ESTEA: 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.
ESTEA
Largest movements
- Tangible fixed assets -€25,828
down €25,828 (-11.6%), from €223,613 to €197,785
of which Land and buildings: -€23,675
- Stocks and contracts +€6,871
up €6,871 (+4.9%), from €141,139 to €148,010
- Cash +€4,584
up €4,584 (+53.7%), from €8,544 to €13,128
mainly Net result for the year (+€37,580) and Depreciation (+€25,828)
- Receivables within one year +€4,338
up €4,338 (+32.1%), from €13,527 to €17,865
of which Trade receivables: +€2,675
- Current portion of long-term debt -€54,925
no longer reported in 2025 (was €54,925)
- Reserves +€18,000
up €18,000 (+14.6%), from €122,870 to €140,870
- Tax, wage and social debts +€16,847
up €16,847 (+54.0%), from €31,219 to €48,065
of which Remuneration and social security: +€10,948
- Investment grants +€14,184
new in 2025: €14,184
- Debts after one year -€13,862
no longer reported in 2025 (was €13,862)
- Staff costs -€16,298
down €16,298 (-97.8%), from €16,657 to €359
- Gross operating margin -€10,812
down €10,812 (-11.5%), from €93,924 to €83,112
- Financial charges -€1,913
down €1,913 (-21.2%), from €9,014 to €7,101
- Taxes +€1,471
up €1,471 (+20.8%), from €7,069 to €8,539
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 | €388,159 | €377,306 | -€10,853 | -2.8% |
| Fixed assets | 21/28 | €223,613 | €197,785 | -€25,828 | -11.6% |
| Tangible fixed assets | 22/27 | €223,613 | €197,785 | -€25,828 | -11.6% |
| Land and buildings | 22 | €221,461 | €197,785 | -€23,675 | -10.7% |
| Furniture and vehicles | 24 | €2,152 | - | -€2,152 | |
| Current assets | 29/58 | €164,546 | €179,521 | +€14,975 | +9.1% |
| Stocks and contracts in progress | 3 | €141,139 | €148,010 | +€6,871 | +4.9% |
| Stocks | 30/36 | €141,139 | €148,010 | +€6,871 | +4.9% |
| Amounts receivable within one year | 40/41 | €13,527 | €17,865 | +€4,338 | +32.1% |
| Trade receivables | 40 | €1,394 | €4,069 | +€2,675 | +191.9% |
| Other amounts receivable | 41 | €12,133 | €13,796 | +€1,663 | +13.7% |
| Cash at bank and in hand | 54/58 | €8,544 | €13,128 | +€4,584 | +53.7% |
| Deferred charges and accrued income | 490/1 | €1,336 | €518 | -€818 | -61.2% |
| Total equity and liabilities | 10/49 | €388,159 | €377,306 | -€10,853 | -2.8% |
| Equity | 10/15 | €193,292 | €223,891 | +€30,598 | +15.8% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €122,870 | €140,870 | +€18,000 | +14.6% |
| Distributable reserves | 133 | €122,870 | €140,870 | +€18,000 | +14.6% |
| Profit (loss) carried forward | 14 | €50,017 | €48,431 | -€1,586 | -3.2% |
| Investment grants | 15 | - | €14,184 | +€14,184 | |
| Amounts payable | 17/49 | €194,866 | €153,416 | -€41,451 | -21.3% |
| Amounts payable after more than one year | 17 | €13,862 | - | -€13,862 | |
| Financial debts | 170/4 | €13,862 | - | -€13,862 | |
| Amounts payable within one year | 42/48 | €181,004 | €153,416 | -€27,588 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €54,925 | - | -€54,925 | |
| Trade debts | 44 | €47,310 | €47,296 | -€14 | 0.0% |
| Suppliers | 440/4 | €47,310 | €47,296 | -€14 | 0.0% |
| Taxes, remuneration and social security | 45 | €31,219 | €48,065 | +€16,847 | +54.0% |
| Taxes | 450/3 | €21,098 | €26,996 | +€5,898 | +28.0% |
| Remuneration and social security | 454/9 | €10,121 | €21,069 | +€10,948 | +108.2% |
| Other amounts payable | 47/48 | €47,550 | €58,054 | +€10,504 | +22.1% |
| Remuneration, social security and pensions | 62 | €16,657 | €359 | -€16,298 | -97.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,056 | €25,828 | -€229 | -0.9% |
| Other operating charges | 640/8 | €5,770 | €5,871 | +€100 | +1.7% |
| Gross operating margin | 9900 | €93,924 | €83,112 | -€10,812 | -11.5% |
| Operating profit (loss) | 9901 | €45,440 | €51,054 | +€5,614 | +12.4% |
| Financial income | 75/76B | €2,280 | €2,166 | -€115 | -5.0% |
| Recurring financial income | 75 | €2,280 | €2,166 | -€115 | -5.0% |
| Financial charges | 65/66B | €9,014 | €7,101 | -€1,913 | -21.2% |
| Recurring financial charges | 65 | €9,014 | €7,101 | -€1,913 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €38,707 | €46,119 | +€7,412 | +19.1% |
| Income taxes | 67/77 | €7,069 | €8,539 | +€1,471 | +20.8% |
| Profit (loss) for the period | 9904 | €31,638 | €37,580 | +€5,941 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,638 | €37,580 | +€5,941 | +18.8% |
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 28 September 2026 via checked.be.