ESTHEL: 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
ESTHEL
NACE 32.500, Manufacture of medical and dental instruments and supplies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18,137
2024 · -€1,603+€19,740
Equity
€128,464
2024 · €110,327+€18,137
Cash
€24,804
2024 · €21,432+€3,373
Balance sheet total
€410,978
2024 · €432,304-€21,326
Largest movements
Assets
- Tangible fixed assets -€9,198
down €9,198 (-24.6%), from €37,435 to €28,238
- Receivables within one year -€7,055
down €7,055 (-27.2%), from €25,964 to €18,909
of which Other amounts receivable: -€8,452
- Deferred charges and accrued income -€5,946
down €5,946 (-24.6%), from €24,180 to €18,234
Equity and liabilities
- Other debts -€27,041
down €27,041 (-11.0%), from €244,851 to €217,811
- Reserves +€18,000
up €18,000 (+18.4%), from €97,927 to €115,927
- Debts after one year -€15,707
down €15,707 (-38.3%), from €41,001 to €25,294
- Tax, wage and social debts +€4,714
up €4,714 (+38.5%), from €12,244 to €16,958
of which Taxes: +€4,711
Income statement
- Gross operating margin +€29,701
up €29,701 (+170%), from €17,450 to €47,151
- Taxes +€9,793
up €9,793 (+748%), from €1,310 to €11,103
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
-€1,603
Gross operating margin
+€29,701
Depreciation
-€318
Other operating charges
-€212
Other operating items
-€32
Financial income
+€47
Financial charges
+€347
Taxes
-€9,793
Result 2025
€18,137
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
+€19,081
Investment
-€593
Financing
-€15,116
Cash 2024
€21,432
From operations (derived)
+€19,081
Net result for the year
+€18,137
Depreciation
+€12,191
Stocks and contracts
+€100
Receivables within one year
+€7,055
Deferred charges and accrued income
+€5,946
Trade debts
-€1,247
Tax, wage and social debts
+€4,714
Advances received
-€85
Other debts
-€27,041
Accrued charges and deferred income
-€688
Investment (derived)
-€593
Investment in fixed assets (net)
-€593
Financing
-€15,116
Debts after one year
-€15,707
Current portion of long-term debt
+€591
Cash 2025
€24,804
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €432,304 | €410,978 | -€21,326 | -4.9% |
| Fixed assets | 21/28 | €360,028 | €348,431 | -€11,598 | -3.2% |
| Intangible fixed assets | 21 | €22,593 | €20,193 | -€2,400 | -10.6% |
| Tangible fixed assets | 22/27 | €37,435 | €28,238 | -€9,198 | -24.6% |
| Land and buildings | 22 | €26,765 | €23,414 | -€3,351 | -12.5% |
| Plant, machinery and equipment | 23 | €4,369 | €1,243 | -€3,127 | -71.6% |
| Furniture and vehicles | 24 | €2,590 | €1,033 | -€1,558 | -60.1% |
| Other tangible fixed assets | 26 | €3,710 | €2,548 | -€1,162 | -31.3% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €72,276 | €62,547 | -€9,728 | -13.5% |
| Stocks and contracts in progress | 3 | €700 | €600 | -€100 | -14.3% |
| Stocks | 30/36 | €700 | €600 | -€100 | -14.3% |
| Amounts receivable within one year | 40/41 | €25,964 | €18,909 | -€7,055 | -27.2% |
| Trade receivables | 40 | €17,512 | €18,909 | +€1,397 | +8.0% |
| Other amounts receivable | 41 | €8,452 | €0 | -€8,452 | -100% |
| Cash at bank and in hand | 54/58 | €21,432 | €24,804 | +€3,373 | +15.7% |
| Deferred charges and accrued income | 490/1 | €24,180 | €18,234 | -€5,946 | -24.6% |
| Total equity and liabilities | 10/49 | €432,304 | €410,978 | -€21,326 | -4.9% |
| Equity | 10/15 | €110,327 | €128,464 | +€18,137 | +16.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €97,927 | €115,927 | +€18,000 | +18.4% |
| Distributable reserves | 133 | €97,927 | €115,927 | +€18,000 | +18.4% |
| Profit (loss) carried forward | 14 | - | €137 | +€137 | |
| Amounts payable | 17/49 | €321,977 | €282,514 | -€39,463 | -12.3% |
| Amounts payable after more than one year | 17 | €41,001 | €25,294 | -€15,707 | -38.3% |
| Financial debts | 170/4 | €41,001 | €25,294 | -€15,707 | -38.3% |
| Amounts payable within one year | 42/48 | €279,359 | €256,291 | -€23,068 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €15,116 | €15,707 | +€591 | +3.9% |
| Trade debts | 44 | €6,623 | €5,376 | -€1,247 | -18.8% |
| Suppliers | 440/4 | €6,623 | €5,376 | -€1,247 | -18.8% |
| Advances received on contracts in progress | 46 | €525 | €440 | -€85 | -16.2% |
| Taxes, remuneration and social security | 45 | €12,244 | €16,958 | +€4,714 | +38.5% |
| Taxes | 450/3 | €10,300 | €15,011 | +€4,711 | +45.7% |
| Remuneration and social security | 454/9 | €1,945 | €1,947 | +€2 | +0.1% |
| Other amounts payable | 47/48 | €244,851 | €217,811 | -€27,041 | -11.0% |
| Accrued charges and deferred income | 492/3 | €1,617 | €929 | -€688 | -42.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,873 | €12,191 | +€318 | +2.7% |
| Other operating charges | 640/8 | €1,504 | €1,716 | +€212 | +14.1% |
| Non-recurring operating charges | 66A | - | €32 | +€32 | |
| Gross operating margin | 9900 | €17,450 | €47,151 | +€29,701 | +170% |
| Operating profit (loss) | 9901 | €4,073 | €33,212 | +€29,139 | +715% |
| Financial income | 75/76B | €0 | €47 | +€47 | +117,975% |
| Recurring financial income | 75 | €0 | €47 | +€47 | +117,975% |
| Financial charges | 65/66B | €4,366 | €4,019 | -€347 | -8.0% |
| Recurring financial charges | 65 | €4,366 | €4,019 | -€347 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | -€293 | €29,240 | +€29,533 | |
| Income taxes | 67/77 | €1,310 | €11,103 | +€9,793 | +748% |
| Profit (loss) for the period | 9904 | -€1,603 | €18,137 | +€19,740 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,603 | €18,137 | +€19,740 |
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 14 October 2026 via checked.be.