ESTHEDA: 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.
ESTHEDA
Largest movements
- Tangible fixed assets -€60,840
down €60,840 (-2.3%), from €2.7m to €2.6m
- Trade debts -€106,735
down €106,735 (-89.7%), from €119,039 to €12,304
- Reserves +€47,462
up €47,462 (+55.6%), from €85,314 to €132,776
- Gross operating margin +€70,002
up €70,002 (+54.2%), from €129,111 to €199,113
- Taxes +€9,747
new in 2025: €9,747
- Depreciation -€5,220
down €5,220 (-3.9%), from €132,536 to €127,317
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 | €2,740,055 | €2,675,068 | -€64,987 | -2.4% |
| Fixed assets | 21/28 | €2,672,691 | €2,611,851 | -€60,840 | -2.3% |
| Tangible fixed assets | 22/27 | €2,672,691 | €2,611,851 | -€60,840 | -2.3% |
| Land and buildings | 22 | €2,672,691 | €2,611,851 | -€60,840 | -2.3% |
| Current assets | 29/58 | €67,364 | €63,217 | -€4,147 | -6.2% |
| Amounts receivable within one year | 40/41 | €3,791 | €2,253 | -€1,538 | -40.6% |
| Other amounts receivable | 41 | €3,791 | €2,253 | -€1,538 | -40.6% |
| Cash at bank and in hand | 54/58 | €63,573 | €60,964 | -€2,609 | -4.1% |
| Total equity and liabilities | 10/49 | €2,740,055 | €2,675,068 | -€64,987 | -2.4% |
| Equity | 10/15 | €219,314 | €266,776 | +€47,462 | +21.6% |
| Contributions | 10/11 | €134,000 | €134,000 | = | 0.0% |
| Reserves | 13 | €85,314 | €132,776 | +€47,462 | +55.6% |
| Distributable reserves | 133 | €85,314 | €132,776 | +€47,462 | +55.6% |
| Amounts payable | 17/49 | €2,520,741 | €2,408,292 | -€112,449 | -4.5% |
| Amounts payable after more than one year | 17 | €74,775 | €54,550 | -€20,225 | -27.0% |
| Financial debts | 170/4 | €74,775 | €54,550 | -€20,225 | -27.0% |
| Amounts payable within one year | 42/48 | €2,445,966 | €2,353,742 | -€92,223 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €20,101 | €20,225 | +€125 | +0.6% |
| Trade debts | 44 | €119,039 | €12,304 | -€106,735 | -89.7% |
| Suppliers | 440/4 | €119,039 | €12,304 | -€106,735 | -89.7% |
| Other amounts payable | 47/48 | €2,306,826 | €2,321,213 | +€14,387 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,536 | €127,317 | -€5,220 | -3.9% |
| Other operating charges | 640/8 | €15,517 | €13,773 | -€1,744 | -11.2% |
| Gross operating margin | 9900 | €129,111 | €199,113 | +€70,002 | +54.2% |
| Operating profit (loss) | 9901 | -€18,942 | €58,024 | +€76,966 | |
| Financial income | 75/76B | €1,382 | €0 | -€1,382 | -100.0% |
| Recurring financial income | 75 | €1,382 | €0 | -€1,382 | -100.0% |
| Financial charges | 65/66B | €1,102 | €815 | -€287 | -26.1% |
| Recurring financial charges | 65 | €1,102 | €815 | -€287 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | -€18,662 | €57,209 | +€75,871 | |
| Income taxes | 67/77 | - | €9,747 | +€9,747 | |
| Profit (loss) for the period | 9904 | -€18,662 | €47,462 | +€66,124 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,662 | €47,462 | +€66,124 |
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 5 October 2026 via checked.be.