Etudes Techniques Générales: 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 Générales
Largest movements
- Receivables within one year -€299,963
down €299,963 (-33.7%), from €890,318 to €590,355
of which Trade receivables: -€287,890
- Cash +€75,772
up €75,772 (+8.8%), from €863,511 to €939,283
mainly Receivables within one year (+€299,963) and Net result for the year (+€150,439)
- Tangible fixed assets -€40,877
down €40,877 (-24.3%), from €168,158 to €127,280
of which Furniture and vehicles: -€37,832
- Trade debts -€324,909
down €324,909 (-91.6%), from €354,513 to €29,604
- Tax, wage and social debts -€87,538
down €87,538 (-80.6%), from €108,649 to €21,111
of which Taxes: -€74,860
- Reserves +€73,675
up €73,675 (+13.2%), from €559,457 to €633,132
of which Tax-exempt reserves: +€73,675
- Profit (loss) carried forward +€71,764
up €71,764 (+8.6%), from €834,899 to €906,664
- Gross operating margin -€82,613
down €82,613 (-15.4%), from €536,926 to €454,314
- Staff costs -€80,451
down €80,451 (-28.0%), from €287,234 to €206,783
- Depreciation +€13,957
up €13,957 (+51.8%), from €26,920 to €40,877
- Financial income +€7,281
up €7,281 (+184%), from €3,952 to €11,233
of which Non-recurring financial income: +€3,857
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 | €1,924,261 | €1,657,252 | -€267,009 | -13.9% |
| Fixed assets | 21/28 | €168,158 | €127,280 | -€40,877 | -24.3% |
| Tangible fixed assets | 22/27 | €168,158 | €127,280 | -€40,877 | -24.3% |
| Land and buildings | 22 | €50,549 | €47,504 | -€3,045 | -6.0% |
| Furniture and vehicles | 24 | €117,609 | €79,776 | -€37,832 | -32.2% |
| Current assets | 29/58 | €1,756,103 | €1,529,972 | -€226,131 | -12.9% |
| Amounts receivable within one year | 40/41 | €890,318 | €590,355 | -€299,963 | -33.7% |
| Trade receivables | 40 | €854,472 | €566,582 | -€287,890 | -33.7% |
| Other amounts receivable | 41 | €35,847 | €23,773 | -€12,073 | -33.7% |
| Cash at bank and in hand | 54/58 | €863,511 | €939,283 | +€75,772 | +8.8% |
| Deferred charges and accrued income | 490/1 | €2,274 | €334 | -€1,940 | -85.3% |
| Total equity and liabilities | 10/49 | €1,924,261 | €1,657,252 | -€267,009 | -13.9% |
| Equity | 10/15 | €1,456,357 | €1,601,796 | +€145,439 | +10.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €559,457 | €633,132 | +€73,675 | +13.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,300 | €199,975 | +€73,675 | +58.3% |
| Distributable reserves | 133 | €426,957 | €426,957 | = | 0.0% |
| Profit (loss) carried forward | 14 | €834,899 | €906,664 | +€71,764 | +8.6% |
| Amounts payable | 17/49 | €467,904 | €55,456 | -€412,448 | -88.1% |
| Amounts payable within one year | 42/48 | €465,630 | €53,183 | -€412,448 | -88.6% |
| Trade debts | 44 | €354,513 | €29,604 | -€324,909 | -91.6% |
| Suppliers | 440/4 | €354,513 | €29,604 | -€324,909 | -91.6% |
| Taxes, remuneration and social security | 45 | €108,649 | €21,111 | -€87,538 | -80.6% |
| Taxes | 450/3 | €77,125 | €2,266 | -€74,860 | -97.1% |
| Remuneration and social security | 454/9 | €31,524 | €18,845 | -€12,678 | -40.2% |
| Other amounts payable | 47/48 | €2,468 | €2,468 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,274 | €2,274 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €287,234 | €206,783 | -€80,451 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,920 | €40,877 | +€13,957 | +51.8% |
| Other operating charges | 640/8 | €8,506 | €12,568 | +€4,062 | +47.8% |
| Gross operating margin | 9900 | €536,926 | €454,314 | -€82,613 | -15.4% |
| Operating profit (loss) | 9901 | €214,266 | €194,085 | -€20,181 | -9.4% |
| Financial income | 75/76B | €3,952 | €11,233 | +€7,281 | +184% |
| Recurring financial income | 75 | €3,952 | €7,376 | +€3,424 | +86.6% |
| Non-recurring financial income | 76B | - | €3,857 | +€3,857 | |
| Financial charges | 65/66B | €137 | €214 | +€77 | +55.9% |
| Recurring financial charges | 65 | €137 | €214 | +€77 | +55.9% |
| Profit (loss) for the period before taxes | 9903 | €218,081 | €205,105 | -€12,977 | -6.0% |
| Income taxes | 67/77 | €57,620 | €54,666 | -€2,955 | -5.1% |
| Profit (loss) for the period | 9904 | €160,461 | €150,439 | -€10,022 | -6.2% |
| Transfer from tax-exempt reserves | 789 | €126,300 | - | -€126,300 | |
| Transfer to tax-exempt reserves | 689 | €21,050 | €73,675 | +€52,625 | +250% |
| Profit (loss) for the period to be appropriated | 9905 | €265,711 | €76,764 | -€188,947 | -71.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.