Marcel Etienne & C°: what changed
What changed
Marcel Etienne & C°
filed annual accounts (NBB)
Net result for the year
-€13,942
2024 · €14,987-€28,929
Equity
€309,878
2024 · €323,820-€13,942
Cash
€52
2024 · €244-€191
Balance sheet total
€615,475
2024 · €635,094-€19,619
Largest movements
Assets
- Tangible fixed assets -€11,020
down €11,020 (-6.0%), from €185,073 to €174,052
of which Land and buildings: -€11,020
- Receivables within one year -€7,946
down €7,946 (-7.6%), from €105,073 to €97,126
Equity and liabilities
- Debts after one year -€16,656
down €16,656 (-14.5%), from €114,895 to €98,238
- Profit (loss) carried forward -€13,942
down €13,942 (-44.2%), from €31,549 to €17,607
- Revaluation surpluses -€6,665
down €6,665 (-5.2%), from €128,851 to €122,186
- Reserves +€6,665
up €6,665 (+7.1%), from €94,010 to €100,675
of which Distributable reserves: +€6,665
Income statement
- Financial income -€19,358
down €19,358 (-82.8%), from €23,377 to €4,019
- Gross operating margin -€5,744
down €5,744 (-36.5%), from €15,715 to €9,971
- Financial charges +€1,945
up €1,945 (+16.6%), from €11,745 to €13,689
- Taxes +€1,821
up €1,821, from -€1,457 to €364
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
€14,987
Gross operating margin
-€5,744
Other operating charges
-€61
Financial income
-€19,358
Financial charges
-€1,945
Taxes
-€1,821
Result 2025
-€13,942
lowers 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
+€8,431
Investment
€0
Financing
-€8,623
Cash 2024
€244
From operations (derived)
+€8,431
Net result for the year
-€13,942
Depreciation
+€11,020
Receivables within one year
+€7,946
Deferred charges and accrued income
+€461
Provisions
-€3,096
Trade debts
+€6,042
Financing
-€8,623
Debts after one year
-€16,656
Current portion of long-term debt
+€3,312
Short-term financial debts
+€4,722
Cash 2025
€52
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €635,094 | €615,475 | -€19,619 | -3.1% |
| Fixed assets | 21/28 | €522,000 | €510,980 | -€11,020 | -2.1% |
| Tangible fixed assets | 22/27 | €185,073 | €174,052 | -€11,020 | -6.0% |
| Land and buildings | 22 | €185,073 | €174,052 | -€11,020 | -6.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Financial fixed assets | 28 | €336,928 | €336,928 | = | 0.0% |
| Current assets | 29/58 | €113,093 | €104,495 | -€8,599 | -7.6% |
| Amounts receivable within one year | 40/41 | €105,073 | €97,126 | -€7,946 | -7.6% |
| Other amounts receivable | 41 | €105,073 | €97,126 | -€7,946 | -7.6% |
| Cash at bank and in hand | 54/58 | €244 | €52 | -€191 | -78.6% |
| Deferred charges and accrued income | 490/1 | €7,777 | €7,316 | -€461 | -5.9% |
| Total equity and liabilities | 10/49 | €635,094 | €615,475 | -€19,619 | -3.1% |
| Equity | 10/15 | €323,820 | €309,878 | -€13,942 | -4.3% |
| Contributions | 10/11 | €69,410 | €69,410 | = | 0.0% |
| Capital | 10 | €69,410 | €69,410 | = | 0.0% |
| Issued capital | 100 | €69,410 | €69,410 | = | 0.0% |
| Revaluation surpluses | 12 | €128,851 | €122,186 | -€6,665 | -5.2% |
| Reserves | 13 | €94,010 | €100,675 | +€6,665 | +7.1% |
| Non-distributable reserves | 130/1 | €8,676 | €8,676 | = | 0.0% |
| Legal reserve | 130 | €8,676 | €8,676 | = | 0.0% |
| Distributable reserves | 133 | €85,334 | €91,999 | +€6,665 | +7.8% |
| Profit (loss) carried forward | 14 | €31,549 | €17,607 | -€13,942 | -44.2% |
| Provisions and deferred taxes | 16 | €142,731 | €139,635 | -€3,096 | -2.2% |
| Provisions for liabilities and charges | 160/5 | €142,731 | €139,635 | -€3,096 | -2.2% |
| Other liabilities and charges | 164/5 | €142,731 | €139,635 | -€3,096 | -2.2% |
| Amounts payable | 17/49 | €168,543 | €165,962 | -€2,581 | -1.5% |
| Amounts payable after more than one year | 17 | €114,895 | €98,238 | -€16,656 | -14.5% |
| Financial debts | 170/4 | €114,895 | €98,238 | -€16,656 | -14.5% |
| Amounts payable within one year | 42/48 | €53,649 | €67,724 | +€14,075 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €8,665 | €11,977 | +€3,312 | +38.2% |
| Financial debts | 43 | €34,120 | €38,843 | +€4,722 | +13.8% |
| Credit institutions | 430/8 | €34,120 | €38,843 | +€4,722 | +13.8% |
| Trade debts | 44 | €10,863 | €16,904 | +€6,042 | +55.6% |
| Suppliers | 440/4 | €10,863 | €16,904 | +€6,042 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,020 | €11,020 | = | 0.0% |
| Other operating charges | 640/8 | €2,797 | €2,859 | +€61 | +2.2% |
| Gross operating margin | 9900 | €15,715 | €9,971 | -€5,744 | -36.5% |
| Operating profit (loss) | 9901 | €1,898 | -€3,907 | -€5,805 | |
| Financial income | 75/76B | €23,377 | €4,019 | -€19,358 | -82.8% |
| Recurring financial income | 75 | €23,377 | €4,019 | -€19,358 | -82.8% |
| Financial charges | 65/66B | €11,745 | €13,689 | +€1,945 | +16.6% |
| Recurring financial charges | 65 | €11,745 | €13,689 | +€1,945 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €13,530 | -€13,577 | -€27,108 | |
| Income taxes | 67/77 | -€1,457 | €364 | +€1,821 | |
| Profit (loss) for the period | 9904 | €14,987 | -€13,942 | -€28,929 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,987 | -€13,942 | -€28,929 |
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 3 November 2026 via checked.be.