ETUDELEC: 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.
ETUDELEC
Largest movements
- Tangible fixed assets +€215,518
up €215,518 (+45.1%), from €477,964 to €693,482
of which Land and buildings: +€342,089
- Receivables within one year +€124,406
up €124,406 (+41.8%), from €297,733 to €422,138
of which Trade receivables: +€168,053
- Cash +€50,370
up €50,370 (+124%), from €40,672 to €91,041
mainly Trade debts (+€268,885) and Debts after one year (+€224,505)
- Stocks and contracts -€38,633
down €38,633 (-36.0%), from €107,246 to €68,613
- Trade debts +€268,885
up €268,885 (+254%), from €105,660 to €374,544
- Debts after one year +€224,505
up €224,505 (+146%), from €153,667 to €378,171
- Profit (loss) carried forward -€121,804
down €121,804 (-67.7%), from €179,859 to €58,055
- Short-term financial debts +€75,000
new in 2025: €75,000
- Tax, wage and social debts -€57,208
down €57,208 (-61.4%), from €93,151 to €35,944
of which Taxes: -€35,375
- Staff costs +€85,293
up €85,293 (+19.0%), from €448,397 to €533,690
- Depreciation +€33,488
up €33,488 (+42.7%), from €78,365 to €111,853
- Other operating charges +€19,091
up €19,091 (+578%), from €3,300 to €22,391
- Financial charges +€7,338
up €7,338 (+50.4%), from €14,567 to €21,905
- Taxes -€7,238
down €7,238 (-82.6%), from €8,767 to €1,529
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 | €931,800 | €1,292,958 | +€361,158 | +38.8% |
| Fixed assets | 21/28 | €480,936 | €697,808 | +€216,872 | +45.1% |
| Intangible fixed assets | 21 | - | €1,354 | +€1,354 | |
| Tangible fixed assets | 22/27 | €477,964 | €693,482 | +€215,518 | +45.1% |
| Land and buildings | 22 | €174,459 | €516,548 | +€342,089 | +196% |
| Plant, machinery and equipment | 23 | €27,356 | €19,327 | -€8,029 | -29.4% |
| Furniture and vehicles | 24 | €244,149 | €143,266 | -€100,884 | -41.3% |
| Assets under construction and advance payments | 27 | €32,000 | €14,342 | -€17,658 | -55.2% |
| Financial fixed assets | 28 | €2,972 | €2,972 | = | 0.0% |
| Current assets | 29/58 | €450,864 | €595,150 | +€144,286 | +32.0% |
| Stocks and contracts in progress | 3 | €107,246 | €68,613 | -€38,633 | -36.0% |
| Stocks | 30/36 | €107,246 | €68,613 | -€38,633 | -36.0% |
| Amounts receivable within one year | 40/41 | €297,733 | €422,138 | +€124,406 | +41.8% |
| Trade receivables | 40 | €173,274 | €341,328 | +€168,053 | +97.0% |
| Other amounts receivable | 41 | €124,458 | €80,811 | -€43,648 | -35.1% |
| Cash at bank and in hand | 54/58 | €40,672 | €91,041 | +€50,370 | +124% |
| Deferred charges and accrued income | 490/1 | €5,214 | €13,358 | +€8,144 | +156% |
| Total equity and liabilities | 10/49 | €931,800 | €1,292,958 | +€361,158 | +38.8% |
| Equity | 10/15 | €480,619 | €358,815 | -€121,804 | -25.3% |
| Contributions | 10/11 | €16,900 | €16,900 | = | 0.0% |
| Reserves | 13 | €283,860 | €283,860 | = | 0.0% |
| Distributable reserves | 133 | €283,860 | €283,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,859 | €58,055 | -€121,804 | -67.7% |
| Amounts payable | 17/49 | €451,182 | €934,143 | +€482,962 | +107% |
| Amounts payable after more than one year | 17 | €153,667 | €378,171 | +€224,505 | +146% |
| Financial debts | 170/4 | €153,667 | €378,171 | +€224,505 | +146% |
| Amounts payable within one year | 42/48 | €297,515 | €555,972 | +€258,457 | +86.9% |
| Current portion of amounts payable after more than one year | 42 | €65,189 | €70,484 | +€5,295 | +8.1% |
| Financial debts | 43 | - | €75,000 | +€75,000 | |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Trade debts | 44 | €105,660 | €374,544 | +€268,885 | +254% |
| Suppliers | 440/4 | €105,660 | €374,544 | +€268,885 | +254% |
| Taxes, remuneration and social security | 45 | €93,151 | €35,944 | -€57,208 | -61.4% |
| Taxes | 450/3 | €35,501 | €126 | -€35,375 | -99.6% |
| Remuneration and social security | 454/9 | €57,650 | €35,818 | -€21,833 | -37.9% |
| Other amounts payable | 47/48 | €33,514 | - | -€33,514 | |
| Non-recurring operating income | 76A | - | €16,289 | +€16,289 | |
| Remuneration, social security and pensions | 62 | €448,397 | €533,690 | +€85,293 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,365 | €111,853 | +€33,488 | +42.7% |
| Other operating charges | 640/8 | €3,300 | €22,391 | +€19,091 | +578% |
| Gross operating margin | 9900 | €562,540 | €569,559 | +€7,020 | +1.2% |
| Operating profit (loss) | 9901 | €32,478 | -€98,375 | -€130,853 | |
| Financial income | 75/76B | €465 | €5 | -€461 | -99.0% |
| Recurring financial income | 75 | €465 | €5 | -€461 | -99.0% |
| Financial charges | 65/66B | €14,567 | €21,905 | +€7,338 | +50.4% |
| Recurring financial charges | 65 | €14,567 | €21,905 | +€7,338 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €18,376 | -€120,275 | -€138,651 | |
| Income taxes | 67/77 | €8,767 | €1,529 | -€7,238 | -82.6% |
| Profit (loss) for the period | 9904 | €9,609 | -€121,804 | -€131,413 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,609 | -€121,804 | -€131,413 |
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 17 October 2026 via checked.be.