Estor-Lux II: 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-Lux II
Largest movements
- Cash +€14.9m
up €14.9m (+682%), from €2.2m to €17.1m
mainly Debts after one year (+€26.6m) and Contributions, distributions and other (+€16.3m)
- Intangible fixed assets +€9.9m
up €9.9m (+4,661%), from €212,709 to €10.1m
- Tangible fixed assets +€9.8m
up €9.8m (+218%), from €4.5m to €14.3m
of which Assets under construction and advance payments: +€9.8m
- Debts after one year +€26.6m
new in 2025: €26.6m
- Contributions +€16.3m
up €16.3m (+1,631%), from €1.0m to €17.3m
- Short-term financial debts -€7.1m
down €7.1m (-100%), from €7.1m to €0
- Profit (loss) carried forward -€1.9m
down €1.9m (-108%), from -€1.8m to -€3.6m
- Accrued charges and deferred income +€964,896
up €964,896 (+228%), from €423,496 to €1.4m
- Depreciation +€440,446
up €440,446 (+3,934%), from €11,195 to €451,641
- Financial charges +€271,373
up €271,373 (+64.0%), from €424,224 to €695,597
- Gross operating margin +€252,075
up €252,075 (+25.3%), from -€996,156 to -€744,081
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 | €6,942,816 | €41,989,787 | +€35.0m | +505% |
| Fixed assets | 21/28 | €4,717,689 | €24,453,143 | +€19.7m | +418% |
| Intangible fixed assets | 21 | €212,709 | €10,126,584 | +€9.9m | +4,661% |
| Tangible fixed assets | 22/27 | €4,504,979 | €14,326,559 | +€9.8m | +218% |
| Furniture and vehicles | 24 | - | €3,808 | +€3,808 | |
| Assets under construction and advance payments | 27 | €4,504,979 | €14,322,751 | +€9.8m | +218% |
| Current assets | 29/58 | €2,225,128 | €17,536,644 | +€15.3m | +688% |
| Amounts receivable within one year | 40/41 | €39,338 | €47,505 | +€8,167 | +20.8% |
| Other amounts receivable | 41 | €39,338 | €47,505 | +€8,167 | +20.8% |
| Cash at bank and in hand | 54/58 | €2,185,789 | €17,087,878 | +€14.9m | +682% |
| Deferred charges and accrued income | 490/1 | - | €401,260 | +€401,260 | |
| Total equity and liabilities | 10/49 | €6,942,816 | €41,989,787 | +€35.0m | +505% |
| Equity | 10/15 | -€751,429 | €13,667,579 | +€14.4m | |
| Contributions | 10/11 | €1,000,000 | €17,312,000 | +€16.3m | +1,631% |
| Capital | 10 | €1,000,000 | €17,312,000 | +€16.3m | +1,631% |
| Issued capital | 100 | €1,000,000 | €17,312,000 | +€16.3m | +1,631% |
| Uncalled capital | 101 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€1,751,429 | -€3,644,421 | -€1.9m | -108% |
| Amounts payable | 17/49 | €7,694,245 | €28,322,208 | +€20.6m | +268% |
| Amounts payable after more than one year | 17 | - | €26,646,727 | +€26.6m | |
| Financial debts | 170/4 | - | €26,646,727 | +€26.6m | |
| Amounts payable within one year | 42/48 | €7,270,749 | €287,089 | -€7.0m | -96.1% |
| Financial debts | 43 | €7,134,000 | €0 | -€7.1m | -100% |
| Other loans | 439 | €7,134,000 | €0 | -€7.1m | -100% |
| Trade debts | 44 | €136,749 | €287,089 | +€150,340 | +110% |
| Suppliers | 440/4 | €136,749 | €287,089 | +€150,340 | +110% |
| Accrued charges and deferred income | 492/3 | €423,496 | €1,388,392 | +€964,896 | +228% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,195 | €451,641 | +€440,446 | +3,934% |
| Other operating charges | 640/8 | €1,076 | €1,672 | +€596 | +55.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€996,156 | -€744,081 | +€252,075 | +25.3% |
| Operating profit (loss) | 9901 | -€1,008,428 | -€1,197,395 | -€188,967 | -18.7% |
| Financial charges | 65/66B | €424,224 | €695,597 | +€271,373 | +64.0% |
| Recurring financial charges | 65 | €424,224 | €695,597 | +€271,373 | +64.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,432,652 | -€1,892,992 | -€460,340 | -32.1% |
| Profit (loss) for the period | 9904 | -€1,432,652 | -€1,892,992 | -€460,340 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,432,652 | -€1,892,992 | -€460,340 | -32.1% |
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 31 October 2026 via checked.be.