ESTIMAX: 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.
ESTIMAX
Largest movements
- Cash +€43,410
up €43,410 (+44.1%), from €98,454 to €141,863
mainly Receivables within one year (+€31,670) and Depreciation (+€9,805)
- Receivables within one year -€31,670
down €31,670 (-41.3%), from €76,711 to €45,041
of which Trade receivables: -€16,799
- Tangible fixed assets -€7,875
down €7,875 (-11.7%), from €67,348 to €59,473
of which Other tangible fixed assets: -€4,675
- Other debts +€8,264
new in 2025: €8,264
- Tax, wage and social debts -€4,687
down €4,687 (-63.8%), from €7,349 to €2,661
- Current portion of long-term debt -€2,850
down €2,850 (-21.3%), from €13,400 to €10,550
- Gross operating margin -€10,261
down €10,261 (-45.2%), from €22,713 to €12,451
- Taxes -€3,759
down €3,759 (-84.5%), from €4,449 to €690
- Other operating charges +€455
up €455 (+51.5%), from €882 to €1,337
- Depreciation +€246
up €246 (+2.6%), from €9,559 to €9,805
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 | €248,149 | €249,772 | +€1,623 | +0.7% |
| Fixed assets | 21/28 | €68,681 | €60,140 | -€8,541 | -12.4% |
| Intangible fixed assets | 21 | €1,333 | €667 | -€667 | -50.0% |
| Tangible fixed assets | 22/27 | €67,348 | €59,473 | -€7,875 | -11.7% |
| Plant, machinery and equipment | 23 | €5,803 | €3,846 | -€1,957 | -33.7% |
| Furniture and vehicles | 24 | €2,373 | €1,130 | -€1,243 | -52.4% |
| Other tangible fixed assets | 26 | €59,173 | €54,497 | -€4,675 | -7.9% |
| Current assets | 29/58 | €179,468 | €189,632 | +€10,164 | +5.7% |
| Amounts receivable within one year | 40/41 | €76,711 | €45,041 | -€31,670 | -41.3% |
| Trade receivables | 40 | €61,583 | €44,784 | -€16,799 | -27.3% |
| Other amounts receivable | 41 | €15,129 | €257 | -€14,871 | -98.3% |
| Cash at bank and in hand | 54/58 | €98,454 | €141,863 | +€43,410 | +44.1% |
| Deferred charges and accrued income | 490/1 | €4,303 | €2,727 | -€1,576 | -36.6% |
| Total equity and liabilities | 10/49 | €248,149 | €249,772 | +€1,623 | +0.7% |
| Equity | 10/15 | €223,847 | €224,393 | +€546 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €205,247 | €205,793 | +€546 | +0.3% |
| Distributable reserves | 133 | €205,247 | €205,793 | +€546 | +0.3% |
| Amounts payable | 17/49 | €24,302 | €25,379 | +€1,077 | +4.4% |
| Amounts payable within one year | 42/48 | €23,540 | €24,595 | +€1,055 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €13,400 | €10,550 | -€2,850 | -21.3% |
| Trade debts | 44 | €2,792 | €3,120 | +€328 | +11.8% |
| Suppliers | 440/4 | €2,792 | €3,120 | +€328 | +11.8% |
| Taxes, remuneration and social security | 45 | €7,349 | €2,661 | -€4,687 | -63.8% |
| Taxes | 450/3 | €7,349 | €2,661 | -€4,687 | -63.8% |
| Other amounts payable | 47/48 | - | €8,264 | +€8,264 | |
| Accrued charges and deferred income | 492/3 | €762 | €784 | +€22 | +2.8% |
| Non-recurring operating income | 76A | €0 | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,559 | €9,805 | +€246 | +2.6% |
| Other operating charges | 640/8 | €882 | €1,337 | +€455 | +51.5% |
| Gross operating margin | 9900 | €22,713 | €12,451 | -€10,261 | -45.2% |
| Operating profit (loss) | 9901 | €12,272 | €1,309 | -€10,962 | -89.3% |
| Financial income | 75/76B | €137 | €62 | -€75 | -54.8% |
| Recurring financial income | 75 | €137 | €62 | -€75 | -54.8% |
| Financial charges | 65/66B | €133 | €135 | +€3 | +2.0% |
| Recurring financial charges | 65 | €133 | €135 | +€3 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €12,276 | €1,236 | -€11,040 | -89.9% |
| Income taxes | 67/77 | €4,449 | €690 | -€3,759 | -84.5% |
| Profit (loss) for the period | 9904 | €7,827 | €546 | -€7,281 | -93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,827 | €546 | -€7,281 | -93.0% |
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 17 October 2026 via checked.be.