E.T.C.: 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.T.C.
Largest movements
- Tangible fixed assets +€268,851
up €268,851 (+38.8%), from €692,094 to €960,945
of which Land and buildings: +€289,649
- Stocks and contracts -€159,304
down €159,304 (-19.1%), from €836,184 to €676,880
- Cash +€33,394
up €33,394 (+127%), from €26,226 to €59,620
mainly Debts after one year (+€361,654) and Stocks and contracts (+€159,304)
- Debts after one year +€361,654
up €361,654 (+51.7%), from €699,539 to €1.1m
- Trade debts -€340,893
down €340,893 (-38.7%), from €880,701 to €539,808
- Other debts +€113,996
up €113,996 (+249%), from €45,797 to €159,793
- Current portion of long-term debt +€81,244
up €81,244 (+108%), from €75,421 to €156,665
- Short-term financial debts -€48,479
no longer reported in 2025 (was €48,479)
- Gross operating margin -€445,157
down €445,157 (-62.5%), from €712,578 to €267,421
- Staff costs -€379,417
down €379,417 (-76.7%), from €494,899 to €115,482
- Depreciation -€36,216
down €36,216 (-37.2%), from €97,230 to €61,014
- Financial charges -€19,851
down €19,851 (-26.9%), from €73,792 to €53,941
- Taxes -€7,320
down €7,320 (-100%), from €7,320 to €0
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 | €2,185,884 | €2,318,779 | +€132,895 | +6.1% |
| Fixed assets | 21/28 | €694,218 | €963,069 | +€268,851 | +38.7% |
| Tangible fixed assets | 22/27 | €692,094 | €960,945 | +€268,851 | +38.8% |
| Land and buildings | 22 | €665,495 | €955,144 | +€289,649 | +43.5% |
| Plant, machinery and equipment | 23 | €4,055 | €34 | -€4,021 | -99.2% |
| Furniture and vehicles | 24 | €19,084 | €4,642 | -€14,442 | -75.7% |
| Other tangible fixed assets | 26 | €3,460 | €1,124 | -€2,336 | -67.5% |
| Financial fixed assets | 28 | €2,124 | €2,124 | = | 0.0% |
| Current assets | 29/58 | €1,491,666 | €1,355,710 | -€135,956 | -9.1% |
| Stocks and contracts in progress | 3 | €836,184 | €676,880 | -€159,304 | -19.1% |
| Stocks | 30/36 | €836,184 | €676,880 | -€159,304 | -19.1% |
| Amounts receivable within one year | 40/41 | €629,256 | €618,882 | -€10,374 | -1.6% |
| Trade receivables | 40 | €510,551 | €226,326 | -€284,224 | -55.7% |
| Other amounts receivable | 41 | €118,705 | €392,556 | +€273,851 | +231% |
| Cash at bank and in hand | 54/58 | €26,226 | €59,620 | +€33,394 | +127% |
| Deferred charges and accrued income | 490/1 | - | €328 | +€328 | |
| Total equity and liabilities | 10/49 | €2,185,884 | €2,318,779 | +€132,895 | +6.1% |
| Equity | 10/15 | €198,668 | €199,233 | +€565 | +0.3% |
| Contributions | 10/11 | €76,500 | €76,500 | = | 0.0% |
| Reserves | 13 | €122,168 | €122,733 | +€565 | +0.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €103,418 | €103,983 | +€565 | +0.5% |
| Amounts payable | 17/49 | €1,987,216 | €2,119,546 | +€132,330 | +6.7% |
| Amounts payable after more than one year | 17 | €699,539 | €1,061,193 | +€361,654 | +51.7% |
| Financial debts | 170/4 | €699,539 | €1,061,193 | +€361,654 | +51.7% |
| Amounts payable within one year | 42/48 | €1,278,079 | €1,050,125 | -€227,954 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €75,421 | €156,665 | +€81,244 | +108% |
| Financial debts | 43 | €48,479 | - | -€48,479 | |
| Credit institutions | 430/8 | €48,479 | - | -€48,479 | |
| Trade debts | 44 | €880,701 | €539,808 | -€340,893 | -38.7% |
| Suppliers | 440/4 | €880,701 | €539,808 | -€340,893 | -38.7% |
| Taxes, remuneration and social security | 45 | €227,682 | €193,858 | -€33,823 | -14.9% |
| Taxes | 450/3 | €149,944 | €170,402 | +€20,458 | +13.6% |
| Remuneration and social security | 454/9 | €77,738 | €23,456 | -€54,282 | -69.8% |
| Other amounts payable | 47/48 | €45,797 | €159,793 | +€113,996 | +249% |
| Accrued charges and deferred income | 492/3 | €9,598 | €8,228 | -€1,370 | -14.3% |
| Remuneration, social security and pensions | 62 | €494,899 | €115,482 | -€379,417 | -76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,230 | €61,014 | -€36,216 | -37.2% |
| Other operating charges | 640/8 | €39,084 | €36,627 | -€2,457 | -6.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €712,578 | €267,421 | -€445,157 | -62.5% |
| Operating profit (loss) | 9901 | €81,364 | €54,298 | -€27,067 | -33.3% |
| Financial income | 75/76B | €148 | €208 | +€60 | +40.3% |
| Recurring financial income | 75 | €148 | €208 | +€60 | +40.3% |
| Financial charges | 65/66B | €73,792 | €53,941 | -€19,851 | -26.9% |
| Recurring financial charges | 65 | €73,792 | €53,941 | -€19,851 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €7,721 | €565 | -€7,156 | -92.7% |
| Income taxes | 67/77 | €7,320 | €0 | -€7,320 | -100% |
| Profit (loss) for the period | 9904 | €400 | €565 | +€165 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €400 | €565 | +€165 | +41.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.