L'ETUDE: 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'ETUDE
Largest movements
- Cash +€47,945
up €47,945 (+69.1%), from €69,370 to €117,316
mainly Net result for the year (+€72,522) and Depreciation (+€20,308)
- Tangible fixed assets -€20,308
down €20,308 (-35.7%), from €56,823 to €36,515
of which Furniture and vehicles: -€19,181
- Receivables within one year -€12,550
down €12,550 (-16.4%), from €76,625 to €64,075
of which Other amounts receivable: -€29,961
- Reserves +€72,100
up €72,100 (+86.8%), from €83,074 to €155,174
of which Tax-exempt reserves: +€42,100
- Other debts -€40,000
no longer reported in 2025 (was €40,000)
- Debts after one year -€12,688
down €12,688 (-74.8%), from €16,956 to €4,269
- Tax, wage and social debts -€6,895
down €6,895 (-20.7%), from €33,290 to €26,396
- Trade debts +€6,349
new in 2025: €6,349
- Gross operating margin +€30,518
up €30,518 (+23.4%), from €130,260 to €160,778
- Other operating charges -€11,505
down €11,505 (-80.9%), from €14,219 to €2,714
- Staff costs -€11,380
down €11,380 (-22.9%), from €49,634 to €38,254
- Write-downs +€10,936
no longer reported in 2025 (was -€10,936)
- Taxes +€9,679
up €9,679 (+57.8%), from €16,744 to €26,423
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 | €206,338 | €225,801 | +€19,463 | +9.4% |
| Fixed assets | 21/28 | €57,964 | €39,833 | -€18,131 | -31.3% |
| Tangible fixed assets | 22/27 | €56,823 | €36,515 | -€20,308 | -35.7% |
| Plant, machinery and equipment | 23 | €2,356 | €1,229 | -€1,127 | -47.8% |
| Furniture and vehicles | 24 | €54,467 | €35,286 | -€19,181 | -35.2% |
| Financial fixed assets | 28 | €1,142 | €3,318 | +€2,177 | +191% |
| Current assets | 29/58 | €148,373 | €185,967 | +€37,594 | +25.3% |
| Amounts receivable within one year | 40/41 | €76,625 | €64,075 | -€12,550 | -16.4% |
| Trade receivables | 40 | €35,241 | €52,652 | +€17,411 | +49.4% |
| Other amounts receivable | 41 | €41,384 | €11,423 | -€29,961 | -72.4% |
| Cash at bank and in hand | 54/58 | €69,370 | €117,316 | +€47,945 | +69.1% |
| Deferred charges and accrued income | 490/1 | €2,378 | €4,576 | +€2,198 | +92.4% |
| Total equity and liabilities | 10/49 | €206,338 | €225,801 | +€19,463 | +9.4% |
| Equity | 10/15 | €103,578 | €176,100 | +€72,522 | +70.0% |
| Contributions | 10/11 | €18,741 | €18,741 | = | 0.0% |
| Reserves | 13 | €83,074 | €155,174 | +€72,100 | +86.8% |
| Non-distributable reserves | 130/1 | €1,874 | €1,874 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,874 | €1,874 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €81,200 | €111,200 | +€30,000 | +36.9% |
| Profit (loss) carried forward | 14 | €1,763 | €2,185 | +€422 | +23.9% |
| Amounts payable | 17/49 | €102,760 | €49,701 | -€53,059 | -51.6% |
| Amounts payable after more than one year | 17 | €16,956 | €4,269 | -€12,688 | -74.8% |
| Financial debts | 170/4 | €16,956 | €4,269 | -€12,688 | -74.8% |
| Amounts payable within one year | 42/48 | €85,803 | €45,432 | -€40,371 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €12,513 | €12,688 | +€175 | +1.4% |
| Trade debts | 44 | - | €6,349 | +€6,349 | |
| Suppliers | 440/4 | - | €6,349 | +€6,349 | |
| Taxes, remuneration and social security | 45 | €33,290 | €26,396 | -€6,895 | -20.7% |
| Taxes | 450/3 | €33,290 | €26,396 | -€6,895 | -20.7% |
| Other amounts payable | 47/48 | €40,000 | - | -€40,000 | |
| Remuneration, social security and pensions | 62 | €49,634 | €38,254 | -€11,380 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,435 | €20,308 | +€1,873 | +10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,936 | - | +€10,936 | |
| Other operating charges | 640/8 | €14,219 | €2,714 | -€11,505 | -80.9% |
| Gross operating margin | 9900 | €130,260 | €160,778 | +€30,518 | +23.4% |
| Operating profit (loss) | 9901 | €58,908 | €99,503 | +€40,595 | +68.9% |
| Financial charges | 65/66B | €803 | €559 | -€244 | -30.4% |
| Recurring financial charges | 65 | €803 | €559 | -€244 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €58,105 | €98,944 | +€40,839 | +70.3% |
| Income taxes | 67/77 | €16,744 | €26,423 | +€9,679 | +57.8% |
| Profit (loss) for the period | 9904 | €41,361 | €72,522 | +€31,160 | +75.3% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,361 | €30,422 | -€10,940 | -26.4% |
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 13 October 2026 via checked.be.