ETS DANIEL PESTIAUX: 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 DANIEL PESTIAUX
Largest movements
- Stocks and contracts -€23,282
down €23,282 (-67.7%), from €34,399 to €11,117
- Tangible fixed assets -€1,509
down €1,509 (-26.8%), from €5,634 to €4,126
- Receivables within one year -€528
down €528 (-56.4%), from €936 to €408
- Cash +€440
up €440 (+37.0%), from €1,191 to €1,631
mainly Stocks and contracts (+€23,282) and Depreciation (+€1,509)
- Profit (loss) carried forward -€23,203
down €23,203 (-15.2%), from -€152,829 to -€176,032
- Trade debts -€1,993
down €1,993 (-61.9%), from €3,217 to €1,224
- Gross operating margin -€231
down €231 (-46.6%), from -€496 to -€727
- Depreciation -€184
down €184 (-10.9%), from €1,693 to €1,509
- Other operating charges +€49
up €49 (+9.7%), from €499 to €548
- Financial charges +€18
up €18 (+16.8%), from €106 to €123
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 | €42,477 | €17,598 | -€24,879 | -58.6% |
| Fixed assets | 21/28 | €5,634 | €4,126 | -€1,509 | -26.8% |
| Tangible fixed assets | 22/27 | €5,634 | €4,126 | -€1,509 | -26.8% |
| Other tangible fixed assets | 26 | €5,634 | €4,126 | -€1,509 | -26.8% |
| Current assets | 29/58 | €36,843 | €13,472 | -€23,371 | -63.4% |
| Stocks and contracts in progress | 3 | €34,399 | €11,117 | -€23,282 | -67.7% |
| Stocks | 30/36 | €34,399 | €11,117 | -€23,282 | -67.7% |
| Amounts receivable within one year | 40/41 | €936 | €408 | -€528 | -56.4% |
| Trade receivables | 40 | €936 | €408 | -€528 | -56.4% |
| Cash at bank and in hand | 54/58 | €1,191 | €1,631 | +€440 | +37.0% |
| Deferred charges and accrued income | 490/1 | €317 | €317 | -€0 | -0.1% |
| Total equity and liabilities | 10/49 | €42,477 | €17,598 | -€24,879 | -58.6% |
| Equity | 10/15 | €38,371 | €15,168 | -€23,203 | -60.5% |
| Contributions | 10/11 | €191,200 | €191,200 | = | 0.0% |
| Capital | 10 | €191,200 | €191,200 | = | 0.0% |
| Issued capital | 100 | €203,600 | €203,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€152,829 | -€176,032 | -€23,203 | -15.2% |
| Amounts payable | 17/49 | €4,106 | €2,430 | -€1,676 | -40.8% |
| Amounts payable within one year | 42/48 | €4,106 | €2,430 | -€1,676 | -40.8% |
| Trade debts | 44 | €3,217 | €1,224 | -€1,993 | -61.9% |
| Suppliers | 440/4 | €3,217 | €1,224 | -€1,993 | -61.9% |
| Taxes, remuneration and social security | 45 | €370 | €612 | +€242 | +65.3% |
| Taxes | 450/3 | €370 | €612 | +€242 | +65.3% |
| Other amounts payable | 47/48 | €519 | €594 | +€75 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,693 | €1,509 | -€184 | -10.9% |
| Other operating charges | 640/8 | €499 | €548 | +€49 | +9.7% |
| Non-recurring operating charges | 66A | - | €20,296 | +€20,296 | |
| Gross operating margin | 9900 | -€496 | -€727 | -€231 | -46.6% |
| Operating profit (loss) | 9901 | -€2,689 | -€23,080 | -€20,391 | -758% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €106 | €123 | +€18 | +16.8% |
| Recurring financial charges | 65 | €106 | €123 | +€18 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,794 | -€23,203 | -€20,409 | -730% |
| Profit (loss) for the period | 9904 | -€2,794 | -€23,203 | -€20,409 | -730% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,794 | -€23,203 | -€20,409 | -730% |
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 21 October 2026 via checked.be.