receivables within one year -€52,342
down €52,342 (-25.9%), from €201,940 to €149,598
of which Other amounts receivable: -€92,600
- Cash -€40,137
down €40,137 (-12.1%), from €330,643 to €290,506
mainly Current portion of long-term debt (-€86,452) and Debts after one year (-€68,247)
- Deferred charges and accrued income -€23,139
down €23,139 (-69.7%), from €33,214 to €10,076
- Current portion of long-term debt -€86,452
down €86,452 (-54.6%), from €158,300 to €71,848
- Debts after one year -€68,247
down €68,247 (-9.1%), from €749,747 to €681,500
- Profit (loss) carried forward -€64,125
new in 2025: -€64,125
- Trade debts +€29,176
up €29,176 (+95.7%), from €30,479 to €59,655
- Tax, wage and social debts +€24,374
up €24,374 (+22.0%), from €110,625 to €134,999
of which Taxes: +€32,014
- Gross operating margin -€826,419
down €826,419 (-82.6%), from €1.0m to €173,849
- Staff costs -€361,224
down €361,224 (-93.0%), from €388,353 to €27,129
- Taxes -€163,181
down €163,181 (-99.9%), from €163,313 to €132
- Financial charges +€98,292
up €98,292 (+407%), from €24,160 to €122,452
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 | €1,516,232 | €1,327,320 | -€188,912 | -12.5% |
| Fixed assets | 21/28 | €824,528 | €746,921 | -€77,607 | -9.4% |
| Tangible fixed assets | 22/27 | €824,528 | €746,921 | -€77,607 | -9.4% |
| Land and buildings | 22 | €777,426 | €706,575 | -€70,850 | -9.1% |
| Plant, machinery and equipment | 23 | €2,585 | €3,070 | +€485 | +18.8% |
| Furniture and vehicles | 24 | €20,844 | €16,567 | -€4,277 | -20.5% |
| Other tangible fixed assets | 26 | €23,673 | €20,709 | -€2,965 | -12.5% |
| Current assets | 29/58 | €691,704 | €580,399 | -€111,305 | -16.1% |
| Amounts receivable after more than one year | 29 | €125,907 | €130,220 | +€4,313 | +3.4% |
| Other amounts receivable | 291 | €125,907 | €130,220 | +€4,313 | +3.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €201,940 | €149,598 | -€52,342 | -25.9% |
| Trade receivables | 40 | €8,141 | €48,400 | +€40,259 | +494% |
| Other amounts receivable | 41 | €193,798 | €101,198 | -€92,600 | -47.8% |
| Cash at bank and in hand | 54/58 | €330,643 | €290,506 | -€40,137 | -12.1% |
| Deferred charges and accrued income | 490/1 | €33,214 | €10,076 | -€23,139 | -69.7% |
| Total equity and liabilities | 10/49 | €1,516,232 | €1,327,320 | -€188,912 | -12.5% |
| Equity | 10/15 | €437,864 | €371,878 | -€65,985 | -15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €419,264 | €417,404 | -€1,860 | -0.4% |
| Tax-exempt reserves | 132 | €280 | €280 | = | 0.0% |
| Distributable reserves | 133 | €418,984 | €417,124 | -€1,860 | -0.4% |
| Profit (loss) carried forward | 14 | - | -€64,125 | -€64,125 | |
| Amounts payable | 17/49 | €1,078,368 | €955,442 | -€122,927 | -11.4% |
| Amounts payable after more than one year | 17 | €749,747 | €681,500 | -€68,247 | -9.1% |
| Financial debts | 170/4 | €749,747 | €681,500 | -€68,247 | -9.1% |
| Amounts payable within one year | 42/48 | €305,358 | €270,428 | -€34,931 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €158,300 | €71,848 | -€86,452 | -54.6% |
| Trade debts | 44 | €30,479 | €59,655 | +€29,176 | +95.7% |
| Suppliers | 440/4 | €30,479 | €59,655 | +€29,176 | +95.7% |
| Advances received on contracts in progress | 46 | €460 | €460 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €110,625 | €134,999 | +€24,374 | +22.0% |
| Taxes | 450/3 | €84,915 | €116,929 | +€32,014 | +37.7% |
| Remuneration and social security | 454/9 | €25,710 | €18,071 | -€7,639 | -29.7% |
| Other amounts payable | 47/48 | €5,495 | €3,465 | -€2,029 | -36.9% |
| Accrued charges and deferred income | 492/3 | €23,264 | €3,514 | -€19,750 | -84.9% |
| Non-recurring operating income | 76A | €456,833 | €0 | -€456,833 | -100% |
| Remuneration, social security and pensions | 62 | €388,353 | €27,129 | -€361,224 | -93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,321 | €84,304 | +€983 | +1.2% |
| Other operating charges | 640/8 | €13,956 | €13,519 | -€436 | -3.1% |
| Gross operating margin | 9900 | €1,000,268 | €173,849 | -€826,419 | -82.6% |
| Operating profit (loss) | 9901 | €514,638 | €48,897 | -€465,741 | -90.5% |
| Financial income | 75/76B | €3,531 | €7,702 | +€4,171 | +118% |
| Recurring financial income | 75 | €3,531 | €7,702 | +€4,171 | +118% |
| Financial charges | 65/66B | €24,160 | €122,452 | +€98,292 | +407% |
| Recurring financial charges | 65 | €24,160 | €122,452 | +€98,292 | +407% |
| Profit (loss) for the period before taxes | 9903 | €494,009 | -€65,853 | -€559,863 | |
| Income taxes | 67/77 | €163,313 | €132 | -€163,181 | -99.9% |
| Profit (loss) for the period | 9904 | €330,696 | -€65,985 | -€396,681 | |
| Profit (loss) for the period to be appropriated | 9905 | €330,696 | -€65,985 | -€396,681 |
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 27 October 2026 via checked.be.