ETS. E. BOURLARD: what changed
Two fiscal 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. E. BOURLARD
Largest movements
- Cash +€18,992
up €18,992 (+193.6%), from €9,809 to €28,802
mainly Receivables within one year (+€10,830) and Net result for the year (+€9,958)
- Receivables within one year -€10,830
down €10,830 (-60.9%), from €17,793 to €6,963
of which Trade receivables: -€9,553
- Tangible fixed assets +€3,454
up €3,454 (+383.3%), from €901 to €4,355
of which Plant, machinery and equipment: +€4,044
- Profit (loss) carried forward +€9,958
up €9,958 (+80.5%), from €12,377 to €22,335
- Tax, wage and social debts +€1,764
up €1,764 (+141.1%), from €1,250 to €3,014
of which Taxes: +€1,400
- Gross operating margin +€9,069
up €9,069 (+110.6%), from €8,197 to €17,266
- Staff costs +€2,457
new in 2025: €2,457
- Taxes +€1,448
up €1,448 (+112.8%), from €1,283 to €2,731
- Depreciation +€1,011
up €1,011 (+171.4%), from €590 to €1,601
- Other operating charges -€372
down €372 (-43.4%), from €857 to €485
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.
Cash bridge derived
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 | €28,752 | €40,368 | +€11,616 | +40.4% |
| Fixed assets | 21/28 | €1,149 | €4,603 | +€3,454 | +300.6% |
| Tangible fixed assets | 22/27 | €901 | €4,355 | +€3,454 | +383.3% |
| Plant, machinery and equipment | 23 | - | €4,044 | +€4,044 | |
| Furniture and vehicles | 24 | €901 | €311 | -€590 | -65.4% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €27,603 | €35,765 | +€8,162 | +29.6% |
| Amounts receivable within one year | 40/41 | €17,793 | €6,963 | -€10,830 | -60.9% |
| Trade receivables | 40 | €13,804 | €4,251 | -€9,553 | -69.2% |
| Other amounts receivable | 41 | €3,990 | €2,712 | -€1,277 | -32.0% |
| Cash at bank and in hand | 54/58 | €9,809 | €28,802 | +€18,992 | +193.6% |
| Total equity and liabilities | 10/49 | €28,752 | €40,368 | +€11,616 | +40.4% |
| Equity | 10/15 | €27,177 | €37,135 | +€9,958 | +36.6% |
| Contributions | 10/11 | €14,800 | €14,800 | = | 0.0% |
| Outside capital | 11 | - | €14,800 | +€14,800 | |
| Other | 1109/19 | - | €14,800 | +€14,800 | |
| Profit (loss) carried forward | 14 | €12,377 | €22,335 | +€9,958 | +80.5% |
| Amounts payable | 17/49 | €1,575 | €3,233 | +€1,658 | +105.3% |
| Amounts payable within one year | 42/48 | €1,575 | €3,233 | +€1,658 | +105.3% |
| Trade debts | 44 | €37 | €219 | +€182 | +493.3% |
| Suppliers | 440/4 | €37 | €219 | +€182 | +493.3% |
| Taxes, remuneration and social security | 45 | €1,250 | €3,014 | +€1,764 | +141.1% |
| Taxes | 450/3 | €1,250 | €2,650 | +€1,400 | +112.0% |
| Remuneration and social security | 454/9 | - | €364 | +€364 | |
| Other amounts payable | 47/48 | €288 | - | -€288 | |
| Remuneration, social security and pensions | 62 | - | €2,457 | +€2,457 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €590 | €1,601 | +€1,011 | +171.4% |
| Other operating charges | 640/8 | €857 | €485 | -€372 | -43.4% |
| Gross operating margin | 9900 | €8,197 | €17,266 | +€9,069 | +110.6% |
| Operating profit (loss) | 9901 | €6,750 | €12,724 | +€5,973 | +88.5% |
| Financial income | 75/76B | - | €30 | +€30 | |
| Recurring financial income | 75 | - | €30 | +€30 | |
| Financial charges | 65/66B | €45 | €64 | +€19 | +43.1% |
| Recurring financial charges | 65 | €45 | €64 | +€19 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €6,705 | €12,689 | +€5,984 | +89.2% |
| Income taxes | 67/77 | €1,283 | €2,731 | +€1,448 | +112.8% |
| Profit (loss) for the period | 9904 | €5,422 | €9,958 | +€4,536 | +83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,422 | €9,958 | +€4,536 | +83.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.