ETS LEFRANCQ: 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 LEFRANCQ
Largest movements
- Cash -€49,456
down €49,456 (-38.8%), from €127,318 to €77,862
mainly Tax, wage and social debts (-€33,955) and Net result for the year (-€14,014)
- Tangible fixed assets -€3,818
down €3,818 (-15.0%), from €25,523 to €21,705
of which Land and buildings: -€2,293
- Tax, wage and social debts -€33,955
no longer reported in 2025 (was €33,955)
- Profit (loss) carried forward -€14,014
new in 2025: -€14,014
- Other debts -€4,106
down €4,106 (-76.8%), from €5,347 to €1,240
- Short-term financial debts -€2,031
no longer reported in 2025 (was €2,031)
- Gross operating margin -€141,642
down €141,642, from €132,191 to -€9,451
- Taxes -€33,850
down €33,850 (-99.5%), from €34,015 to €165
- Depreciation +€1,472
up €1,472 (+62.7%), from €2,346 to €3,818
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 | €153,568 | €100,489 | -€53,078 | -34.6% |
| Fixed assets | 21/28 | €25,523 | €21,705 | -€3,818 | -15.0% |
| Tangible fixed assets | 22/27 | €25,523 | €21,705 | -€3,818 | -15.0% |
| Land and buildings | 22 | €11,222 | €8,929 | -€2,293 | -20.4% |
| Plant, machinery and equipment | 23 | €13,094 | €11,720 | -€1,374 | -10.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,208 | €1,056 | -€152 | -12.6% |
| Current assets | 29/58 | €128,044 | €78,784 | -€49,260 | -38.5% |
| Amounts receivable within one year | 40/41 | - | €211 | +€211 | |
| Other amounts receivable | 41 | - | €211 | +€211 | |
| Cash at bank and in hand | 54/58 | €127,318 | €77,862 | -€49,456 | -38.8% |
| Deferred charges and accrued income | 490/1 | €726 | €712 | -€15 | -2.0% |
| Total equity and liabilities | 10/49 | €153,568 | €100,489 | -€53,078 | -34.6% |
| Equity | 10/15 | €112,070 | €98,056 | -€14,014 | -12.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €93,478 | €93,478 | = | 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% |
| Distributable reserves | 133 | €91,619 | €91,619 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€14,014 | -€14,014 | |
| Amounts payable | 17/49 | €41,498 | €2,433 | -€39,065 | -94.1% |
| Amounts payable within one year | 42/48 | €41,498 | €2,433 | -€39,065 | -94.1% |
| Financial debts | 43 | €2,031 | - | -€2,031 | |
| Credit institutions | 430/8 | €2,031 | - | -€2,031 | |
| Trade debts | 44 | €165 | €1,193 | +€1,028 | +623% |
| Suppliers | 440/4 | €165 | €1,193 | +€1,028 | +623% |
| Taxes, remuneration and social security | 45 | €33,955 | - | -€33,955 | |
| Taxes | 450/3 | €33,955 | - | -€33,955 | |
| Other amounts payable | 47/48 | €5,347 | €1,240 | -€4,106 | -76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,346 | €3,818 | +€1,472 | +62.7% |
| Other operating charges | 640/8 | €969 | €914 | -€55 | -5.7% |
| Non-recurring operating charges | 66A | €228 | - | -€228 | |
| Gross operating margin | 9900 | €132,191 | -€9,451 | -€141,642 | |
| Operating profit (loss) | 9901 | €128,648 | -€14,183 | -€142,831 | |
| Financial income | 75/76B | €199 | €1,253 | +€1,054 | +530% |
| Recurring financial income | 75 | €199 | €1,253 | +€1,054 | +530% |
| Financial charges | 65/66B | €672 | €918 | +€247 | +36.8% |
| Recurring financial charges | 65 | €672 | €918 | +€247 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €128,175 | -€13,849 | -€142,023 | |
| Income taxes | 67/77 | €34,015 | €165 | -€33,850 | -99.5% |
| Profit (loss) for the period | 9904 | €94,160 | -€14,014 | -€108,174 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,160 | -€14,014 | -€108,174 |
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 19 October 2026 via checked.be.