ETANCHEITES: 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.
ETANCHEITES
Largest movements
- Stocks and contracts -€46,481
down €46,481 (-10.3%), from €452,237 to €405,756
- Cash +€15,896
up €15,896 (+187%), from €8,497 to €24,393
mainly Current portion of long-term debt (+€119,385) and Trade debts (+€79,660)
- Receivables within one year -€9,030
down €9,030 (-3.4%), from €261,830 to €252,800
of which Other amounts receivable: -€65,372
- Tangible fixed assets -€7,763
down €7,763 (-66.7%), from €11,644 to €3,881
of which Furniture and vehicles: -€6,177
- Short-term financial debts -€160,000
down €160,000 (-44.4%), from €360,000 to €200,000
- Current portion of long-term debt +€119,385
up €119,385 (+393%), from €30,347 to €149,732
- Trade debts +€79,660
up €79,660 (+74.3%), from €107,245 to €186,905
- Profit (loss) carried forward -€66,780
down €66,780 (-83.6%), from €79,883 to €13,103
- Debts after one year -€24,732
down €24,732 (-35.1%), from €70,420 to €45,688
- Turnover +€819,140
new in 2025: €819,140
- Purchases and services +€606,142
new in 2025: €606,142
- Staff costs +€98,657
up €98,657 (+47.0%), from €209,886 to €308,543
- Financial income +€28,184
new in 2025: €28,184
of which Non-recurring financial income: +€28,020
- Gross operating margin +€26,216
up €26,216 (+11.3%), from €232,350 to €258,566
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 | €766,878 | €718,896 | -€47,982 | -6.3% |
| Fixed assets | 21/28 | €44,314 | €35,947 | -€8,367 | -18.9% |
| Intangible fixed assets | 21 | €2,574 | €1,300 | -€1,274 | -49.5% |
| Tangible fixed assets | 22/27 | €11,644 | €3,881 | -€7,763 | -66.7% |
| Plant, machinery and equipment | 23 | €2,299 | €713 | -€1,586 | -69.0% |
| Furniture and vehicles | 24 | €9,345 | €3,168 | -€6,177 | -66.1% |
| Financial fixed assets | 28 | €30,096 | €30,766 | +€670 | +2.2% |
| Current assets | 29/58 | €722,564 | €682,949 | -€39,615 | -5.5% |
| Stocks and contracts in progress | 3 | €452,237 | €405,756 | -€46,481 | -10.3% |
| Stocks | 30/36 | €452,237 | €405,756 | -€46,481 | -10.3% |
| Amounts receivable within one year | 40/41 | €261,830 | €252,800 | -€9,030 | -3.4% |
| Trade receivables | 40 | €194,706 | €251,048 | +€56,342 | +28.9% |
| Other amounts receivable | 41 | €67,124 | €1,752 | -€65,372 | -97.4% |
| Cash at bank and in hand | 54/58 | €8,497 | €24,393 | +€15,896 | +187% |
| Total equity and liabilities | 10/49 | €766,878 | €718,896 | -€47,982 | -6.3% |
| Equity | 10/15 | €166,454 | €99,674 | -€66,780 | -40.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €67,971 | €67,971 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €66,111 | €66,111 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €79,883 | €13,103 | -€66,780 | -83.6% |
| Amounts payable | 17/49 | €600,424 | €619,222 | +€18,798 | +3.1% |
| Amounts payable after more than one year | 17 | €70,420 | €45,688 | -€24,732 | -35.1% |
| Financial debts | 170/4 | €70,420 | €45,688 | -€24,732 | -35.1% |
| Amounts payable within one year | 42/48 | €530,004 | €573,533 | +€43,529 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €30,347 | €149,732 | +€119,385 | +393% |
| Financial debts | 43 | €360,000 | €200,000 | -€160,000 | -44.4% |
| Credit institutions | 430/8 | €360,000 | €200,000 | -€160,000 | -44.4% |
| Trade debts | 44 | €107,245 | €186,905 | +€79,660 | +74.3% |
| Suppliers | 440/4 | €107,245 | €186,905 | +€79,660 | +74.3% |
| Taxes, remuneration and social security | 45 | €2,412 | €17,778 | +€15,366 | +637% |
| Taxes | 450/3 | - | €1,205 | +€1,205 | |
| Remuneration and social security | 454/9 | €2,412 | €16,573 | +€14,161 | +587% |
| Other amounts payable | 47/48 | €30,000 | €19,118 | -€10,882 | -36.3% |
| Turnover | 70 | - | €819,140 | +€819,140 | |
| Non-recurring operating income | 76A | - | €8,400 | +€8,400 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €606,142 | +€606,142 | |
| Remuneration, social security and pensions | 62 | €209,886 | €308,543 | +€98,657 | +47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,224 | €9,037 | -€1,187 | -11.6% |
| Other operating charges | 640/8 | €4,413 | €2,659 | -€1,754 | -39.7% |
| Non-recurring operating charges | 66A | €20,449 | €2,629 | -€17,820 | -87.1% |
| Gross operating margin | 9900 | €232,350 | €258,566 | +€26,216 | +11.3% |
| Operating profit (loss) | 9901 | -€12,622 | -€64,301 | -€51,679 | -409% |
| Financial income | 75/76B | - | €28,184 | +€28,184 | |
| Recurring financial income | 75 | - | €164 | +€164 | |
| Non-recurring financial income | 76B | - | €28,020 | +€28,020 | |
| Financial charges | 65/66B | €28,717 | €30,663 | +€1,946 | +6.8% |
| Recurring financial charges | 65 | €28,717 | €30,663 | +€1,946 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | -€41,339 | -€66,780 | -€25,441 | -61.5% |
| Profit (loss) for the period | 9904 | -€41,339 | -€66,780 | -€25,441 | -61.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,339 | -€66,780 | -€25,441 | -61.5% |
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 17 October 2026 via checked.be.