ESTIMO: 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.
ESTIMO
Largest movements
- Cash -€54,628
down €54,628 (-55.2%), from €98,971 to €44,343
mainly Short-term financial debts (-€37,990) and Tax, wage and social debts (-€16,453)
- Short-term financial debts -€37,990
down €37,990 (-49.7%), from €76,388 to €38,398
- Tax, wage and social debts -€16,453
down €16,453 (-44.5%), from €36,980 to €20,527
- Financial charges -€55,083
down €55,083 (-45.8%), from €120,253 to €65,170
- Gross operating margin -€51,828
down €51,828 (-40.4%), from €128,386 to €76,558
- Other operating charges +€4,158
up €4,158 (+85.2%), from €4,881 to €9,039
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 | €439,119 | €387,885 | -€51,234 | -11.7% |
| Fixed assets | 21/28 | €330,573 | €329,671 | -€902 | -0.3% |
| Tangible fixed assets | 22/27 | €330,573 | €329,671 | -€902 | -0.3% |
| Land and buildings | 22 | €323,831 | €323,831 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,742 | €5,840 | -€902 | -13.4% |
| Current assets | 29/58 | €108,547 | €58,214 | -€50,332 | -46.4% |
| Amounts receivable within one year | 40/41 | €8,180 | €12,467 | +€4,286 | +52.4% |
| Trade receivables | 40 | €5,755 | €5,913 | +€158 | +2.7% |
| Other amounts receivable | 41 | €2,425 | €6,553 | +€4,128 | +170% |
| Cash at bank and in hand | 54/58 | €98,971 | €44,343 | -€54,628 | -55.2% |
| Deferred charges and accrued income | 490/1 | €1,396 | €1,405 | +€9 | +0.7% |
| Total equity and liabilities | 10/49 | €439,119 | €387,885 | -€51,234 | -11.7% |
| Equity | 10/15 | €3,815 | €5,036 | +€1,221 | +32.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €3,715 | €4,936 | +€1,221 | +32.9% |
| Distributable reserves | 133 | €3,715 | €4,936 | +€1,221 | +32.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €435,305 | €382,849 | -€52,455 | -12.1% |
| Amounts payable after more than one year | 17 | €317,591 | €317,591 | = | 0.0% |
| Financial debts | 170/4 | €317,591 | €317,591 | = | 0.0% |
| Amounts payable within one year | 42/48 | €115,714 | €63,259 | -€52,455 | -45.3% |
| Financial debts | 43 | €76,388 | €38,398 | -€37,990 | -49.7% |
| Other loans | 439 | €76,388 | €38,398 | -€37,990 | -49.7% |
| Trade debts | 44 | €2,346 | €764 | -€1,582 | -67.5% |
| Suppliers | 440/4 | €2,346 | €764 | -€1,582 | -67.5% |
| Taxes, remuneration and social security | 45 | €36,980 | €20,527 | -€16,453 | -44.5% |
| Taxes | 450/3 | €36,980 | €20,527 | -€16,453 | -44.5% |
| Other amounts payable | 47/48 | €0 | €3,570 | +€3,570 | |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €902 | €902 | = | 0.0% |
| Other operating charges | 640/8 | €4,881 | €9,039 | +€4,158 | +85.2% |
| Gross operating margin | 9900 | €128,386 | €76,558 | -€51,828 | -40.4% |
| Operating profit (loss) | 9901 | €122,603 | €66,617 | -€55,986 | -45.7% |
| Financial income | 75/76B | €387 | €213 | -€174 | -45.0% |
| Recurring financial income | 75 | €387 | €213 | -€174 | -45.0% |
| Financial charges | 65/66B | €120,253 | €65,170 | -€55,083 | -45.8% |
| Recurring financial charges | 65 | €120,253 | €65,170 | -€55,083 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | €2,737 | €1,660 | -€1,077 | -39.4% |
| Income taxes | 67/77 | €735 | €439 | -€297 | -40.4% |
| Profit (loss) for the period | 9904 | €2,002 | €1,221 | -€780 | -39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,002 | €1,221 | -€780 | -39.0% |
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 19 October 2026 via checked.be.