Etudes et Constructions: 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.
Etudes et Constructions
Largest movements
- Receivables within one year -€216,431
down €216,431 (-79.9%), from €270,924 to €54,493
of which Other amounts receivable: -€209,147
- Tangible fixed assets +€78,243
up €78,243 (+5.2%), from €1.5m to €1.6m
of which Land and buildings: +€103,832
- Cash -€70,377
down €70,377 (-88.7%), from €79,337 to €8,960
mainly Investment in fixed assets (net) (-€245,490) and Net result for the year (-€212,278)
- Profit (loss) carried forward -€208,431
down €208,431 (-38.0%), from -€548,120 to -€756,551
- Debts after one year -€34,163
down €34,163 (-23.6%), from €144,528 to €110,365
of which Financial debts: -€36,356
- Trade debts +€30,139
up €30,139 (+39.8%), from €75,724 to €105,863
- Tax, wage and social debts -€27,655
down €27,655 (-18.0%), from €153,556 to €125,901
- Other debts +€21,590
up €21,590 (+360%), from €6,004 to €27,594
- Gross operating margin -€137,738
down €137,738 (-57.5%), from €239,646 to €101,907
- Other operating charges -€32,424
down €32,424 (-32.4%), from €100,203 to €67,779
- Financial income -€16,220
down €16,220 (-100.0%), from €16,223 to €3
- Write-downs +€13,223
up €13,223 (+37.2%), from €35,550 to €48,773
- Depreciation -€11,789
down €11,789 (-6.6%), from €179,035 to €167,247
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 | €1,894,169 | €1,684,936 | -€209,232 | -11.0% |
| Fixed assets | 21/28 | €1,529,441 | €1,607,684 | +€78,243 | +5.1% |
| Tangible fixed assets | 22/27 | €1,516,109 | €1,594,352 | +€78,243 | +5.2% |
| Land and buildings | 22 | €1,404,965 | €1,508,796 | +€103,832 | +7.4% |
| Furniture and vehicles | 24 | €109 | €1,236 | +€1,127 | +1,031% |
| Leasing and similar rights | 25 | €111,035 | €84,320 | -€26,715 | -24.1% |
| Financial fixed assets | 28 | €13,332 | €13,332 | = | 0.0% |
| Current assets | 29/58 | €364,728 | €77,252 | -€287,476 | -78.8% |
| Amounts receivable within one year | 40/41 | €270,924 | €54,493 | -€216,431 | -79.9% |
| Trade receivables | 40 | €61,777 | €54,493 | -€7,284 | -11.8% |
| Other amounts receivable | 41 | €209,147 | - | -€209,147 | |
| Cash at bank and in hand | 54/58 | €79,337 | €8,960 | -€70,377 | -88.7% |
| Deferred charges and accrued income | 490/1 | €14,467 | €13,799 | -€668 | -4.6% |
| Total equity and liabilities | 10/49 | €1,894,169 | €1,684,936 | -€209,232 | -11.0% |
| Equity | 10/15 | €1,425,942 | €1,213,664 | -€212,278 | -14.9% |
| Contributions | 10/11 | €1,415,155 | €1,415,155 | = | 0.0% |
| Capital | 10 | €1,415,155 | €1,415,155 | = | 0.0% |
| Issued capital | 100 | €1,415,155 | €1,415,155 | = | 0.0% |
| Revaluation surpluses | 12 | €275,189 | €275,189 | = | 0.0% |
| Reserves | 13 | €283,717 | €279,870 | -€3,847 | -1.4% |
| Non-distributable reserves | 130/1 | €141,516 | €141,516 | = | 0.0% |
| Legal reserve | 130 | €141,516 | €141,516 | = | 0.0% |
| Tax-exempt reserves | 132 | €142,201 | €138,355 | -€3,847 | -2.7% |
| Profit (loss) carried forward | 14 | -€548,120 | -€756,551 | -€208,431 | -38.0% |
| Provisions and deferred taxes | 16 | €41,150 | €39,868 | -€1,282 | -3.1% |
| Deferred taxes | 168 | €41,150 | €39,868 | -€1,282 | -3.1% |
| Amounts payable | 17/49 | €427,077 | €431,404 | +€4,328 | +1.0% |
| Amounts payable after more than one year | 17 | €144,528 | €110,365 | -€34,163 | -23.6% |
| Financial debts | 170/4 | €136,988 | €100,632 | -€36,356 | -26.5% |
| Other amounts payable | 178/9 | €7,540 | €9,733 | +€2,193 | +29.1% |
| Amounts payable within one year | 42/48 | €271,514 | €295,714 | +€24,200 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €36,230 | €36,356 | +€126 | +0.3% |
| Trade debts | 44 | €75,724 | €105,863 | +€30,139 | +39.8% |
| Suppliers | 440/4 | €75,724 | €105,863 | +€30,139 | +39.8% |
| Taxes, remuneration and social security | 45 | €153,556 | €125,901 | -€27,655 | -18.0% |
| Taxes | 450/3 | €153,556 | €125,901 | -€27,655 | -18.0% |
| Other amounts payable | 47/48 | €6,004 | €27,594 | +€21,590 | +360% |
| Accrued charges and deferred income | 492/3 | €11,035 | €25,326 | +€14,291 | +129% |
| Non-recurring operating income | 76A | €171,862 | - | -€171,862 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,035 | €167,247 | -€11,789 | -6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €35,550 | €48,773 | +€13,223 | +37.2% |
| Other operating charges | 640/8 | €100,203 | €67,779 | -€32,424 | -32.4% |
| Non-recurring operating charges | 66A | €105,042 | €8,501 | -€96,540 | -91.9% |
| Gross operating margin | 9900 | €239,646 | €101,907 | -€137,738 | -57.5% |
| Operating profit (loss) | 9901 | -€180,184 | -€190,393 | -€10,209 | -5.7% |
| Financial income | 75/76B | €16,223 | €3 | -€16,220 | -100.0% |
| Recurring financial income | 75 | €16,223 | €3 | -€16,220 | -100.0% |
| Financial charges | 65/66B | €26,086 | €22,617 | -€3,469 | -13.3% |
| Recurring financial charges | 65 | €26,086 | €22,617 | -€3,469 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€190,046 | -€213,007 | -€22,961 | -12.1% |
| Transfer from deferred taxes | 780 | €678 | €1,282 | +€604 | +89.1% |
| Transfer to deferred taxes | 680 | €41,150 | - | -€41,150 | |
| Income taxes | 67/77 | €555 | €553 | -€2 | -0.3% |
| Profit (loss) for the period | 9904 | -€231,073 | -€212,278 | +€18,796 | +8.1% |
| Transfer from tax-exempt reserves | 789 | €1,316 | €3,847 | +€2,531 | +192% |
| Transfer to tax-exempt reserves | 689 | €123,451 | - | -€123,451 | |
| Profit (loss) for the period to be appropriated | 9905 | -€353,209 | -€208,431 | +€144,778 | +41.0% |
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 20 October 2026 via checked.be.