Ets Fabien Ewing: 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 Fabien Ewing
Largest movements
- Cash +€21,710
up €21,710 (+230%), from €9,419 to €31,129
mainly Net result for the year (+€17,743) and Stocks and contracts (+€3,769)
- Stocks and contracts -€3,769
down €3,769 (-48.0%), from €7,860 to €4,091
- Receivables within one year -€1,049
down €1,049 (-45.1%), from €2,324 to €1,275
of which Trade receivables: -€870
- Reserves +€17,743
up €17,743 (+447%), from €3,966 to €21,709
- Current portion of long-term debt -€1,422
no longer reported in 2025 (was €1,422)
- Tax, wage and social debts +€958
up €958 (+53.0%), from €1,806 to €2,764
of which Taxes: +€627
- Gross operating margin +€13,219
up €13,219 (+104%), from €12,693 to €25,912
- Depreciation -€8,399
down €8,399 (-90.1%), from €9,323 to €924
- Taxes +€4,274
up €4,274 (+3,120%), from €137 to €4,411
- Staff costs +€1,980
new in 2025: €1,980
- Other operating charges -€288
down €288 (-22.6%), from €1,277 to €989
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 | €22,237 | €39,652 | +€17,415 | +78.3% |
| Fixed assets | 21/28 | €1,101 | €1,456 | +€355 | +32.2% |
| Tangible fixed assets | 22/27 | €1,101 | €1,456 | +€355 | +32.2% |
| Plant, machinery and equipment | 23 | - | €1,067 | +€1,067 | |
| Furniture and vehicles | 24 | €602 | €389 | -€213 | -35.4% |
| Other tangible fixed assets | 26 | €499 | - | -€499 | |
| Current assets | 29/58 | €21,136 | €38,196 | +€17,060 | +80.7% |
| Stocks and contracts in progress | 3 | €7,860 | €4,091 | -€3,769 | -48.0% |
| Stocks | 30/36 | €7,860 | €4,091 | -€3,769 | -48.0% |
| Amounts receivable within one year | 40/41 | €2,324 | €1,275 | -€1,049 | -45.1% |
| Trade receivables | 40 | €2,055 | €1,185 | -€870 | -42.3% |
| Other amounts receivable | 41 | €269 | €90 | -€179 | -66.5% |
| Cash at bank and in hand | 54/58 | €9,419 | €31,129 | +€21,710 | +230% |
| Deferred charges and accrued income | 490/1 | €1,533 | €1,701 | +€168 | +11.0% |
| Total equity and liabilities | 10/49 | €22,237 | €39,652 | +€17,415 | +78.3% |
| Equity | 10/15 | €17,752 | €35,495 | +€17,743 | +99.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,966 | €21,709 | +€17,743 | +447% |
| Distributable reserves | 133 | €3,966 | €21,709 | +€17,743 | +447% |
| Profit (loss) carried forward | 14 | -€4,814 | -€4,814 | = | 0.0% |
| Amounts payable | 17/49 | €4,485 | €4,157 | -€328 | -7.3% |
| Amounts payable within one year | 42/48 | €4,485 | €4,157 | -€328 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €1,422 | - | -€1,422 | |
| Trade debts | 44 | €190 | €361 | +€171 | +90.0% |
| Suppliers | 440/4 | €190 | €361 | +€171 | +90.0% |
| Taxes, remuneration and social security | 45 | €1,806 | €2,764 | +€958 | +53.0% |
| Taxes | 450/3 | €1,806 | €2,433 | +€627 | +34.7% |
| Remuneration and social security | 454/9 | - | €331 | +€331 | |
| Other amounts payable | 47/48 | €1,067 | €1,032 | -€35 | -3.3% |
| Remuneration, social security and pensions | 62 | - | €1,980 | +€1,980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,323 | €924 | -€8,399 | -90.1% |
| Other operating charges | 640/8 | €1,277 | €989 | -€288 | -22.6% |
| Gross operating margin | 9900 | €12,693 | €25,912 | +€13,219 | +104% |
| Operating profit (loss) | 9901 | €2,093 | €22,019 | +€19,926 | +952% |
| Financial income | 75/76B | €38 | €153 | +€115 | +303% |
| Recurring financial income | 75 | €38 | €153 | +€115 | +303% |
| Financial charges | 65/66B | €55 | €18 | -€37 | -67.3% |
| Recurring financial charges | 65 | €55 | €18 | -€37 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | €2,076 | €22,154 | +€20,078 | +967% |
| Income taxes | 67/77 | €137 | €4,411 | +€4,274 | +3,120% |
| Profit (loss) for the period | 9904 | €1,939 | €17,743 | +€15,804 | +815% |
| Profit (loss) for the period to be appropriated | 9905 | €1,939 | €17,743 | +€15,804 | +815% |
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.