ESTELINEA: 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.
ESTELINEA
Largest movements
- Cash +€50,746
up €50,746 (+67.6%), from €75,084 to €125,830
mainly Net result for the year (+€26,536) and Depreciation (+€12,969)
- Tangible fixed assets -€11,146
down €11,146 (-29.4%), from €37,940 to €26,794
of which Furniture and vehicles: -€9,155
- Receivables within one year -€11,122
down €11,122 (-49.1%), from €22,655 to €11,532
of which Trade receivables: -€11,205
- Reserves +€26,536
up €26,536 (+24.4%), from €108,611 to €135,147
- Tax, wage and social debts +€1,998
up €1,998 (+27.9%), from €7,169 to €9,167
- Gross operating margin -€27,959
down €27,959 (-32.7%), from €85,469 to €57,510
- Taxes -€8,114
down €8,114 (-31.7%), from €25,581 to €17,467
- Depreciation +€3,390
up €3,390 (+35.4%), from €9,578 to €12,969
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 | €136,924 | €165,402 | +€28,477 | +20.8% |
| Fixed assets | 21/28 | €37,940 | €26,794 | -€11,146 | -29.4% |
| Tangible fixed assets | 22/27 | €37,940 | €26,794 | -€11,146 | -29.4% |
| Land and buildings | 22 | €11,959 | €9,605 | -€2,355 | -19.7% |
| Plant, machinery and equipment | 23 | €2,387 | €2,750 | +€363 | +15.2% |
| Furniture and vehicles | 24 | €23,594 | €14,439 | -€9,155 | -38.8% |
| Current assets | 29/58 | €98,985 | €138,608 | +€39,623 | +40.0% |
| Amounts receivable within one year | 40/41 | €22,655 | €11,532 | -€11,122 | -49.1% |
| Trade receivables | 40 | €19,515 | €8,309 | -€11,205 | -57.4% |
| Other amounts receivable | 41 | €3,140 | €3,223 | +€83 | +2.6% |
| Cash at bank and in hand | 54/58 | €75,084 | €125,830 | +€50,746 | +67.6% |
| Deferred charges and accrued income | 490/1 | €1,246 | €1,246 | = | 0.0% |
| Total equity and liabilities | 10/49 | €136,924 | €165,402 | +€28,477 | +20.8% |
| Equity | 10/15 | €127,211 | €153,747 | +€26,536 | +20.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €108,611 | €135,147 | +€26,536 | +24.4% |
| Distributable reserves | 133 | €108,611 | €135,147 | +€26,536 | +24.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €9,714 | €11,655 | +€1,941 | +20.0% |
| Amounts payable within one year | 42/48 | €9,714 | €11,655 | +€1,941 | +20.0% |
| Financial debts | 43 | €934 | €330 | -€604 | -64.7% |
| Credit institutions | 430/8 | €934 | €330 | -€604 | -64.7% |
| Trade debts | 44 | €1,390 | €1,391 | +€1 | 0.0% |
| Suppliers | 440/4 | €1,390 | €1,391 | +€1 | 0.0% |
| Taxes, remuneration and social security | 45 | €7,169 | €9,167 | +€1,998 | +27.9% |
| Taxes | 450/3 | €7,169 | €9,167 | +€1,998 | +27.9% |
| Other amounts payable | 47/48 | €220 | €767 | +€547 | +248.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,578 | €12,969 | +€3,390 | +35.4% |
| Other operating charges | 640/8 | €613 | €610 | -€3 | -0.4% |
| Gross operating margin | 9900 | €85,469 | €57,510 | -€27,959 | -32.7% |
| Operating profit (loss) | 9901 | €75,278 | €43,931 | -€31,346 | -41.6% |
| Financial income | 75/76B | €123 | €282 | +€159 | +129.7% |
| Recurring financial income | 75 | €123 | €282 | +€159 | +129.7% |
| Financial charges | 65/66B | €222 | €210 | -€12 | -5.4% |
| Recurring financial charges | 65 | €222 | €210 | -€12 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €75,178 | €44,003 | -€31,175 | -41.5% |
| Income taxes | 67/77 | €25,581 | €17,467 | -€8,114 | -31.7% |
| Profit (loss) for the period | 9904 | €49,597 | €26,536 | -€23,061 | -46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,597 | €26,536 | -€23,061 | -46.5% |
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 7 October 2026 via checked.be.