EMMANUEL DUTRIEUX: 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
EMMANUEL DUTRIEUX
NACE 46.180, Agents specialised in the wholesale of other particular products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€160,593
2024 · €103,290+€57,304
Equity
€1.8m
2024 · €1.6m+€153,550
Cash
€521,619
2024 · €315,824+€205,796
Balance sheet total
€4.9m
2024 · €4.6m+€275,590
Largest movements
Assets
- Cash +€205,796
up €205,796 (+65.2%), from €315,824 to €521,619
mainly Trade debts (+€401,355) and Depreciation (+€180,825)
- Stocks and contracts +€50,592
up €50,592 (+4.2%), from €1.2m to €1.3m
Equity and liabilities
- Trade debts +€401,355
up €401,355 (+23.6%), from €1.7m to €2.1m
- Accrued charges and deferred income -€167,352
down €167,352 (-98.8%), from €169,393 to €2,041
- Profit (loss) carried forward +€160,593
up €160,593 (+40.7%), from €395,019 to €555,612
- Tax, wage and social debts -€90,121
down €90,121 (-23.1%), from €389,597 to €299,477
of which Remuneration and social security: -€70,733
Income statement
- Write-downs -€109,405
down €109,405, from €35,431 to -€73,974
- Staff costs +€56,698
up €56,698 (+4.4%), from €1.3m to €1.4m
- Gross operating margin +€20,093
up €20,093 (+1.2%), from €1.7m to €1.7m
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
€103,290
Gross operating margin
+€20,093
Staff costs
-€56,698
Depreciation
-€12,142
Write-downs
+€109,405
Other operating charges
-€369
Financial income
+€5,729
Financial charges
+€5,155
Taxes
-€13,869
Result 2025
€160,593
raises the resultlowers the result
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
+€425,493
Investment
-€207,653
Financing
-€12,044
Cash 2024
€315,824
From operations (derived)
+€425,493
Net result for the year
+€160,593
Depreciation
+€180,825
Stocks and contracts
-€50,592
Receivables within one year
+€6,141
Deferred charges and accrued income
+€1,485
Trade debts
+€401,355
Tax, wage and social debts
-€90,121
Other debts
-€16,842
Accrued charges and deferred income
-€167,352
Investment (derived)
-€207,653
Investment in fixed assets (net)
-€207,653
Financing
-€12,044
Current portion of long-term debt
-€5,000
Contributions, distributions and other
-€7,044
Cash 2025
€521,619
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,579,957 | €4,855,547 | +€275,590 | +6.0% |
| Fixed assets | 21/28 | €1,136,075 | €1,162,903 | +€26,828 | +2.4% |
| Tangible fixed assets | 22/27 | €1,131,472 | €1,158,299 | +€26,827 | +2.4% |
| Land and buildings | 22 | €870,351 | €806,633 | -€63,718 | -7.3% |
| Plant, machinery and equipment | 23 | €182,400 | €185,064 | +€2,664 | +1.5% |
| Furniture and vehicles | 24 | €78,721 | €166,602 | +€87,881 | +112% |
| Financial fixed assets | 28 | €4,602 | €4,604 | +€2 | 0.0% |
| Current assets | 29/58 | €3,443,882 | €3,692,644 | +€248,762 | +7.2% |
| Stocks and contracts in progress | 3 | €1,211,200 | €1,261,792 | +€50,592 | +4.2% |
| Stocks | 30/36 | €1,211,200 | €1,261,792 | +€50,592 | +4.2% |
| Amounts receivable within one year | 40/41 | €1,907,799 | €1,901,658 | -€6,141 | -0.3% |
| Trade receivables | 40 | €1,907,799 | €1,901,658 | -€6,141 | -0.3% |
| Cash at bank and in hand | 54/58 | €315,824 | €521,619 | +€205,796 | +65.2% |
| Deferred charges and accrued income | 490/1 | €9,059 | €7,574 | -€1,485 | -16.4% |
| Total equity and liabilities | 10/49 | €4,579,957 | €4,855,547 | +€275,590 | +6.0% |
| Equity | 10/15 | €1,616,323 | €1,769,872 | +€153,550 | +9.5% |
| Contributions | 10/11 | €1,133,939 | €1,133,939 | = | 0.0% |
| Reserves | 13 | €26,240 | €26,240 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,595 | €4,595 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,595 | €4,595 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,646 | €21,646 | = | 0.0% |
| Profit (loss) carried forward | 14 | €395,019 | €555,612 | +€160,593 | +40.7% |
| Investment grants | 15 | €61,125 | €54,081 | -€7,044 | -11.5% |
| Amounts payable | 17/49 | €2,963,634 | €3,085,674 | +€122,041 | +4.1% |
| Amounts payable within one year | 42/48 | €2,794,241 | €3,083,633 | +€289,393 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €330,000 | €325,000 | -€5,000 | -1.5% |
| Trade debts | 44 | €1,699,238 | €2,100,593 | +€401,355 | +23.6% |
| Suppliers | 440/4 | €1,699,238 | €2,100,593 | +€401,355 | +23.6% |
| Taxes, remuneration and social security | 45 | €389,597 | €299,477 | -€90,121 | -23.1% |
| Taxes | 450/3 | €193,900 | €174,512 | -€19,387 | -10.0% |
| Remuneration and social security | 454/9 | €195,698 | €124,964 | -€70,733 | -36.1% |
| Other amounts payable | 47/48 | €375,406 | €358,564 | -€16,842 | -4.5% |
| Accrued charges and deferred income | 492/3 | €169,393 | €2,041 | -€167,352 | -98.8% |
| Remuneration, social security and pensions | 62 | €1,300,411 | €1,357,109 | +€56,698 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,683 | €180,825 | +€12,142 | +7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €35,431 | -€73,974 | -€109,405 | |
| Other operating charges | 640/8 | €34,966 | €35,336 | +€369 | +1.1% |
| Gross operating margin | 9900 | €1,686,730 | €1,706,823 | +€20,093 | +1.2% |
| Operating profit (loss) | 9901 | €147,239 | €207,527 | +€60,288 | +40.9% |
| Financial income | 75/76B | €24,327 | €30,056 | +€5,729 | +23.6% |
| Recurring financial income | 75 | €24,327 | €30,056 | +€5,729 | +23.6% |
| Financial charges | 65/66B | €21,252 | €16,097 | -€5,155 | -24.3% |
| Recurring financial charges | 65 | €21,252 | €16,097 | -€5,155 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €150,314 | €221,487 | +€71,172 | +47.3% |
| Income taxes | 67/77 | €47,024 | €60,893 | +€13,869 | +29.5% |
| Profit (loss) for the period | 9904 | €103,290 | €160,593 | +€57,304 | +55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €103,290 | €160,593 | +€57,304 | +55.5% |
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 24 October 2026 via checked.be.