ETOILE: 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.
ETOILE
Largest movements
- Financial fixed assets +€425,000
up €425,000 (+153,076%), from €278 to €425,278
- Tangible fixed assets +€242,488
up €242,488 (+19.7%), from €1.2m to €1.5m
of which Plant, machinery and equipment: +€276,011
- Deferred charges and accrued income +€46,158
up €46,158 (+385%), from €12,000 to €58,158
- Receivables within one year -€31,965
down €31,965 (-15.8%), from €202,027 to €170,062
of which Trade receivables: -€21,193
- Debts after one year +€471,984
up €471,984 (+56.1%), from €841,295 to €1.3m
- Other debts +€159,400
up €159,400 (+3,542%), from €4,500 to €163,900
- Trade debts +€35,001
up €35,001 (+6.3%), from €552,084 to €587,085
- Profit (loss) carried forward +€30,909
up €30,909 (+8.5%), from €364,961 to €395,870
- Gross operating margin +€48,011
up €48,011 (+15.4%), from €311,444 to €359,456
- Staff costs +€21,609
up €21,609 (+11.2%), from €193,015 to €214,623
- Other operating charges -€20,094
down €20,094 (-64.6%), from €31,096 to €11,002
- Financial charges +€16,234
up €16,234 (+48.6%), from €33,375 to €49,609
of which Financial charges: +€16,184
- Depreciation -€9,715
down €9,715 (-17.0%), from €57,179 to €47,463
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 | €1,899,792 | €2,594,260 | +€694,468 | +36.6% |
| Fixed assets | 21/28 | €1,229,542 | €1,897,030 | +€667,488 | +54.3% |
| Tangible fixed assets | 22/27 | €1,229,265 | €1,471,753 | +€242,488 | +19.7% |
| Land and buildings | 22 | €1,208,294 | €1,175,231 | -€33,063 | -2.7% |
| Plant, machinery and equipment | 23 | €12,386 | €288,397 | +€276,011 | +2,228% |
| Furniture and vehicles | 24 | €8,084 | €7,874 | -€210 | -2.6% |
| Other tangible fixed assets | 26 | €500 | €250 | -€250 | -50.0% |
| Financial fixed assets | 28 | €278 | €425,278 | +€425,000 | +153,076% |
| Current assets | 29/58 | €670,250 | €697,230 | +€26,980 | +4.0% |
| Amounts receivable after more than one year | 29 | €151,844 | €151,844 | = | 0.0% |
| Other amounts receivable | 291 | €151,844 | €151,844 | = | 0.0% |
| Stocks and contracts in progress | 3 | €224,355 | €219,885 | -€4,470 | -2.0% |
| Stocks | 30/36 | €224,355 | €219,885 | -€4,470 | -2.0% |
| Amounts receivable within one year | 40/41 | €202,027 | €170,062 | -€31,965 | -15.8% |
| Trade receivables | 40 | €44,053 | €22,860 | -€21,193 | -48.1% |
| Other amounts receivable | 41 | €157,974 | €147,202 | -€10,772 | -6.8% |
| Cash at bank and in hand | 54/58 | €80,023 | €97,281 | +€17,258 | +21.6% |
| Deferred charges and accrued income | 490/1 | €12,000 | €58,158 | +€46,158 | +385% |
| Total equity and liabilities | 10/49 | €1,899,792 | €2,594,260 | +€694,468 | +36.6% |
| Equity | 10/15 | €381,259 | €403,929 | +€22,670 | +5.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,098 | €1,859 | -€8,239 | -81.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,239 | - | -€8,239 | |
| Profit (loss) carried forward | 14 | €364,961 | €395,870 | +€30,909 | +8.5% |
| Provisions and deferred taxes | 16 | €2,623 | - | -€2,623 | |
| Deferred taxes | 168 | €2,623 | - | -€2,623 | |
| Amounts payable | 17/49 | €1,515,910 | €2,190,331 | +€674,421 | +44.5% |
| Amounts payable after more than one year | 17 | €841,295 | €1,313,279 | +€471,984 | +56.1% |
| Financial debts | 170/4 | €841,295 | €1,313,279 | +€471,984 | +56.1% |
| Amounts payable within one year | 42/48 | €674,615 | €877,052 | +€202,437 | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €45,212 | €45,670 | +€458 | +1.0% |
| Trade debts | 44 | €552,084 | €587,085 | +€35,001 | +6.3% |
| Suppliers | 440/4 | €552,084 | €587,085 | +€35,001 | +6.3% |
| Taxes, remuneration and social security | 45 | €72,818 | €80,396 | +€7,578 | +10.4% |
| Taxes | 450/3 | €41,206 | €52,739 | +€11,532 | +28.0% |
| Remuneration and social security | 454/9 | €31,612 | €27,658 | -€3,954 | -12.5% |
| Other amounts payable | 47/48 | €4,500 | €163,900 | +€159,400 | +3,542% |
| Non-recurring operating income | 76A | €9,298 | - | -€9,298 | |
| Remuneration, social security and pensions | 62 | €193,015 | €214,623 | +€21,609 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,179 | €47,463 | -€9,715 | -17.0% |
| Other operating charges | 640/8 | €31,096 | €11,002 | -€20,094 | -64.6% |
| Non-recurring operating charges | 66A | €1,623 | €9,771 | +€8,148 | +502% |
| Gross operating margin | 9900 | €311,444 | €359,456 | +€48,011 | +15.4% |
| Operating profit (loss) | 9901 | €28,532 | €76,596 | +€48,063 | +168% |
| Financial charges | 65/66B | €33,375 | €49,609 | +€16,234 | +48.6% |
| Recurring financial charges | 65 | €33,375 | €49,559 | +€16,184 | +48.5% |
| Non-recurring financial charges | 66B | €0 | €50 | +€50 | +499,900% |
| Profit (loss) for the period before taxes | 9903 | -€4,842 | €26,987 | +€31,829 | |
| Transfer from deferred taxes | 780 | €4,093 | €2,623 | -€1,471 | -35.9% |
| Income taxes | 67/77 | €3,335 | €6,940 | +€3,605 | +108% |
| Profit (loss) for the period | 9904 | -€4,084 | €22,670 | +€26,754 | |
| Transfer from tax-exempt reserves | 789 | €20,466 | €8,239 | -€12,227 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,382 | €30,909 | +€14,527 | +88.7% |
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 18 October 2026 via checked.be.