E-STATE: 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.
What changed
E-STATE
NACE 73.200, Market research and public opinion polling
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€464,669
2024 · €326,843+€137,826
Equity
€50.8m
2024 · €50.3m+€464,669
Cash
€2.1m
2024 · €4.3m-€2.2m
Balance sheet total
€55.5m
2024 · €55.6m-€64,541
Largest movements
Assets
- Cash -€2.2m
down €2.2m (-50.6%), from €4.3m to €2.1m
mainly Receivables after one year (-€1.8m) and Current investments (-€1.6m)
- Receivables after one year +€1.8m
new in 2025: €1.8m
- Current investments +€1.6m
up €1.6m (+43.6%), from €3.7m to €5.4m
- Tangible fixed assets -€1.3m
down €1.3m (-23.8%), from €5.5m to €4.2m
of which Land and buildings: -€1.3m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial charges -€121,814
down €121,814 (-42.5%), from €286,600 to €164,786
- Financial income -€99,396
down €99,396 (-27.6%), from €360,266 to €260,871
of which Financial income: -€99,391
- Other operating charges -€64,497
down €64,497 (-69.1%), from €93,370 to €28,873
- Depreciation -€33,675
down €33,675 (-13.9%), from €241,883 to €208,208
- Gross operating margin -€28,923
down €28,923 (-3.5%), from €832,142 to €803,219
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.
Result 2024
€326,843
Gross operating margin
-€28,923
Staff costs
+€3,702
Depreciation
+€33,675
Other operating charges
+€64,497
Other operating items
+€37,122
Financial income
-€99,396
Financial charges
+€121,814
Taxes
+€3,572
Deferred taxes and other
+€1,762
Result 2025
€464,669
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€975,198
Investment
-€794,105
Financing
-€391,208
Cash 2024
€4.3m
From operations (derived)
-€975,198
Net result for the year
+€464,669
Depreciation
+€208,208
Receivables after one year
-€1.8m
Receivables within one year
+€261,604
Deferred charges and accrued income
-€21,678
Provisions
-€1,762
Trade debts
-€21,013
Tax, wage and social debts
-€52,034
Other debts
-€56,508
Accrued charges and deferred income
-€6,685
Investment (derived)
-€794,105
Investment in fixed assets (net)
+€832,452
Current investments
-€1.6m
Financing
-€391,208
Debts after one year
+€56,341
Current portion of long-term debt
-€447,549
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,581,431 | €55,516,891 | -€64,541 | -0.1% |
| Fixed assets | 21/28 | €47,157,636 | €46,116,976 | -€1.0m | -2.2% |
| Tangible fixed assets | 22/27 | €5,487,521 | €4,179,813 | -€1.3m | -23.8% |
| Land and buildings | 22 | €5,067,238 | €3,769,076 | -€1.3m | -25.6% |
| Furniture and vehicles | 24 | €12,698 | €11,345 | -€1,353 | -10.7% |
| Other tangible fixed assets | 26 | €407,585 | €399,391 | -€8,194 | -2.0% |
| Financial fixed assets | 28 | €41,670,116 | €41,937,163 | +€267,048 | +0.6% |
| Current assets | 29/58 | €8,423,795 | €9,399,915 | +€976,120 | +11.6% |
| Amounts receivable after more than one year | 29 | - | €1,750,000 | +€1.8m | |
| Other amounts receivable | 291 | - | €1,750,000 | +€1.8m | |
| Amounts receivable within one year | 40/41 | €422,810 | €161,206 | -€261,604 | -61.9% |
| Trade receivables | 40 | €45,061 | €14,198 | -€30,864 | -68.5% |
| Other amounts receivable | 41 | €377,748 | €147,008 | -€230,740 | -61.1% |
| Current investments | 50/53 | €3,730,442 | €5,356,999 | +€1.6m | +43.6% |
| Cash at bank and in hand | 54/58 | €4,266,241 | €2,105,729 | -€2.2m | -50.6% |
