ESTEE BEHEER: 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.
ESTEE BEHEER
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+138%), from €1.0m to €2.5m
of which Other tangible fixed assets: +€1.5m
- Current investments -€665,279
down €665,279 (-33.0%), from €2.0m to €1.4m
- Receivables within one year +€91,568
up €91,568 (+581%), from €15,760 to €107,328
- Cash +€75,532
up €75,532 (+87.3%), from €86,555 to €162,088
mainly Debts after one year (+€829,195) and Current investments (+€665,279)
- Debts after one year +€829,195
new in 2025: €829,195
- Current portion of long-term debt +€90,248
new in 2025: €90,248
- Reserves +€58,987
up €58,987 (+4.2%), from €1.4m to €1.5m
of which Distributable reserves: +€86,619
- Other debts -€46,599
down €46,599 (-12.4%), from €374,824 to €328,225
- Gross operating margin -€1.3m
down €1.3m, from €1.3m to -€14,153
- Financial income +€117,517
up €117,517 (+151%), from €77,659 to €195,176
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 | €3,162,189 | €4,101,241 | +€939,052 | +29.7% |
| Fixed assets | 21/28 | €1,041,809 | €2,478,359 | +€1.4m | +138% |
| Tangible fixed assets | 22/27 | €1,041,809 | €2,478,359 | +€1.4m | +138% |
| Land and buildings | 22 | €323,085 | €323,085 | = | 0.0% |
| Furniture and vehicles | 24 | €82,372 | €60,382 | -€21,990 | -26.7% |
| Other tangible fixed assets | 26 | €636,351 | €2,094,892 | +€1.5m | +229% |
| Current assets | 29/58 | €2,120,380 | €1,622,882 | -€497,498 | -23.5% |
| Amounts receivable within one year | 40/41 | €15,760 | €107,328 | +€91,568 | +581% |
| Other amounts receivable | 41 | €15,760 | €107,328 | +€91,568 | +581% |
| Current investments | 50/53 | €2,017,514 | €1,352,235 | -€665,279 | -33.0% |
| Cash at bank and in hand | 54/58 | €86,555 | €162,088 | +€75,532 | +87.3% |
| Deferred charges and accrued income | 490/1 | €551 | €1,231 | +€681 | +124% |
| Total equity and liabilities | 10/49 | €3,162,189 | €4,101,241 | +€939,052 | +29.7% |
| Equity | 10/15 | €2,396,069 | €2,455,056 | +€58,987 | +2.5% |
| Contributions | 10/11 | €980,000 | €980,000 | = | 0.0% |
| Reserves | 13 | €1,416,069 | €1,475,056 | +€58,987 | +4.2% |
| Tax-exempt reserves | 132 | €1,042,402 | €1,014,770 | -€27,632 | -2.7% |
| Distributable reserves | 133 | €373,667 | €460,286 | +€86,619 | +23.2% |
| Provisions and deferred taxes | 16 | €347,467 | €338,257 | -€9,211 | -2.7% |
| Deferred taxes | 168 | €347,467 | €338,257 | -€9,211 | -2.7% |
| Amounts payable | 17/49 | €418,653 | €1,307,929 | +€889,276 | +212% |
| Amounts payable after more than one year | 17 | - | €829,195 | +€829,195 | |
| Financial debts | 170/4 | - | €829,195 | +€829,195 | |
| Amounts payable within one year | 42/48 | €376,851 | €452,629 | +€75,778 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | - | €90,248 | +€90,248 | |
| Trade debts | 44 | €2,027 | €34,036 | +€32,009 | +1,579% |
| Suppliers | 440/4 | €2,027 | €34,036 | +€32,009 | +1,579% |
| Taxes, remuneration and social security | 45 | - | €120 | +€120 | |
| Taxes | 450/3 | - | €120 | +€120 | |
| Other amounts payable | 47/48 | €374,824 | €328,225 | -€46,599 | -12.4% |
| Accrued charges and deferred income | 492/3 | €41,802 | €26,104 | -€15,697 | -37.6% |
| Non-recurring operating income | 76A | €1,391,434 | - | -€1.4m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,859 | €75,834 | -€2,025 | -2.6% |
| Other operating charges | 640/8 | €10,667 | €4,015 | -€6,652 | -62.4% |
| Gross operating margin | 9900 | €1,320,754 | -€14,153 | -€1.3m | |
| Operating profit (loss) | 9901 | €1,232,228 | -€94,002 | -€1.3m | |
| Financial income | 75/76B | €77,659 | €195,176 | +€117,517 | +151% |
| Recurring financial income | 75 | €77,659 | €195,176 | +€117,517 | +151% |
| Financial charges | 65/66B | €44,701 | €51,061 | +€6,360 | +14.2% |
| Recurring financial charges | 65 | €44,701 | €51,061 | +€6,360 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €1,265,186 | €50,113 | -€1.2m | -96.0% |
| Transfer from deferred taxes | 780 | €391 | €9,211 | +€8,819 | +2,255% |
| Transfer to deferred taxes | 680 | €347,859 | - | -€347,859 | |
| Income taxes | 67/77 | €450 | €337 | -€113 | -25.0% |
| Profit (loss) for the period | 9904 | €917,269 | €58,987 | -€858,282 | -93.6% |
| Transfer from tax-exempt reserves | 789 | €1,174 | €27,632 | +€26,458 | +2,255% |
| Transfer to tax-exempt reserves | 689 | €1,043,576 | - | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€125,133 | €86,619 | +€211,752 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.