A. ETIENNE: 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.
A. ETIENNE
Largest movements
- Receivables within one year +€55,247
up €55,247 (+299%), from €18,506 to €73,753
of which Trade receivables: +€57,471
- Cash -€46,968
down €46,968 (-32.6%), from €144,060 to €97,092
mainly Receivables within one year (-€55,247) and Debts after one year (-€9,315)
- Tangible fixed assets -€16,442
down €16,442 (-20.3%), from €80,921 to €64,479
of which Furniture and vehicles: -€11,560
- Stocks and contracts +€6,247
up €6,247 (+64.3%), from €9,715 to €15,962
- Debts after one year -€9,315
down €9,315 (-19.9%), from €46,838 to €37,523
- Trade debts +€8,403
up €8,403 (+140%), from €5,983 to €14,387
- Advances received +€5,622
new in 2025: €5,622
- Accrued charges and deferred income -€3,158
no longer reported in 2025 (was €3,158)
- Gross operating margin -€52,152
down €52,152 (-74.8%), from €69,755 to €17,602
- Taxes -€12,535
down €12,535 (-98.1%), from €12,776 to €241
- Write-downs -€3,998
no longer reported in 2025 (was €3,998)
- Depreciation +€2,997
up €2,997 (+21.3%), from €14,042 to €17,040
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 | €259,105 | €259,437 | +€332 | +0.1% |
| Fixed assets | 21/28 | €83,397 | €68,384 | -€15,013 | -18.0% |
| Intangible fixed assets | 21 | €1,786 | €3,215 | +€1,429 | +80.0% |
| Tangible fixed assets | 22/27 | €80,921 | €64,479 | -€16,442 | -20.3% |
| Land and buildings | 22 | €31,980 | €31,980 | = | 0.0% |
| Plant, machinery and equipment | 23 | €15,071 | €10,188 | -€4,883 | -32.4% |
| Furniture and vehicles | 24 | €33,870 | €22,311 | -€11,560 | -34.1% |
| Financial fixed assets | 28 | €690 | €690 | = | 0.0% |
| Current assets | 29/58 | €175,707 | €191,053 | +€15,346 | +8.7% |
| Stocks and contracts in progress | 3 | €9,715 | €15,962 | +€6,247 | +64.3% |
| Stocks | 30/36 | €9,715 | €15,962 | +€6,247 | +64.3% |
| Amounts receivable within one year | 40/41 | €18,506 | €73,753 | +€55,247 | +299% |
| Trade receivables | 40 | €16,281 | €73,753 | +€57,471 | +353% |
| Other amounts receivable | 41 | €2,224 | - | -€2,224 | |
| Cash at bank and in hand | 54/58 | €144,060 | €97,092 | -€46,968 | -32.6% |
| Deferred charges and accrued income | 490/1 | €3,427 | €4,247 | +€819 | +23.9% |
| Total equity and liabilities | 10/49 | €259,105 | €259,437 | +€332 | +0.1% |
| Equity | 10/15 | €187,405 | €185,428 | -€1,977 | -1.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €168,855 | €166,878 | -€1,977 | -1.2% |
| Distributable reserves | 133 | €168,855 | €166,878 | -€1,977 | -1.2% |
| Amounts payable | 17/49 | €71,700 | €74,009 | +€2,309 | +3.2% |
| Amounts payable after more than one year | 17 | €46,838 | €37,523 | -€9,315 | -19.9% |
| Financial debts | 170/4 | €46,838 | €37,523 | -€9,315 | -19.9% |
| Amounts payable within one year | 42/48 | €21,703 | €36,486 | +€14,783 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €10,539 | €9,315 | -€1,224 | -11.6% |
| Trade debts | 44 | €5,983 | €14,387 | +€8,403 | +140% |
| Suppliers | 440/4 | €5,983 | €14,387 | +€8,403 | +140% |
| Advances received on contracts in progress | 46 | - | €5,622 | +€5,622 | |
| Taxes, remuneration and social security | 45 | €3,887 | €4,097 | +€210 | +5.4% |
| Taxes | 450/3 | €3,887 | €4,097 | +€210 | +5.4% |
| Other amounts payable | 47/48 | €1,293 | €3,065 | +€1,772 | +137% |
| Accrued charges and deferred income | 492/3 | €3,158 | - | -€3,158 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,042 | €17,040 | +€2,997 | +21.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,998 | - | -€3,998 | |
| Other operating charges | 640/8 | €20 | - | -€20 | |
| Gross operating margin | 9900 | €69,755 | €17,602 | -€52,152 | -74.8% |
| Operating profit (loss) | 9901 | €51,695 | €563 | -€51,133 | -98.9% |
| Financial income | 75/76B | €152 | €0 | -€152 | -99.9% |
| Recurring financial income | 75 | €152 | €0 | -€152 | -99.9% |
| Financial charges | 65/66B | €2,612 | €2,299 | -€313 | -12.0% |
| Recurring financial charges | 65 | €2,612 | €2,299 | -€313 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €49,235 | -€1,736 | -€50,972 | |
| Income taxes | 67/77 | €12,776 | €241 | -€12,535 | -98.1% |
| Profit (loss) for the period | 9904 | €36,459 | -€1,977 | -€38,437 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,459 | -€1,977 | -€38,437 |
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 19 October 2026 via checked.be.