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.
ETIENNE
Largest movements
- Cash +€24,192
up €24,192 (+38.6%), from €62,716 to €86,908
mainly Net result for the year (+€30,346) and Depreciation (+€11,332)
- Reserves +€29,501
up €29,501 (+70.0%), from €42,163 to €71,665
of which Distributable reserves: +€29,501
- Debts after one year -€9,057
down €9,057 (-59.8%), from €15,151 to €6,094
- Tax, wage and social debts +€3,303
up €3,303 (+27.1%), from €12,191 to €15,495
of which Taxes: +€2,156
- Accrued charges and deferred income -€2,881
down €2,881 (-72.6%), from €3,967 to €1,086
- Trade debts +€1,948
up €1,948 (+26.7%), from €7,300 to €9,247
- Gross operating margin +€32,985
up €32,985 (+34.6%), from €95,241 to €128,227
- Staff costs +€12,232
up €12,232 (+21.4%), from €57,088 to €69,319
- Taxes +€7,559
up €7,559 (+91.5%), from €8,261 to €15,819
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 | €102,061 | €125,197 | +€23,136 | +22.7% |
| Fixed assets | 21/28 | €29,267 | €28,393 | -€874 | -3.0% |
| Tangible fixed assets | 22/27 | €26,951 | €26,077 | -€874 | -3.2% |
| Plant, machinery and equipment | 23 | €28 | €8,957 | +€8,930 | +32,342% |
| Furniture and vehicles | 24 | €26,203 | €16,209 | -€9,994 | -38.1% |
| Other tangible fixed assets | 26 | €721 | €911 | +€190 | +26.3% |
| Financial fixed assets | 28 | €2,316 | €2,316 | = | 0.0% |
| Current assets | 29/58 | €72,794 | €96,804 | +€24,010 | +33.0% |
| Stocks and contracts in progress | 3 | €3,281 | €3,125 | -€156 | -4.7% |
| Stocks | 30/36 | €3,281 | €3,125 | -€156 | -4.7% |
| Amounts receivable within one year | 40/41 | €4,439 | €5,652 | +€1,213 | +27.3% |
| Trade receivables | 40 | €2,578 | €5,652 | +€3,074 | +119% |
| Other amounts receivable | 41 | €1,861 | - | -€1,861 | |
| Cash at bank and in hand | 54/58 | €62,716 | €86,908 | +€24,192 | +38.6% |
| Deferred charges and accrued income | 490/1 | €2,358 | €1,119 | -€1,239 | -52.6% |
| Total equity and liabilities | 10/49 | €102,061 | €125,197 | +€23,136 | +22.7% |
| Equity | 10/15 | €48,363 | €77,865 | +€29,501 | +61.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €42,163 | €71,665 | +€29,501 | +70.0% |
| 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 | €40,303 | €69,805 | +€29,501 | +73.2% |
| Amounts payable | 17/49 | €53,698 | €47,333 | -€6,365 | -11.9% |
| Amounts payable after more than one year | 17 | €15,151 | €6,094 | -€9,057 | -59.8% |
| Financial debts | 170/4 | €15,151 | €6,094 | -€9,057 | -59.8% |
| Amounts payable within one year | 42/48 | €34,580 | €40,152 | +€5,572 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €8,958 | €9,057 | +€99 | +1.1% |
| Trade debts | 44 | €7,300 | €9,247 | +€1,948 | +26.7% |
| Suppliers | 440/4 | €7,300 | €9,247 | +€1,948 | +26.7% |
| Taxes, remuneration and social security | 45 | €12,191 | €15,495 | +€3,303 | +27.1% |
| Taxes | 450/3 | €6,110 | €8,266 | +€2,156 | +35.3% |
| Remuneration and social security | 454/9 | €6,082 | €7,229 | +€1,147 | +18.9% |
| Other amounts payable | 47/48 | €6,132 | €6,353 | +€222 | +3.6% |
| Accrued charges and deferred income | 492/3 | €3,967 | €1,086 | -€2,881 | -72.6% |
| Remuneration, social security and pensions | 62 | €57,088 | €69,319 | +€12,232 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,441 | €11,332 | +€891 | +8.5% |
| Other operating charges | 640/8 | €757 | €654 | -€103 | -13.6% |
| Gross operating margin | 9900 | €95,241 | €128,227 | +€32,985 | +34.6% |
| Operating profit (loss) | 9901 | €26,955 | €46,921 | +€19,967 | +74.1% |
| Financial income | 75/76B | €406 | €631 | +€224 | +55.2% |
| Recurring financial income | 75 | €406 | €631 | +€224 | +55.2% |
| Financial charges | 65/66B | €1,289 | €1,386 | +€97 | +7.6% |
| Recurring financial charges | 65 | €1,289 | €1,386 | +€97 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €26,072 | €46,166 | +€20,093 | +77.1% |
| Income taxes | 67/77 | €8,261 | €15,819 | +€7,559 | +91.5% |
| Profit (loss) for the period | 9904 | €17,811 | €30,346 | +€12,535 | +70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,811 | €30,346 | +€12,535 | +70.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.