| Deferred charges and accrued income | 490/1 | €4,303 | €25,981 | +€21,678 | +504% |
| Total equity and liabilities | 10/49 | €55,581,431 | €55,516,891 | -€64,541 | -0.1% |
| Equity | 10/15 | €50,291,900 | €50,756,569 | +€464,669 | +0.9% |
| Contributions | 10/11 | €38,514,259 | €38,514,259 | = | 0.0% |
| Reserves | 13 | €1,001,489 | €996,204 | -€5,285 | -0.5% |
| Tax-exempt reserves | 132 | €927,489 | €922,204 | -€5,285 | -0.6% |
| Distributable reserves | 133 | €74,000 | €74,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,776,151 | €11,246,105 | +€469,954 | +4.4% |
| Provisions and deferred taxes | 16 | €309,163 | €307,401 | -€1,762 | -0.6% |
| Deferred taxes | 168 | €309,163 | €307,401 | -€1,762 | -0.6% |
| Amounts payable | 17/49 | €4,980,369 | €4,452,921 | -€527,448 | -10.6% |
| Amounts payable after more than one year | 17 | €3,312,687 | €3,369,028 | +€56,341 | +1.7% |
| Financial debts | 170/4 | €3,295,871 | €3,349,512 | +€53,641 | +1.6% |
| Other amounts payable | 178/9 | €16,816 | €19,516 | +€2,700 | +16.1% |
| Amounts payable within one year | 42/48 | €1,654,083 | €1,076,979 | -€577,103 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €1,389,741 | €942,192 | -€447,549 | -32.2% |
| Trade debts | 44 | €37,878 | €16,865 | -€21,013 | -55.5% |
| Suppliers | 440/4 | €37,878 | €16,865 | -€21,013 | -55.5% |
| Taxes, remuneration and social security | 45 | €169,956 | €117,922 | -€52,034 | -30.6% |
| Taxes | 450/3 | €166,808 | €114,976 | -€51,832 | -31.1% |
| Remuneration and social security | 454/9 | €3,148 | €2,946 | -€201 | -6.4% |
| Other amounts payable | 47/48 | €56,508 | €0 | -€56,508 | -100% |
| Accrued charges and deferred income | 492/3 | €13,598 | €6,913 | -€6,685 | -49.2% |
| Non-recurring operating income | 76A | €2,268 | €64,450 | +€62,182 | +2,741% |
| Remuneration, social security and pensions | 62 | €31,576 | €27,874 | -€3,702 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,883 | €208,208 | -€33,675 | -13.9% |
| Other operating charges | 640/8 | €93,370 | €28,873 | -€64,497 | -69.1% |
| Non-recurring operating charges | 66A | €37,122 | €0 | -€37,122 | -100% |
| Gross operating margin | 9900 | €832,142 | €803,219 | -€28,923 | -3.5% |
| Operating profit (loss) | 9901 | €428,190 | €538,263 | +€110,074 | +25.7% |
| Financial income | 75/76B | €360,266 | €260,871 | -€99,396 | -27.6% |
| Recurring financial income | 75 | €360,261 | €260,871 | -€99,391 | -27.6% |
| Non-recurring financial income | 76B | €5 | €0 | -€5 | -100% |
| Financial charges | 65/66B | €286,600 | €164,786 | -€121,814 | -42.5% |
| Recurring financial charges | 65 | €286,600 | €164,786 | -€121,814 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €501,856 | €634,348 | +€132,492 | +26.4% |
| Transfer from deferred taxes | 780 | - | €12,581 | +€12,581 | |
| Transfer to deferred taxes | 680 | €0 | €10,819 | +€10,819 | |
| Income taxes | 67/77 | €175,013 | €171,441 | -€3,572 | -2.0% |
| Profit (loss) for the period | 9904 | €326,843 | €464,669 | +€137,826 | +42.2% |
| Transfer from tax-exempt reserves | 789 | €47,718 | €37,742 | -€9,977 | -20.9% |
| Transfer to tax-exempt reserves | 689 | €0 | €32,456 | +€32,456 | |
| Profit (loss) for the period to be appropriated | 9905 | €374,561 | €469,954 | +€95,393 | +25.5% |
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 29 October 2026 via checked.be.