ESTHEDA T & D: 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.
ESTHEDA T & D
Largest movements
- Cash +€69,783
up €69,783 (+192%), from €36,297 to €106,080
mainly Receivables within one year (+€53,297) and Depreciation (+€10,421)
- Receivables within one year -€53,297
down €53,297 (-78.4%), from €67,958 to €14,661
of which Trade receivables: -€52,622
- Tangible fixed assets -€10,421
down €10,421 (-66.2%), from €15,741 to €5,321
of which Furniture and vehicles: -€9,546
- Deferred charges and accrued income +€6,147
new in 2025: €6,147
- Trade debts +€5,118
up €5,118 (+986%), from €519 to €5,637
- Other debts +€4,939
up €4,939 (+16.3%), from €30,285 to €35,224
- Reserves +€2,458
up €2,458 (+2.8%), from €88,779 to €91,236
- Gross operating margin -€3,925
down €3,925 (-19.9%), from €19,698 to €15,773
- Depreciation -€3,162
down €3,162 (-23.3%), from €13,583 to €10,421
- Taxes -€830
down €830 (-40.3%), from €2,059 to €1,230
- Other operating charges +€816
up €816 (+108%), from €755 to €1,571
- Financial income -€798
down €798 (-93.3%), from €856 to €58
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 | €133,347 | €145,559 | +€12,212 | +9.2% |
| Fixed assets | 21/28 | €15,741 | €5,321 | -€10,421 | -66.2% |
| Tangible fixed assets | 22/27 | €15,741 | €5,321 | -€10,421 | -66.2% |
| Plant, machinery and equipment | 23 | €3,354 | €2,480 | -€874 | -26.1% |
| Furniture and vehicles | 24 | €12,387 | €2,841 | -€9,546 | -77.1% |
| Current assets | 29/58 | €117,605 | €140,238 | +€22,633 | +19.2% |
| Stocks and contracts in progress | 3 | €13,350 | €13,350 | = | 0.0% |
| Stocks | 30/36 | €13,350 | €13,350 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €67,958 | €14,661 | -€53,297 | -78.4% |
| Trade receivables | 40 | €67,283 | €14,661 | -€52,622 | -78.2% |
| Other amounts receivable | 41 | €675 | - | -€675 | |
| Cash at bank and in hand | 54/58 | €36,297 | €106,080 | +€69,783 | +192% |
| Deferred charges and accrued income | 490/1 | - | €6,147 | +€6,147 | |
| Total equity and liabilities | 10/49 | €133,347 | €145,559 | +€12,212 | +9.2% |
| Equity | 10/15 | €98,779 | €101,236 | +€2,458 | +2.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €88,779 | €91,236 | +€2,458 | +2.8% |
| Distributable reserves | 133 | €88,779 | €91,236 | +€2,458 | +2.8% |
| Amounts payable | 17/49 | €34,568 | €44,323 | +€9,754 | +28.2% |
| Amounts payable within one year | 42/48 | €34,568 | €44,323 | +€9,754 | +28.2% |
| Trade debts | 44 | €519 | €5,637 | +€5,118 | +986% |
| Suppliers | 440/4 | €519 | €5,637 | +€5,118 | +986% |
| Taxes, remuneration and social security | 45 | €3,764 | €3,462 | -€302 | -8.0% |
| Taxes | 450/3 | €3,764 | €3,462 | -€302 | -8.0% |
| Other amounts payable | 47/48 | €30,285 | €35,224 | +€4,939 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,583 | €10,421 | -€3,162 | -23.3% |
| Other operating charges | 640/8 | €755 | €1,571 | +€816 | +108% |
| Gross operating margin | 9900 | €19,698 | €15,773 | -€3,925 | -19.9% |
| Operating profit (loss) | 9901 | €5,361 | €3,782 | -€1,579 | -29.4% |
| Financial income | 75/76B | €856 | €58 | -€798 | -93.3% |
| Recurring financial income | 75 | €856 | €58 | -€798 | -93.3% |
| Financial charges | 65/66B | €135 | €152 | +€17 | +12.7% |
| Recurring financial charges | 65 | €135 | €152 | +€17 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €6,082 | €3,688 | -€2,394 | -39.4% |
| Income taxes | 67/77 | €2,059 | €1,230 | -€830 | -40.3% |
| Profit (loss) for the period | 9904 | €4,022 | €2,458 | -€1,564 | -38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,022 | €2,458 | -€1,564 | -38.9% |
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 15 October 2026 via checked.be.