ESTHEREL: 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.
ESTHEREL
Largest movements
- Receivables within one year +€10,045
up €10,045 (+26.5%), from €37,969 to €48,013
of which Trade receivables: +€9,921
- Cash +€8,620
up €8,620 (+48.1%), from €17,916 to €26,536
mainly Net result for the year (+€43,782) and Trade debts (+€6,070)
- Tangible fixed assets +€951
up €951, from €0 to €951
of which Furniture and vehicles: +€951
- Profit (loss) carried forward +€43,782
up €43,782 (+37.3%), from -€117,303 to -€73,522
- Debts after one year -€29,325
down €29,325 (-24.7%), from €118,712 to €89,387
- Trade debts +€6,070
up €6,070 (+19.7%), from €30,803 to €36,873
- Accrued charges and deferred income -€1,519
down €1,519 (-53.0%), from €2,868 to €1,349
- Gross operating margin +€12,378
up €12,378 (+36.0%), from €34,346 to €46,724
- Financial charges -€1,519
down €1,519 (-50.7%), from €2,997 to €1,478
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 | €56,871 | €76,110 | +€19,239 | +33.8% |
| Fixed assets | 21/28 | €50 | €1,001 | +€951 | +1901.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €951 | +€951 | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €951 | +€951 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €56,821 | €75,109 | +€18,288 | +32.2% |
| Amounts receivable within one year | 40/41 | €37,969 | €48,013 | +€10,045 | +26.5% |
| Trade receivables | 40 | €37,916 | €47,837 | +€9,921 | +26.2% |
| Other amounts receivable | 41 | €52 | €176 | +€124 | +236.6% |
| Cash at bank and in hand | 54/58 | €17,916 | €26,536 | +€8,620 | +48.1% |
| Deferred charges and accrued income | 490/1 | €937 | €560 | -€377 | -40.2% |
| Total equity and liabilities | 10/49 | €56,871 | €76,110 | +€19,239 | +33.8% |
| Equity | 10/15 | -€96,898 | -€53,117 | +€43,782 | +45.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,303 | -€73,522 | +€43,782 | +37.3% |
| Amounts payable | 17/49 | €153,770 | €129,227 | -€24,543 | -16.0% |
| Amounts payable after more than one year | 17 | €118,712 | €89,387 | -€29,325 | -24.7% |
| Financial debts | 170/4 | €118,712 | €89,387 | -€29,325 | -24.7% |
| Amounts payable within one year | 42/48 | €32,190 | €38,491 | +€6,301 | +19.6% |
| Trade debts | 44 | €30,803 | €36,873 | +€6,070 | +19.7% |
| Suppliers | 440/4 | €30,803 | €36,873 | +€6,070 | +19.7% |
| Taxes, remuneration and social security | 45 | €1,332 | €1,596 | +€264 | +19.8% |
| Taxes | 450/3 | €332 | €1,596 | +€1,264 | +380.9% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €55 | €22 | -€33 | -60.3% |
| Accrued charges and deferred income | 492/3 | €2,868 | €1,349 | -€1,519 | -53.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €480 | €106 | -€374 | -77.9% |
| Other operating charges | 640/8 | €786 | €1,245 | +€459 | +58.4% |
| Non-recurring operating charges | 66A | €175 | - | -€175 | |
| Gross operating margin | 9900 | €34,346 | €46,724 | +€12,378 | +36.0% |
| Operating profit (loss) | 9901 | €32,905 | €45,373 | +€12,468 | +37.9% |
| Financial income | 75/76B | €125 | €30 | -€95 | -75.8% |
| Recurring financial income | 75 | €125 | €30 | -€95 | -75.8% |
| Financial charges | 65/66B | €2,997 | €1,478 | -€1,519 | -50.7% |
| Recurring financial charges | 65 | €2,997 | €1,478 | -€1,519 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | €30,033 | €43,925 | +€13,892 | +46.3% |
| Income taxes | 67/77 | €171 | €143 | -€27 | -16.1% |
| Profit (loss) for the period | 9904 | €29,862 | €43,782 | +€13,919 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,862 | €43,782 | +€13,919 | +46.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.