E.T.E.L.: what changed
Two fiscal 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.E.L.
Largest movements
- Tangible fixed assets -€12,048
down €12,048 (-3.7%), from €326,526 to €314,477
of which Land and buildings: -€14,013
- Receivables within one year -€10,000
no longer reported in 2025 (was €10,000)
- Cash +€5,143
up €5,143 (+8.3%), from €61,727 to €66,870
mainly Depreciation (+€14,632) and Net result for the year (+€10,210)
- Profit (loss) carried forward -€16,790
down €16,790 (-9.2%), from €181,932 to €165,142
- Gross operating margin +€28,674
up €28,674 (+1893.4%), from €1,514 to €30,188
- Financial income -€546
down €546 (-100.0%), from €546 to €0
- Depreciation +€439
up €439 (+3.1%), from €14,193 to €14,632
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 | €398,436 | €381,539 | -€16,897 | -4.2% |
| Fixed assets | 21/28 | €326,526 | €314,477 | -€12,048 | -3.7% |
| Tangible fixed assets | 22/27 | €326,526 | €314,477 | -€12,048 | -3.7% |
| Land and buildings | 22 | €321,498 | €307,485 | -€14,013 | -4.4% |
| Plant, machinery and equipment | 23 | - | €2,228 | +€2,228 | |
| Furniture and vehicles | 24 | €439 | €176 | -€264 | -60.0% |
| Other tangible fixed assets | 26 | €4,588 | €4,588 | = | 0.0% |
| Current assets | 29/58 | €71,911 | €67,062 | -€4,849 | -6.7% |
| Amounts receivable within one year | 40/41 | €10,000 | - | -€10,000 | |
| Other amounts receivable | 41 | €10,000 | - | -€10,000 | |
| Cash at bank and in hand | 54/58 | €61,727 | €66,870 | +€5,143 | +8.3% |
| Deferred charges and accrued income | 490/1 | €184 | €192 | +€8 | +4.2% |
| Total equity and liabilities | 10/49 | €398,436 | €381,539 | -€16,897 | -4.2% |
| Equity | 10/15 | €398,173 | €381,382 | -€16,790 | -4.2% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €195,789 | €195,789 | = | 0.0% |
| Distributable reserves | 133 | €195,789 | €195,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | €181,932 | €165,142 | -€16,790 | -9.2% |
| Amounts payable | 17/49 | €264 | €157 | -€107 | -40.5% |
| Amounts payable within one year | 42/48 | €264 | €157 | -€107 | -40.5% |
| Trade debts | 44 | €120 | - | -€120 | |
| Suppliers | 440/4 | €120 | - | -€120 | |
| Other amounts payable | 47/48 | €144 | €157 | +€13 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,193 | €14,632 | +€439 | +3.1% |
| Other operating charges | 640/8 | €4,218 | €4,227 | +€9 | +0.2% |
| Non-recurring operating charges | 66A | - | €1,077 | +€1,077 | |
| Gross operating margin | 9900 | €1,514 | €30,188 | +€28,674 | +1893.4% |
| Operating profit (loss) | 9901 | -€16,897 | €10,251 | +€27,148 | |
| Financial income | 75/76B | €546 | €0 | -€546 | -100.0% |
| Recurring financial income | 75 | €546 | €0 | -€546 | -100.0% |
| Financial charges | 65/66B | €77 | €42 | -€35 | -45.5% |
| Recurring financial charges | 65 | €77 | €42 | -€35 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | -€16,427 | €10,210 | +€26,637 | |
| Income taxes | 67/77 | -€42 | - | +€42 | |
| Profit (loss) for the period | 9904 | -€16,385 | €10,210 | +€26,595 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,385 | €10,210 | +€26,595 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.