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
- Current investments +€50,000
up €50,000 (+71.4%), from €70,000 to €120,000
- Cash -€19,884
down €19,884 (-44.4%), from €44,779 to €24,895
mainly Current investments (-€50,000) and Investment in fixed assets (net) (-€49,754)
- Stocks and contracts -€19,355
down €19,355 (-55.9%), from €34,620 to €15,265
- Tangible fixed assets -€8,865
down €8,865 (-1.6%), from €567,763 to €558,897
of which Land and buildings: -€23,900
- Reserves +€18,472
up €18,472 (+4.9%), from €374,706 to €393,178
- Debts after one year -€10,846
down €10,846 (-4.0%), from €268,212 to €257,365
- Gross operating margin -€36,684
down €36,684 (-26.8%), from €136,748 to €100,064
- Taxes -€8,787
down €8,787 (-52.1%), from €16,860 to €8,073
- Depreciation -€3,513
down €3,513 (-5.7%), from €62,132 to €58,619
- Other operating charges +€1,961
up €1,961 (+22.3%), from €8,780 to €10,741
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 | €733,553 | €740,950 | +€7,397 | +1.0% |
| Fixed assets | 21/28 | €568,033 | €559,167 | -€8,865 | -1.6% |
| Tangible fixed assets | 22/27 | €567,763 | €558,897 | -€8,865 | -1.6% |
| Land and buildings | 22 | €473,200 | €449,300 | -€23,900 | -5.1% |
| Plant, machinery and equipment | 23 | €55,294 | €43,961 | -€11,333 | -20.5% |
| Furniture and vehicles | 24 | €39,269 | €65,636 | +€26,368 | +67.1% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €165,521 | €181,783 | +€16,262 | +9.8% |
| Stocks and contracts in progress | 3 | €34,620 | €15,265 | -€19,355 | -55.9% |
| Stocks | 30/36 | €34,620 | €15,265 | -€19,355 | -55.9% |
| Amounts receivable within one year | 40/41 | €12,427 | €16,679 | +€4,252 | +34.2% |
| Trade receivables | 40 | €1,708 | €6,118 | +€4,410 | +258.3% |
| Other amounts receivable | 41 | €10,719 | €10,561 | -€158 | -1.5% |
| Current investments | 50/53 | €70,000 | €120,000 | +€50,000 | +71.4% |
| Cash at bank and in hand | 54/58 | €44,779 | €24,895 | -€19,884 | -44.4% |
| Deferred charges and accrued income | 490/1 | €3,695 | €4,944 | +€1,249 | +33.8% |
| Total equity and liabilities | 10/49 | €733,553 | €740,950 | +€7,397 | +1.0% |
| Equity | 10/15 | €393,306 | €411,778 | +€18,472 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €374,706 | €393,178 | +€18,472 | +4.9% |
| Distributable reserves | 133 | €374,706 | €393,178 | +€18,472 | +4.9% |
| Amounts payable | 17/49 | €340,247 | €329,172 | -€11,075 | -3.3% |
| Amounts payable after more than one year | 17 | €268,212 | €257,365 | -€10,846 | -4.0% |
| Financial debts | 170/4 | €268,212 | €257,365 | -€10,846 | -4.0% |
| Amounts payable within one year | 42/48 | €72,036 | €71,169 | -€866 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €47,220 | €42,281 | -€4,939 | -10.5% |
| Trade debts | 44 | €8,963 | €5,876 | -€3,086 | -34.4% |
| Suppliers | 440/4 | €8,963 | €5,876 | -€3,086 | -34.4% |
| Taxes, remuneration and social security | 45 | €39 | €68 | +€29 | +75.1% |
| Remuneration and social security | 454/9 | €39 | €68 | +€29 | +75.1% |
| Other amounts payable | 47/48 | €15,814 | €22,944 | +€7,130 | +45.1% |
| Accrued charges and deferred income | 492/3 | - | €638 | +€638 | |
| Non-recurring operating income | 76A | €29,476 | €14,392 | -€15,085 | -51.2% |
| Remuneration, social security and pensions | 62 | €1,259 | €1,672 | +€413 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,132 | €58,619 | -€3,513 | -5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,050 | - | -€1,050 | |
| Other operating charges | 640/8 | €8,780 | €10,741 | +€1,961 | +22.3% |
| Gross operating margin | 9900 | €136,748 | €100,064 | -€36,684 | -26.8% |
| Operating profit (loss) | 9901 | €63,527 | €29,031 | -€34,495 | -54.3% |
| Financial income | 75/76B | €1,991 | €1,854 | -€137 | -6.9% |
| Recurring financial income | 75 | €1,991 | €1,854 | -€137 | -6.9% |
| Financial charges | 65/66B | €5,281 | €4,341 | -€940 | -17.8% |
| Recurring financial charges | 65 | €5,281 | €4,341 | -€940 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €60,237 | €26,544 | -€33,692 | -55.9% |
| Income taxes | 67/77 | €16,860 | €8,073 | -€8,787 | -52.1% |
| Profit (loss) for the period | 9904 | €43,376 | €18,472 | -€24,905 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,376 | €18,472 | -€24,905 | -57.4% |
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 11 October 2026 via checked.be.