E-Subterra: 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.
E-Subterra
Largest movements
- Current investments +€259,631
new in 2025: €259,631
- Cash -€129,288
down €129,288 (-56.6%), from €228,404 to €99,115
mainly Current investments (-€259,631) and Contributions, distributions and other (-€126,510)
- Receivables within one year -€6,967
down €6,967 (-14.0%), from €49,743 to €42,776
of which Trade receivables: -€10,175
- Tangible fixed assets -€5,763
down €5,763 (-16.5%), from €34,827 to €29,064
of which Other tangible fixed assets: -€4,263
- Other debts +€127,883
up €127,883 (+5514.2%), from €2,319 to €130,202
- Tax, wage and social debts -€8,370
down €8,370 (-100.0%), from €8,370 to €0
- Gross operating margin -€31,405
down €31,405 (-15.6%), from €201,148 to €169,742
- Taxes -€21,643
down €21,643 (-37.1%), from €58,370 to €36,726
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.
Cash bridge derived
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 | €313,188 | €432,632 | +€119,444 | +38.1% |
| Fixed assets | 21/28 | €34,827 | €29,064 | -€5,763 | -16.5% |
| Tangible fixed assets | 22/27 | €34,827 | €29,064 | -€5,763 | -16.5% |
| Furniture and vehicles | 24 | €2,656 | €1,156 | -€1,499 | -56.5% |
| Other tangible fixed assets | 26 | €32,171 | €27,908 | -€4,263 | -13.3% |
| Current assets | 29/58 | €278,361 | €403,568 | +€125,206 | +45.0% |
| Amounts receivable within one year | 40/41 | €49,743 | €42,776 | -€6,967 | -14.0% |
| Trade receivables | 40 | €49,426 | €39,251 | -€10,175 | -20.6% |
| Other amounts receivable | 41 | €317 | €3,525 | +€3,208 | +1012.9% |
| Current investments | 50/53 | - | €259,631 | +€259,631 | |
| Cash at bank and in hand | 54/58 | €228,404 | €99,115 | -€129,288 | -56.6% |
| Deferred charges and accrued income | 490/1 | €215 | €2,046 | +€1,831 | +853.6% |
| Total equity and liabilities | 10/49 | €313,188 | €432,632 | +€119,444 | +38.1% |
| Equity | 10/15 | €300,746 | €300,746 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €297,746 | €297,746 | = | 0.0% |
| Distributable reserves | 133 | €297,746 | €297,746 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,442 | €131,886 | +€119,444 | +960.0% |
| Amounts payable within one year | 42/48 | €12,157 | €131,301 | +€119,144 | +980.1% |
| Financial debts | 43 | €109 | €0 | -€109 | -100.0% |
| Credit institutions | 430/8 | €109 | €0 | -€109 | -100.0% |
| Trade debts | 44 | €1,359 | €1,099 | -€260 | -19.1% |
| Suppliers | 440/4 | €1,359 | €1,099 | -€260 | -19.1% |
| Taxes, remuneration and social security | 45 | €8,370 | €0 | -€8,370 | -100.0% |
| Taxes | 450/3 | €8,370 | €0 | -€8,370 | -100.0% |
| Other amounts payable | 47/48 | €2,319 | €130,202 | +€127,883 | +5514.2% |
| Accrued charges and deferred income | 492/3 | €285 | €585 | +€300 | +105.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,722 | €5,763 | +€40 | +0.7% |
| Other operating charges | 640/8 | €115 | €513 | +€398 | +346.4% |
| Non-recurring operating charges | 66A | €1,715 | €0 | -€1,715 | -100.0% |
| Gross operating margin | 9900 | €201,148 | €169,742 | -€31,405 | -15.6% |
| Operating profit (loss) | 9901 | €193,595 | €163,466 | -€30,128 | -15.6% |
| Financial income | 75/76B | €1,906 | €413 | -€1,493 | -78.3% |
| Recurring financial income | 75 | €1,906 | €413 | -€1,493 | -78.3% |
| Financial charges | 65/66B | €234 | €643 | +€409 | +174.8% |
| Recurring financial charges | 65 | €234 | €643 | +€409 | +174.8% |
| Profit (loss) for the period before taxes | 9903 | €195,267 | €163,236 | -€32,031 | -16.4% |
| Income taxes | 67/77 | €58,370 | €36,726 | -€21,643 | -37.1% |
| Profit (loss) for the period | 9904 | €136,897 | €126,510 | -€10,387 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €136,897 | €126,510 | -€10,387 | -7.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.