ESTIMAX VASTGOED: what changed
ESTIMAX VASTGOED
Largest movements
- Receivables within one year +€38,453
up €38,453 (+842%), from €4,565 to €43,018
of which Trade receivables: +€24,387
- Cash -€16,739
down €16,739 (-18.6%), from €89,861 to €73,122
mainly Receivables within one year (-€38,453) and Trade debts (-€17,653)
- Tangible fixed assets -€12,528
down €12,528 (-21.3%), from €58,752 to €46,224
of which Furniture and vehicles: -€12,225
- Deferred charges and accrued income -€3,358
down €3,358 (-75.0%), from €4,479 to €1,121
- Current portion of long-term debt +€31,259
up €31,259 (+251%), from €12,433 to €43,693
- Trade debts -€17,653
down €17,653 (-37.8%), from €46,677 to €29,024
- Tax, wage and social debts -€16,132
down €16,132 (-63.6%), from €25,382 to €9,251
of which Taxes: -€16,132
- Reserves +€14,539
up €14,539 (+27.0%), from €53,866 to €68,405
- Debts after one year -€6,184
down €6,184 (-43.3%), from €14,297 to €8,113
- Gross operating margin -€58,542
down €58,542 (-58.7%), from €99,655 to €41,114
- Depreciation +€7,290
up €7,290 (+102%), from €7,137 to €14,427
- Taxes +€1,863
up €1,863 (+32.5%), from €5,723 to €7,585
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €157,656 | €163,485 | +€5,829 | +3.7% |
| Fixed assets | 21/28 | €58,752 | €46,224 | -€12,528 | -21.3% |
| Tangible fixed assets | 22/27 | €58,752 | €46,224 | -€12,528 | -21.3% |
| Plant, machinery and equipment | 23 | €2,733 | €2,430 | -€303 | -11.1% |
| Furniture and vehicles | 24 | €56,019 | €43,794 | -€12,225 | -21.8% |
| Current assets | 29/58 | €98,904 | €117,261 | +€18,357 | +18.6% |
| Amounts receivable within one year | 40/41 | €4,565 | €43,018 | +€38,453 | +842% |
| Trade receivables | 40 | €200 | €24,587 | +€24,387 | +12,193% |
| Other amounts receivable | 41 | €4,365 | €18,431 | +€14,067 | +322% |
| Cash at bank and in hand | 54/58 | €89,861 | €73,122 | -€16,739 | -18.6% |
| Deferred charges and accrued income | 490/1 | €4,479 | €1,121 | -€3,358 | -75.0% |
| Total equity and liabilities | 10/49 | €157,656 | €163,485 | +€5,829 | +3.7% |
| Equity | 10/15 | €58,866 | €73,405 | +€14,539 | +24.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €53,866 | €68,405 | +€14,539 | +27.0% |
| Distributable reserves | 133 | €53,866 | €68,405 | +€14,539 | +27.0% |
| Amounts payable | 17/49 | €98,790 | €90,080 | -€8,710 | -8.8% |
| Amounts payable after more than one year | 17 | €14,297 | €8,113 | -€6,184 | -43.3% |
| Financial debts | 170/4 | €14,297 | €8,113 | -€6,184 | -43.3% |
| Amounts payable within one year | 42/48 | €84,493 | €81,968 | -€2,525 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €12,433 | €43,693 | +€31,259 | +251% |
| Trade debts | 44 | €46,677 | €29,024 | -€17,653 | -37.8% |
| Suppliers | 440/4 | €46,677 | €29,024 | -€17,653 | -37.8% |
| Taxes, remuneration and social security | 45 | €25,382 | €9,251 | -€16,132 | -63.6% |
| Taxes | 450/3 | €25,382 | €9,251 | -€16,132 | -63.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,137 | €14,427 | +€7,290 | +102% |
| Other operating charges | 640/8 | €3,880 | €3,961 | +€81 | +2.1% |
| Non-recurring operating charges | 66A | €28,377 | €0 | -€28,377 | -100% |
| Gross operating margin | 9900 | €99,655 | €41,114 | -€58,542 | -58.7% |
| Operating profit (loss) | 9901 | €60,262 | €22,726 | -€37,536 | -62.3% |
| Financial income | 75/76B | €75 | €360 | +€285 | +381% |
| Recurring financial income | 75 | €75 | €360 | +€285 | +381% |
| Financial charges | 65/66B | €1,277 | €962 | -€315 | -24.7% |
| Recurring financial charges | 65 | €1,277 | €962 | -€315 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €59,059 | €22,124 | -€36,936 | -62.5% |
| Income taxes | 67/77 | €5,723 | €7,585 | +€1,863 | +32.5% |
| Profit (loss) for the period | 9904 | €53,337 | €14,539 | -€38,798 | -72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,337 | €14,539 | -€38,798 | -72.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.