L'ETAL: 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'ETAL
Largest movements
- Receivables within one year -€116,427
down €116,427 (-19.8%), from €588,167 to €471,740
of which Trade receivables: -€72,468
- Tangible fixed assets -€106,078
down €106,078 (-7.9%), from €1.3m to €1.2m
of which Land and buildings: -€83,686
- Debts after one year -€171,149
down €171,149 (-17.4%), from €982,679 to €811,530
- Profit (loss) carried forward -€110,387
down €110,387 (-11.0%), from -€1.0m to -€1.1m
- Other debts +€71,804
new in 2025: €71,804
- Gross operating margin -€130,246
down €130,246 (-59.7%), from €218,256 to €88,010
- Write-downs +€60,573
up €60,573 (+565%), from €10,727 to €71,300
- Staff costs -€33,177
no longer reported in 2025 (was €33,177)
- Taxes -€15,314
no longer reported in 2025 (was €15,314)
- Other operating charges -€6,585
down €6,585 (-88.3%), from €7,459 to €873
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 | €2,380,585 | €2,167,985 | -€212,601 | -8.9% |
| Fixed assets | 21/28 | €1,347,236 | €1,241,158 | -€106,078 | -7.9% |
| Tangible fixed assets | 22/27 | €1,340,022 | €1,233,944 | -€106,078 | -7.9% |
| Land and buildings | 22 | €1,253,709 | €1,170,023 | -€83,686 | -6.7% |
| Plant, machinery and equipment | 23 | €56,182 | €46,433 | -€9,749 | -17.4% |
| Furniture and vehicles | 24 | €30,130 | €17,488 | -€12,643 | -42.0% |
| Financial fixed assets | 28 | €7,214 | €7,214 | = | 0.0% |
| Current assets | 29/58 | €1,033,350 | €926,827 | -€106,523 | -10.3% |
| Amounts receivable within one year | 40/41 | €588,167 | €471,740 | -€116,427 | -19.8% |
| Trade receivables | 40 | €72,468 | - | -€72,468 | |
| Other amounts receivable | 41 | €515,699 | €471,740 | -€43,958 | -8.5% |
| Cash at bank and in hand | 54/58 | €442,086 | €453,147 | +€11,061 | +2.5% |
| Deferred charges and accrued income | 490/1 | €3,096 | €1,940 | -€1,157 | -37.4% |
| Total equity and liabilities | 10/49 | €2,380,585 | €2,167,985 | -€212,601 | -8.9% |
| Equity | 10/15 | €1,306,151 | €1,195,765 | -€110,387 | -8.5% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Revaluation surpluses | 12 | €1,669,706 | €1,669,706 | = | 0.0% |
| Reserves | 13 | €569,848 | €569,848 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €562,411 | €562,411 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,007,771 | -€1,118,157 | -€110,387 | -11.0% |
| Amounts payable | 17/49 | €1,074,434 | €972,220 | -€102,214 | -9.5% |
| Amounts payable after more than one year | 17 | €982,679 | €811,530 | -€171,149 | -17.4% |
| Financial debts | 170/4 | €982,679 | €811,530 | -€171,149 | -17.4% |
| Amounts payable within one year | 42/48 | €85,645 | €152,960 | +€67,315 | +78.6% |
| Current portion of amounts payable after more than one year | 42 | €77,097 | €75,555 | -€1,542 | -2.0% |
| Trade debts | 44 | €6,294 | €5,601 | -€693 | -11.0% |
| Suppliers | 440/4 | €6,294 | €5,601 | -€693 | -11.0% |
| Advances received on contracts in progress | 46 | €2,254 | - | -€2,254 | |
| Other amounts payable | 47/48 | - | €71,804 | +€71,804 | |
| Accrued charges and deferred income | 492/3 | €6,110 | €7,730 | +€1,620 | +26.5% |
| Remuneration, social security and pensions | 62 | €33,177 | - | -€33,177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,543 | €106,078 | +€5,535 | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,727 | €71,300 | +€60,573 | +565% |
| Other operating charges | 640/8 | €7,459 | €873 | -€6,585 | -88.3% |
| Gross operating margin | 9900 | €218,256 | €88,010 | -€130,246 | -59.7% |
| Operating profit (loss) | 9901 | €66,350 | -€90,241 | -€156,591 | |
| Financial income | 75/76B | €1,210 | €1,018 | -€192 | -15.8% |
| Recurring financial income | 75 | €1,210 | €1,018 | -€192 | -15.8% |
| Financial charges | 65/66B | €20,942 | €21,164 | +€222 | +1.1% |
| Recurring financial charges | 65 | €20,942 | €21,164 | +€222 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €46,618 | -€110,387 | -€157,005 | |
| Income taxes | 67/77 | €15,314 | - | -€15,314 | |
| Profit (loss) for the period | 9904 | €31,304 | -€110,387 | -€141,691 | |
| Transfer to tax-exempt reserves | 689 | €63,150 | - | -€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,846 | -€110,387 | -€78,541 | -247% |
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.