ESTERO: what changed
ESTERO
Largest movements
- Tangible fixed assets +€195,804
up €195,804 (+243%), from €80,424 to €276,228
of which Other tangible fixed assets: +€210,463
- Cash +€124,827
up €124,827 (+108%), from €116,098 to €240,925
mainly Receivables within one year (+€122,375) and Debts after one year (+€114,056)
- Receivables within one year -€122,375
down €122,375 (-58.4%), from €209,564 to €87,189
of which Trade receivables: -€89,084
- Deferred charges and accrued income +€10,004
up €10,004 (+210%), from €4,763 to €14,767
- Debts after one year +€114,056
up €114,056 (+324%), from €35,163 to €149,219
- Trade debts +€96,711
up €96,711 (+84.5%), from €114,428 to €211,139
- Reserves +€32,133
up €32,133 (+19.3%), from €166,625 to €198,758
- Tax, wage and social debts -€25,855
down €25,855 (-41.4%), from €62,501 to €36,646
of which Taxes: -€14,795
- Current portion of long-term debt -€11,786
down €11,786 (-36.6%), from €32,179 to €20,393
- Gross operating margin +€75,277
up €75,277 (+20.0%), from €376,454 to €451,732
- Staff costs +€42,012
up €42,012 (+13.1%), from €320,907 to €362,919
- Depreciation +€8,939
up €8,939 (+33.0%), from €27,092 to €36,032
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €420,856 | €624,009 | +€203,153 | +48.3% |
| Fixed assets | 21/28 | €90,431 | €281,129 | +€190,698 | +211% |
| Intangible fixed assets | 21 | €9,957 | €4,851 | -€5,106 | -51.3% |
| Tangible fixed assets | 22/27 | €80,424 | €276,228 | +€195,804 | +243% |
| Furniture and vehicles | 24 | €80,424 | €65,765 | -€14,659 | -18.2% |
| Other tangible fixed assets | 26 | - | €210,463 | +€210,463 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €330,425 | €342,880 | +€12,455 | +3.8% |
| Amounts receivable within one year | 40/41 | €209,564 | €87,189 | -€122,375 | -58.4% |
| Trade receivables | 40 | €138,706 | €49,623 | -€89,084 | -64.2% |
| Other amounts receivable | 41 | €70,858 | €37,566 | -€33,292 | -47.0% |
| Cash at bank and in hand | 54/58 | €116,098 | €240,925 | +€124,827 | +108% |
| Deferred charges and accrued income | 490/1 | €4,763 | €14,767 | +€10,004 | +210% |
| Total equity and liabilities | 10/49 | €420,856 | €624,009 | +€203,153 | +48.3% |
| Equity | 10/15 | €172,835 | €204,968 | +€32,133 | +18.6% |
| Contributions | 10/11 | €6,210 | €6,210 | = | 0.0% |
| Reserves | 13 | €166,625 | €198,758 | +€32,133 | +19.3% |
| Distributable reserves | 133 | €166,625 | €198,758 | +€32,133 | +19.3% |
| Amounts payable | 17/49 | €248,021 | €419,042 | +€171,020 | +69.0% |
| Amounts payable after more than one year | 17 | €35,163 | €149,219 | +€114,056 | +324% |
| Financial debts | 170/4 | €35,163 | €149,219 | +€114,056 | +324% |
| Amounts payable within one year | 42/48 | €212,858 | €269,799 | +€56,940 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €32,179 | €20,393 | -€11,786 | -36.6% |
| Financial debts | 43 | €3,633 | €1,500 | -€2,133 | -58.7% |
| Credit institutions | 430/8 | €3,633 | €1,500 | -€2,133 | -58.7% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €114,428 | €211,139 | +€96,711 | +84.5% |
| Suppliers | 440/4 | €114,428 | €211,139 | +€96,711 | +84.5% |
| Taxes, remuneration and social security | 45 | €62,501 | €36,646 | -€25,855 | -41.4% |
| Taxes | 450/3 | €16,762 | €1,966 | -€14,795 | -88.3% |
| Remuneration and social security | 454/9 | €45,740 | €34,680 | -€11,060 | -24.2% |
| Other amounts payable | 47/48 | €118 | €121 | +€3 | +2.5% |
| Accrued charges and deferred income | 492/3 | €0 | €24 | +€24 | |
| Non-recurring operating income | 76A | €5,287 | €0 | -€5,287 | -100% |
| Remuneration, social security and pensions | 62 | €320,907 | €362,919 | +€42,012 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,092 | €36,032 | +€8,939 | +33.0% |
| Other operating charges | 640/8 | €3,088 | €3,194 | +€105 | +3.4% |
| Gross operating margin | 9900 | €376,454 | €451,732 | +€75,277 | +20.0% |
| Operating profit (loss) | 9901 | €25,366 | €49,588 | +€24,221 | +95.5% |
| Financial income | 75/76B | €147 | €1,010 | +€863 | +587% |
| Recurring financial income | 75 | €147 | €1,010 | +€863 | +587% |
| Financial charges | 65/66B | €2,973 | €4,523 | +€1,550 | +52.1% |
| Recurring financial charges | 65 | €2,973 | €4,523 | +€1,550 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | €22,540 | €46,075 | +€23,535 | +104% |
| Income taxes | 67/77 | €12,001 | €13,942 | +€1,941 | +16.2% |
| Profit (loss) for the period | 9904 | €10,539 | €32,133 | +€21,594 | +205% |
| Profit (loss) for the period to be appropriated | 9905 | €10,539 | €32,133 | +€21,594 | +205% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.