Etappe: what changed
Two fiscal 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.
Etappe
Largest movements
- Stocks and contracts -€43,696
down €43,696 (-15.9%), from €275,586 to €231,890
- Receivables within one year -€13,939
down €13,939 (-30.1%), from €46,251 to €32,312
of which Trade receivables: -€20,434
- Deferred charges and accrued income +€13,077
new in 2025: €13,077
- Cash +€11,939
up €11,939 (+32.1%), from €37,188 to €49,127
mainly Stocks and contracts (+€43,696) and Receivables within one year (+€13,939)
- Profit (loss) carried forward -€9,687
down €9,687 (-15.2%), from -€63,826 to -€73,513
- Trade debts -€9,319
down €9,319 (-38.5%), from €24,197 to €14,878
- Accrued charges and deferred income -€8,308
no longer reported in 2025 (was €8,308)
- Gross operating margin +€68,883
up €68,883 (+271.2%), from €25,402 to €94,285
- Staff costs +€5,298
up €5,298 (+6.3%), from €83,531 to €88,829
- Financial income -€2,668
down €2,668 (-71.5%), from €3,730 to €1,062
- Financial charges -€1,769
down €1,769 (-17.5%), from €10,129 to €8,360
- Depreciation +€1,016
up €1,016 (+239.7%), from €424 to €1,440
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.
Cash bridge derived
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 | €363,062 | €331,847 | -€31,215 | -8.6% |
| Fixed assets | 21/28 | €4,037 | €5,441 | +€1,404 | +34.8% |
| Tangible fixed assets | 22/27 | €4,037 | €5,441 | +€1,404 | +34.8% |
| Plant, machinery and equipment | 23 | €4,037 | €3,521 | -€516 | -12.8% |
| Furniture and vehicles | 24 | - | €1,920 | +€1,920 | |
| Current assets | 29/58 | €359,025 | €326,406 | -€32,619 | -9.1% |
| Stocks and contracts in progress | 3 | €275,586 | €231,890 | -€43,696 | -15.9% |
| Stocks | 30/36 | €275,586 | €231,890 | -€43,696 | -15.9% |
| Amounts receivable within one year | 40/41 | €46,251 | €32,312 | -€13,939 | -30.1% |
| Trade receivables | 40 | €34,935 | €14,501 | -€20,434 | -58.5% |
| Other amounts receivable | 41 | €11,316 | €17,811 | +€6,495 | +57.4% |
| Cash at bank and in hand | 54/58 | €37,188 | €49,127 | +€11,939 | +32.1% |
| Deferred charges and accrued income | 490/1 | - | €13,077 | +€13,077 | |
| Total equity and liabilities | 10/49 | €363,062 | €331,847 | -€31,215 | -8.6% |
| Equity | 10/15 | €211,174 | €201,487 | -€9,687 | -4.6% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €253,000 | €253,000 | = | 0.0% |
| Distributable reserves | 133 | €253,000 | €253,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,826 | -€73,513 | -€9,687 | -15.2% |
| Amounts payable | 17/49 | €151,888 | €130,360 | -€21,528 | -14.2% |
| Amounts payable within one year | 42/48 | €143,580 | €130,360 | -€13,220 | -9.2% |
| Financial debts | 43 | €84,770 | €84,755 | -€15 | 0.0% |
| Credit institutions | 430/8 | €84,770 | €84,755 | -€15 | 0.0% |
| Trade debts | 44 | €24,197 | €14,878 | -€9,319 | -38.5% |
| Suppliers | 440/4 | €24,197 | €14,878 | -€9,319 | -38.5% |
| Taxes, remuneration and social security | 45 | €23,496 | €20,984 | -€2,512 | -10.7% |
| Taxes | 450/3 | €9,597 | €12,341 | +€2,744 | +28.6% |
| Remuneration and social security | 454/9 | €13,899 | €8,643 | -€5,256 | -37.8% |
| Other amounts payable | 47/48 | €11,118 | €9,743 | -€1,375 | -12.4% |
| Accrued charges and deferred income | 492/3 | €8,308 | - | -€8,308 | |
| Non-recurring operating income | 76A | €8,213 | €8 | -€8,205 | -99.9% |
| Remuneration, social security and pensions | 62 | €83,531 | €88,829 | +€5,298 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424 | €1,440 | +€1,016 | +239.7% |
| Other operating charges | 640/8 | €771 | €1,308 | +€537 | +69.8% |
| Non-recurring operating charges | 66A | - | €5,097 | +€5,097 | |
| Gross operating margin | 9900 | €25,402 | €94,285 | +€68,883 | +271.2% |
| Operating profit (loss) | 9901 | -€59,324 | -€2,389 | +€56,935 | +96.0% |
| Financial income | 75/76B | €3,730 | €1,062 | -€2,668 | -71.5% |
| Recurring financial income | 75 | €3,730 | €1,062 | -€2,668 | -71.5% |
| Financial charges | 65/66B | €10,129 | €8,360 | -€1,769 | -17.5% |
| Recurring financial charges | 65 | €10,129 | €8,360 | -€1,769 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€65,722 | -€9,687 | +€56,035 | +85.3% |
| Profit (loss) for the period | 9904 | -€65,722 | -€9,687 | +€56,035 | +85.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,722 | -€9,687 | +€56,035 | +85.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.