ETS. DUBRAY GEORGES: 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. DUBRAY GEORGES
Largest movements
- Receivables within one year -€116,109
down €116,109 (-41.3%), from €281,126 to €165,017
of which Trade receivables: -€100,751
- Cash +€52,489
up €52,489 (+14.2%), from €370,385 to €422,875
mainly Receivables within one year (+€116,109) and Stocks and contracts (+€12,825)
- Stocks and contracts -€12,825
down €12,825 (-8.2%), from €157,325 to €144,500
- Profit (loss) carried forward -€66,903
down €66,903 (-12.0%), from €556,559 to €489,656
- Advances received -€8,508
down €8,508 (-90.1%), from €9,438 to €930
- Other operating charges +€103,063
up €103,063 (+4,835%), from €2,132 to €105,194
- Gross operating margin +€48,141
up €48,141 (+89.3%), from €53,914 to €102,055
- Taxes +€12,389
up €12,389 (+3,204%), from €387 to €12,776
- Financial income +€5,073
up €5,073 (+898%), from €565 to €5,638
- Staff costs +€1,563
up €1,563 (+2.9%), from €53,964 to €55,527
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 | €812,511 | €744,527 | -€67,984 | -8.4% |
| Fixed assets | 21/28 | €1,931 | €6,151 | +€4,220 | +218% |
| Tangible fixed assets | 22/27 | €1,931 | €6,151 | +€4,220 | +218% |
| Plant, machinery and equipment | 23 | - | €4,863 | +€4,863 | |
| Furniture and vehicles | 24 | €1,931 | €1,288 | -€644 | -33.3% |
| Current assets | 29/58 | €810,580 | €738,376 | -€72,204 | -8.9% |
| Stocks and contracts in progress | 3 | €157,325 | €144,500 | -€12,825 | -8.2% |
| Stocks | 30/36 | €157,325 | €144,500 | -€12,825 | -8.2% |
| Amounts receivable within one year | 40/41 | €281,126 | €165,017 | -€116,109 | -41.3% |
| Trade receivables | 40 | €157,905 | €57,155 | -€100,751 | -63.8% |
| Other amounts receivable | 41 | €123,221 | €107,863 | -€15,358 | -12.5% |
| Cash at bank and in hand | 54/58 | €370,385 | €422,875 | +€52,489 | +14.2% |
| Deferred charges and accrued income | 490/1 | €1,743 | €5,984 | +€4,241 | +243% |
| Total equity and liabilities | 10/49 | €812,511 | €744,527 | -€67,984 | -8.4% |
| Equity | 10/15 | €799,679 | €732,776 | -€66,903 | -8.4% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €215,620 | €215,620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,727 | €2,727 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,727 | €2,727 | = | 0.0% |
| Distributable reserves | 133 | €212,893 | €212,893 | = | 0.0% |
| Profit (loss) carried forward | 14 | €556,559 | €489,656 | -€66,903 | -12.0% |
| Amounts payable | 17/49 | €12,832 | €11,751 | -€1,081 | -8.4% |
| Amounts payable within one year | 42/48 | €12,832 | €11,751 | -€1,081 | -8.4% |
| Trade debts | 44 | €2,393 | €4,378 | +€1,985 | +83.0% |
| Suppliers | 440/4 | €2,393 | €4,378 | +€1,985 | +83.0% |
| Advances received on contracts in progress | 46 | €9,438 | €930 | -€8,508 | -90.1% |
| Taxes, remuneration and social security | 45 | €1,000 | €6,442 | +€5,442 | +544% |
| Taxes | 450/3 | €0 | €2,176 | +€2,176 | |
| Remuneration and social security | 454/9 | €1,000 | €4,266 | +€3,266 | +327% |
| Remuneration, social security and pensions | 62 | €53,964 | €55,527 | +€1,563 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €644 | €771 | +€128 | +19.8% |
| Other operating charges | 640/8 | €2,132 | €105,194 | +€103,063 | +4,835% |
| Gross operating margin | 9900 | €53,914 | €102,055 | +€48,141 | +89.3% |
| Operating profit (loss) | 9901 | -€2,825 | -€59,437 | -€56,612 | -2,004% |
| Financial income | 75/76B | €565 | €5,638 | +€5,073 | +898% |
| Recurring financial income | 75 | €565 | €5,638 | +€5,073 | +898% |
| Financial charges | 65/66B | €320 | €329 | +€8 | +2.6% |
| Recurring financial charges | 65 | €320 | €329 | +€8 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,580 | -€54,127 | -€51,547 | -1,998% |
| Income taxes | 67/77 | €387 | €12,776 | +€12,389 | +3,204% |
| Profit (loss) for the period | 9904 | -€2,967 | -€66,903 | -€63,936 | -2,155% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,967 | -€66,903 | -€63,936 | -2,155% |
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 25 October 2026 via checked.be.