ETS BUELENS: 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.
ETS BUELENS
Largest movements
- Tangible fixed assets -€18,762
down €18,762 (-57.4%), from €32,692 to €13,931
of which Furniture and vehicles: -€10,617
- Receivables within one year -€12,205
down €12,205 (-42.6%), from €28,645 to €16,440
of which Trade receivables: -€10,759
- Deferred charges and accrued income -€7,476
down €7,476 (-82.3%), from €9,088 to €1,613
- Stocks and contracts -€1,496
down €1,496 (-2.6%), from €56,858 to €55,362
- Trade debts -€25,154
down €25,154 (-60.9%), from €41,281 to €16,128
- Debts after one year -€17,328
down €17,328 (-78.7%), from €22,019 to €4,690
- Profit (loss) carried forward -€11,957
down €11,957 (-66.1%), from -€18,086 to -€30,044
- Short-term financial debts +€9,506
up €9,506 (+89.1%), from €10,671 to €20,177
- Current portion of long-term debt +€6,260
up €6,260 (+56.6%), from €11,068 to €17,328
- Turnover +€372,337
new in 2025: €372,337
- Purchases and services +€295,618
new in 2025: €295,618
- Gross operating margin +€17,843
up €17,843 (+27.7%), from €64,368 to €82,211
- Staff costs +€4,656
up €4,656 (+7.7%), from €60,428 to €65,084
- Other operating charges +€3,881
up €3,881 (+155%), from €2,507 to €6,388
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 | €127,432 | €87,502 | -€39,930 | -31.3% |
| Fixed assets | 21/28 | €32,812 | €14,051 | -€18,762 | -57.2% |
| Tangible fixed assets | 22/27 | €32,692 | €13,931 | -€18,762 | -57.4% |
| Furniture and vehicles | 24 | €16,404 | €5,787 | -€10,617 | -64.7% |
| Leasing and similar rights | 25 | €16,288 | €8,144 | -€8,144 | -50.0% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €94,620 | €73,451 | -€21,169 | -22.4% |
| Stocks and contracts in progress | 3 | €56,858 | €55,362 | -€1,496 | -2.6% |
| Stocks | 30/36 | €56,858 | €55,362 | -€1,496 | -2.6% |
| Amounts receivable within one year | 40/41 | €28,645 | €16,440 | -€12,205 | -42.6% |
| Trade receivables | 40 | €22,955 | €12,195 | -€10,759 | -46.9% |
| Other amounts receivable | 41 | €5,690 | €4,244 | -€1,446 | -25.4% |
| Cash at bank and in hand | 54/58 | €29 | €36 | +€8 | +26.3% |
| Deferred charges and accrued income | 490/1 | €9,088 | €1,613 | -€7,476 | -82.3% |
| Total equity and liabilities | 10/49 | €127,432 | €87,502 | -€39,930 | -31.3% |
| Equity | 10/15 | €2,365 | -€9,593 | -€11,957 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,086 | -€30,044 | -€11,957 | -66.1% |
| Amounts payable | 17/49 | €125,067 | €97,094 | -€27,973 | -22.4% |
| Amounts payable after more than one year | 17 | €22,019 | €4,690 | -€17,328 | -78.7% |
| Financial debts | 170/4 | €22,019 | €4,690 | -€17,328 | -78.7% |
| Amounts payable within one year | 42/48 | €103,049 | €92,404 | -€10,645 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €11,068 | €17,328 | +€6,260 | +56.6% |
| Financial debts | 43 | €10,671 | €20,177 | +€9,506 | +89.1% |
| Credit institutions | 430/8 | €10,671 | €20,177 | +€9,506 | +89.1% |
| Trade debts | 44 | €41,281 | €16,128 | -€25,154 | -60.9% |
| Suppliers | 440/4 | €41,281 | €16,128 | -€25,154 | -60.9% |
| Taxes, remuneration and social security | 45 | €27,514 | €27,183 | -€331 | -1.2% |
| Taxes | 450/3 | €14,830 | €14,358 | -€472 | -3.2% |
| Remuneration and social security | 454/9 | €12,684 | €12,826 | +€141 | +1.1% |
| Other amounts payable | 47/48 | €12,515 | €11,588 | -€927 | -7.4% |
| Turnover | 70 | - | €372,337 | +€372,337 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €295,618 | +€295,618 | |
| Remuneration, social security and pensions | 62 | €60,428 | €65,084 | +€4,656 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,908 | €18,762 | -€1,147 | -5.8% |
| Other operating charges | 640/8 | €2,507 | €6,388 | +€3,881 | +155% |
| Gross operating margin | 9900 | €64,368 | €82,211 | +€17,843 | +27.7% |
| Operating profit (loss) | 9901 | -€18,475 | -€8,023 | +€10,452 | +56.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €3,799 | €3,765 | -€34 | -0.9% |
| Recurring financial charges | 65 | €3,799 | €3,765 | -€34 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€22,274 | -€11,788 | +€10,486 | +47.1% |
| Income taxes | 67/77 | €163 | €169 | +€7 | +4.1% |
| Profit (loss) for the period | 9904 | -€22,436 | -€11,957 | +€10,479 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,436 | -€11,957 | +€10,479 | +46.7% |
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 17 October 2026 via checked.be.