ETIENNE POL: 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.
ETIENNE POL
Largest movements
- Cash +€181,506
up €181,506 (+29.7%), from €611,658 to €793,164
mainly Net result for the year (+€151,090) and Receivables within one year (+€98,519)
- Receivables within one year -€98,519
down €98,519 (-15.5%), from €636,507 to €537,988
of which Trade receivables: -€95,615
- Stocks and contracts -€32,648
down €32,648 (-39.0%), from €83,682 to €51,034
- Profit (loss) carried forward +€151,090
up €151,090 (+15.0%), from €1.0m to €1.2m
- Trade debts -€149,062
down €149,062 (-47.6%), from €313,013 to €163,951
- Tax, wage and social debts +€42,781
up €42,781 (+53.7%), from €79,690 to €122,471
of which Taxes: +€39,591
- Staff costs +€22,454
up €22,454 (+11.0%), from €203,703 to €226,157
- Gross operating margin -€12,999
down €12,999 (-2.6%), from €504,155 to €491,156
- Taxes -€8,083
down €8,083 (-12.4%), from €65,268 to €57,185
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 | €1,518,070 | €1,562,879 | +€44,809 | +3.0% |
| Fixed assets | 21/28 | €186,224 | €180,693 | -€5,531 | -3.0% |
| Tangible fixed assets | 22/27 | €186,224 | €180,693 | -€5,531 | -3.0% |
| Land and buildings | 22 | €110,000 | €110,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,348 | €829 | -€3,519 | -80.9% |
| Furniture and vehicles | 24 | €71,876 | €69,864 | -€2,012 | -2.8% |
| Current assets | 29/58 | €1,331,846 | €1,382,186 | +€50,340 | +3.8% |
| Stocks and contracts in progress | 3 | €83,682 | €51,034 | -€32,648 | -39.0% |
| Stocks | 30/36 | €83,682 | €51,034 | -€32,648 | -39.0% |
| Amounts receivable within one year | 40/41 | €636,507 | €537,988 | -€98,519 | -15.5% |
| Trade receivables | 40 | €608,101 | €512,486 | -€95,615 | -15.7% |
| Other amounts receivable | 41 | €28,406 | €25,502 | -€2,904 | -10.2% |
| Cash at bank and in hand | 54/58 | €611,658 | €793,164 | +€181,506 | +29.7% |
| Total equity and liabilities | 10/49 | €1,518,070 | €1,562,879 | +€44,809 | +3.0% |
| Equity | 10/15 | €1,075,222 | €1,226,312 | +€151,090 | +14.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,329 | €50,329 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,023 | €4,023 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,023 | €4,023 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,002 | €33,002 | = | 0.0% |
| Distributable reserves | 133 | €13,304 | €13,304 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,006,293 | €1,157,383 | +€151,090 | +15.0% |
| Provisions and deferred taxes | 16 | €50,000 | €50,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €50,000 | = | 0.0% |
| Environmental obligations | 163 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable | 17/49 | €392,848 | €286,567 | -€106,281 | -27.1% |
| Amounts payable within one year | 42/48 | €392,848 | €286,567 | -€106,281 | -27.1% |
| Trade debts | 44 | €313,013 | €163,951 | -€149,062 | -47.6% |
| Suppliers | 440/4 | €313,013 | €163,951 | -€149,062 | -47.6% |
| Taxes, remuneration and social security | 45 | €79,690 | €122,471 | +€42,781 | +53.7% |
| Taxes | 450/3 | €42,737 | €82,328 | +€39,591 | +92.6% |
| Remuneration and social security | 454/9 | €36,953 | €40,143 | +€3,190 | +8.6% |
| Other amounts payable | 47/48 | €145 | €145 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €203,703 | €226,157 | +€22,454 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,525 | €43,173 | +€1,648 | +4.0% |
| Other operating charges | 640/8 | €9,814 | €6,913 | -€2,902 | -29.6% |
| Gross operating margin | 9900 | €504,155 | €491,156 | -€12,999 | -2.6% |
| Operating profit (loss) | 9901 | €249,113 | €214,913 | -€34,200 | -13.7% |
| Financial income | 75/76B | €405 | €346 | -€59 | -14.6% |
| Recurring financial income | 75 | €405 | €346 | -€59 | -14.6% |
| Financial charges | 65/66B | €7,260 | €6,984 | -€276 | -3.8% |
| Recurring financial charges | 65 | €7,260 | €6,984 | -€276 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €242,258 | €208,275 | -€33,983 | -14.0% |
| Income taxes | 67/77 | €65,268 | €57,185 | -€8,083 | -12.4% |
| Profit (loss) for the period | 9904 | €176,990 | €151,090 | -€25,901 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €176,990 | €151,090 | -€25,901 | -14.6% |
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 6 October 2026 via checked.be.