ESTHEE: 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.
ESTHEE
Largest movements
- Receivables within one year +€21,974
up €21,974 (+46.6%), from €47,162 to €69,136
of which Other amounts receivable: +€14,653
- Tangible fixed assets -€18,153
down €18,153 (-2.8%), from €655,141 to €636,988
of which Land and buildings: -€17,722
- Cash +€13,452
up €13,452 (+27.9%), from €48,178 to €61,630
mainly Net result for the year (+€21,653) and Depreciation (+€18,153)
- Reserves +€21,653
up €21,653 (+28.0%), from €77,339 to €98,992
- Gross operating margin -€2,388
down €2,388 (-4.1%), from €58,100 to €55,712
- Depreciation -€1,206
down €1,206 (-6.2%), from €19,359 to €18,153
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,027,247 | €1,044,689 | +€17,442 | +1.7% |
| Fixed assets | 21/28 | €884,511 | €866,358 | -€18,153 | -2.1% |
| Tangible fixed assets | 22/27 | €655,141 | €636,988 | -€18,153 | -2.8% |
| Land and buildings | 22 | €653,513 | €635,791 | -€17,722 | -2.7% |
| Furniture and vehicles | 24 | €1,628 | €1,197 | -€431 | -26.5% |
| Financial fixed assets | 28 | €229,370 | €229,370 | = | 0.0% |
| Current assets | 29/58 | €142,736 | €178,331 | +€35,595 | +24.9% |
| Amounts receivable after more than one year | 29 | €42,920 | €42,920 | = | 0.0% |
| Other amounts receivable | 291 | €42,920 | €42,920 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €47,162 | €69,136 | +€21,974 | +46.6% |
| Trade receivables | 40 | €35,263 | €42,584 | +€7,321 | +20.8% |
| Other amounts receivable | 41 | €11,899 | €26,552 | +€14,653 | +123% |
| Cash at bank and in hand | 54/58 | €48,178 | €61,630 | +€13,452 | +27.9% |
| Deferred charges and accrued income | 490/1 | €4,476 | €4,645 | +€169 | +3.8% |
| Total equity and liabilities | 10/49 | €1,027,247 | €1,044,689 | +€17,442 | +1.7% |
| Equity | 10/15 | €1,016,639 | €1,038,292 | +€21,653 | +2.1% |
| Contributions | 10/11 | €939,300 | €939,300 | = | 0.0% |
| Reserves | 13 | €77,339 | €98,992 | +€21,653 | +28.0% |
| Distributable reserves | 133 | €77,339 | €98,992 | +€21,653 | +28.0% |
| Amounts payable | 17/49 | €10,608 | €6,397 | -€4,211 | -39.7% |
| Amounts payable within one year | 42/48 | €9,853 | €6,356 | -€3,497 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €2,800 | - | -€2,800 | |
| Trade debts | 44 | €1,869 | €2,735 | +€866 | +46.3% |
| Suppliers | 440/4 | €1,869 | €2,735 | +€866 | +46.3% |
| Taxes, remuneration and social security | 45 | €5,184 | €3,621 | -€1,563 | -30.2% |
| Taxes | 450/3 | €5,184 | €3,621 | -€1,563 | -30.2% |
| Accrued charges and deferred income | 492/3 | €755 | €41 | -€714 | -94.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,359 | €18,153 | -€1,206 | -6.2% |
| Other operating charges | 640/8 | €6,659 | €6,843 | +€184 | +2.8% |
| Gross operating margin | 9900 | €58,100 | €55,712 | -€2,388 | -4.1% |
| Operating profit (loss) | 9901 | €32,082 | €30,716 | -€1,366 | -4.3% |
| Financial income | 75/76B | - | €80 | +€80 | |
| Recurring financial income | 75 | - | €80 | +€80 | |
| Financial charges | 65/66B | €125 | €40 | -€85 | -68.0% |
| Recurring financial charges | 65 | €125 | €40 | -€85 | -68.0% |
| Profit (loss) for the period before taxes | 9903 | €31,957 | €30,756 | -€1,201 | -3.8% |
| Income taxes | 67/77 | €9,496 | €9,103 | -€393 | -4.1% |
| Profit (loss) for the period | 9904 | €22,461 | €21,653 | -€808 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,461 | €21,653 | -€808 | -3.6% |
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.