ESTELLE: 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.
ESTELLE
Largest movements
- Receivables within one year -€945
no longer reported in 2025 (was €945)
- Profit (loss) carried forward -€7,235
down €7,235 (-3.0%), from -€241,845 to -€249,080
- Short-term financial debts +€4,367
up €4,367 (+62.2%), from €7,026 to €11,393
- Trade debts +€2,287
new in 2025: €2,287
- Other debts -€364
down €364 (-0.9%), from €42,105 to €41,741
- Gross operating margin -€831
down €831 (-124.3%), from -€669 to -€1,500
- Financial charges +€451
up €451 (+35.0%), from €1,288 to €1,740
- Other operating charges +€52
up €52 (+15.0%), from €348 to €400
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €945 | - | -€945 | |
| Current assets | 29/58 | €945 | - | -€945 | |
| Amounts receivable within one year | 40/41 | €945 | - | -€945 | |
| Other amounts receivable | 41 | €945 | - | -€945 | |
| Total equity and liabilities | 10/49 | €945 | - | -€945 | |
| Equity | 10/15 | -€233,786 | -€241,021 | -€7,235 | -3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€241,845 | -€249,080 | -€7,235 | -3.0% |
| Amounts payable | 17/49 | €234,731 | €241,021 | +€6,290 | +2.7% |
| Amounts payable after more than one year | 17 | €185,600 | €185,600 | = | 0.0% |
| Financial debts | 170/4 | €185,600 | €185,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €49,131 | €55,421 | +€6,290 | +12.8% |
| Financial debts | 43 | €7,026 | €11,393 | +€4,367 | +62.2% |
| Credit institutions | 430/8 | €7,026 | €11,393 | +€4,367 | +62.2% |
| Trade debts | 44 | - | €2,287 | +€2,287 | |
| Suppliers | 440/4 | - | €2,287 | +€2,287 | |
| Other amounts payable | 47/48 | €42,105 | €41,741 | -€364 | -0.9% |
| Other operating charges | 640/8 | €348 | €400 | +€52 | +15.0% |
| Gross operating margin | 9900 | -€669 | -€1,500 | -€831 | -124.3% |
| Operating profit (loss) | 9901 | -€1,016 | -€1,900 | -€884 | -87.0% |
| Financial charges | 65/66B | €1,288 | €1,740 | +€451 | +35.0% |
| Recurring financial charges | 65 | €1,288 | €1,740 | +€451 | +35.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,304 | -€3,639 | -€1,335 | -57.9% |
| Profit (loss) for the period | 9904 | -€2,304 | -€3,639 | -€1,335 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,304 | -€3,639 | -€1,335 | -57.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.