E.T.C.O.: 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.O.
Largest movements
- Current investments +€50,000
up €50,000 (+24.9%), from €201,166 to €251,165
- Tangible fixed assets -€44,977
down €44,977 (-10.3%), from €436,598 to €391,621
of which Land and buildings: -€31,535
- Cash +€38,189
up €38,189 (+46.4%), from €82,303 to €120,492
mainly Net result for the year (+€56,051) and Depreciation (+€44,977)
- Reserves +€54,385
up €54,385 (+16.6%), from €327,748 to €382,134
- Debts after one year -€24,072
down €24,072 (-7.0%), from €345,239 to €321,168
of which Financial debts: -€25,072
- Tax, wage and social debts +€17,310
up €17,310 (+686%), from €2,522 to €19,833
of which Taxes: +€14,160
- Depreciation -€15,596
down €15,596 (-25.7%), from €60,573 to €44,977
- Gross operating margin +€10,904
up €10,904 (+9.4%), from €115,730 to €126,634
- Financial income +€9,326
up €9,326 (+234%), from €3,986 to €13,311
- Taxes +€7,556
up €7,556 (+51.9%), from €14,556 to €22,112
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 | €744,514 | €790,309 | +€45,795 | +6.2% |
| Fixed assets | 21/28 | €436,598 | €391,621 | -€44,977 | -10.3% |
| Tangible fixed assets | 22/27 | €436,598 | €391,621 | -€44,977 | -10.3% |
| Land and buildings | 22 | €403,586 | €372,051 | -€31,535 | -7.8% |
| Furniture and vehicles | 24 | €33,012 | €19,570 | -€13,442 | -40.7% |
| Current assets | 29/58 | €307,916 | €398,688 | +€90,772 | +29.5% |
| Amounts receivable within one year | 40/41 | €19,548 | €19,454 | -€94 | -0.5% |
| Trade receivables | 40 | €15,975 | €19,454 | +€3,480 | +21.8% |
| Other amounts receivable | 41 | €3,573 | - | -€3,573 | |
| Current investments | 50/53 | €201,166 | €251,165 | +€50,000 | +24.9% |
| Cash at bank and in hand | 54/58 | €82,303 | €120,492 | +€38,189 | +46.4% |
| Deferred charges and accrued income | 490/1 | €4,899 | €7,577 | +€2,678 | +54.7% |
| Total equity and liabilities | 10/49 | €744,514 | €790,309 | +€45,795 | +6.2% |
| Equity | 10/15 | €346,348 | €400,734 | +€54,385 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €327,748 | €382,134 | +€54,385 | +16.6% |
| Distributable reserves | 133 | €327,748 | €382,134 | +€54,385 | +16.6% |
| Amounts payable | 17/49 | €398,166 | €389,576 | -€8,590 | -2.2% |
| Amounts payable after more than one year | 17 | €345,239 | €321,168 | -€24,072 | -7.0% |
| Financial debts | 170/4 | €344,239 | €319,168 | -€25,072 | -7.3% |
| Other amounts payable | 178/9 | €1,000 | €2,000 | +€1,000 | +100% |
| Amounts payable within one year | 42/48 | €42,878 | €58,987 | +€16,109 | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €24,765 | €25,072 | +€307 | +1.2% |
| Trade debts | 44 | €6,164 | €3,869 | -€2,295 | -37.2% |
| Suppliers | 440/4 | €6,164 | €3,869 | -€2,295 | -37.2% |
| Taxes, remuneration and social security | 45 | €2,522 | €19,833 | +€17,310 | +686% |
| Taxes | 450/3 | €2,522 | €16,683 | +€14,160 | +561% |
| Remuneration and social security | 454/9 | - | €3,150 | +€3,150 | |
| Other amounts payable | 47/48 | €9,427 | €10,214 | +€787 | +8.3% |
| Accrued charges and deferred income | 492/3 | €10,048 | €9,421 | -€627 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,573 | €44,977 | -€15,596 | -25.7% |
| Other operating charges | 640/8 | €5,506 | €5,621 | +€115 | +2.1% |
| Gross operating margin | 9900 | €115,730 | €126,634 | +€10,904 | +9.4% |
| Operating profit (loss) | 9901 | €49,651 | €76,037 | +€26,385 | +53.1% |
| Financial income | 75/76B | €3,986 | €13,311 | +€9,326 | +234% |
| Recurring financial income | 75 | €3,986 | €13,311 | +€9,326 | +234% |
| Financial charges | 65/66B | €11,662 | €11,185 | -€477 | -4.1% |
| Recurring financial charges | 65 | €11,662 | €11,185 | -€477 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €41,976 | €78,163 | +€36,188 | +86.2% |
| Income taxes | 67/77 | €14,556 | €22,112 | +€7,556 | +51.9% |
| Profit (loss) for the period | 9904 | €27,420 | €56,051 | +€28,632 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €27,420 | €56,051 | +€28,632 | +104% |
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 20 October 2026 via checked.be.