L'Etape: 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'Etape
Largest movements
- Cash +€73,440
up €73,440 (+15.5%), from €472,800 to €546,240
mainly Net result for the year (+€106,332) and Depreciation (+€85,255)
- Tangible fixed assets -€45,552
down €45,552 (-5.1%), from €890,921 to €845,369
of which Land and buildings: -€51,383
- Receivables within one year +€27,101
up €27,101 (+16.0%), from €169,422 to €196,524
of which Trade receivables: +€28,656
- Profit (loss) carried forward +€106,332
up €106,332 (+13.1%), from €813,336 to €919,669
- Debts after one year -€36,164
down €36,164 (-11.3%), from €319,838 to €283,674
- Accrued charges and deferred income -€22,022
down €22,022 (-100%), from €22,022 to €0
- Gross operating margin +€87,973
up €87,973 (+6.0%), from €1.5m to €1.5m
- Staff costs +€75,053
up €75,053 (+5.9%), from €1.3m to €1.4m
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 | €1,554,379 | €1,608,383 | +€54,004 | +3.5% |
| Fixed assets | 21/28 | €911,171 | €865,619 | -€45,552 | -5.0% |
| Tangible fixed assets | 22/27 | €890,921 | €845,369 | -€45,552 | -5.1% |
| Land and buildings | 22 | €817,488 | €766,105 | -€51,383 | -6.3% |
| Plant, machinery and equipment | 23 | €59,635 | €64,618 | +€4,983 | +8.4% |
| Furniture and vehicles | 24 | €13,798 | €10,036 | -€3,761 | -27.3% |
| Assets under construction and advance payments | 27 | - | €4,610 | +€4,610 | |
| Financial fixed assets | 28 | €20,250 | €20,250 | = | 0.0% |
| Current assets | 29/58 | €643,208 | €742,763 | +€99,556 | +15.5% |
| Amounts receivable within one year | 40/41 | €169,422 | €196,524 | +€27,101 | +16.0% |
| Trade receivables | 40 | €167,868 | €196,524 | +€28,656 | +17.1% |
| Other amounts receivable | 41 | €1,555 | €0 | -€1,555 | -100% |
| Cash at bank and in hand | 54/58 | €472,800 | €546,240 | +€73,440 | +15.5% |
| Deferred charges and accrued income | 490/1 | €985 | €0 | -€985 | -100% |
| Total equity and liabilities | 10/49 | €1,554,379 | €1,608,383 | +€54,004 | +3.5% |
| Equity | 10/15 | €1,023,920 | €1,123,396 | +€99,477 | +9.7% |
| Contributions | 10/11 | €111,086 | €114,756 | +€3,670 | +3.3% |
| Capital | 10 | €111,086 | €114,756 | +€3,670 | +3.3% |
| Profit (loss) carried forward | 14 | €813,336 | €919,669 | +€106,332 | +13.1% |
| Investment grants | 15 | €99,497 | €88,972 | -€10,525 | -10.6% |
| Amounts payable | 17/49 | €530,459 | €484,986 | -€45,473 | -8.6% |
| Amounts payable after more than one year | 17 | €319,838 | €283,674 | -€36,164 | -11.3% |
| Financial debts | 170/4 | €319,838 | €283,674 | -€36,164 | -11.3% |
| Amounts payable within one year | 42/48 | €188,600 | €201,312 | +€12,713 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €35,992 | €36,164 | +€172 | +0.5% |
| Trade debts | 44 | €902 | €3,327 | +€2,425 | +269% |
| Suppliers | 440/4 | €902 | €3,327 | +€2,425 | +269% |
| Taxes, remuneration and social security | 45 | €147,626 | €158,737 | +€11,111 | +7.5% |
| Taxes | 450/3 | €3,154 | €1,131 | -€2,023 | -64.1% |
| Remuneration and social security | 454/9 | €144,472 | €157,606 | +€13,134 | +9.1% |
| Accrued charges and deferred income | 492/3 | €22,022 | €0 | -€22,022 | -100% |
| Remuneration, social security and pensions | 62 | €1,275,900 | €1,350,952 | +€75,053 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,383 | €85,255 | +€873 | +1.0% |
| Other operating charges | 640/8 | €4,905 | €4,182 | -€722 | -14.7% |
| Non-recurring operating charges | 66A | €2,138 | €234 | -€1,904 | -89.1% |
| Gross operating margin | 9900 | €1,460,890 | €1,548,863 | +€87,973 | +6.0% |
| Operating profit (loss) | 9901 | €93,565 | €108,239 | +€14,674 | +15.7% |
| Financial income | 75/76B | €2,574 | €2,238 | -€336 | -13.1% |
| Recurring financial income | 75 | €2,574 | €2,238 | -€336 | -13.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,130 | €4,142 | -€3,988 | -49.1% |
| Recurring financial charges | 65 | €2,824 | €3,215 | +€391 | +13.9% |
| Non-recurring financial charges | 66B | €5,306 | €926 | -€4,379 | -82.5% |
| Profit (loss) for the period before taxes | 9903 | €88,010 | €106,336 | +€18,326 | +20.8% |
| Income taxes | 67/77 | - | €3 | +€3 | |
| Profit (loss) for the period | 9904 | €88,010 | €106,332 | +€18,323 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,010 | €106,332 | +€18,323 | +20.8% |
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 27 October 2026 via checked.be.