ETUDES TECHNIQUES: 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 TECHNIQUES
Largest movements
- Receivables within one year -€30,919
down €30,919 (-47.1%), from €65,598 to €34,678
of which Trade receivables: -€30,970
- Cash +€11,571
up €11,571 (+23.1%), from €50,138 to €61,709
mainly Receivables within one year (+€30,919) and Depreciation (+€4,206)
- Tangible fixed assets -€4,110
down €4,110 (-8.2%), from €50,098 to €45,988
- Reserves -€42,349
down €42,349 (-42.8%), from €98,972 to €56,623
- Profit (loss) carried forward +€17,067
no longer reported in 2025 (was -€17,067)
- Other debts +€3,100
up €3,100 (+5.0%), from €62,550 to €65,650
- Gross operating margin -€32,730
down €32,730, from €22,615 to -€10,115
- Financial charges -€904
down €904 (-16.6%), from €5,428 to €4,524
- Financial income -€362
down €362 (-54.4%), from €665 to €303
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 | €167,410 | €143,772 | -€23,637 | -14.1% |
| Formation expenses | 20 | €678 | €581 | -€96 | -14.2% |
| Fixed assets | 21/28 | €50,860 | €46,750 | -€4,110 | -8.1% |
| Tangible fixed assets | 22/27 | €50,098 | €45,988 | -€4,110 | -8.2% |
| Land and buildings | 22 | €50,098 | €45,988 | -€4,110 | -8.2% |
| Financial fixed assets | 28 | €762 | €762 | = | 0.0% |
| Current assets | 29/58 | €115,872 | €96,441 | -€19,431 | -16.8% |
| Amounts receivable within one year | 40/41 | €65,598 | €34,678 | -€30,919 | -47.1% |
| Trade receivables | 40 | €65,358 | €34,388 | -€30,970 | -47.4% |
| Other amounts receivable | 41 | €240 | €290 | +€51 | +21.2% |
| Cash at bank and in hand | 54/58 | €50,138 | €61,709 | +€11,571 | +23.1% |
| Deferred charges and accrued income | 490/1 | €136 | €54 | -€83 | -60.6% |
| Total equity and liabilities | 10/49 | €167,410 | €143,772 | -€23,637 | -14.1% |
| Equity | 10/15 | €100,505 | €75,223 | -€25,282 | -25.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,972 | €56,623 | -€42,349 | -42.8% |
| Distributable reserves | 133 | €98,972 | €56,623 | -€42,349 | -42.8% |
| Profit (loss) carried forward | 14 | -€17,067 | - | +€17,067 | |
| Amounts payable | 17/49 | €66,905 | €68,550 | +€1,645 | +2.5% |
| Amounts payable within one year | 42/48 | €66,864 | €68,533 | +€1,670 | +2.5% |
| Trade debts | 44 | €799 | €928 | +€129 | +16.2% |
| Suppliers | 440/4 | €799 | €928 | +€129 | +16.2% |
| Taxes, remuneration and social security | 45 | €3,515 | €1,956 | -€1,560 | -44.4% |
| Taxes | 450/3 | €3,515 | €1,956 | -€1,560 | -44.4% |
| Other amounts payable | 47/48 | €62,550 | €65,650 | +€3,100 | +5.0% |
| Accrued charges and deferred income | 492/3 | €41 | €16 | -€25 | -60.6% |
| Non-recurring operating income | 76A | €11,810 | €1,145 | -€10,665 | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,350 | €4,206 | -€144 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,963 | €3,963 | = | 0.0% |
| Other operating charges | 640/8 | €1,583 | €1,631 | +€48 | +3.1% |
| Non-recurring operating charges | 66A | €19,310 | €1,145 | -€18,165 | -94.1% |
| Gross operating margin | 9900 | €22,615 | -€10,115 | -€32,730 | |
| Operating profit (loss) | 9901 | -€6,592 | -€21,061 | -€14,469 | -220% |
| Financial income | 75/76B | €665 | €303 | -€362 | -54.4% |
| Recurring financial income | 75 | €665 | €303 | -€362 | -54.4% |
| Financial charges | 65/66B | €5,428 | €4,524 | -€904 | -16.6% |
| Recurring financial charges | 65 | €5,428 | €4,524 | -€904 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,355 | -€25,282 | -€13,928 | -123% |
| Profit (loss) for the period | 9904 | -€11,355 | -€25,282 | -€13,928 | -123% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,355 | -€25,282 | -€13,928 | -123% |
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.