ESTAN: 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.
ESTAN
Largest movements
- Cash -€16,590
down €16,590 (-38.2%), from €43,451 to €26,861
mainly Net result for the year (-€15,368) and Current investments (-€4,662)
- Current investments +€4,662
up €4,662 (+91.1%), from €5,116 to €9,778
- Receivables within one year -€1,337
down €1,337 (-65.2%), from €2,049 to €713
- Tangible fixed assets -€606
down €606 (-49.3%), from €1,231 to €625
- Profit (loss) carried forward -€15,368
down €15,368 (-88.7%), from -€17,329 to -€32,697
- Other debts +€4,117
up €4,117 (+18.7%), from €22,062 to €26,179
- Short-term financial debts -€1,683
down €1,683 (-88.3%), from €1,905 to €222
of which Credit institutions: -€1,905
- Tax, wage and social debts -€550
down €550 (-100.0%), from €550 to €0
- Gross operating margin -€20,015
down €20,015, from €5,816 to -€14,198
- Financial charges -€1,305
down €1,305 (-73.2%), from €1,781 to €476
- Taxes -€359
down €359 (-100.0%), from €359 to €0
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 | €51,847 | €37,976 | -€13,872 | -26.8% |
| Fixed assets | 21/28 | €1,231 | €625 | -€606 | -49.3% |
| Tangible fixed assets | 22/27 | €1,231 | €625 | -€606 | -49.3% |
| Plant, machinery and equipment | 23 | €1,231 | €625 | -€606 | -49.3% |
| Current assets | 29/58 | €50,616 | €37,351 | -€13,265 | -26.2% |
| Amounts receivable within one year | 40/41 | €2,049 | €713 | -€1,337 | -65.2% |
| Other amounts receivable | 41 | €2,049 | €713 | -€1,337 | -65.2% |
| Current investments | 50/53 | €5,116 | €9,778 | +€4,662 | +91.1% |
| Cash at bank and in hand | 54/58 | €43,451 | €26,861 | -€16,590 | -38.2% |
| Total equity and liabilities | 10/49 | €51,847 | €37,976 | -€13,872 | -26.8% |
| Equity | 10/15 | €26,458 | €11,090 | -€15,368 | -58.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,587 | €37,587 | = | 0.0% |
| Distributable reserves | 133 | €37,587 | €37,587 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,329 | -€32,697 | -€15,368 | -88.7% |
| Amounts payable | 17/49 | €25,389 | €26,886 | +€1,497 | +5.9% |
| Amounts payable within one year | 42/48 | €25,389 | €26,886 | +€1,497 | +5.9% |
| Financial debts | 43 | €1,905 | €222 | -€1,683 | -88.3% |
| Credit institutions | 430/8 | €1,905 | €0 | -€1,905 | -100.0% |
| Other loans | 439 | - | €222 | +€222 | |
| Trade debts | 44 | €872 | €485 | -€387 | -44.4% |
| Suppliers | 440/4 | €872 | €485 | -€387 | -44.4% |
| Taxes, remuneration and social security | 45 | €550 | €0 | -€550 | -100.0% |
| Taxes | 450/3 | €550 | €0 | -€550 | -100.0% |
| Other amounts payable | 47/48 | €22,062 | €26,179 | +€4,117 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €588 | €606 | +€18 | +3.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €5,816 | -€14,198 | -€20,015 | |
| Operating profit (loss) | 9901 | €4,841 | -€15,204 | -€20,045 | |
| Financial income | 75/76B | €320 | €313 | -€8 | -2.4% |
| Recurring financial income | 75 | €320 | €313 | -€8 | -2.4% |
| Financial charges | 65/66B | €1,781 | €476 | -€1,305 | -73.2% |
| Recurring financial charges | 65 | €1,781 | €476 | -€1,305 | -73.2% |
| Profit (loss) for the period before taxes | 9903 | €3,380 | -€15,368 | -€18,749 | |
| Income taxes | 67/77 | €359 | €0 | -€359 | -100.0% |
| Profit (loss) for the period | 9904 | €3,021 | -€15,368 | -€18,389 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,021 | -€15,368 | -€18,389 |
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 8 October 2026 via checked.be.