How to read an Estonian annual report: müügitulu, ärikasum, omakapital
Last updated 2026-09-20
Estonian companies file an annual report (majandusaasta aruanne) with the e-Business Register. The company pages on this site take their financial figures from these reports. This guide lists the lines that matter, with the Estonian term for each, and explains how the report year is labelled.
Financial year and report year
A company chooses its financial year (majandusaasta). It can follow the calendar year or run from another date. The report covers that period, and the register stores the start and end dates. The register also assigns a report year (aruandeaasta). This site uses the register's label.
The two can look different. A company whose financial year runs from 1 July 2024 to 30 June 2025 has the report year 2024. Its company page says so: revenue for the 2024 financial year, period 1 July 2024 to 30 June 2025. When you compare two companies, compare their period dates as well as their report years. The reports on this site span 2019 to2025.
The law gives a company six months after the end of the financial year to submit the report. The latest report year on a page can therefore be a year behind the calendar for several months. A company that filed late, or has not filed, shows an older latest year.
The balance sheet: bilanss
The balance sheet shows what the company owns and owes on the last day of the period.
| English | Estonian | Meaning |
|---|---|---|
| Cash | Raha | Cash and bank balances. |
| Current assets | Käibevara | Cash, receivables and stock, expected to turn into cash within a year. |
| Non-current assets | Põhivara | Property, equipment and long-term investments. |
| Total assets | Varad | Current plus non-current assets. |
| Current liabilities | Lühiajalised kohustised | Debts due within a year. |
| Non-current liabilities | Pikaajalised kohustised | Debts due after more than a year, such as long-term loans. |
| Equity | Omakapital | Assets minus liabilities: what belongs to the owners. |
Equity can be negative when liabilities exceed assets. A negative equity figure is a fact worth checking, and the page shows it with a minus sign.
The income statement: kasumiaruanne
| English | Estonian | Meaning |
|---|---|---|
| Revenue | Müügitulu | Income from selling goods and services in the period. |
| Employee expense | Tööjõukulud | Wages and the labour taxes the employer pays on them. |
| Depreciation | Põhivara kulum ja väärtuse langus | Cost of the wear of long-lived assets. |
| Operating profit | Ärikasum | Profit from the core business, before financial items. |
| Profit before tax | Kasum enne tulumaksustamist | Operating profit plus or minus financial income and costs. |
| Net profit | Aruandeaasta kasum (kahjum) | Result for the year after income tax. A loss is a negative number. |
Estonia taxes company profit when it is distributed, for example as a dividend, and does not tax retained profit. For that reason profit before tax and net profit are often close or equal. A gap between them usually means the company paid out profit in that year.
Headcount: töötajate arv taandatud täistööajale
The average number of employees converted to full-time equivalents (FTE). Two half-time employees count as one FTE. The figure is an average over the year, so it can differ from the number of people on the payroll on a given day. The quarterly figure from the tax board counts employees differently, and the guide to quarterly datacompares the two.
Ratios the company page calculates
- Net profit margin is net profit divided by revenue. It is undefined when revenue is zero.
- Equity ratio is equity divided by total assets. A high ratio means the company finances itself mostly from owners' funds.
- Revenue per employee is revenue divided by FTE.
- Revenue CAGR is the compound annual growth rate between the first and the latest report year. It appears when at least three years are available, and it divides by the calendar years elapsed.
These are calculations by this site, not figures from the report, and the methodology page states each formula.
Missing lines are normal
Small companies file a shorter report and leave out lines. On this site's published companies,100% of the latest reports carry revenue,86% carry employee expense and72% carry non-current liabilities. A blank cell means the company did not report the line. It does not mean zero. A company with no long-term loans has no non-current liabilities line, for example.
What the report does not include here
- Only the company's own report is used. Consolidated group reports are left out.
- Notes, the management report and the auditor's opinion are not copied. The official register has them.
- The figures are as filed. The site does not adjust them.
To read the full report of a company, follow the registry code link on its page to the e-Business Register.