ETIENNE THEYS: 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 THEYS
Largest movements
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Receivables within one year -€248,780
down €248,780 (-71.0%), from €350,175 to €101,395
of which Other amounts receivable: -€136,718
- Cash +€76,645
up €76,645 (+73.4%), from €104,416 to €181,060
mainly Current investments (+€400,000) and Receivables within one year (+€248,780)
- Reserves -€250,000
down €250,000 (-87.0%), from €287,292 to €37,292
of which Distributable reserves: -€250,000
- Profit (loss) carried forward -€205,246
down €205,246 (-72.2%), from €284,425 to €79,179
- Other debts -€110,000
no longer reported in 2025 (was €110,000)
- Gross operating margin -€1.5m
down €1.5m, from €1.5m to -€35,355
- Taxes -€81,145
down €81,145, from €79,296 to -€1,849
- Financial charges -€21,190
down €21,190 (-99.2%), from €21,366 to €176
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 | €908,070 | €333,815 | -€574,255 | -63.2% |
| Fixed assets | 21/28 | €51,360 | €51,360 | = | 0.0% |
| Tangible fixed assets | 22/27 | €51,360 | €51,360 | = | 0.0% |
| Land and buildings | 22 | €51,360 | €51,360 | = | 0.0% |
| Current assets | 29/58 | €856,710 | €282,455 | -€574,255 | -67.0% |
| Amounts receivable within one year | 40/41 | €350,175 | €101,395 | -€248,780 | -71.0% |
| Trade receivables | 40 | €212,062 | €100,000 | -€112,062 | -52.8% |
| Other amounts receivable | 41 | €138,113 | €1,395 | -€136,718 | -99.0% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €104,416 | €181,060 | +€76,645 | +73.4% |
| Deferred charges and accrued income | 490/1 | €2,120 | - | -€2,120 | |
| Total equity and liabilities | 10/49 | €908,070 | €333,815 | -€574,255 | -63.2% |
| Equity | 10/15 | €787,716 | €332,471 | -€455,246 | -57.8% |
| Contributions | 10/11 | €216,000 | €216,000 | = | 0.0% |
| Capital | 10 | €216,000 | €216,000 | = | 0.0% |
| Issued capital | 100 | €216,000 | €216,000 | = | 0.0% |
| Reserves | 13 | €287,292 | €37,292 | -€250,000 | -87.0% |
| Non-distributable reserves | 130/1 | €21,600 | €21,600 | = | 0.0% |
| Legal reserve | 130 | €21,600 | €21,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,692 | €15,692 | = | 0.0% |
| Distributable reserves | 133 | €250,000 | - | -€250,000 | |
| Profit (loss) carried forward | 14 | €284,425 | €79,179 | -€205,246 | -72.2% |
| Amounts payable | 17/49 | €120,354 | €1,345 | -€119,009 | -98.9% |
| Amounts payable within one year | 42/48 | €119,870 | €1,144 | -€118,727 | -99.0% |
| Trade debts | 44 | €9,870 | €1,144 | -€8,727 | -88.4% |
| Suppliers | 440/4 | €9,870 | €1,144 | -€8,727 | -88.4% |
| Other amounts payable | 47/48 | €110,000 | - | -€110,000 | |
| Accrued charges and deferred income | 492/3 | €484 | €201 | -€283 | -58.5% |
| Non-recurring operating income | 76A | €1,613,567 | €6,339 | -€1.6m | -99.6% |
| Other operating charges | 640/8 | €28,692 | €25,955 | -€2,736 | -9.5% |
| Gross operating margin | 9900 | €1,488,970 | -€35,355 | -€1.5m | |
| Operating profit (loss) | 9901 | €1,460,278 | -€61,310 | -€1.5m | |
| Financial income | 75/76B | €6,668 | €4,391 | -€2,277 | -34.1% |
| Recurring financial income | 75 | €6,668 | €4,391 | -€2,277 | -34.1% |
| Financial charges | 65/66B | €21,366 | €176 | -€21,190 | -99.2% |
| Recurring financial charges | 65 | €21,366 | €176 | -€21,190 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | €1,445,580 | -€57,095 | -€1.5m | |
| Income taxes | 67/77 | €79,296 | -€1,849 | -€81,145 | |
| Profit (loss) for the period | 9904 | €1,366,284 | -€55,246 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,366,284 | -€55,246 | -€1.4m |
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 14 October 2026 via checked.be.