LUCIA ESTEVES: 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.
LUCIA ESTEVES
Largest movements
- Stocks and contracts -€18,895
down €18,895 (-49.0%), from €38,527 to €19,632
- Deferred charges and accrued income +€2,915
up €2,915 (+3,448%), from €85 to €3,000
- Tangible fixed assets -€2,496
down €2,496 (-2.0%), from €127,517 to €125,020
of which Land and buildings: -€9,373
- Other debts -€52,634
down €52,634 (-29.3%), from €179,661 to €127,028
- Profit (loss) carried forward +€36,812
up €36,812 (+9.9%), from -€373,371 to -€336,560
- Tax, wage and social debts -€5,245
down €5,245 (-99.1%), from €5,290 to €46
of which Taxes: -€5,245
- Trade debts +€3,786
up €3,786 (+10.2%), from €37,087 to €40,873
- Gross operating margin +€107,179
up €107,179, from -€87,674 to €19,505
- Write-downs -€31,460
new in 2025: -€31,460
- Staff costs -€4,800
no longer reported in 2025 (was €4,800)
- Depreciation -€1,292
down €1,292 (-9.7%), from €13,369 to €12,077
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 | €175,834 | €157,025 | -€18,810 | -10.7% |
| Fixed assets | 21/28 | €127,617 | €125,120 | -€2,496 | -2.0% |
| Tangible fixed assets | 22/27 | €127,517 | €125,020 | -€2,496 | -2.0% |
| Land and buildings | 22 | €125,319 | €115,946 | -€9,373 | -7.5% |
| Plant, machinery and equipment | 23 | €1,283 | €1,012 | -€271 | -21.1% |
| Furniture and vehicles | 24 | €915 | €8,063 | +€7,148 | +781% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €48,217 | €31,904 | -€16,313 | -33.8% |
| Stocks and contracts in progress | 3 | €38,527 | €19,632 | -€18,895 | -49.0% |
| Stocks | 30/36 | €38,527 | €19,632 | -€18,895 | -49.0% |
| Amounts receivable within one year | 40/41 | €9,386 | €8,060 | -€1,326 | -14.1% |
| Trade receivables | 40 | €861 | €48 | -€813 | -94.4% |
| Other amounts receivable | 41 | €8,524 | €8,012 | -€512 | -6.0% |
| Cash at bank and in hand | 54/58 | €220 | €1,212 | +€992 | +450% |
| Deferred charges and accrued income | 490/1 | €85 | €3,000 | +€2,915 | +3,448% |
| Total equity and liabilities | 10/49 | €175,834 | €157,025 | -€18,810 | -10.7% |
| Equity | 10/15 | -€49,838 | -€13,026 | +€36,812 | +73.9% |
| Contributions | 10/11 | €318,618 | €318,618 | = | 0.0% |
| Reserves | 13 | €4,916 | €4,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,056 | €3,056 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€373,371 | -€336,560 | +€36,812 | +9.9% |
| Amounts payable | 17/49 | €225,672 | €170,051 | -€55,621 | -24.6% |
| Amounts payable within one year | 42/48 | €224,149 | €170,051 | -€54,099 | -24.1% |
| Financial debts | 43 | €840 | €2,105 | +€1,264 | +150% |
| Credit institutions | 430/8 | €840 | €2,105 | +€1,264 | +150% |
| Trade debts | 44 | €37,087 | €40,873 | +€3,786 | +10.2% |
| Suppliers | 440/4 | €37,087 | €40,873 | +€3,786 | +10.2% |
| Advances received on contracts in progress | 46 | €1,270 | - | -€1,270 | |
| Taxes, remuneration and social security | 45 | €5,290 | €46 | -€5,245 | -99.1% |
| Taxes | 450/3 | €5,263 | €18 | -€5,245 | -99.7% |
| Remuneration and social security | 454/9 | €27 | €27 | = | 0.0% |
| Other amounts payable | 47/48 | €179,661 | €127,028 | -€52,634 | -29.3% |
| Accrued charges and deferred income | 492/3 | €1,523 | - | -€1,523 | |
| Remuneration, social security and pensions | 62 | €4,800 | - | -€4,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,369 | €12,077 | -€1,292 | -9.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€31,460 | -€31,460 | |
| Other operating charges | 640/8 | €537 | €420 | -€117 | -21.9% |
| Gross operating margin | 9900 | -€87,674 | €19,505 | +€107,179 | |
| Operating profit (loss) | 9901 | -€106,380 | €38,468 | +€144,848 | |
| Financial charges | 65/66B | €985 | €1,385 | +€399 | +40.5% |
| Recurring financial charges | 65 | €985 | €1,385 | +€399 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | -€107,366 | €37,083 | +€144,448 | |
| Income taxes | 67/77 | - | €271 | +€271 | |
| Profit (loss) for the period | 9904 | -€107,366 | €36,812 | +€144,177 | |
| Profit (loss) for the period to be appropriated | 9905 | -€107,366 | €36,812 | +€144,177 |
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 25 October 2026 via checked.be.