Estdemax: 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.
Estdemax
Largest movements
- Receivables within one year -€274,343
down €274,343 (-56.8%), from €482,869 to €208,526
of which Trade receivables: -€267,571
- Cash -€31,980
down €31,980 (-23.3%), from €137,241 to €105,261
mainly Trade debts (-€326,657) and Investment in fixed assets (net) (-€11,013)
- Trade debts -€326,657
down €326,657 (-75.2%), from €434,652 to €107,996
- Reserves +€24,000
up €24,000 (+33.8%), from €71,000 to €95,000
- Gross operating margin +€17,232
up €17,232 (+37.9%), from €45,409 to €62,641
- Financial income -€5,989
down €5,989 (-100.0%), from €5,990 to €0
- Depreciation +€5,393
up €5,393 (+523%), from €1,031 to €6,424
- Other operating charges +€2,645
up €2,645 (+322%), from €822 to €3,467
- Write-downs +€1,332
new in 2025: €1,332
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 | €626,482 | €326,405 | -€300,077 | -47.9% |
| Fixed assets | 21/28 | €6,372 | €10,961 | +€4,589 | +72.0% |
| Tangible fixed assets | 22/27 | €5,937 | €10,526 | +€4,589 | +77.3% |
| Land and buildings | 22 | €1,564 | €1,196 | -€368 | -23.5% |
| Furniture and vehicles | 24 | €4,373 | €9,330 | +€4,957 | +113% |
| Financial fixed assets | 28 | €435 | €435 | = | 0.0% |
| Current assets | 29/58 | €620,110 | €315,444 | -€304,665 | -49.1% |
| Amounts receivable within one year | 40/41 | €482,869 | €208,526 | -€274,343 | -56.8% |
| Trade receivables | 40 | €475,533 | €207,962 | -€267,571 | -56.3% |
| Other amounts receivable | 41 | €7,336 | €563 | -€6,772 | -92.3% |
| Cash at bank and in hand | 54/58 | €137,241 | €105,261 | -€31,980 | -23.3% |
| Deferred charges and accrued income | 490/1 | - | €1,658 | +€1,658 | |
| Total equity and liabilities | 10/49 | €626,482 | €326,405 | -€300,077 | -47.9% |
| Equity | 10/15 | €74,124 | €98,871 | +€24,746 | +33.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €71,000 | €95,000 | +€24,000 | +33.8% |
| Distributable reserves | 133 | €71,000 | €95,000 | +€24,000 | +33.8% |
| Profit (loss) carried forward | 14 | €124 | €871 | +€746 | +600% |
| Amounts payable | 17/49 | €552,358 | €227,535 | -€324,823 | -58.8% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €477,358 | €152,535 | -€324,823 | -68.0% |
| Trade debts | 44 | €434,652 | €107,996 | -€326,657 | -75.2% |
| Suppliers | 440/4 | €434,652 | €107,996 | -€326,657 | -75.2% |
| Taxes, remuneration and social security | 45 | €39,747 | €44,377 | +€4,630 | +11.6% |
| Taxes | 450/3 | €33,987 | €39,097 | +€5,110 | +15.0% |
| Remuneration and social security | 454/9 | €5,760 | €5,280 | -€480 | -8.3% |
| Other amounts payable | 47/48 | €2,958 | €163 | -€2,796 | -94.5% |
| Non-recurring operating income | 76A | - | €2,548 | +€2,548 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,031 | €6,424 | +€5,393 | +523% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,332 | +€1,332 | |
| Other operating charges | 640/8 | €822 | €3,467 | +€2,645 | +322% |
| Gross operating margin | 9900 | €45,409 | €62,641 | +€17,232 | +37.9% |
| Operating profit (loss) | 9901 | €43,555 | €51,417 | +€7,862 | +18.1% |
| Financial income | 75/76B | €5,990 | €0 | -€5,989 | -100.0% |
| Recurring financial income | 75 | €5,990 | €0 | -€5,989 | -100.0% |
| Financial charges | 65/66B | €1,518 | €1,753 | +€235 | +15.5% |
| Recurring financial charges | 65 | €1,518 | €1,753 | +€235 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €48,027 | €49,664 | +€1,638 | +3.4% |
| Income taxes | 67/77 | €15,473 | €14,330 | -€1,143 | -7.4% |
| Profit (loss) for the period | 9904 | €32,553 | €35,334 | +€2,781 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,553 | €35,334 | +€2,781 | +8.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.