ESTOR: 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.
ESTOR
Largest movements
- Tangible fixed assets +€535,500
up €535,500 (+54.2%), from €987,560 to €1.5m
of which Land and buildings: +€437,578
- Cash -€72,802
no longer reported in 2025 (was €72,802)
mainly Investment in fixed assets (net) (-€616,908) and Tax, wage and social debts (-€11,451)
- Debts after one year +€326,749
up €326,749 (+46.4%), from €703,604 to €1.0m
- Reserves +€65,319
up €65,319 (+32.8%), from €198,860 to €264,179
of which Distributable reserves: +€67,179
- Other debts +€55,239
up €55,239 (+6,828%), from €809 to €56,048
- Current portion of long-term debt +€33,465
up €33,465 (+47.0%), from €71,213 to €104,678
- Gross operating margin +€39,640
up €39,640 (+24.4%), from €162,177 to €201,817
- Depreciation +€14,131
up €14,131 (+21.0%), from €67,277 to €81,408
- Financial charges +€12,000
up €12,000 (+152%), from €7,904 to €19,905
- Other operating charges +€7,369
up €7,369 (+223%), from €3,310 to €10,678
- Taxes -€5,874
down €5,874 (-19.2%), from €30,616 to €24,742
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 | €1,161,474 | €1,627,653 | +€466,179 | +40.1% |
| Fixed assets | 21/28 | €987,560 | €1,523,060 | +€535,500 | +54.2% |
| Tangible fixed assets | 22/27 | €987,560 | €1,523,060 | +€535,500 | +54.2% |
| Land and buildings | 22 | €986,709 | €1,424,287 | +€437,578 | +44.3% |
| Plant, machinery and equipment | 23 | - | €5,116 | +€5,116 | |
| Furniture and vehicles | 24 | €852 | €93,657 | +€92,805 | +10,894% |
| Current assets | 29/58 | €173,914 | €104,593 | -€69,320 | -39.9% |
| Amounts receivable after more than one year | 29 | €50,025 | €50,025 | = | 0.0% |
| Other amounts receivable | 291 | €50,025 | €50,025 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,982 | €44,168 | -€4,813 | -9.8% |
| Trade receivables | 40 | €42,532 | €37,794 | -€4,737 | -11.1% |
| Other amounts receivable | 41 | €6,450 | €6,374 | -€76 | -1.2% |
| Cash at bank and in hand | 54/58 | €72,802 | - | -€72,802 | |
| Deferred charges and accrued income | 490/1 | €2,105 | €10,400 | +€8,295 | +394% |
| Total equity and liabilities | 10/49 | €1,161,474 | €1,627,653 | +€466,179 | +40.1% |
| Equity | 10/15 | €328,452 | €393,772 | +€65,319 | +19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €198,860 | €264,179 | +€65,319 | +32.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €197,000 | €264,179 | +€67,179 | +34.1% |
| Profit (loss) carried forward | 14 | €110,992 | €110,992 | = | 0.0% |
| Amounts payable | 17/49 | €833,022 | €1,233,881 | +€400,860 | +48.1% |
| Amounts payable after more than one year | 17 | €703,604 | €1,030,353 | +€326,749 | +46.4% |
| Financial debts | 170/4 | €703,604 | €1,030,353 | +€326,749 | +46.4% |
| Amounts payable within one year | 42/48 | €127,632 | €200,998 | +€73,366 | +57.5% |
| Current portion of amounts payable after more than one year | 42 | €71,213 | €104,678 | +€33,465 | +47.0% |
| Financial debts | 43 | - | €2,751 | +€2,751 | |
| Credit institutions | 430/8 | - | €2,751 | +€2,751 | |
| Trade debts | 44 | €17,259 | €10,621 | -€6,638 | -38.5% |
| Suppliers | 440/4 | €17,259 | €10,621 | -€6,638 | -38.5% |
| Taxes, remuneration and social security | 45 | €38,351 | €26,900 | -€11,451 | -29.9% |
| Taxes | 450/3 | €38,351 | €26,900 | -€11,451 | -29.9% |
| Other amounts payable | 47/48 | €809 | €56,048 | +€55,239 | +6,828% |
| Accrued charges and deferred income | 492/3 | €1,786 | €2,530 | +€744 | +41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,277 | €81,408 | +€14,131 | +21.0% |
| Other operating charges | 640/8 | €3,310 | €10,678 | +€7,369 | +223% |
| Gross operating margin | 9900 | €162,177 | €201,817 | +€39,640 | +24.4% |
| Operating profit (loss) | 9901 | €91,590 | €109,730 | +€18,141 | +19.8% |
| Financial income | 75/76B | €1,530 | €236 | -€1,294 | -84.6% |
| Recurring financial income | 75 | €1,530 | €236 | -€1,294 | -84.6% |
| Financial charges | 65/66B | €7,904 | €19,905 | +€12,000 | +152% |
| Recurring financial charges | 65 | €7,904 | €19,905 | +€12,000 | +152% |
| Profit (loss) for the period before taxes | 9903 | €85,215 | €90,061 | +€4,846 | +5.7% |
| Income taxes | 67/77 | €30,616 | €24,742 | -€5,874 | -19.2% |
| Profit (loss) for the period | 9904 | €54,599 | €65,319 | +€10,721 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €54,599 | €65,319 | +€10,721 | +19.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.