ESTARTES: 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.
ESTARTES
Largest movements
- Cash -€39,812
down €39,812 (-53.9%), from €73,920 to €34,108
mainly Receivables within one year (-€33,654) and Tax, wage and social debts (-€12,336)
- Receivables within one year +€33,654
up €33,654 (+16.2%), from €208,188 to €241,842
of which Other amounts receivable: +€27,776
- Tangible fixed assets -€3,638
down €3,638 (-29.8%), from €12,217 to €8,579
of which Furniture and vehicles: -€3,171
- Tax, wage and social debts -€12,336
down €12,336 (-37.3%), from €33,046 to €20,710
of which Taxes: -€12,725
- Reserves +€7,382
up €7,382 (+9.9%), from €74,730 to €82,112
- Gross operating margin -€35,886
down €35,886 (-41.6%), from €86,335 to €50,449
- Taxes -€10,155
down €10,155 (-71.9%), from €14,125 to €3,970
- Staff costs +€1,853
up €1,853 (+4.2%), from €43,622 to €45,475
- Other operating charges -€1,205
down €1,205 (-95.7%), from €1,259 to €54
- Financial income +€1,053
up €1,053 (+11.0%), from €9,599 to €10,652
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 | €294,325 | €284,529 | -€9,796 | -3.3% |
| Fixed assets | 21/28 | €12,217 | €8,579 | -€3,638 | -29.8% |
| Tangible fixed assets | 22/27 | €12,217 | €8,579 | -€3,638 | -29.8% |
| Land and buildings | 22 | €7,778 | €7,526 | -€252 | -3.2% |
| Plant, machinery and equipment | 23 | €330 | €115 | -€215 | -65.2% |
| Furniture and vehicles | 24 | €4,109 | €938 | -€3,171 | -77.2% |
| Current assets | 29/58 | €282,108 | €275,950 | -€6,158 | -2.2% |
| Amounts receivable within one year | 40/41 | €208,188 | €241,842 | +€33,654 | +16.2% |
| Trade receivables | 40 | €46,310 | €52,188 | +€5,878 | +12.7% |
| Other amounts receivable | 41 | €161,878 | €189,654 | +€27,776 | +17.2% |
| Cash at bank and in hand | 54/58 | €73,920 | €34,108 | -€39,812 | -53.9% |
| Total equity and liabilities | 10/49 | €294,325 | €284,529 | -€9,796 | -3.3% |
| Equity | 10/15 | €231,213 | €238,595 | +€7,382 | +3.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €74,730 | €82,112 | +€7,382 | +9.9% |
| Distributable reserves | 133 | €74,730 | €82,112 | +€7,382 | +9.9% |
| Profit (loss) carried forward | 14 | €150,483 | €150,483 | = | 0.0% |
| Amounts payable | 17/49 | €63,112 | €45,934 | -€17,178 | -27.2% |
| Amounts payable after more than one year | 17 | €1,074 | - | -€1,074 | |
| Financial debts | 170/4 | €1,074 | - | -€1,074 | |
| Amounts payable within one year | 42/48 | €62,038 | €45,934 | -€16,104 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €2,079 | €1,074 | -€1,005 | -48.3% |
| Trade debts | 44 | €26,913 | €24,150 | -€2,763 | -10.3% |
| Suppliers | 440/4 | €26,913 | €24,150 | -€2,763 | -10.3% |
| Taxes, remuneration and social security | 45 | €33,046 | €20,710 | -€12,336 | -37.3% |
| Taxes | 450/3 | €24,215 | €11,490 | -€12,725 | -52.6% |
| Remuneration and social security | 454/9 | €8,831 | €9,220 | +€389 | +4.4% |
| Non-recurring operating income | 76A | - | €10,587 | +€10,587 | |
| Remuneration, social security and pensions | 62 | €43,622 | €45,475 | +€1,853 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,258 | €3,638 | -€620 | -14.6% |
| Other operating charges | 640/8 | €1,259 | €54 | -€1,205 | -95.7% |
| Gross operating margin | 9900 | €86,335 | €50,449 | -€35,886 | -41.6% |
| Operating profit (loss) | 9901 | €37,196 | €1,282 | -€35,914 | -96.6% |
| Financial income | 75/76B | €9,599 | €10,652 | +€1,053 | +11.0% |
| Recurring financial income | 75 | €9,599 | €10,652 | +€1,053 | +11.0% |
| Financial charges | 65/66B | €1,166 | €582 | -€584 | -50.1% |
| Recurring financial charges | 65 | €1,166 | €582 | -€584 | -50.1% |
| Profit (loss) for the period before taxes | 9903 | €45,629 | €11,352 | -€34,277 | -75.1% |
| Income taxes | 67/77 | €14,125 | €3,970 | -€10,155 | -71.9% |
| Profit (loss) for the period | 9904 | €31,504 | €7,382 | -€24,122 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,504 | €7,382 | -€24,122 | -76.6% |
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 16 October 2026 via checked.be.