ESTETRA: 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.
What changed
ESTETRA
NACE 72.109, Other research and development on natural sciences
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€18.1m
2024 · -€76.3m+€58.2m
Equity
-€2.0m
2024 · -€23.5m+€21.5m
Cash
€10.2m
2024 · €7.3m+€2.9m
Balance sheet total
€66.6m
2024 · €76.8m-€10.2m
Largest movements
Assets
- Receivables within one year -€15.0m
down €15.0m (-45.4%), from €33.0m to €18.1m
of which Trade receivables: -€11.5m
- Intangible fixed assets +€3.3m
up €3.3m (+14.7%), from €22.2m to €25.5m
- Cash +€2.9m
up €2.9m (+39.4%), from €7.3m to €10.2m
mainly Contributions, distributions and other (+€39.6m) and Depreciation (+€16.5m)
- Receivables after one year -€2.5m
down €2.5m (-37.6%), from €6.8m to €4.2m
of which Other amounts receivable: -€2.4m
- Stocks and contracts +€1.1m
up €1.1m (+16.2%), from €6.9m to €8.0m
Equity and liabilities
- Contributions +€41.0m
up €41.0m (+87.3%), from €47.0m to €88.1m
- Other debts -€40.0m
down €40.0m (-46.0%), from €86.9m to €46.9m
- Profit (loss) carried forward -€18.1m
down €18.1m (-23.2%), from -€78.0m to -€96.1m
- Trade debts +€6.0m
up €6.0m (+71.4%), from €8.3m to €14.3m
- Accrued charges and deferred income +€2.6m
up €2.6m (+134%), from €1.9m to €4.5m
Income statement
- Financial charges -€32.5m
down €32.5m (-87.5%), from €37.2m to €4.7m
of which Non-recurring financial charges: -€19.8m
- Financial income -€19.7m
down €19.7m (-96.0%), from €20.5m to €831,795
of which Non-recurring financial income: -€19.7m
- Depreciation -€17.2m
down €17.2m (-51.0%), from €33.6m to €16.5m
- Services and other goods -€16.4m
down €16.4m (-38.3%), from €42.8m to €26.4m
- Goods and materials -€14.8m
down €14.8m (-61.3%), from €24.0m to €9.3m
of which Change in stocks: decrease (increase): -€16.1m
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.
Result 2024
-€76.3m
Turnover
-€10.4m
Other operating income
-€1.3m
Goods and materials
+€14.8m
Services and other goods
+€16.4m
Staff costs
+€218,231
Depreciation
+€17.2m
Write-downs
+€277,217
Other operating charges
+€2.1m
Other operating items
+€7.0m
Financial income
-€19.7m
Financial charges
+€32.5m
Taxes
-€773,749
Result 2025
-€18.1m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€16.5m
Investment
-€19.9m
Financing
+€39.3m
Cash 2024
€7.3m
From operations (derived)
-€16.5m
Net result for the year
-€18.1m
Depreciation
+€16.5m
Receivables after one year
+€2.5m
Stocks and contracts
-€1.1m
Receivables within one year
+€15.0m
Deferred charges and accrued income
+€90,073
Trade debts
+€6.0m
Tax, wage and social debts
+€148,191
Other debts
-€40.0m
Accrued charges and deferred income
+€2.6m
Investment (derived)
-€19.9m
Investment in fixed assets (net)
-€19.7m
Current investments
-€195,010
Financing
+€39.3m
Debts after one year
-€264,731
Current portion of long-term debt
-€43,912
Contributions, distributions and other
+€39.6m
Cash 2025
€10.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €76,781,213 | €66,617,893 | -€10.2m | -13.2% |
| Fixed assets | 21/28 | €22,739,824 | €26,011,010 | +€3.3m | +14.4% |
| Intangible fixed assets | 21 | €22,237,194 | €25,497,241 | +€3.3m | +14.7% |
| Tangible fixed assets | 22/27 | €447,042 | €458,181 | +€11,139 | +2.5% |
| Plant, machinery and equipment | 23 | €423,650 | €377,651 | -€45,998 | -10.9% |
| Furniture and vehicles | 24 | - | €80,529 | +€80,529 | |
| Assets under construction and advance payments | 27 | €23,392 | €0 | -€23,392 | -100% |
| Financial fixed assets | 28 | €55,588 | €55,588 | = | 0.0% |
| Other financial fixed assets | 284/8 | €55,588 | €55,588 | = | 0.0% |
| Shares | 284 | €0 | - | = | |
| Amounts receivable and cash guarantees | 285/8 | €55,588 | €55,588 | = | 0.0% |
| Current assets | 29/58 | €54,041,390 | €40,606,883 | -€13.4m | -24.9% |
| Amounts receivable after more than one year | 29 | €6,758,467 | €4,219,016 | -€2.5m | -37.6% |
| Trade receivables | 290 | €114,804 | €0 | -€114,804 | -100% |
| Other amounts receivable | 291 | €6,643,663 | €4,219,016 | -€2.4m | -36.5% |
| Stocks and contracts in progress | 3 | €6,853,671 | €7,966,992 | +€1.1m | +16.2% |
| Stocks | 30/36 | €6,853,671 | €7,966,992 | +€1.1m | +16.2% |
| Raw materials and consumables | 30/31 | €6,009,464 | €7,855,885 | +€1.8m | +30.7% |
| Work in progress | 32 | €844,207 | €111,107 | -€733,100 | -86.8% |
| Amounts receivable within one year | 40/41 | €33,046,417 | €18,058,835 | -€15.0m | -45.4% |
| Trade receivables | 40 | €19,108,347 | €7,640,265 | -€11.5m | -60.0% |
| Other amounts receivable | 41 | €13,938,070 | €10,418,569 | -€3.5m | -25.3% |
