Estimos: 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.
Estimos
Largest movements
- Receivables within one year +€70,471
up €70,471 (+233.4%), from €30,189 to €100,659
of which Other amounts receivable: +€61,956
- Current investments -€24,587
down €24,587 (-86.4%), from €28,461 to €3,874
- Receivables after one year -€19,800
down €19,800 (-77.0%), from €25,700 to €5,900
- Other debts +€54,690
up €54,690 (+431.9%), from €12,664 to €67,354
- Reserves +€30,985
up €30,985 (+19.8%), from €156,787 to €187,773
of which Distributable reserves: +€30,985
- Provisions -€27,104
down €27,104 (-2.9%), from €929,523 to €902,419
- Debts after one year -€26,451
down €26,451 (-10.9%), from €242,900 to €216,449
- Financial income +€64,377
up €64,377 (+7351.7%), from €876 to €65,253
- Gross operating margin -€12,398
down €12,398 (-7.8%), from €159,083 to €146,685
- Write-downs -€12,000
down €12,000, from €7,000 to -€5,000
- Taxes +€6,576
up €6,576 (+35.1%), from €18,727 to €25,303
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 | €1,381,091 | €1,409,103 | +€28,012 | +2.0% |
| Fixed assets | 21/28 | €1,292,445 | €1,291,794 | -€651 | -0.1% |
| Tangible fixed assets | 22/27 | €2,104 | €1,453 | -€651 | -30.9% |
| Furniture and vehicles | 24 | €2,104 | €1,453 | -€651 | -30.9% |
| Financial fixed assets | 28 | €1,290,341 | €1,290,341 | = | 0.0% |
| Current assets | 29/58 | €88,646 | €117,309 | +€28,663 | +32.3% |
| Amounts receivable after more than one year | 29 | €25,700 | €5,900 | -€19,800 | -77.0% |
| Other amounts receivable | 291 | €25,700 | €5,900 | -€19,800 | -77.0% |
| Amounts receivable within one year | 40/41 | €30,189 | €100,659 | +€70,471 | +233.4% |
| Trade receivables | 40 | €17,189 | €25,704 | +€8,515 | +49.5% |
| Other amounts receivable | 41 | €13,000 | €74,956 | +€61,956 | +476.6% |
| Current investments | 50/53 | €28,461 | €3,874 | -€24,587 | -86.4% |
| Cash at bank and in hand | 54/58 | €1,833 | €4,580 | +€2,747 | +149.8% |
| Deferred charges and accrued income | 490/1 | €2,462 | €2,295 | -€167 | -6.8% |
| Total equity and liabilities | 10/49 | €1,381,091 | €1,409,103 | +€28,012 | +2.0% |
| Equity | 10/15 | €175,337 | €206,323 | +€30,985 | +17.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €156,787 | €187,773 | +€30,985 | +19.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €154,932 | €185,918 | +€30,985 | +20.0% |
| Provisions and deferred taxes | 16 | €929,523 | €902,419 | -€27,104 | -2.9% |
| Provisions for liabilities and charges | 160/5 | €929,523 | €902,419 | -€27,104 | -2.9% |
| Environmental obligations | 163 | €929,523 | €902,419 | -€27,104 | -2.9% |
| Amounts payable | 17/49 | €276,231 | €300,362 | +€24,131 | +8.7% |
| Amounts payable after more than one year | 17 | €242,900 | €216,449 | -€26,451 | -10.9% |
| Other amounts payable | 178/9 | €242,900 | €216,449 | -€26,451 | -10.9% |
| Amounts payable within one year | 42/48 | €28,612 | €82,999 | +€54,387 | +190.1% |
| Trade debts | 44 | €2,753 | €6,148 | +€3,395 | +123.3% |
| Suppliers | 440/4 | €2,753 | €6,148 | +€3,395 | +123.3% |
| Taxes, remuneration and social security | 45 | €13,195 | €9,498 | -€3,698 | -28.0% |
| Taxes | 450/3 | €13,195 | €9,498 | -€3,698 | -28.0% |
| Other amounts payable | 47/48 | €12,664 | €67,354 | +€54,690 | +431.9% |
| Accrued charges and deferred income | 492/3 | €4,718 | €913 | -€3,805 | -80.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €511 | €651 | +€140 | +27.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,000 | -€5,000 | -€12,000 | |
| Other operating charges | 640/8 | €2,116 | €2,007 | -€110 | -5.2% |
| Gross operating margin | 9900 | €159,083 | €146,685 | -€12,398 | -7.8% |
| Operating profit (loss) | 9901 | €149,456 | €149,028 | -€428 | -0.3% |
| Financial income | 75/76B | €876 | €65,253 | +€64,377 | +7351.7% |
| Recurring financial income | 75 | €876 | €65,253 | +€64,377 | +7351.7% |
| Financial charges | 65/66B | €93,465 | €93,072 | -€393 | -0.4% |
| Recurring financial charges | 65 | €93,465 | €93,072 | -€393 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €56,866 | €121,209 | +€64,342 | +113.1% |
| Income taxes | 67/77 | €18,727 | €25,303 | +€6,576 | +35.1% |
| Profit (loss) for the period | 9904 | €38,139 | €95,906 | +€57,767 | +151.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,139 | €95,906 | +€57,767 | +151.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.