ESTL: 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.
ESTL
Largest movements
- Receivables after one year -€692,845
down €692,845 (-100.0%), from €692,845 to €0
- Receivables within one year -€186,429
down €186,429 (-16.4%), from €1.1m to €948,577
of which Other amounts receivable: -€100,675
- Tangible fixed assets +€66,791
up €66,791 (+7.6%), from €884,237 to €951,027
of which Furniture and vehicles: +€55,372
- Advances received -€521,919
down €521,919 (-41.3%), from €1.3m to €742,190
- Other debts -€238,468
down €238,468 (-71.3%), from €334,615 to €96,147
- Trade debts -€148,689
down €148,689 (-32.5%), from €457,021 to €308,332
- Reserves +€115,582
up €115,582 (+4.6%), from €2.5m to €2.7m
of which Distributable reserves: +€220,832
- Depreciation +€88,628
up €88,628 (+98.1%), from €90,356 to €178,984
- Staff costs +€74,748
up €74,748 (+10.3%), from €726,050 to €800,799
- Financial charges -€47,508
down €47,508 (-79.6%), from €59,709 to €12,201
- Gross operating margin -€28,171
down €28,171 (-2.0%), from €1.4m to €1.4m
- Other operating charges +€21,791
up €21,791 (+283.4%), from €7,688 to €29,478
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 | €4,714,937 | €3,917,863 | -€797,074 | -16.9% |
| Fixed assets | 21/28 | €884,387 | €951,027 | +€66,641 | +7.5% |
| Tangible fixed assets | 22/27 | €884,237 | €951,027 | +€66,791 | +7.6% |
| Plant, machinery and equipment | 23 | €482,531 | €450,849 | -€31,682 | -6.6% |
| Furniture and vehicles | 24 | €35,178 | €90,550 | +€55,372 | +157.4% |
| Other tangible fixed assets | 26 | €366,528 | €409,629 | +€43,101 | +11.8% |
| Financial fixed assets | 28 | €150 | €0 | -€150 | -100.0% |
| Current assets | 29/58 | €3,830,551 | €2,966,836 | -€863,715 | -22.5% |
| Amounts receivable after more than one year | 29 | €692,845 | €0 | -€692,845 | -100.0% |
| Other amounts receivable | 291 | €692,845 | €0 | -€692,845 | -100.0% |
| Stocks and contracts in progress | 3 | €651,000 | €671,000 | +€20,000 | +3.1% |
| Stocks | 30/36 | €651,000 | €559,000 | -€92,000 | -14.1% |
| Contracts in progress | 37 | - | €112,000 | +€112,000 | |
| Amounts receivable within one year | 40/41 | €1,135,006 | €948,577 | -€186,429 | -16.4% |
| Trade receivables | 40 | €998,656 | €912,901 | -€85,755 | -8.6% |
| Other amounts receivable | 41 | €136,350 | €35,676 | -€100,675 | -73.8% |
| Current investments | 50/53 | €222,128 | €221,599 | -€529 | -0.2% |
| Cash at bank and in hand | 54/58 | €1,044,591 | €1,024,908 | -€19,682 | -1.9% |
| Deferred charges and accrued income | 490/1 | €84,981 | €100,751 | +€15,771 | +18.6% |
| Total equity and liabilities | 10/49 | €4,714,937 | €3,917,863 | -€797,074 | -16.9% |
| Equity | 10/15 | €2,602,509 | €2,718,091 | +€115,582 | +4.4% |
| Contributions | 10/11 | €64,200 | €64,200 | = | 0.0% |
| Capital | 10 | €64,200 | €64,200 | = | 0.0% |
| Issued capital | 100 | €64,200 | €64,200 | = | 0.0% |
| Reserves | 13 | €2,538,309 | €2,653,891 | +€115,582 | +4.6% |
| Non-distributable reserves | 130/1 | €7,860 | €7,860 | = | 0.0% |
| Legal reserve | 130 | €7,860 | €7,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €168,400 | €63,150 | -€105,250 | -62.5% |
| Distributable reserves | 133 | €2,362,049 | €2,582,881 | +€220,832 | +9.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,112,428 | €1,199,772 | -€912,656 | -43.2% |
| Amounts payable within one year | 42/48 | €2,111,485 | €1,198,541 | -€912,943 | -43.2% |
| Trade debts | 44 | €457,021 | €308,332 | -€148,689 | -32.5% |
| Suppliers | 440/4 | €457,021 | €308,332 | -€148,689 | -32.5% |
| Advances received on contracts in progress | 46 | €1,264,109 | €742,190 | -€521,919 | -41.3% |
| Taxes, remuneration and social security | 45 | €55,740 | €51,872 | -€3,867 | -6.9% |
| Taxes | 450/3 | €0 | €994 | +€994 | |
| Remuneration and social security | 454/9 | €55,740 | €50,878 | -€4,861 | -8.7% |
| Other amounts payable | 47/48 | €334,615 | €96,147 | -€238,468 | -71.3% |
| Accrued charges and deferred income | 492/3 | €944 | €1,231 | +€287 | +30.5% |
| Remuneration, social security and pensions | 62 | €726,050 | €800,799 | +€74,748 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,356 | €178,984 | +€88,628 | +98.1% |
| Other operating charges | 640/8 | €7,688 | €29,478 | +€21,791 | +283.4% |
| Non-recurring operating charges | 66A | €32,366 | €0 | -€32,366 | -100.0% |
| Gross operating margin | 9900 | €1,396,169 | €1,367,999 | -€28,171 | -2.0% |
| Operating profit (loss) | 9901 | €539,709 | €358,737 | -€180,972 | -33.5% |
| Financial income | 75/76B | €25,225 | €26,021 | +€797 | +3.2% |
| Recurring financial income | 75 | €25,225 | €26,021 | +€797 | +3.2% |
| Financial charges | 65/66B | €59,709 | €12,201 | -€47,508 | -79.6% |
| Recurring financial charges | 65 | €59,709 | €12,201 | -€47,508 | -79.6% |
| Profit (loss) for the period before taxes | 9903 | €505,225 | €372,558 | -€132,667 | -26.3% |
| Income taxes | 67/77 | €100,839 | €112,856 | +€12,017 | +11.9% |
| Profit (loss) for the period | 9904 | €404,386 | €259,702 | -€144,684 | -35.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €168,400 | +€168,400 | |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €404,386 | €364,952 | -€39,434 | -9.8% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.