Etienne DURIEU: 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 DURIEU
Largest movements
- Receivables within one year -€81,170
down €81,170 (-89.0%), from €91,170 to €10,000
of which Trade receivables: -€68,170
- Tangible fixed assets -€41,787
down €41,787 (-3.3%), from €1.2m to €1.2m
of which Land and buildings: -€36,056
- Trade debts -€77,941
no longer reported in 2025 (was €77,941)
- Other debts -€20,237
down €20,237 (-3.3%), from €616,830 to €596,594
- Gross operating margin +€8,157
up €8,157 (+20.8%), from €39,128 to €47,286
- Other operating charges +€4,061
up €4,061 (+61.0%), from €6,658 to €10,719
- Taxes +€2,883
up €2,883 (+1,126%), from €256 to €3,140
- Depreciation +€1,984
up €1,984 (+4.1%), from €48,188 to €50,172
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 | €1,358,834 | €1,244,342 | -€114,493 | -8.4% |
| Fixed assets | 21/28 | €1,249,496 | €1,207,710 | -€41,787 | -3.3% |
| Tangible fixed assets | 22/27 | €1,249,496 | €1,207,710 | -€41,787 | -3.3% |
| Land and buildings | 22 | €1,213,448 | €1,177,392 | -€36,056 | -3.0% |
| Plant, machinery and equipment | 23 | - | €2,414 | +€2,414 | |
| Furniture and vehicles | 24 | €36,048 | €27,904 | -€8,145 | -22.6% |
| Current assets | 29/58 | €109,338 | €36,632 | -€72,706 | -66.5% |
| Amounts receivable within one year | 40/41 | €91,170 | €10,000 | -€81,170 | -89.0% |
| Trade receivables | 40 | €78,170 | €10,000 | -€68,170 | -87.2% |
| Other amounts receivable | 41 | €13,000 | - | -€13,000 | |
| Current investments | 50/53 | €5,992 | €5,992 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,753 | €18,520 | +€8,767 | +89.9% |
| Deferred charges and accrued income | 490/1 | €2,423 | €2,120 | -€303 | -12.5% |
| Total equity and liabilities | 10/49 | €1,358,834 | €1,244,342 | -€114,493 | -8.4% |
| Equity | 10/15 | €496,758 | €485,961 | -€10,798 | -2.2% |
| Contributions | 10/11 | €218,600 | €218,600 | = | 0.0% |
| Reserves | 13 | €260,349 | €249,498 | -€10,850 | -4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €258,489 | €241,038 | -€17,450 | -6.8% |
| Distributable reserves | 133 | - | €6,600 | +€6,600 | |
| Profit (loss) carried forward | 14 | €17,810 | €17,863 | +€53 | +0.3% |
| Provisions and deferred taxes | 16 | €167,305 | €161,488 | -€5,817 | -3.5% |
| Deferred taxes | 168 | €167,305 | €161,488 | -€5,817 | -3.5% |
| Amounts payable | 17/49 | €694,771 | €596,892 | -€97,878 | -14.1% |
| Amounts payable within one year | 42/48 | €694,771 | €596,594 | -€98,177 | -14.1% |
| Trade debts | 44 | €77,941 | - | -€77,941 | |
| Suppliers | 440/4 | €77,941 | - | -€77,941 | |
| Other amounts payable | 47/48 | €616,830 | €596,594 | -€20,237 | -3.3% |
| Accrued charges and deferred income | 492/3 | - | €299 | +€299 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,188 | €50,172 | +€1,984 | +4.1% |
| Other operating charges | 640/8 | €6,658 | €10,719 | +€4,061 | +61.0% |
| Gross operating margin | 9900 | €39,128 | €47,286 | +€8,157 | +20.8% |
| Operating profit (loss) | 9901 | -€15,718 | -€13,605 | +€2,113 | +13.4% |
| Financial income | 75/76B | €457 | €465 | +€8 | +1.8% |
| Recurring financial income | 75 | €457 | €465 | +€8 | +1.8% |
| Financial charges | 65/66B | €334 | €334 | = | 0.0% |
| Recurring financial charges | 65 | €334 | €334 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,595 | -€13,475 | +€2,121 | +13.6% |
| Transfer from deferred taxes | 780 | €5,817 | €5,817 | +€0 | 0.0% |
| Income taxes | 67/77 | €256 | €3,140 | +€2,883 | +1,126% |
| Profit (loss) for the period | 9904 | -€10,035 | -€10,798 | -€763 | -7.6% |
| Transfer from tax-exempt reserves | 789 | €17,450 | €17,450 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,415 | €6,653 | -€763 | -10.3% |
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 27 October 2026 via checked.be.