L'ECUYER: 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.
L'ECUYER
Largest movements
- Receivables within one year +€203,361
up €203,361 (+76.6%), from €265,470 to €468,831
of which Other amounts receivable: +€209,576
- Cash -€116,060
down €116,060 (-75.7%), from €153,318 to €37,258
mainly Receivables within one year (-€203,361) and Current portion of long-term debt (-€55,480)
- Tangible fixed assets -€45,454
down €45,454 (-10.7%), from €423,213 to €377,760
of which Other tangible fixed assets: -€44,076
- Other debts +€94,652
up €94,652 (+7.4%), from €1.3m to €1.4m
- Current portion of long-term debt -€55,480
no longer reported in 2025 (was €55,480)
- Profit (loss) carried forward +€32,594
up €32,594 (+5.3%), from -€619,786 to -€587,192
- Tax, wage and social debts -€22,582
down €22,582 (-44.5%), from €50,695 to €28,112
- Gross operating margin -€112,643
down €112,643 (-46.4%), from €243,027 to €130,384
- Financial charges +€32,287
up €32,287 (+132%), from €24,393 to €56,680
- Financial income +€7,773
up €7,773 (+199%), from €3,905 to €11,678
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 | €843,109 | €884,898 | +€41,789 | +5.0% |
| Fixed assets | 21/28 | €423,613 | €378,160 | -€45,454 | -10.7% |
| Tangible fixed assets | 22/27 | €423,213 | €377,760 | -€45,454 | -10.7% |
| Land and buildings | 22 | €255,233 | €255,233 | = | 0.0% |
| Furniture and vehicles | 24 | €2,867 | €1,489 | -€1,378 | -48.1% |
| Other tangible fixed assets | 26 | €165,114 | €121,038 | -€44,076 | -26.7% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €419,495 | €506,738 | +€87,243 | +20.8% |
| Amounts receivable within one year | 40/41 | €265,470 | €468,831 | +€203,361 | +76.6% |
| Trade receivables | 40 | €56,447 | €50,232 | -€6,214 | -11.0% |
| Other amounts receivable | 41 | €209,023 | €418,599 | +€209,576 | +100% |
| Cash at bank and in hand | 54/58 | €153,318 | €37,258 | -€116,060 | -75.7% |
| Deferred charges and accrued income | 490/1 | €708 | €650 | -€58 | -8.2% |
| Total equity and liabilities | 10/49 | €843,109 | €884,898 | +€41,789 | +5.0% |
| Equity | 10/15 | -€557,786 | -€525,192 | +€32,594 | +5.8% |
| 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% |
| Profit (loss) carried forward | 14 | -€619,786 | -€587,192 | +€32,594 | +5.3% |
| Amounts payable | 17/49 | €1,400,895 | €1,410,090 | +€9,195 | +0.7% |
| Amounts payable within one year | 42/48 | €1,400,869 | €1,410,090 | +€9,221 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €55,480 | - | -€55,480 | |
| Trade debts | 44 | €16,173 | €8,804 | -€7,369 | -45.6% |
| Suppliers | 440/4 | €16,173 | €8,804 | -€7,369 | -45.6% |
| Taxes, remuneration and social security | 45 | €50,695 | €28,112 | -€22,582 | -44.5% |
| Taxes | 450/3 | €50,695 | €28,112 | -€22,582 | -44.5% |
| Other amounts payable | 47/48 | €1,278,522 | €1,373,174 | +€94,652 | +7.4% |
| Accrued charges and deferred income | 492/3 | €25 | - | -€25 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,377 | €45,454 | +€77 | +0.2% |
| Other operating charges | 640/8 | €6,757 | €7,335 | +€578 | +8.6% |
| Gross operating margin | 9900 | €243,027 | €130,384 | -€112,643 | -46.4% |
| Operating profit (loss) | 9901 | €190,894 | €77,595 | -€113,298 | -59.4% |
| Financial income | 75/76B | €3,905 | €11,678 | +€7,773 | +199% |
| Recurring financial income | 75 | €3,905 | €11,678 | +€7,773 | +199% |
| Financial charges | 65/66B | €24,393 | €56,680 | +€32,287 | +132% |
| Recurring financial charges | 65 | €24,393 | €56,680 | +€32,287 | +132% |
| Profit (loss) for the period before taxes | 9903 | €170,406 | €32,594 | -€137,812 | -80.9% |
| Profit (loss) for the period | 9904 | €170,406 | €32,594 | -€137,812 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €170,406 | €32,594 | -€137,812 | -80.9% |
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 26 October 2026 via checked.be.