ESTEMAX: 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.
ESTEMAX
Largest movements
- Receivables within one year -€12,100
down €12,100 (-10.3%), from €117,554 to €105,454
- Cash +€3,928
up €3,928 (+20.7%), from €19,010 to €22,938
mainly Net result for the year (+€76,648) and Current portion of long-term debt (+€25,000)
- Tangible fixed assets -€2,130
down €2,130 (-35.0%), from €6,092 to €3,963
of which Furniture and vehicles: -€2,163
- Tax, wage and social debts -€33,109
down €33,109 (-60.8%), from €54,497 to €21,388
- Current portion of long-term debt +€25,000
new in 2025: €25,000
- Other debts -€2,261
down €2,261 (-3.4%), from €67,405 to €65,144
- Gross operating margin -€6,437
down €6,437 (-5.5%), from €117,122 to €110,685
- Taxes -€3,693
down €3,693 (-11.0%), from €33,600 to €29,907
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 | €150,613 | €140,311 | -€10,302 | -6.8% |
| Fixed assets | 21/28 | €6,092 | €3,963 | -€2,130 | -35.0% |
| Tangible fixed assets | 22/27 | €6,092 | €3,963 | -€2,130 | -35.0% |
| Plant, machinery and equipment | 23 | €621 | €654 | +€33 | +5.3% |
| Furniture and vehicles | 24 | €5,472 | €3,309 | -€2,163 | -39.5% |
| Current assets | 29/58 | €144,521 | €136,348 | -€8,172 | -5.7% |
| Amounts receivable within one year | 40/41 | €117,554 | €105,454 | -€12,100 | -10.3% |
| Other amounts receivable | 41 | €117,554 | €105,454 | -€12,100 | -10.3% |
| Current investments | 50/53 | €7,957 | €7,957 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,010 | €22,938 | +€3,928 | +20.7% |
| Total equity and liabilities | 10/49 | €150,613 | €140,311 | -€10,302 | -6.8% |
| Equity | 10/15 | €27,416 | €27,425 | +€8 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,764 | €8,764 | = | 0.0% |
| Distributable reserves | 133 | €8,764 | €8,764 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53 | €61 | +€8 | +15.5% |
| Amounts payable | 17/49 | €123,197 | €112,887 | -€10,310 | -8.4% |
| Amounts payable within one year | 42/48 | €123,197 | €112,887 | -€10,310 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €1,295 | €1,355 | +€60 | +4.6% |
| Suppliers | 440/4 | €1,295 | €1,355 | +€60 | +4.6% |
| Taxes, remuneration and social security | 45 | €54,497 | €21,388 | -€33,109 | -60.8% |
| Taxes | 450/3 | €54,497 | €21,388 | -€33,109 | -60.8% |
| Other amounts payable | 47/48 | €67,405 | €65,144 | -€2,261 | -3.4% |
| Remuneration, social security and pensions | 62 | €499 | - | -€499 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,740 | €2,790 | +€50 | +1.8% |
| Other operating charges | 640/8 | €459 | €487 | +€28 | +6.2% |
| Gross operating margin | 9900 | €117,122 | €110,685 | -€6,437 | -5.5% |
| Operating profit (loss) | 9901 | €113,424 | €107,408 | -€6,016 | -5.3% |
| Financial charges | 65/66B | €730 | €853 | +€123 | +16.9% |
| Recurring financial charges | 65 | €730 | €853 | +€123 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €112,694 | €106,555 | -€6,139 | -5.4% |
| Income taxes | 67/77 | €33,600 | €29,907 | -€3,693 | -11.0% |
| Profit (loss) for the period | 9904 | €79,094 | €76,648 | -€2,446 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,094 | €76,648 | -€2,446 | -3.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.