ETUDE, CONCEPT ET ENGINEERING: 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.
ETUDE, CONCEPT ET ENGINEERING
Largest movements
- Current investments -€856,649
down €856,649 (-53.7%), from €1.6m to €739,151
- Cash +€527,996
up €527,996 (+152.5%), from €346,329 to €874,324
mainly Current investments (+€856,649) and Receivables within one year (+€293,175)
- Receivables within one year -€293,175
down €293,175 (-33.8%), from €866,542 to €573,367
of which Other amounts receivable: -€315,235
- Financial fixed assets +€200,000
up €200,000 (+4000.0%), from €5,000 to €205,000
- Tangible fixed assets +€82,132
up €82,132 (+15.6%), from €527,711 to €609,843
of which Furniture and vehicles: +€97,322
- Debts after one year -€252,043
down €252,043 (-56.4%), from €447,201 to €195,159
of which Other amounts payable: -€208,710
- Reserves -€82,550
down €82,550 (-4.9%), from €1.7m to €1.6m
of which Tax-exempt reserves: -€105,250
- Gross operating margin +€101,266
up €101,266 (+48.8%), from -€207,368 to -€106,102
- Financial income +€18,365
up €18,365 (+22.9%), from €80,046 to €98,411
of which Financial income: +€18,365
- Depreciation +€12,306
up €12,306 (+54.9%), from €22,417 to €34,723
- Taxes -€9,520
down €9,520 (-78.2%), from €12,180 to €2,660
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 | €3,352,873 | €3,009,058 | -€343,815 | -10.3% |
| Fixed assets | 21/28 | €534,897 | €816,525 | +€281,628 | +52.7% |
| Intangible fixed assets | 21 | €2,185 | €1,681 | -€504 | -23.1% |
| Tangible fixed assets | 22/27 | €527,711 | €609,843 | +€82,132 | +15.6% |
| Land and buildings | 22 | €516,871 | €499,484 | -€17,387 | -3.4% |
| Furniture and vehicles | 24 | €8,803 | €106,125 | +€97,322 | +1105.6% |
| Other tangible fixed assets | 26 | €2,038 | €4,235 | +€2,197 | +107.8% |
| Financial fixed assets | 28 | €5,000 | €205,000 | +€200,000 | +4000.0% |
| Current assets | 29/58 | €2,817,976 | €2,192,534 | -€625,443 | -22.2% |
| Amounts receivable within one year | 40/41 | €866,542 | €573,367 | -€293,175 | -33.8% |
| Trade receivables | 40 | €28,061 | €50,121 | +€22,060 | +78.6% |
| Other amounts receivable | 41 | €838,481 | €523,246 | -€315,235 | -37.6% |
| Current investments | 50/53 | €1,595,800 | €739,151 | -€856,649 | -53.7% |
| Cash at bank and in hand | 54/58 | €346,329 | €874,324 | +€527,996 | +152.5% |
| Deferred charges and accrued income | 490/1 | €9,306 | €5,691 | -€3,615 | -38.8% |
| Total equity and liabilities | 10/49 | €3,352,873 | €3,009,058 | -€343,815 | -10.3% |
| Equity | 10/15 | €2,865,568 | €2,783,128 | -€82,440 | -2.9% |
| Contributions | 10/11 | €451,000 | €451,000 | = | 0.0% |
| Reserves | 13 | €1,697,750 | €1,615,200 | -€82,550 | -4.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €105,250 | €0 | -€105,250 | -100.0% |
| Distributable reserves | 133 | €1,592,500 | €1,615,200 | +€22,700 | +1.4% |
| Profit (loss) carried forward | 14 | €716,818 | €716,928 | +€110 | 0.0% |
| Amounts payable | 17/49 | €487,305 | €225,930 | -€261,375 | -53.6% |
| Amounts payable after more than one year | 17 | €447,201 | €195,159 | -€252,043 | -56.4% |
| Financial debts | 170/4 | €43,332 | €0 | -€43,332 | -100.0% |
| Other amounts payable | 178/9 | €403,869 | €195,159 | -€208,710 | -51.7% |
| Amounts payable within one year | 42/48 | €39,204 | €29,125 | -€10,079 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €13,333 | €0 | -€13,333 | -100.0% |
| Trade debts | 44 | €6,042 | €8,099 | +€2,057 | +34.0% |
| Suppliers | 440/4 | €6,042 | €8,099 | +€2,057 | +34.0% |
| Taxes, remuneration and social security | 45 | €19,828 | €21,026 | +€1,198 | +6.0% |
| Taxes | 450/3 | €18,595 | €9,733 | -€8,862 | -47.7% |
| Remuneration and social security | 454/9 | €1,233 | €11,293 | +€10,060 | +815.6% |
| Accrued charges and deferred income | 492/3 | €900 | €1,647 | +€747 | +83.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,417 | €34,723 | +€12,306 | +54.9% |
| Other operating charges | 640/8 | €3,459 | €3,135 | -€324 | -9.4% |
| Gross operating margin | 9900 | -€207,368 | -€106,102 | +€101,266 | +48.8% |
| Operating profit (loss) | 9901 | -€233,244 | -€143,960 | +€89,284 | +38.3% |
| Financial income | 75/76B | €80,046 | €98,411 | +€18,365 | +22.9% |
| Recurring financial income | 75 | €80,046 | €98,411 | +€18,365 | +22.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €33,521 | €34,230 | +€709 | +2.1% |
| Recurring financial charges | 65 | €33,521 | €34,230 | +€709 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | -€186,720 | -€79,780 | +€106,940 | +57.3% |
| Income taxes | 67/77 | €12,180 | €2,660 | -€9,520 | -78.2% |
| Profit (loss) for the period | 9904 | -€198,900 | -€82,440 | +€116,460 | +58.6% |
| Transfer from tax-exempt reserves | 789 | €315,600 | €105,250 | -€210,350 | -66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €116,700 | €22,810 | -€93,890 | -80.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.