ESTEDERM: 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.
ESTEDERM
Largest movements
- Cash -€164,030
down €164,030 (-58.1%), from €282,248 to €118,218
mainly Investment in fixed assets (net) (-€175,710) and Contributions, distributions and other (-€40,030)
- Tangible fixed assets +€150,132
up €150,132 (+34.7%), from €432,609 to €582,741
of which Land and buildings: +€150,574
- Receivables within one year +€9,490
up €9,490 (+32.1%), from €29,521 to €39,011
of which Trade receivables: +€7,336
- Reserves +€20,276
up €20,276 (+7.1%), from €284,535 to €304,811
- Debts after one year -€17,345
down €17,345 (-10.0%), from €174,261 to €156,916
- Trade debts -€8,518
down €8,518 (-50.9%), from €16,744 to €8,226
- Gross operating margin -€15,136
down €15,136 (-11.4%), from €132,537 to €117,402
- Depreciation +€6,625
up €6,625 (+35.0%), from €18,953 to €25,578
- Taxes -€5,987
down €5,987 (-18.0%), from €33,249 to €27,261
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 | €754,336 | €747,792 | -€6,544 | -0.9% |
| Fixed assets | 21/28 | €432,609 | €582,741 | +€150,132 | +34.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €432,609 | €582,741 | +€150,132 | +34.7% |
| Land and buildings | 22 | €431,799 | €582,373 | +€150,574 | +34.9% |
| Furniture and vehicles | 24 | €810 | €368 | -€442 | -54.5% |
| Current assets | 29/58 | €321,727 | €165,051 | -€156,676 | -48.7% |
| Amounts receivable within one year | 40/41 | €29,521 | €39,011 | +€9,490 | +32.1% |
| Trade receivables | 40 | €29,521 | €36,858 | +€7,336 | +24.9% |
| Other amounts receivable | 41 | €0 | €2,153 | +€2,153 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €282,248 | €118,218 | -€164,030 | -58.1% |
| Deferred charges and accrued income | 490/1 | €9,957 | €7,822 | -€2,136 | -21.4% |
| Total equity and liabilities | 10/49 | €754,336 | €747,792 | -€6,544 | -0.9% |
| Equity | 10/15 | €521,684 | €541,960 | +€20,276 | +3.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €284,535 | €304,811 | +€20,276 | +7.1% |
| Distributable reserves | 133 | €284,535 | €304,811 | +€20,276 | +7.1% |
| Profit (loss) carried forward | 14 | €229,089 | €229,089 | = | 0.0% |
| Amounts payable | 17/49 | €232,651 | €205,831 | -€26,820 | -11.5% |
| Amounts payable after more than one year | 17 | €174,261 | €156,916 | -€17,345 | -10.0% |
| Financial debts | 170/4 | €174,261 | €156,916 | -€17,345 | -10.0% |
| Amounts payable within one year | 42/48 | €57,907 | €48,432 | -€9,475 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €27,307 | €27,456 | +€149 | +0.5% |
| Financial debts | 43 | €545 | €184 | -€362 | -66.3% |
| Credit institutions | 430/8 | €545 | €184 | -€362 | -66.3% |
| Trade debts | 44 | €16,744 | €8,226 | -€8,518 | -50.9% |
| Suppliers | 440/4 | €16,744 | €8,226 | -€8,518 | -50.9% |
| Taxes, remuneration and social security | 45 | €4,697 | €3,023 | -€1,674 | -35.6% |
| Taxes | 450/3 | €4,697 | €3,023 | -€1,674 | -35.6% |
| Other amounts payable | 47/48 | €8,614 | €9,544 | +€930 | +10.8% |
| Accrued charges and deferred income | 492/3 | €483 | €483 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,953 | €25,578 | +€6,625 | +35.0% |
| Other operating charges | 640/8 | €2,505 | €3,252 | +€748 | +29.8% |
| Gross operating margin | 9900 | €132,537 | €117,402 | -€15,136 | -11.4% |
| Operating profit (loss) | 9901 | €111,079 | €88,571 | -€22,508 | -20.3% |
| Financial income | 75/76B | €2,689 | €1,814 | -€875 | -32.5% |
| Recurring financial income | 75 | €2,689 | €1,814 | -€875 | -32.5% |
| Financial charges | 65/66B | €3,302 | €2,817 | -€485 | -14.7% |
| Recurring financial charges | 65 | €3,302 | €2,817 | -€485 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €110,466 | €87,568 | -€22,898 | -20.7% |
| Income taxes | 67/77 | €33,249 | €27,261 | -€5,987 | -18.0% |
| Profit (loss) for the period | 9904 | €77,217 | €60,306 | -€16,911 | -21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €77,217 | €60,306 | -€16,911 | -21.9% |
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 4 October 2026 via checked.be.