ETIENNE MA: 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 MA
Largest movements
- Receivables within one year +€7,509
up €7,509 (+63.1%), from €11,909 to €19,418
of which Trade receivables: +€8,244
- Reserves +€9,000
up €9,000 (+16.7%), from €53,900 to €62,900
- Other debts -€6,177
down €6,177 (-20.7%), from €29,780 to €23,604
- Tax, wage and social debts +€4,382
up €4,382 (+309.4%), from €1,416 to €5,798
- Gross operating margin +€7,167
up €7,167 (+100.8%), from €7,111 to €14,278
- Taxes +€2,936
up €2,936 (+193.3%), from €1,519 to €4,455
- Other operating charges -€746
down €746 (-65.1%), from €1,146 to €400
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 | €206,650 | €213,153 | +€6,503 | +3.1% |
| Fixed assets | 21/28 | €190,000 | €190,000 | = | 0.0% |
| Financial fixed assets | 28 | €190,000 | €190,000 | = | 0.0% |
| Current assets | 29/58 | €16,650 | €23,153 | +€6,503 | +39.1% |
| Amounts receivable within one year | 40/41 | €11,909 | €19,418 | +€7,509 | +63.1% |
| Trade receivables | 40 | €7,126 | €15,370 | +€8,244 | +115.7% |
| Other amounts receivable | 41 | €4,783 | €4,048 | -€734 | -15.4% |
| Cash at bank and in hand | 54/58 | €4,740 | €3,734 | -€1,006 | -21.2% |
| Total equity and liabilities | 10/49 | €206,650 | €213,153 | +€6,503 | +3.1% |
| Equity | 10/15 | €174,549 | €183,751 | +€9,203 | +5.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €53,900 | €62,900 | +€9,000 | +16.7% |
| Distributable reserves | 133 | €53,900 | €62,900 | +€9,000 | +16.7% |
| Profit (loss) carried forward | 14 | €112,589 | €112,791 | +€203 | +0.2% |
| Amounts payable | 17/49 | €32,101 | €29,401 | -€2,700 | -8.4% |
| Amounts payable within one year | 42/48 | €32,101 | €29,401 | -€2,700 | -8.4% |
| Trade debts | 44 | €905 | - | -€905 | |
| Suppliers | 440/4 | €905 | - | -€905 | |
| Taxes, remuneration and social security | 45 | €1,416 | €5,798 | +€4,382 | +309.4% |
| Taxes | 450/3 | €1,416 | €5,798 | +€4,382 | +309.4% |
| Other amounts payable | 47/48 | €29,780 | €23,604 | -€6,177 | -20.7% |
| Other operating charges | 640/8 | €1,146 | €400 | -€746 | -65.1% |
| Gross operating margin | 9900 | €7,111 | €14,278 | +€7,167 | +100.8% |
| Operating profit (loss) | 9901 | €5,965 | €13,879 | +€7,913 | +132.7% |
| Financial charges | 65/66B | €306 | €221 | -€84 | -27.6% |
| Recurring financial charges | 65 | €306 | €221 | -€84 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €5,660 | €13,657 | +€7,998 | +141.3% |
| Income taxes | 67/77 | €1,519 | €4,455 | +€2,936 | +193.3% |
| Profit (loss) for the period | 9904 | €4,141 | €9,203 | +€5,062 | +122.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,141 | €9,203 | +€5,062 | +122.3% |
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 11 October 2026 via checked.be.