ETUDE ET COORDINATION: 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.
ETUDE ET COORDINATION
Largest movements
- Receivables after one year +€50,000
up €50,000 (+6.7%), from €750,000 to €800,000
- Receivables within one year -€16,264
down €16,264 (-14.0%), from €115,796 to €99,532
of which Trade receivables: -€20,092
- Cash +€12,980
up €12,980 (+1047.6%), from €1,239 to €14,219
mainly Tax, wage and social debts (+€118,625) and Receivables within one year (+€16,264)
- Tax, wage and social debts +€118,625
up €118,625 (+42.2%), from €280,984 to €399,609
- Reserves -€74,244
down €74,244 (-12.9%), from €573,712 to €499,469
- Financial charges +€85,554
up €85,554 (+48256.5%), from €177 to €85,731
- Gross operating margin -€36,267
down €36,267 (-37.6%), from €96,398 to €60,131
- Taxes +€35,527
up €35,527 (+88.2%), from €40,260 to €75,786
- Depreciation -€2,420
down €2,420 (-86.8%), from €2,789 to €368
- Financial income -€1,962
down €1,962 (-6.5%), from €30,177 to €28,215
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 | €867,453 | €913,802 | +€46,349 | +5.3% |
| Fixed assets | 21/28 | €418 | €50 | -€368 | -88.0% |
| Tangible fixed assets | 22/27 | €368 | - | -€368 | |
| Other tangible fixed assets | 26 | €368 | - | -€368 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €867,035 | €913,752 | +€46,717 | +5.4% |
| Amounts receivable after more than one year | 29 | €750,000 | €800,000 | +€50,000 | +6.7% |
| Other amounts receivable | 291 | €750,000 | €800,000 | +€50,000 | +6.7% |
| Amounts receivable within one year | 40/41 | €115,796 | €99,532 | -€16,264 | -14.0% |
| Trade receivables | 40 | €39,939 | €19,847 | -€20,092 | -50.3% |
| Other amounts receivable | 41 | €75,857 | €79,686 | +€3,828 | +5.0% |
| Cash at bank and in hand | 54/58 | €1,239 | €14,219 | +€12,980 | +1047.6% |
| Total equity and liabilities | 10/49 | €867,453 | €913,802 | +€46,349 | +5.3% |
| Equity | 10/15 | €579,918 | €505,674 | -€74,244 | -12.8% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €573,712 | €499,469 | -€74,244 | -12.9% |
| Distributable reserves | 133 | €573,712 | €499,469 | -€74,244 | -12.9% |
| Amounts payable | 17/49 | €287,535 | €408,127 | +€120,592 | +41.9% |
| Amounts payable within one year | 42/48 | €287,535 | €406,510 | +€118,975 | +41.4% |
| Trade debts | 44 | €6,551 | €6,901 | +€350 | +5.3% |
| Suppliers | 440/4 | €6,551 | €6,901 | +€350 | +5.3% |
| Taxes, remuneration and social security | 45 | €280,984 | €399,609 | +€118,625 | +42.2% |
| Taxes | 450/3 | €280,984 | €399,609 | +€118,625 | +42.2% |
| Accrued charges and deferred income | 492/3 | - | €1,617 | +€1,617 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,789 | €368 | -€2,420 | -86.8% |
| Other operating charges | 640/8 | €1,573 | €704 | -€869 | -55.3% |
| Gross operating margin | 9900 | €96,398 | €60,131 | -€36,267 | -37.6% |
| Operating profit (loss) | 9901 | €92,037 | €59,059 | -€32,978 | -35.8% |
| Financial income | 75/76B | €30,177 | €28,215 | -€1,962 | -6.5% |
| Recurring financial income | 75 | €30,177 | €28,215 | -€1,962 | -6.5% |
| Financial charges | 65/66B | €177 | €85,731 | +€85,554 | +48256.5% |
| Recurring financial charges | 65 | €177 | €85,731 | +€85,554 | +48256.5% |
| Profit (loss) for the period before taxes | 9903 | €122,037 | €1,543 | -€120,494 | -98.7% |
| Income taxes | 67/77 | €40,260 | €75,786 | +€35,527 | +88.2% |
| Profit (loss) for the period | 9904 | €81,777 | -€74,244 | -€156,020 | |
| Transfer from tax-exempt reserves | 789 | - | €74,244 | +€74,244 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,777 | €0 | -€81,777 | -100.0% |
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 4 October 2026 via checked.be.