PIERRE ETIENNE: 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.
PIERRE ETIENNE
Largest movements
- Cash +€46,697
up €46,697 (+1,299%), from €3,595 to €50,291
mainly Net result for the year (+€29,735) and Receivables within one year (+€12,833)
- Receivables within one year -€12,833
down €12,833 (-35.9%), from €35,729 to €22,896
of which Trade receivables: -€18,671
- Tangible fixed assets +€10,806
up €10,806 (+28.3%), from €38,220 to €49,026
of which Furniture and vehicles: +€11,629
- Stocks and contracts -€9,000
down €9,000 (-17.6%), from €51,000 to €42,000
- Profit (loss) carried forward +€29,735
up €29,735 (+49.4%), from €60,240 to €89,975
- Current portion of long-term debt +€7,070
up €7,070 (+82.5%), from €8,564 to €15,634
- Tax, wage and social debts +€6,964
up €6,964 (+151%), from €4,610 to €11,573
- Debts after one year -€4,915
down €4,915 (-27.0%), from €18,213 to €13,298
- Trade debts -€2,806
down €2,806 (-56.0%), from €5,009 to €2,203
- Gross operating margin +€24,503
up €24,503 (+74.0%), from €33,129 to €57,632
- Taxes +€7,903
up €7,903 (+151%), from €5,248 to €13,151
- Depreciation +€2,435
up €2,435 (+24.3%), from €10,008 to €12,443
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 | €128,544 | €164,214 | +€35,670 | +27.7% |
| Fixed assets | 21/28 | €38,220 | €49,026 | +€10,806 | +28.3% |
| Tangible fixed assets | 22/27 | €38,220 | €49,026 | +€10,806 | +28.3% |
| Plant, machinery and equipment | 23 | €4,653 | €3,829 | -€823 | -17.7% |
| Furniture and vehicles | 24 | €33,567 | €45,197 | +€11,629 | +34.6% |
| Current assets | 29/58 | €90,324 | €115,188 | +€24,864 | +27.5% |
| Stocks and contracts in progress | 3 | €51,000 | €42,000 | -€9,000 | -17.6% |
| Stocks | 30/36 | €51,000 | €42,000 | -€9,000 | -17.6% |
| Amounts receivable within one year | 40/41 | €35,729 | €22,896 | -€12,833 | -35.9% |
| Trade receivables | 40 | €32,440 | €13,769 | -€18,671 | -57.6% |
| Other amounts receivable | 41 | €3,289 | €9,128 | +€5,838 | +177% |
| Cash at bank and in hand | 54/58 | €3,595 | €50,291 | +€46,697 | +1,299% |
| Total equity and liabilities | 10/49 | €128,544 | €164,214 | +€35,670 | +27.7% |
| Equity | 10/15 | €91,769 | €121,504 | +€29,735 | +32.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €12,937 | €12,937 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,078 | €11,078 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,240 | €89,975 | +€29,735 | +49.4% |
| Amounts payable | 17/49 | €36,775 | €42,709 | +€5,935 | +16.1% |
| Amounts payable after more than one year | 17 | €18,213 | €13,298 | -€4,915 | -27.0% |
| Financial debts | 170/4 | €18,213 | €13,298 | -€4,915 | -27.0% |
| Amounts payable within one year | 42/48 | €18,561 | €29,411 | +€10,850 | +58.5% |
| Current portion of amounts payable after more than one year | 42 | €8,564 | €15,634 | +€7,070 | +82.5% |
| Trade debts | 44 | €5,009 | €2,203 | -€2,806 | -56.0% |
| Suppliers | 440/4 | €5,009 | €2,203 | -€2,806 | -56.0% |
| Taxes, remuneration and social security | 45 | €4,610 | €11,573 | +€6,964 | +151% |
| Taxes | 450/3 | €4,610 | €11,573 | +€6,964 | +151% |
| Other amounts payable | 47/48 | €378 | - | -€378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,008 | €12,443 | +€2,435 | +24.3% |
| Other operating charges | 640/8 | €670 | €461 | -€209 | -31.1% |
| Gross operating margin | 9900 | €33,129 | €57,632 | +€24,503 | +74.0% |
| Operating profit (loss) | 9901 | €22,452 | €44,728 | +€22,276 | +99.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Non-recurring financial income | 76B | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,875 | €1,842 | -€32 | -1.7% |
| Recurring financial charges | 65 | €1,875 | €1,842 | -€32 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €20,577 | €42,886 | +€22,309 | +108% |
| Income taxes | 67/77 | €5,248 | €13,151 | +€7,903 | +151% |
| Profit (loss) for the period | 9904 | €15,329 | €29,735 | +€14,406 | +94.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,329 | €29,735 | +€14,406 | +94.0% |
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 14 October 2026 via checked.be.