Vincent 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.
Vincent ETIENNE
Largest movements
- Financial fixed assets -€1.3m
down €1.3m (-88.6%), from €1.5m to €167,645
- Current investments +€1.1m
up €1.1m (+274%), from €403,019 to €1.5m
- Cash +€110,990
up €110,990 (+118%), from €94,408 to €205,398
mainly Investment in fixed assets (net) (+€1.3m) and Net result for the year (+€29,872)
- Debts after one year -€52,712
down €52,712 (-95.0%), from €55,512 to €2,800
- Current portion of long-term debt -€50,394
down €50,394 (-49.6%), from €101,606 to €51,212
- Reserves +€29,872
up €29,872 (+1.9%), from €1.6m to €1.6m
of which Distributable reserves: +€29,872
- Gross operating margin -€58,366
down €58,366 (-80.5%), from €72,547 to €14,181
- Taxes -€20,638
down €20,638 (-74.4%), from €27,752 to €7,114
- Write-downs -€4,995
no longer reported in 2025 (was €4,995)
- Other operating charges +€2,361
up €2,361 (+288%), from €819 to €3,180
- Depreciation +€1,153
up €1,153 (+4.6%), from €25,333 to €26,486
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 | €2,518,617 | €2,418,720 | -€99,897 | -4.0% |
| Fixed assets | 21/28 | €2,004,039 | €682,690 | -€1.3m | -65.9% |
| Tangible fixed assets | 22/27 | €535,767 | €515,045 | -€20,722 | -3.9% |
| Land and buildings | 22 | €140,000 | €140,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €395,767 | €375,045 | -€20,722 | -5.2% |
| Financial fixed assets | 28 | €1,468,272 | €167,645 | -€1.3m | -88.6% |
| Current assets | 29/58 | €514,578 | €1,736,030 | +€1.2m | +237% |
| Amounts receivable within one year | 40/41 | €17,151 | €20,520 | +€3,369 | +19.6% |
| Trade receivables | 40 | €15,146 | €6,023 | -€9,123 | -60.2% |
| Other amounts receivable | 41 | €2,005 | €14,497 | +€12,492 | +623% |
| Current investments | 50/53 | €403,019 | €1,507,562 | +€1.1m | +274% |
| Cash at bank and in hand | 54/58 | €94,408 | €205,398 | +€110,990 | +118% |
| Deferred charges and accrued income | 490/1 | - | €2,550 | +€2,550 | |
| Total equity and liabilities | 10/49 | €2,518,617 | €2,418,720 | -€99,897 | -4.0% |
| Equity | 10/15 | €2,150,017 | €2,179,889 | +€29,872 | +1.4% |
| Contributions | 10/11 | €472,234 | €472,234 | = | 0.0% |
| Reserves | 13 | €1,555,000 | €1,584,872 | +€29,872 | +1.9% |
| Non-distributable reserves | 130/1 | €48,000 | €48,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €48,000 | €48,000 | = | 0.0% |
| Distributable reserves | 133 | €1,507,000 | €1,536,872 | +€29,872 | +2.0% |
| Profit (loss) carried forward | 14 | €122,783 | €122,783 | = | 0.0% |
| Provisions and deferred taxes | 16 | €100,000 | €100,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €100,000 | €100,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable | 17/49 | €268,600 | €138,831 | -€129,769 | -48.3% |
| Amounts payable after more than one year | 17 | €55,512 | €2,800 | -€52,712 | -95.0% |
| Financial debts | 170/4 | €55,512 | €2,800 | -€52,712 | -95.0% |
| Amounts payable within one year | 42/48 | €213,088 | €136,031 | -€77,057 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €101,606 | €51,212 | -€50,394 | -49.6% |
| Trade debts | 44 | €3,284 | €450 | -€2,834 | -86.3% |
| Suppliers | 440/4 | €3,284 | €450 | -€2,834 | -86.3% |
| Taxes, remuneration and social security | 45 | €34,447 | €28,714 | -€5,733 | -16.6% |
| Taxes | 450/3 | €34,447 | €28,714 | -€5,733 | -16.6% |
| Other amounts payable | 47/48 | €73,751 | €55,655 | -€18,096 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,333 | €26,486 | +€1,153 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,995 | - | -€4,995 | |
| Other operating charges | 640/8 | €819 | €3,180 | +€2,361 | +288% |
| Gross operating margin | 9900 | €72,547 | €14,181 | -€58,366 | -80.5% |
| Operating profit (loss) | 9901 | €41,400 | -€15,485 | -€56,885 | |
| Financial income | 75/76B | €53,978 | €54,023 | +€45 | +0.1% |
| Recurring financial income | 75 | €53,978 | €54,023 | +€45 | +0.1% |
| Financial charges | 65/66B | €2,626 | €1,552 | -€1,074 | -40.9% |
| Recurring financial charges | 65 | €2,626 | €1,552 | -€1,074 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €92,752 | €36,986 | -€55,766 | -60.1% |
| Income taxes | 67/77 | €27,752 | €7,114 | -€20,638 | -74.4% |
| Profit (loss) for the period | 9904 | €65,000 | €29,872 | -€35,128 | -54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,000 | €29,872 | -€35,128 | -54.0% |
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 27 October 2026 via checked.be.