L'ETRANGER: what changed
What changed
L'ETRANGER
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€18,446
2024 · €16,827+€1,618
Equity
€53,573
2024 · €41,127+€12,446
Cash
€10,743
2024 · €5,728+€5,014
Balance sheet total
€153,286
2024 · €174,766-€21,479
Largest movements
Assets
- Tangible fixed assets -€21,826
down €21,826 (-15.0%), from €145,841 to €124,015
of which Land and buildings: -€19,453
- Receivables within one year -€6,688
down €6,688 (-93.0%), from €7,192 to €504
of which Other amounts receivable: -€5,373
- Cash +€5,014
up €5,014 (+87.5%), from €5,728 to €10,743
mainly Depreciation (+€24,924) and Net result for the year (+€18,446)
Equity and liabilities
- Debts after one year -€34,341
down €34,341 (-78.1%), from €43,975 to €9,634
- Reserves +€12,400
up €12,400 (+55.5%), from €22,355 to €34,755
- Current portion of long-term debt -€5,808
down €5,808 (-14.5%), from €40,148 to €34,341
- Trade debts +€4,911
up €4,911 (+42.5%), from €11,566 to €16,477
Income statement
- Gross operating margin +€18,605
up €18,605 (+8.3%), from €223,406 to €242,011
- Staff costs +€16,672
up €16,672 (+10.1%), from €165,165 to €181,837
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€16,827
Gross operating margin
+€18,605
Staff costs
-€16,672
Depreciation
-€550
Other operating charges
-€80
Financial income
-€1
Financial charges
+€753
Taxes
-€436
Result 2025
€18,446
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€54,261
Investment
-€3,098
Financing
-€46,148
Cash 2024
€5,728
From operations (derived)
+€54,261
Net result for the year
+€18,446
Depreciation
+€24,924
Stocks and contracts
-€646
Receivables within one year
+€6,688
Deferred charges and accrued income
-€1,374
Trade debts
+€4,911
Tax, wage and social debts
+€530
Other debts
+€1,127
Accrued charges and deferred income
-€345
Investment (derived)
-€3,098
Investment in fixed assets (net)
-€3,098
Financing
-€46,148
Debts after one year
-€34,341
Current portion of long-term debt
-€5,808
Contributions, distributions and other
-€6,000
Cash 2025
€10,743
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €174,766 | €153,286 | -€21,479 | -12.3% |
| Fixed assets | 21/28 | €145,841 | €124,015 | -€21,826 | -15.0% |
| Tangible fixed assets | 22/27 | €145,841 | €124,015 | -€21,826 | -15.0% |
| Land and buildings | 22 | €134,437 | €114,984 | -€19,453 | -14.5% |
| Plant, machinery and equipment | 23 | €6,043 | €4,086 | -€1,957 | -32.4% |
| Furniture and vehicles | 24 | €5,361 | €4,945 | -€416 | -7.8% |
| Current assets | 29/58 | €28,925 | €29,271 | +€346 | +1.2% |
| Stocks and contracts in progress | 3 | €7,768 | €8,414 | +€646 | +8.3% |
| Stocks | 30/36 | €7,768 | €8,414 | +€646 | +8.3% |
| Amounts receivable within one year | 40/41 | €7,192 | €504 | -€6,688 | -93.0% |
| Trade receivables | 40 | €1,819 | €504 | -€1,315 | -72.3% |
| Other amounts receivable | 41 | €5,373 | - | -€5,373 | |
| Cash at bank and in hand | 54/58 | €5,728 | €10,743 | +€5,014 | +87.5% |
| Deferred charges and accrued income | 490/1 | €8,237 | €9,611 | +€1,374 | +16.7% |
| Total equity and liabilities | 10/49 | €174,766 | €153,286 | -€21,479 | -12.3% |
| Equity | 10/15 | €41,127 | €53,573 | +€12,446 | +30.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €22,355 | €34,755 | +€12,400 | +55.5% |
| Distributable reserves | 133 | €22,355 | €34,755 | +€12,400 | +55.5% |
| Profit (loss) carried forward | 14 | €222 | €268 | +€46 | +20.6% |
| Amounts payable | 17/49 | €133,638 | €99,713 | -€33,925 | -25.4% |
| Amounts payable after more than one year | 17 | €43,975 | €9,634 | -€34,341 | -78.1% |
| Financial debts | 170/4 | €43,975 | €9,634 | -€34,341 | -78.1% |
| Amounts payable within one year | 42/48 | €89,319 | €90,079 | +€760 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €40,148 | €34,341 | -€5,808 | -14.5% |
| Trade debts | 44 | €11,566 | €16,477 | +€4,911 | +42.5% |
| Suppliers | 440/4 | €11,566 | €16,477 | +€4,911 | +42.5% |
| Taxes, remuneration and social security | 45 | €26,515 | €27,045 | +€530 | +2.0% |
| Taxes | 450/3 | €19,785 | €18,914 | -€872 | -4.4% |
| Remuneration and social security | 454/9 | €6,730 | €8,132 | +€1,402 | +20.8% |
| Other amounts payable | 47/48 | €11,089 | €12,216 | +€1,127 | +10.2% |
| Accrued charges and deferred income | 492/3 | €345 | - | -€345 | |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Remuneration, social security and pensions | 62 | €165,165 | €181,837 | +€16,672 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,374 | €24,924 | +€550 | +2.3% |
| Other operating charges | 640/8 | €2,967 | €3,047 | +€80 | +2.7% |
| Gross operating margin | 9900 | €223,406 | €242,011 | +€18,605 | +8.3% |
| Operating profit (loss) | 9901 | €30,900 | €32,203 | +€1,302 | +4.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €6,947 | €6,193 | -€753 | -10.8% |
| Recurring financial charges | 65 | €6,947 | €6,193 | -€753 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €23,955 | €26,009 | +€2,055 | +8.6% |
| Income taxes | 67/77 | €7,127 | €7,563 | +€436 | +6.1% |
| Profit (loss) for the period | 9904 | €16,827 | €18,446 | +€1,618 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,827 | €18,446 | +€1,618 | +9.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.