ETS. STEPHANE ROBERT: 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. STEPHANE ROBERT
Largest movements
- Receivables within one year -€26,605
down €26,605 (-76.8%), from €34,644 to €8,039
of which Other amounts receivable: -€14,438
- Cash +€19,161
up €19,161 (+127.4%), from €15,035 to €34,196
mainly Net result for the year (+€35,344) and Depreciation (+€30,384)
- Tangible fixed assets -€17,418
down €17,418 (-7.1%), from €244,431 to €227,013
of which Land and buildings: -€21,022
- Short-term financial debts -€50,071
no longer reported in 2025 (was €50,071)
- Reserves +€35,340
up €35,340 (+42.8%), from €82,632 to €117,972
of which Distributable reserves: +€35,340
- Accrued charges and deferred income +€29,256
new in 2025: €29,256
- Other debts -€28,275
down €28,275 (-86.3%), from €32,751 to €4,476
- Current portion of long-term debt -€25,388
down €25,388 (-86.4%), from €29,395 to €4,007
- Turnover +€70,938
up €70,938 (+18.9%), from €375,618 to €446,556
- Gross operating margin +€38,473
up €38,473 (+37.5%), from €102,516 to €140,989
- Purchases and services +€37,522
up €37,522 (+13.7%), from €273,102 to €310,624
- Staff costs +€8,807
up €8,807 (+17.0%), from €51,704 to €60,511
- Taxes +€5,732
up €5,732 (+553.3%), from €1,036 to €6,768
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 | €317,571 | €292,709 | -€24,862 | -7.8% |
| Fixed assets | 21/28 | €246,157 | €228,739 | -€17,418 | -7.1% |
| Tangible fixed assets | 22/27 | €244,431 | €227,013 | -€17,418 | -7.1% |
| Land and buildings | 22 | €212,382 | €191,360 | -€21,022 | -9.9% |
| Plant, machinery and equipment | 23 | €4,666 | €3,097 | -€1,569 | -33.6% |
| Furniture and vehicles | 24 | €27,383 | €32,556 | +€5,173 | +18.9% |
| Financial fixed assets | 28 | €1,726 | €1,726 | = | 0.0% |
| Current assets | 29/58 | €71,414 | €63,970 | -€7,444 | -10.4% |
| Stocks and contracts in progress | 3 | €21,735 | €21,735 | = | 0.0% |
| Stocks | 30/36 | €21,735 | €21,735 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,644 | €8,039 | -€26,605 | -76.8% |
| Trade receivables | 40 | €20,206 | €8,039 | -€12,167 | -60.2% |
| Other amounts receivable | 41 | €14,438 | - | -€14,438 | |
| Cash at bank and in hand | 54/58 | €15,035 | €34,196 | +€19,161 | +127.4% |
| Total equity and liabilities | 10/49 | €317,571 | €292,709 | -€24,862 | -7.8% |
| Equity | 10/15 | €188,593 | €220,372 | +€31,779 | +16.9% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Capital | 10 | €9,300 | €9,300 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €82,632 | €117,972 | +€35,340 | +42.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €80,772 | €116,112 | +€35,340 | +43.8% |
| Profit (loss) carried forward | 14 | €61,929 | €61,933 | +€4 | 0.0% |
| Investment grants | 15 | €34,732 | €31,167 | -€3,565 | -10.3% |
| Amounts payable | 17/49 | €128,978 | €72,337 | -€56,641 | -43.9% |
| Amounts payable after more than one year | 17 | €12,227 | €8,220 | -€4,007 | -32.8% |
| Financial debts | 170/4 | €12,227 | €8,220 | -€4,007 | -32.8% |
| Amounts payable within one year | 42/48 | €116,751 | €34,861 | -€81,890 | -70.1% |
| Current portion of amounts payable after more than one year | 42 | €29,395 | €4,007 | -€25,388 | -86.4% |
| Financial debts | 43 | €50,071 | - | -€50,071 | |
| Credit institutions | 430/8 | €50,071 | - | -€50,071 | |
| Trade debts | 44 | €1,086 | €3,651 | +€2,565 | +236.2% |
| Suppliers | 440/4 | €1,086 | €3,651 | +€2,565 | +236.2% |
| Advances received on contracts in progress | 46 | - | €14,186 | +€14,186 | |
| Taxes, remuneration and social security | 45 | €3,448 | €8,541 | +€5,093 | +147.7% |
| Taxes | 450/3 | €3,448 | €8,541 | +€5,093 | +147.7% |
| Other amounts payable | 47/48 | €32,751 | €4,476 | -€28,275 | -86.3% |
| Accrued charges and deferred income | 492/3 | - | €29,256 | +€29,256 | |
| Turnover | 70 | €375,618 | €446,556 | +€70,938 | +18.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €273,102 | €310,624 | +€37,522 | +13.7% |
| Remuneration, social security and pensions | 62 | €51,704 | €60,511 | +€8,807 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,248 | €30,384 | +€2,136 | +7.6% |
| Other operating charges | 640/8 | €6,507 | €6,461 | -€46 | -0.7% |
| Gross operating margin | 9900 | €102,516 | €140,989 | +€38,473 | +37.5% |
| Operating profit (loss) | 9901 | €16,057 | €43,633 | +€27,576 | +171.7% |
| Financial income | 75/76B | €3,703 | €3,711 | +€8 | +0.2% |
| Recurring financial income | 75 | €3,703 | €3,711 | +€8 | +0.2% |
| Financial charges | 65/66B | €8,362 | €5,232 | -€3,130 | -37.4% |
| Recurring financial charges | 65 | €8,362 | €5,232 | -€3,130 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €11,398 | €42,112 | +€30,714 | +269.5% |
| Income taxes | 67/77 | €1,036 | €6,768 | +€5,732 | +553.3% |
| Profit (loss) for the period | 9904 | €10,362 | €35,344 | +€24,982 | +241.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,362 | €35,344 | +€24,982 | +241.1% |
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 7 October 2026 via checked.be.