Estemat: 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.
Estemat
Largest movements
- Cash +€36,630
up €36,630 (+13.8%), from €264,821 to €301,451
mainly Net result for the year (+€76,886) and Depreciation (+€13,057)
- Tangible fixed assets -€13,057
down €13,057 (-3.4%), from €383,217 to €370,159
- Reserves +€36,886
up €36,886 (+16.1%), from €229,625 to €266,510
of which Distributable reserves: +€36,886
- Debts after one year -€23,000
down €23,000 (-13.3%), from €172,500 to €149,500
- Other debts +€10,687
up €10,687 (+14.8%), from €72,233 to €82,920
- Gross operating margin -€67,953
down €67,953 (-37.8%), from €179,948 to €111,995
- Taxes -€17,445
down €17,445 (-50.5%), from €34,513 to €17,068
- Financial income +€4,388
up €4,388 (+1100.4%), from €399 to €4,786
- Depreciation -€4,138
down €4,138 (-24.1%), from €17,196 to €13,057
- Staff costs -€2,703
no longer reported in 2025 (was €2,703)
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 | €648,038 | €671,610 | +€23,572 | +3.6% |
| Fixed assets | 21/28 | €383,217 | €370,159 | -€13,057 | -3.4% |
| Tangible fixed assets | 22/27 | €383,217 | €370,159 | -€13,057 | -3.4% |
| Land and buildings | 22 | €383,217 | €370,159 | -€13,057 | -3.4% |
| Current assets | 29/58 | €264,821 | €301,451 | +€36,630 | +13.8% |
| Cash at bank and in hand | 54/58 | €264,821 | €301,451 | +€36,630 | +13.8% |
| Total equity and liabilities | 10/49 | €648,038 | €671,610 | +€23,572 | +3.6% |
| Equity | 10/15 | €323,235 | €360,120 | +€36,886 | +11.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €229,625 | €266,510 | +€36,886 | +16.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €227,765 | €264,650 | +€36,886 | +16.2% |
| Profit (loss) carried forward | 14 | €61,210 | €61,210 | = | 0.0% |
| Amounts payable | 17/49 | €324,803 | €311,490 | -€13,313 | -4.1% |
| Amounts payable after more than one year | 17 | €172,500 | €149,500 | -€23,000 | -13.3% |
| Financial debts | 170/4 | €172,500 | €149,500 | -€23,000 | -13.3% |
| Amounts payable within one year | 42/48 | €152,303 | €161,990 | +€9,687 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €23,000 | €21,083 | -€1,917 | -8.3% |
| Trade debts | 44 | €106 | €278 | +€171 | +161.6% |
| Suppliers | 440/4 | €106 | €278 | +€171 | +161.6% |
| Taxes, remuneration and social security | 45 | €56,964 | €57,709 | +€745 | +1.3% |
| Taxes | 450/3 | €56,964 | €57,709 | +€745 | +1.3% |
| Other amounts payable | 47/48 | €72,233 | €82,920 | +€10,687 | +14.8% |
| Remuneration, social security and pensions | 62 | €2,703 | - | -€2,703 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,196 | €13,057 | -€4,138 | -24.1% |
| Other operating charges | 640/8 | €4,068 | €3,596 | -€472 | -11.6% |
| Gross operating margin | 9900 | €179,948 | €111,995 | -€67,953 | -37.8% |
| Operating profit (loss) | 9901 | €155,981 | €95,342 | -€60,640 | -38.9% |
| Financial income | 75/76B | €399 | €4,786 | +€4,388 | +1100.4% |
| Recurring financial income | 75 | €399 | €4,786 | +€4,388 | +1100.4% |
| Financial charges | 65/66B | €5,906 | €6,175 | +€269 | +4.6% |
| Recurring financial charges | 65 | €5,906 | €6,175 | +€269 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €150,474 | €93,953 | -€56,521 | -37.6% |
| Income taxes | 67/77 | €34,513 | €17,068 | -€17,445 | -50.5% |
| Profit (loss) for the period | 9904 | €115,962 | €76,886 | -€39,076 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €115,962 | €76,886 | -€39,076 | -33.7% |
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 3 October 2026 via checked.be.