Etudes et Projets: what changed
What changed
Etudes et Projets
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€49,669
2025 · €21,124+€28,545
Equity
€813,412
2025 · €804,526+€8,886
Cash
€13,243
2025 · €26,469-€13,227
Balance sheet total
€1.8m
2025 · €1.9m-€81,102
Largest movements
Assets
- Tangible fixed assets -€49,748
down €49,748 (-2.7%), from €1.8m to €1.8m
of which Land and buildings: -€48,885
- Receivables within one year -€19,066
down €19,066 (-59.6%), from €31,978 to €12,912
of which Other amounts receivable: -€19,798
Equity and liabilities
- Profit (loss) carried forward +€81,363
up €81,363 (+24.7%), from -€328,784 to -€247,421
- Debts after one year -€44,979
down €44,979 (-17.8%), from €253,358 to €208,378
- Investment grants -€40,782
down €40,782 (-25.6%), from €159,058 to €118,276
- Reserves -€31,694
down €31,694 (-3.5%), from €895,252 to €863,558
of which Tax-exempt reserves: -€31,694
Income statement
- Turnover -€96,000
no longer reported in 2026 (was €96,000)
- Purchases and services -€38,236
no longer reported in 2026 (was €38,236)
- Financial income +€34,993
up €34,993 (+603%), from €5,803 to €40,796
- Gross operating margin -€12,747
down €12,747 (-15.9%), from €80,029 to €67,283
- Other operating charges -€9,692
down €9,692 (-49.1%), from €19,748 to €10,056
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€21,124
Gross operating margin
-€12,747
Depreciation
-€3,572
Other operating charges
+€9,692
Financial income
+€34,993
Financial charges
+€156
Taxes
+€23
Result 2026
€49,669
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€78,088
Investment
-€6,024
Financing
-€85,290
Cash 2025
€26,469
From operations (derived)
+€78,088
Net result for the year
+€49,669
Depreciation
+€55,772
Receivables within one year
+€19,066
Deferred charges and accrued income
-€938
Provisions
-€10,565
Trade debts
-€16,236
Tax, wage and social debts
+€599
Other debts
-€16,044
Accrued charges and deferred income
-€3,235
Investment (derived)
-€6,024
Investment in fixed assets (net)
-€6,024
Financing
-€85,290
Debts after one year
-€44,979
Current portion of long-term debt
+€472
Contributions, distributions and other
-€40,782
Cash 2026
€13,243
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,884,617 | €1,803,515 | -€81,102 | -4.3% |
| Fixed assets | 21/28 | €1,825,931 | €1,776,183 | -€49,748 | -2.7% |
| Tangible fixed assets | 22/27 | €1,825,839 | €1,776,092 | -€49,748 | -2.7% |
| Land and buildings | 22 | €1,816,248 | €1,767,363 | -€48,885 | -2.7% |
| Furniture and vehicles | 24 | €9,592 | €7,729 | -€1,863 | -19.4% |
| Assets under construction and advance payments | 27 | - | €1,000 | +€1,000 | |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €58,687 | €27,332 | -€31,354 | -53.4% |
| Amounts receivable within one year | 40/41 | €31,978 | €12,912 | -€19,066 | -59.6% |
| Trade receivables | 40 | €9,680 | €10,412 | +€732 | +7.6% |
| Other amounts receivable | 41 | €22,298 | €2,500 | -€19,798 | -88.8% |
| Cash at bank and in hand | 54/58 | €26,469 | €13,243 | -€13,227 | -50.0% |
| Deferred charges and accrued income | 490/1 | €240 | €1,178 | +€938 | +392% |
| Total equity and liabilities | 10/49 | €1,884,617 | €1,803,515 | -€81,102 | -4.3% |
| Equity | 10/15 | €804,526 | €813,412 | +€8,886 | +1.1% |
| Contributions | 10/11 | €79,000 | €79,000 | = | 0.0% |
| Capital | 10 | €79,000 | €79,000 | = | 0.0% |
| Issued capital | 100 | €79,000 | €79,000 | = | 0.0% |
| Reserves | 13 | €895,252 | €863,558 | -€31,694 | -3.5% |
| Non-distributable reserves | 130/1 | €7,809 | €7,809 | = | 0.0% |
| Legal reserve | 130 | €7,809 | €7,809 | = | 0.0% |
| Tax-exempt reserves | 132 | €887,444 | €855,749 | -€31,694 | -3.6% |
| Profit (loss) carried forward | 14 | -€328,784 | -€247,421 | +€81,363 | +24.7% |
| Investment grants | 15 | €159,058 | €118,276 | -€40,782 | -25.6% |
| Provisions and deferred taxes | 16 | €295,815 | €285,250 | -€10,565 | -3.6% |
| Deferred taxes | 168 | €295,815 | €285,250 | -€10,565 | -3.6% |
| Amounts payable | 17/49 | €784,277 | €704,853 | -€79,424 | -10.1% |
| Amounts payable after more than one year | 17 | €253,358 | €208,378 | -€44,979 | -17.8% |
| Financial debts | 170/4 | €253,358 | €208,378 | -€44,979 | -17.8% |
| Amounts payable within one year | 42/48 | €526,865 | €495,656 | -€31,209 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €44,508 | €44,979 | +€472 | +1.1% |
| Trade debts | 44 | €16,318 | €82 | -€16,236 | -99.5% |
| Suppliers | 440/4 | €16,318 | €82 | -€16,236 | -99.5% |
| Taxes, remuneration and social security | 45 | €5,877 | €6,475 | +€599 | +10.2% |
| Taxes | 450/3 | €4,877 | €5,475 | +€599 | +12.3% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €460,163 | €444,119 | -€16,044 | -3.5% |
| Accrued charges and deferred income | 492/3 | €4,054 | €819 | -€3,235 | -79.8% |
| Turnover | 70 | €96,000 | - | -€96,000 | |
| Non-recurring operating income | 76A | €22,265 | €7,360 | -€14,905 | -66.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €38,236 | - | -€38,236 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,199 | €55,772 | +€3,572 | +6.8% |
| Other operating charges | 640/8 | €19,748 | €10,056 | -€9,692 | -49.1% |
| Gross operating margin | 9900 | €80,029 | €67,283 | -€12,747 | -15.9% |
| Operating profit (loss) | 9901 | €8,082 | €1,455 | -€6,627 | -82.0% |
| Financial income | 75/76B | €5,803 | €40,796 | +€34,993 | +603% |
| Recurring financial income | 75 | €5,803 | €40,796 | +€34,993 | +603% |
| Financial charges | 65/66B | €3,120 | €2,965 | -€156 | -5.0% |
| Recurring financial charges | 65 | €3,120 | €2,965 | -€156 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €10,764 | €39,286 | +€28,522 | +265% |
| Transfer from deferred taxes | 780 | €10,565 | €10,565 | = | 0.0% |
| Income taxes | 67/77 | €206 | €182 | -€23 | -11.3% |
| Profit (loss) for the period | 9904 | €21,124 | €49,669 | +€28,545 | +135% |
| Transfer from tax-exempt reserves | 789 | €31,694 | €31,694 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,818 | €81,363 | +€28,545 | +54.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.