| Current investments | 50/53 | - | €195,010 | +€195,010 | |
| Other investments | 51/53 | - | €195,010 | +€195,010 | |
| Cash at bank and in hand | 54/58 | €7,292,762 | €10,167,030 | +€2.9m | +39.4% |
| Deferred charges and accrued income | 490/1 | €90,073 | €0 | -€90,073 | -100% |
| Total equity and liabilities | 10/49 | €76,781,213 | €66,617,893 | -€10.2m | -13.2% |
| Equity | 10/15 | -€23,528,370 | -€2,044,990 | +€21.5m | +91.3% |
| Contributions | 10/11 | €47,006,404 | €88,055,290 | +€41.0m | +87.3% |
| Reserves | 13 | €1,048,886 | €0 | -€1.0m | -100% |
| Non-distributable reserves | 130/1 | €1,048,886 | €0 | -€1.0m | -100% |
| Reserves not available under the articles | 1311 | €1,048,886 | €0 | -€1.0m | -100% |
| Profit (loss) carried forward | 14 | -€77,983,115 | -€96,107,932 | -€18.1m | -23.2% |
| Investment grants | 15 | €6,399,456 | €6,007,652 | -€391,803 | -6.1% |
| Amounts payable | 17/49 | €100,309,583 | €68,662,883 | -€31.6m | -31.5% |
| Amounts payable after more than one year | 17 | €951,282 | €686,550 | -€264,731 | -27.8% |
| Other amounts payable | 178/9 | €951,282 | €686,550 | -€264,731 | -27.8% |
| Amounts payable within one year | 42/48 | €97,450,332 | €63,513,989 | -€33.9m | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €764,942 | €721,030 | -€43,912 | -5.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,349,112 | €14,308,490 | +€6.0m | +71.4% |
| Suppliers | 440/4 | €8,349,112 | €14,308,490 | +€6.0m | +71.4% |
| Taxes, remuneration and social security | 45 | €1,404,597 | €1,552,788 | +€148,191 | +10.6% |
| Taxes | 450/3 | €38,463 | €125,819 | +€87,356 | +227% |
| Remuneration and social security | 454/9 | €1,366,134 | €1,426,968 | +€60,835 | +4.5% |
| Other amounts payable | 47/48 | €86,931,682 | €46,931,682 | -€40.0m | -46.0% |
| Accrued charges and deferred income | 492/3 | €1,907,970 | €4,462,343 | +€2.6m | +134% |
| Operating income | 70/76A | €76,113,047 | €45,780,952 | -€30.3m | -39.9% |
| Turnover | 70 | €31,470,124 | €21,036,596 | -€10.4m | -33.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €484,042 | -€983,969 | -€1.5m | |
| Own construction capitalised | 72 | €32,832,625 | €15,656,976 | -€17.2m | -52.3% |
| Other operating income | 74 | €11,326,257 | €10,015,479 | -€1.3m | -11.6% |
| Non-recurring operating income | 76A | - | €55,869 | +€55,869 | |
| Operating charges | 60/66A | €137,040,429 | €60,576,274 | -€76.5m | -55.8% |
| Goods for resale, raw materials and consumables | 60 | €24,045,710 | €9,295,100 | -€14.8m | -61.3% |
| Purchases | 600/8 | €11,767,012 | €13,151,847 | +€1.4m | +11.8% |
| Change in stocks: decrease (increase) | 609 | €12,278,698 | -€3,856,747 | -€16.1m | |
| Services and other goods | 61 | €42,843,351 | €26,429,309 | -€16.4m | -38.3% |
| Remuneration, social security and pensions | 62 | €6,643,077 | €6,424,846 | -€218,231 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,624,160 | €16,468,307 | -€17.2m | -51.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,036,673 | €1,759,457 | -€277,217 | -13.6% |
| Other operating charges | 640/8 | €2,291,701 | €199,256 | -€2.1m | -91.3% |
| Non-recurring operating charges | 66A | €25,555,757 | €0 | -€25.6m | -100% |
| Operating profit (loss) | 9901 | -€60,927,382 | -€14,795,322 | +€46.1m | +75.7% |
| Financial income | 75/76B | €20,538,232 | €831,795 | -€19.7m | -96.0% |
| Recurring financial income | 75 | €866,763 | €831,795 | -€34,968 | -4.0% |
| Income from current assets | 751 | €133,371 | €153,393 | +€20,022 | +15.0% |
| Other financial income | 752/9 | €733,391 | €678,402 | -€54,990 | -7.5% |
| Non-recurring financial income | 76B | €19,671,469 | €0 | -€19.7m | -100% |
| Financial charges | 65/66B | €37,207,781 | €4,659,805 | -€32.5m | -87.5% |
| Recurring financial charges | 65 | €17,404,632 | €4,659,805 | -€12.7m | -73.2% |
| Debt charges | 650 | €2,650,288 | €2,624,287 | -€26,001 | -1.0% |
| Other financial charges | 652/9 | €14,754,344 | €2,035,518 | -€12.7m | -86.2% |
| Non-recurring financial charges | 66B | €19,803,149 | €0 | -€19.8m | -100% |
| Profit (loss) for the period before taxes | 9903 | -€77,596,931 | -€18,623,332 | +€59.0m | +76.0% |
| Income taxes | 67/77 | -€1,272,264 | -€498,515 | +€773,749 | +60.8% |
| Taxes | 670/3 | €0 | €36,304 | +€36,304 | |
| Tax adjustments and reversals of tax provisions | 77 | €1,272,264 | €534,819 | -€737,445 | -58.0% |
| Profit (loss) for the period | 9904 | -€76,324,666 | -€18,124,817 | +€58.2m | +76.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,324,666 | -€18,124,817 | +€58.2m | +76.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.