ESTINE: 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.
ESTINE
Largest movements
- Current investments -€469,219
down €469,219 (-29.4%), from €1.6m to €1.1m
- Cash +€416,954
up €416,954 (+104.5%), from €398,977 to €815,930
mainly Current investments (+€469,219) and Investment in fixed assets (net) (+€188,376)
- Tangible fixed assets -€243,574
down €243,574 (-7.4%), from €3.3m to €3.0m
of which Land and buildings: -€243,492
- Receivables within one year -€82,343
down €82,343 (-46.9%), from €175,431 to €93,088
- Other debts -€514,634
down €514,634 (-17.4%), from €3.0m to €2.4m
- Reserves +€132,577
up €132,577 (+33.1%), from €400,029 to €532,606
of which Distributable reserves: +€132,577
- Gross operating margin +€104,510
up €104,510 (+959.0%), from €10,898 to €115,407
- Financial charges +€23,119
up €23,119 (+233.0%), from €9,923 to €33,043
- Depreciation -€14,737
down €14,737 (-21.1%), from €69,935 to €55,199
- Financial income -€7,155
down €7,155 (-5.4%), from €133,714 to €126,559
- Other operating charges -€5,056
down €5,056 (-21.6%), from €23,356 to €18,300
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 | €5,466,145 | €5,078,821 | -€387,323 | -7.1% |
| Fixed assets | 21/28 | €3,280,119 | €3,036,544 | -€243,574 | -7.4% |
| Tangible fixed assets | 22/27 | €3,280,119 | €3,036,544 | -€243,574 | -7.4% |
| Land and buildings | 22 | €3,208,528 | €2,965,035 | -€243,492 | -7.6% |
| Furniture and vehicles | 24 | €71,591 | €71,509 | -€82 | -0.1% |
| Current assets | 29/58 | €2,186,026 | €2,042,277 | -€143,749 | -6.6% |
| Amounts receivable within one year | 40/41 | €175,431 | €93,088 | -€82,343 | -46.9% |
| Other amounts receivable | 41 | €175,431 | €93,088 | -€82,343 | -46.9% |
| Current investments | 50/53 | €1,595,542 | €1,126,322 | -€469,219 | -29.4% |
| Cash at bank and in hand | 54/58 | €398,977 | €815,930 | +€416,954 | +104.5% |
| Deferred charges and accrued income | 490/1 | €16,076 | €6,936 | -€9,140 | -56.9% |
| Total equity and liabilities | 10/49 | €5,466,145 | €5,078,821 | -€387,323 | -7.1% |
| Equity | 10/15 | €1,639,368 | €1,771,944 | +€132,577 | +8.1% |
| Contributions | 10/11 | €697,325 | €697,325 | = | 0.0% |
| Capital | 10 | €697,325 | €697,325 | = | 0.0% |
| Issued capital | 100 | €697,325 | €697,325 | = | 0.0% |
| Revaluation surpluses | 12 | €542,013 | €542,013 | = | 0.0% |
| Reserves | 13 | €400,029 | €532,606 | +€132,577 | +33.1% |
| Non-distributable reserves | 130/1 | €219,699 | €219,699 | = | 0.0% |
| Legal reserve | 130 | €219,699 | €219,699 | = | 0.0% |
| Tax-exempt reserves | 132 | €138,932 | €138,932 | = | 0.0% |
| Distributable reserves | 133 | €41,398 | €173,974 | +€132,577 | +320.3% |
| Provisions and deferred taxes | 16 | €46,311 | €46,311 | = | 0.0% |
| Deferred taxes | 168 | €46,311 | €46,311 | = | 0.0% |
| Amounts payable | 17/49 | €3,780,466 | €3,260,566 | -€519,900 | -13.8% |
| Amounts payable after more than one year | 17 | €806,000 | €806,000 | = | 0.0% |
| Financial debts | 170/4 | €806,000 | €806,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,972,819 | €2,451,780 | -€521,039 | -17.5% |
| Trade debts | 44 | €22,103 | €15,698 | -€6,405 | -29.0% |
| Suppliers | 440/4 | €22,103 | €15,698 | -€6,405 | -29.0% |
| Other amounts payable | 47/48 | €2,950,716 | €2,436,082 | -€514,634 | -17.4% |
| Accrued charges and deferred income | 492/3 | €1,647 | €2,786 | +€1,139 | +69.1% |
| Non-recurring operating income | 76A | - | €51,624 | +€51,624 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,935 | €55,199 | -€14,737 | -21.1% |
| Other operating charges | 640/8 | €23,356 | €18,300 | -€5,056 | -21.6% |
| Non-recurring operating charges | 66A | - | €2,848 | +€2,848 | |
| Gross operating margin | 9900 | €10,898 | €115,407 | +€104,510 | +959.0% |
| Operating profit (loss) | 9901 | -€82,393 | €39,061 | +€121,454 | |
| Financial income | 75/76B | €133,714 | €126,559 | -€7,155 | -5.4% |
| Recurring financial income | 75 | €133,714 | €126,559 | -€7,155 | -5.4% |
| Financial charges | 65/66B | €9,923 | €33,043 | +€23,119 | +233.0% |
| Recurring financial charges | 65 | €9,923 | €33,043 | +€23,119 | +233.0% |
| Profit (loss) for the period before taxes | 9903 | €41,398 | €132,577 | +€91,179 | +220.3% |
| Profit (loss) for the period | 9904 | €41,398 | €132,577 | +€91,179 | +220.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,398 | €132,577 | +€91,179 | +220.3% |
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 3 October 2026 via checked.be.