Les Neuf Etangs: what changed
Les Neuf Etangs
Largest movements
- Cash -€20,395
down €20,395 (-8.6%), from €238,286 to €217,891
mainly Tax, wage and social debts (-€39,336) and Other debts (-€10,439)
- Receivables within one year -€19,219
down €19,219 (-24.6%), from €78,268 to €59,049
of which Trade receivables: -€29,899
- Tangible fixed assets -€14,446
down €14,446 (-8.9%), from €162,410 to €147,964
of which Land and buildings: -€13,743
- Tax, wage and social debts -€39,336
down €39,336 (-97.7%), from €40,258 to €922
of which Remuneration and social security: -€36,565
- Other debts -€10,439
down €10,439 (-4.7%), from €222,792 to €212,353
- Debts after one year -€6,020
no longer reported in 2025 (was €6,020)
- Gross operating margin -€17,308
down €17,308 (-38.5%), from €44,908 to €27,600
- Financial charges -€3,646
down €3,646 (-28.2%), from €12,948 to €9,302
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €487,365 | €433,343 | -€54,022 | -11.1% |
| Fixed assets | 21/28 | €162,410 | €147,964 | -€14,446 | -8.9% |
| Tangible fixed assets | 22/27 | €162,410 | €147,964 | -€14,446 | -8.9% |
| Land and buildings | 22 | €161,004 | €147,261 | -€13,743 | -8.5% |
| Plant, machinery and equipment | 23 | €1,406 | €703 | -€703 | -50.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €324,955 | €285,379 | -€39,576 | -12.2% |
| Stocks and contracts in progress | 3 | €1,250 | €1,250 | = | 0.0% |
| Contracts in progress | 37 | €1,250 | €1,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €78,268 | €59,049 | -€19,219 | -24.6% |
| Trade receivables | 40 | €60,055 | €30,155 | -€29,899 | -49.8% |
| Other amounts receivable | 41 | €18,213 | €28,894 | +€10,681 | +58.6% |
| Cash at bank and in hand | 54/58 | €238,286 | €217,891 | -€20,395 | -8.6% |
| Deferred charges and accrued income | 490/1 | €7,152 | €7,190 | +€38 | +0.5% |
| Total equity and liabilities | 10/49 | €487,365 | €433,343 | -€54,022 | -11.1% |
| Equity | 10/15 | €210,884 | €212,246 | +€1,362 | +0.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €45,851 | €47,212 | +€1,362 | +3.0% |
| Distributable reserves | 133 | €45,851 | €47,212 | +€1,362 | +3.0% |
| Profit (loss) carried forward | 14 | €140,033 | €140,033 | = | 0.0% |
| Amounts payable | 17/49 | €276,481 | €221,098 | -€55,383 | -20.0% |
| Amounts payable after more than one year | 17 | €6,020 | - | -€6,020 | |
| Financial debts | 170/4 | €6,020 | - | -€6,020 | |
| Amounts payable within one year | 42/48 | €270,461 | €221,098 | -€49,364 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €6,479 | €6,020 | -€459 | -7.1% |
| Trade debts | 44 | €932 | €1,803 | +€871 | +93.4% |
| Suppliers | 440/4 | €932 | €1,803 | +€871 | +93.4% |
| Taxes, remuneration and social security | 45 | €40,258 | €922 | -€39,336 | -97.7% |
| Taxes | 450/3 | €3,694 | €922 | -€2,771 | -75.0% |
| Remuneration and social security | 454/9 | €36,565 | - | -€36,565 | |
| Other amounts payable | 47/48 | €222,792 | €212,353 | -€10,439 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,446 | €14,446 | = | 0.0% |
| Other operating charges | 640/8 | €1,791 | €1,848 | +€56 | +3.1% |
| Gross operating margin | 9900 | €44,908 | €27,600 | -€17,308 | -38.5% |
| Operating profit (loss) | 9901 | €28,671 | €11,306 | -€17,365 | -60.6% |
| Financial income | 75/76B | €111 | €39 | -€71 | -64.3% |
| Recurring financial income | 75 | €111 | €39 | -€71 | -64.3% |
| Financial charges | 65/66B | €12,948 | €9,302 | -€3,646 | -28.2% |
| Recurring financial charges | 65 | €12,948 | €9,302 | -€3,646 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €15,833 | €2,043 | -€13,790 | -87.1% |
| Income taxes | 67/77 | €241 | €682 | +€441 | +183% |
| Profit (loss) for the period | 9904 | €15,592 | €1,362 | -€14,231 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,592 | €1,362 | -€14,231 | -91.3% |
Next steps
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 3 November 2026 via checked.be.