Etienne Nelissen: what changed
Etienne Nelissen
Largest movements
- Cash +€47,253
up €47,253 (+42.4%), from €111,447 to €158,700
mainly Other debts (+€68,885) and Receivables within one year (+€28,234)
- Receivables within one year -€28,234
down €28,234 (-37.6%), from €75,037 to €46,803
of which Trade receivables: -€24,046
- Tangible fixed assets -€11,839
down €11,839 (-6.2%), from €191,920 to €180,082
of which Land and buildings: -€9,298
- Other debts +€68,885
up €68,885, from €0 to €68,885
- Reserves -€67,889
down €67,889 (-18.5%), from €366,391 to €298,502
of which Distributable reserves: -€67,196
- Gross operating margin +€12,683
up €12,683 (+229%), from €5,542 to €18,225
- Financial income -€2,045
down €2,045 (-44.5%), from €4,592 to €2,547
- Depreciation +€1,608
up €1,608 (+15.7%), from €10,230 to €11,839
- Other operating charges -€889
down €889 (-22.0%), from €4,047 to €3,157
- Taxes +€402
up €402 (+88.4%), from €455 to €857
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €386,882 | €390,043 | +€3,161 | +0.8% |
| Fixed assets | 21/28 | €191,920 | €180,082 | -€11,839 | -6.2% |
| Tangible fixed assets | 22/27 | €191,920 | €180,082 | -€11,839 | -6.2% |
| Land and buildings | 22 | €184,949 | €175,652 | -€9,298 | -5.0% |
| Plant, machinery and equipment | 23 | €621 | €197 | -€425 | -68.3% |
| Furniture and vehicles | 24 | €6,350 | €4,233 | -€2,117 | -33.3% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €194,962 | €209,962 | +€15,000 | +7.7% |
| Stocks and contracts in progress | 3 | €3,648 | €1,863 | -€1,785 | -48.9% |
| Stocks | 30/36 | €3,648 | €838 | -€2,810 | -77.0% |
| Contracts in progress | 37 | - | €1,025 | +€1,025 | |
| Amounts receivable within one year | 40/41 | €75,037 | €46,803 | -€28,234 | -37.6% |
| Trade receivables | 40 | €70,849 | €46,803 | -€24,046 | -33.9% |
| Other amounts receivable | 41 | €4,188 | - | -€4,188 | |
| Cash at bank and in hand | 54/58 | €111,447 | €158,700 | +€47,253 | +42.4% |
| Deferred charges and accrued income | 490/1 | €4,830 | €2,596 | -€2,234 | -46.3% |
| Total equity and liabilities | 10/49 | €386,882 | €390,043 | +€3,161 | +0.8% |
| Equity | 10/15 | €381,398 | €317,102 | -€64,296 | -16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €366,391 | €298,502 | -€67,889 | -18.5% |
| Tax-exempt reserves | 132 | €6,477 | €5,784 | -€693 | -10.7% |
| Distributable reserves | 133 | €359,914 | €292,718 | -€67,196 | -18.7% |
| Profit (loss) carried forward | 14 | -€3,593 | - | +€3,593 | |
| Amounts payable | 17/49 | €5,484 | €72,941 | +€67,457 | +1,230% |
| Amounts payable within one year | 42/48 | €4,784 | €72,941 | +€68,157 | +1,425% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,778 | €2,479 | -€2,299 | -48.1% |
| Suppliers | 440/4 | €4,778 | €2,479 | -€2,299 | -48.1% |
| Taxes, remuneration and social security | 45 | €6 | €1,577 | +€1,571 | +24,471% |
| Taxes | 450/3 | €6 | €1,577 | +€1,571 | +24,471% |
| Other amounts payable | 47/48 | €0 | €68,885 | +€68,885 | |
| Accrued charges and deferred income | 492/3 | €700 | - | -€700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,230 | €11,839 | +€1,608 | +15.7% |
| Other operating charges | 640/8 | €4,047 | €3,157 | -€889 | -22.0% |
| Gross operating margin | 9900 | €5,542 | €18,225 | +€12,683 | +229% |
| Operating profit (loss) | 9901 | -€8,735 | €3,228 | +€11,963 | |
| Financial income | 75/76B | €4,592 | €2,547 | -€2,045 | -44.5% |
| Recurring financial income | 75 | €4,592 | €2,547 | -€2,045 | -44.5% |
| Financial charges | 65/66B | €386 | €329 | -€57 | -14.8% |
| Recurring financial charges | 65 | €386 | €329 | -€57 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,529 | €5,446 | +€9,976 | |
| Income taxes | 67/77 | €455 | €857 | +€402 | +88.4% |
| Profit (loss) for the period | 9904 | -€4,985 | €4,589 | +€9,574 | |
| Transfer from tax-exempt reserves | 789 | €720 | €693 | -€26 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,265 | €5,282 | +€9,547 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.