ESTELCO: 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.
ESTELCO
Largest movements
- Cash -€100,938
down €100,938 (-49.3%), from €204,843 to €103,905
mainly Investment in fixed assets (net) (-€100,904) and Contributions, distributions and other (-€83,951)
- Tangible fixed assets +€69,337
up €69,337 (+115%), from €60,171 to €129,508
of which Furniture and vehicles: +€67,052
- Receivables within one year +€65,170
up €65,170 (+35.9%), from €181,709 to €246,878
of which Trade receivables: +€77,422
- Deferred charges and accrued income -€8,845
down €8,845 (-42.8%), from €20,677 to €11,832
- Trade debts -€61,635
down €61,635 (-36.6%), from €168,480 to €106,845
- Debts after one year +€38,851
new in 2025: €38,851
- Current portion of long-term debt +€25,917
new in 2025: €25,917
- Other debts +€24,285
up €24,285 (+22.8%), from €106,742 to €131,027
- Tax, wage and social debts +€19,814
up €19,814 (+28.8%), from €68,914 to €88,728
of which Remuneration and social security: +€15,245
- Gross operating margin +€114,861
up €114,861 (+23.6%), from €486,282 to €601,144
- Staff costs +€90,912
up €90,912 (+23.1%), from €394,165 to €485,077
- Taxes -€12,631
down €12,631 (-67.6%), from €18,692 to €6,061
- Depreciation +€8,981
up €8,981 (+39.8%), from €22,586 to €31,568
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 | €511,112 | €537,421 | +€26,309 | +5.1% |
| Fixed assets | 21/28 | €60,171 | €129,508 | +€69,337 | +115% |
| Tangible fixed assets | 22/27 | €60,171 | €129,508 | +€69,337 | +115% |
| Plant, machinery and equipment | 23 | €27,070 | €20,175 | -€6,894 | -25.5% |
| Furniture and vehicles | 24 | €33,102 | €100,153 | +€67,052 | +203% |
| Other tangible fixed assets | 26 | - | €9,179 | +€9,179 | |
| Current assets | 29/58 | €450,941 | €407,913 | -€43,027 | -9.5% |
| Stocks and contracts in progress | 3 | €43,712 | €45,298 | +€1,586 | +3.6% |
| Stocks | 30/36 | €43,712 | €45,298 | +€1,586 | +3.6% |
| Amounts receivable within one year | 40/41 | €181,709 | €246,878 | +€65,170 | +35.9% |
| Trade receivables | 40 | €101,288 | €178,709 | +€77,422 | +76.4% |
| Other amounts receivable | 41 | €80,421 | €68,169 | -€12,252 | -15.2% |
| Cash at bank and in hand | 54/58 | €204,843 | €103,905 | -€100,938 | -49.3% |
| Deferred charges and accrued income | 490/1 | €20,677 | €11,832 | -€8,845 | -42.8% |
| Total equity and liabilities | 10/49 | €511,112 | €537,421 | +€26,309 | +5.1% |
| Equity | 10/15 | €160,756 | €145,524 | -€15,232 | -9.5% |
| Contributions | 10/11 | €9,083 | €9,083 | = | 0.0% |
| Reserves | 13 | €151,673 | €136,440 | -€15,232 | -10.0% |
| Tax-exempt reserves | 132 | €21,394 | €21,394 | = | 0.0% |
| Distributable reserves | 133 | €130,279 | €115,047 | -€15,232 | -11.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €350,356 | €391,897 | +€41,542 | +11.9% |
| Amounts payable after more than one year | 17 | - | €38,851 | +€38,851 | |
| Financial debts | 170/4 | - | €38,851 | +€38,851 | |
| Amounts payable within one year | 42/48 | €344,136 | €352,518 | +€8,382 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | - | €25,917 | +€25,917 | |
| Trade debts | 44 | €168,480 | €106,845 | -€61,635 | -36.6% |
| Suppliers | 440/4 | €168,480 | €106,845 | -€61,635 | -36.6% |
| Taxes, remuneration and social security | 45 | €68,914 | €88,728 | +€19,814 | +28.8% |
| Taxes | 450/3 | €28,464 | €33,033 | +€4,569 | +16.1% |
| Remuneration and social security | 454/9 | €40,450 | €55,695 | +€15,245 | +37.7% |
| Other amounts payable | 47/48 | €106,742 | €131,027 | +€24,285 | +22.8% |
| Accrued charges and deferred income | 492/3 | €6,219 | €528 | -€5,691 | -91.5% |
| Non-recurring operating income | 76A | €4,000 | €496 | -€3,505 | -87.6% |
| Remuneration, social security and pensions | 62 | €394,165 | €485,077 | +€90,912 | +23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,586 | €31,568 | +€8,981 | +39.8% |
| Other operating charges | 640/8 | €3,130 | €3,234 | +€103 | +3.3% |
| Gross operating margin | 9900 | €486,282 | €601,144 | +€114,861 | +23.6% |
| Operating profit (loss) | 9901 | €66,401 | €81,266 | +€14,865 | +22.4% |
| Financial income | 75/76B | €3,091 | €1,601 | -€1,490 | -48.2% |
| Recurring financial income | 75 | €3,091 | €1,601 | -€1,490 | -48.2% |
| Financial charges | 65/66B | €8,443 | €8,087 | -€356 | -4.2% |
| Recurring financial charges | 65 | €8,443 | €8,087 | -€356 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €61,049 | €74,779 | +€13,730 | +22.5% |
| Income taxes | 67/77 | €18,692 | €6,061 | -€12,631 | -67.6% |
| Profit (loss) for the period | 9904 | €42,357 | €68,718 | +€26,362 | +62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,357 | €68,718 | +€26,362 | +62.2% |
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 13 October 2026 via checked.be.