XAVIER 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.
XAVIER ETIENNE
Largest movements
- Tangible fixed assets +€112,689
up €112,689 (+12.3%), from €915,171 to €1.0m
of which Furniture and vehicles: +€327,558
- Deferred charges and accrued income +€32,103
up €32,103 (+109%), from €29,462 to €61,565
- Receivables within one year -€24,621
down €24,621 (-3.7%), from €660,544 to €635,922
of which Trade receivables: -€44,182
- Other debts +€321,449
up €321,449 (+184%), from €175,042 to €496,491
- Debts after one year -€202,768
down €202,768 (-40.1%), from €505,875 to €303,106
- Current portion of long-term debt -€42,384
down €42,384 (-19.8%), from €214,471 to €172,087
- Profit (loss) carried forward +€23,513
up €23,513 (+87.3%), from €26,936 to €50,448
- Staff costs -€91,065
down €91,065 (-25.0%), from €363,981 to €272,916
- Gross operating margin +€83,596
up €83,596 (+15.6%), from €535,727 to €619,322
- Other operating charges +€37,453
up €37,453 (+265%), from €14,149 to €51,603
- Depreciation +€10,171
up €10,171 (+4.1%), from €246,774 to €256,946
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,771,736 | €1,878,443 | +€106,707 | +6.0% |
| Fixed assets | 21/28 | €915,711 | €1,028,400 | +€112,689 | +12.3% |
| Tangible fixed assets | 22/27 | €915,171 | €1,027,860 | +€112,689 | +12.3% |
| Land and buildings | 22 | €261,963 | €246,752 | -€15,211 | -5.8% |
| Plant, machinery and equipment | 23 | €21,303 | €10,472 | -€10,831 | -50.8% |
| Furniture and vehicles | 24 | €144,219 | €471,776 | +€327,558 | +227% |
| Leasing and similar rights | 25 | €487,687 | €298,860 | -€188,827 | -38.7% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €856,024 | €850,042 | -€5,982 | -0.7% |
| Amounts receivable within one year | 40/41 | €660,544 | €635,922 | -€24,621 | -3.7% |
| Trade receivables | 40 | €580,692 | €536,510 | -€44,182 | -7.6% |
| Other amounts receivable | 41 | €79,851 | €99,412 | +€19,561 | +24.5% |
| Cash at bank and in hand | 54/58 | €166,019 | €152,555 | -€13,464 | -8.1% |
| Deferred charges and accrued income | 490/1 | €29,462 | €61,565 | +€32,103 | +109% |
| Total equity and liabilities | 10/49 | €1,771,736 | €1,878,443 | +€106,707 | +6.0% |
| Equity | 10/15 | €217,204 | €240,717 | +€23,513 | +10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,669 | €171,669 | = | 0.0% |
| Tax-exempt reserves | 132 | €169,809 | €169,809 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,936 | €50,448 | +€23,513 | +87.3% |
| Amounts payable | 17/49 | €1,554,531 | €1,637,725 | +€83,194 | +5.4% |
| Amounts payable after more than one year | 17 | €505,875 | €303,106 | -€202,768 | -40.1% |
| Financial debts | 170/4 | €505,875 | €303,106 | -€202,768 | -40.1% |
| Amounts payable within one year | 42/48 | €1,048,657 | €1,334,619 | +€285,962 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €214,471 | €172,087 | -€42,384 | -19.8% |
| Trade debts | 44 | €610,056 | €627,269 | +€17,213 | +2.8% |
| Suppliers | 440/4 | €610,056 | €627,269 | +€17,213 | +2.8% |
| Taxes, remuneration and social security | 45 | €49,088 | €38,772 | -€10,316 | -21.0% |
| Taxes | 450/3 | €17,437 | €14,201 | -€3,236 | -18.6% |
| Remuneration and social security | 454/9 | €31,651 | €24,571 | -€7,080 | -22.4% |
| Other amounts payable | 47/48 | €175,042 | €496,491 | +€321,449 | +184% |
| Remuneration, social security and pensions | 62 | €363,981 | €272,916 | -€91,065 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €246,774 | €256,946 | +€10,171 | +4.1% |
| Other operating charges | 640/8 | €14,149 | €51,603 | +€37,453 | +265% |
| Gross operating margin | 9900 | €535,727 | €619,322 | +€83,596 | +15.6% |
| Operating profit (loss) | 9901 | -€89,177 | €37,858 | +€127,035 | |
| Financial income | 75/76B | €30 | €32 | +€2 | +5.8% |
| Recurring financial income | 75 | €30 | €32 | +€2 | +5.8% |
| Financial charges | 65/66B | €17,160 | €13,921 | -€3,239 | -18.9% |
| Recurring financial charges | 65 | €17,160 | €13,921 | -€3,239 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | -€106,307 | €23,970 | +€130,277 | |
| Income taxes | 67/77 | €495 | €457 | -€38 | -7.7% |
| Profit (loss) for the period | 9904 | -€106,802 | €23,513 | +€130,315 | |
| Profit (loss) for the period to be appropriated | 9905 | -€106,802 | €23,513 | +€130,315 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.