ESTOV: 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.
ESTOV
Largest movements
- Stocks and contracts +€27,830
up €27,830 (+709.2%), from €3,924 to €31,754
- Receivables within one year +€4,915
up €4,915 (+10.1%), from €48,793 to €53,707
of which Trade receivables: +€5,411
- Intangible fixed assets -€2,495
down €2,495 (-41.1%), from €6,076 to €3,581
- Cash -€1,604
down €1,604 (-32.4%), from €4,951 to €3,347
mainly Stocks and contracts (-€27,830) and Net result for the year (-€13,206)
- Deferred charges and accrued income +€1,447
up €1,447 (+377.7%), from €383 to €1,831
- Trade debts +€25,247
up €25,247 (+109.0%), from €23,169 to €48,416
- Other debts +€17,617
up €17,617 (+4103.3%), from €429 to €18,046
- Profit (loss) carried forward -€13,206
down €13,206 (-99.7%), from €13,241 to €35
- Gross operating margin -€12,931
down €12,931, from €6,448 to -€6,483
- Financial income -€2,414
down €2,414 (-93.9%), from €2,572 to €158
- Financial charges -€791
down €791 (-23.4%), from €3,386 to €2,594
- Taxes -€609
down €609, from €564 to -€45
- Depreciation -€204
down €204 (-5.2%), from €3,949 to €3,745
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 | €71,407 | €100,250 | +€28,843 | +40.4% |
| Fixed assets | 21/28 | €13,356 | €9,611 | -€3,745 | -28.0% |
| Intangible fixed assets | 21 | €6,076 | €3,581 | -€2,495 | -41.1% |
| Tangible fixed assets | 22/27 | €7,280 | €6,030 | -€1,250 | -17.2% |
| Plant, machinery and equipment | 23 | €7,280 | €6,030 | -€1,250 | -17.2% |
| Current assets | 29/58 | €58,051 | €90,639 | +€32,588 | +56.1% |
| Stocks and contracts in progress | 3 | €3,924 | €31,754 | +€27,830 | +709.2% |
| Stocks | 30/36 | €3,924 | €31,754 | +€27,830 | +709.2% |
| Amounts receivable within one year | 40/41 | €48,793 | €53,707 | +€4,915 | +10.1% |
| Trade receivables | 40 | €47,124 | €52,535 | +€5,411 | +11.5% |
| Other amounts receivable | 41 | €1,668 | €1,172 | -€496 | -29.8% |
| Cash at bank and in hand | 54/58 | €4,951 | €3,347 | -€1,604 | -32.4% |
| Deferred charges and accrued income | 490/1 | €383 | €1,831 | +€1,447 | +377.7% |
| Total equity and liabilities | 10/49 | €71,407 | €100,250 | +€28,843 | +40.4% |
| Equity | 10/15 | €45,292 | €32,086 | -€13,206 | -29.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,851 | €25,851 | = | 0.0% |
| Distributable reserves | 133 | €25,851 | €25,851 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,241 | €35 | -€13,206 | -99.7% |
| Amounts payable | 17/49 | €26,116 | €68,164 | +€42,048 | +161.0% |
| Amounts payable within one year | 42/48 | €26,078 | €68,049 | +€41,971 | +160.9% |
| Trade debts | 44 | €23,169 | €48,416 | +€25,247 | +109.0% |
| Suppliers | 440/4 | €23,169 | €48,416 | +€25,247 | +109.0% |
| Taxes, remuneration and social security | 45 | €2,480 | €1,587 | -€893 | -36.0% |
| Taxes | 450/3 | €830 | €1,587 | +€757 | +91.2% |
| Remuneration and social security | 454/9 | €1,650 | - | -€1,650 | |
| Other amounts payable | 47/48 | €429 | €18,046 | +€17,617 | +4103.3% |
| Accrued charges and deferred income | 492/3 | €38 | €115 | +€78 | +206.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,949 | €3,745 | -€204 | -5.2% |
| Other operating charges | 640/8 | €671 | €585 | -€86 | -12.8% |
| Gross operating margin | 9900 | €6,448 | -€6,483 | -€12,931 | |
| Operating profit (loss) | 9901 | €1,827 | -€10,814 | -€12,641 | |
| Financial income | 75/76B | €2,572 | €158 | -€2,414 | -93.9% |
| Recurring financial income | 75 | €2,572 | €158 | -€2,414 | -93.9% |
| Financial charges | 65/66B | €3,386 | €2,594 | -€791 | -23.4% |
| Recurring financial charges | 65 | €3,386 | €2,594 | -€791 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €1,013 | -€13,250 | -€14,264 | |
| Income taxes | 67/77 | €564 | -€45 | -€609 | |
| Profit (loss) for the period | 9904 | €449 | -€13,206 | -€13,655 | |
| Profit (loss) for the period to be appropriated | 9905 | €449 | -€13,206 | -€13,655 |
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 8 October 2026 via checked.be.