ESTHEA: 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.
ESTHEA
Largest movements
- Current investments +€185,574
up €185,574 (+13.1%), from €1.4m to €1.6m
- Reserves +€134,485
up €134,485 (+5.7%), from €2.4m to €2.5m
of which Distributable reserves: +€317,561
- Tax, wage and social debts +€26,653
up €26,653 (+41.3%), from €64,572 to €91,225
- Gross operating margin -€48,423
down €48,423 (-19.0%), from €254,259 to €205,836
- Financial charges +€27,667
up €27,667 (+9,350%), from €296 to €27,963
- Taxes -€12,780
down €12,780 (-13.0%), from €98,356 to €85,575
- Financial income +€5,180
up €5,180 (+11.6%), from €44,531 to €49,711
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,468,435 | €2,642,388 | +€173,953 | +7.0% |
| Fixed assets | 21/28 | €46,463 | €40,681 | -€5,782 | -12.4% |
| Tangible fixed assets | 22/27 | €46,463 | €40,681 | -€5,782 | -12.4% |
| Land and buildings | 22 | €31,320 | €31,320 | = | 0.0% |
| Plant, machinery and equipment | 23 | €11,386 | €7,393 | -€3,993 | -35.1% |
| Furniture and vehicles | 24 | €2,551 | €1,262 | -€1,289 | -50.5% |
| Other tangible fixed assets | 26 | €1,207 | €707 | -€500 | -41.4% |
| Current assets | 29/58 | €2,421,971 | €2,601,706 | +€179,735 | +7.4% |
| Amounts receivable after more than one year | 29 | €575,000 | €575,000 | = | 0.0% |
| Other amounts receivable | 291 | €575,000 | €575,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €55 | €7,518 | +€7,463 | +13,582% |
| Other amounts receivable | 41 | €55 | €7,518 | +€7,463 | +13,582% |
| Current investments | 50/53 | €1,415,587 | €1,601,161 | +€185,574 | +13.1% |
| Cash at bank and in hand | 54/58 | €375,226 | €386,447 | +€11,221 | +3.0% |
| Deferred charges and accrued income | 490/1 | €56,103 | €31,581 | -€24,523 | -43.7% |
| Total equity and liabilities | 10/49 | €2,468,435 | €2,642,388 | +€173,953 | +7.0% |
| Equity | 10/15 | €2,387,010 | €2,521,494 | +€134,485 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,368,410 | €2,502,894 | +€134,485 | +5.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €372,527 | €189,450 | -€183,077 | -49.1% |
| Distributable reserves | 133 | €1,994,023 | €2,311,584 | +€317,561 | +15.9% |
| Amounts payable | 17/49 | €81,425 | €120,893 | +€39,469 | +48.5% |
| Amounts payable within one year | 42/48 | €81,425 | €120,893 | +€39,469 | +48.5% |
| Trade debts | 44 | €8,031 | €12,457 | +€4,426 | +55.1% |
| Suppliers | 440/4 | €8,031 | €12,457 | +€4,426 | +55.1% |
| Taxes, remuneration and social security | 45 | €64,572 | €91,225 | +€26,653 | +41.3% |
| Taxes | 450/3 | €64,572 | €91,225 | +€26,653 | +41.3% |
| Other amounts payable | 47/48 | €8,822 | €17,212 | +€8,390 | +95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,436 | €5,782 | -€653 | -10.2% |
| Other operating charges | 640/8 | €1,414 | €1,742 | +€329 | +23.2% |
| Gross operating margin | 9900 | €254,259 | €205,836 | -€48,423 | -19.0% |
| Operating profit (loss) | 9901 | €246,409 | €198,312 | -€48,098 | -19.5% |
| Financial income | 75/76B | €44,531 | €49,711 | +€5,180 | +11.6% |
| Recurring financial income | 75 | €44,531 | €49,711 | +€5,180 | +11.6% |
| Financial charges | 65/66B | €296 | €27,963 | +€27,667 | +9,350% |
| Recurring financial charges | 65 | €296 | €27,963 | +€27,667 | +9,350% |
| Profit (loss) for the period before taxes | 9903 | €290,645 | €220,060 | -€70,585 | -24.3% |
| Income taxes | 67/77 | €98,356 | €85,575 | -€12,780 | -13.0% |
| Profit (loss) for the period | 9904 | €192,289 | €134,485 | -€57,805 | -30.1% |
| Transfer from tax-exempt reserves | 789 | €106,800 | €183,077 | +€76,277 | +71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €299,089 | €317,561 | +€18,472 | +6.2% |
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 24 October 2026 via checked.be.