ESTUGEN: 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.
ESTUGEN
Largest movements
- Cash +€253
up €253 (+2,027%), from €13 to €266
mainly Other debts (+€11,100) and Trade debts (+€483)
- Receivables within one year +€111
up €111 (+52.9%), from €209 to €320
- Deferred charges and accrued income +€34
new in 2025: €34
- Profit (loss) carried forward -€11,527
down €11,527 (-4.2%), from -€276,749 to -€288,276
- Other debts +€11,100
up €11,100 (+5.6%), from €197,941 to €209,041
- Trade debts +€483
up €483 (+43.9%), from €1,101 to €1,584
- Tax, wage and social debts +€176
up €176 (+101%), from €174 to €351
- Short-term financial debts +€165
up €165 (+1.1%), from €14,788 to €14,954
- Other operating charges +€1,127
up €1,127 (+79.8%), from €1,413 to €2,540
- Gross operating margin -€200
down €200 (-2.4%), from -€8,290 to -€8,490
- Financial charges +€103
up €103 (+46.4%), from €221 to €324
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 | €222 | €619 | +€398 | +179% |
| Current assets | 29/58 | €222 | €619 | +€398 | +179% |
| Amounts receivable within one year | 40/41 | €209 | €320 | +€111 | +52.9% |
| Other amounts receivable | 41 | €209 | €320 | +€111 | +52.9% |
| Cash at bank and in hand | 54/58 | €13 | €266 | +€253 | +2,027% |
| Deferred charges and accrued income | 490/1 | - | €34 | +€34 | |
| Total equity and liabilities | 10/49 | €222 | €619 | +€398 | +179% |
| Equity | 10/15 | -€213,783 | -€225,310 | -€11,527 | -5.4% |
| Contributions | 10/11 | €58,592 | €58,592 | = | 0.0% |
| Reserves | 13 | €4,374 | €4,374 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,515 | €2,515 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€276,749 | -€288,276 | -€11,527 | -4.2% |
| Amounts payable | 17/49 | €214,005 | €225,929 | +€11,924 | +5.6% |
| Amounts payable within one year | 42/48 | €214,005 | €225,929 | +€11,924 | +5.6% |
| Financial debts | 43 | €14,788 | €14,954 | +€165 | +1.1% |
| Credit institutions | 430/8 | €14,788 | €14,954 | +€165 | +1.1% |
| Trade debts | 44 | €1,101 | €1,584 | +€483 | +43.9% |
| Suppliers | 440/4 | €1,101 | €1,584 | +€483 | +43.9% |
| Taxes, remuneration and social security | 45 | €174 | €351 | +€176 | +101% |
| Taxes | 450/3 | €174 | €351 | +€176 | +101% |
| Other amounts payable | 47/48 | €197,941 | €209,041 | +€11,100 | +5.6% |
| Other operating charges | 640/8 | €1,413 | €2,540 | +€1,127 | +79.8% |
| Gross operating margin | 9900 | -€8,290 | -€8,490 | -€200 | -2.4% |
| Operating profit (loss) | 9901 | -€9,703 | -€11,030 | -€1,327 | -13.7% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €221 | €324 | +€103 | +46.4% |
| Recurring financial charges | 65 | €221 | €324 | +€103 | +46.4% |
| Profit (loss) for the period before taxes | 9903 | -€9,924 | -€11,351 | -€1,427 | -14.4% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€10,098 | -€11,527 | -€1,428 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,098 | -€11,527 | -€1,428 | -14.1% |
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 17 October 2026 via checked.be.