E.T.F.: what changed
E.T.F.
Largest movements
- Tangible fixed assets +€39,548
up €39,548 (+672%), from €5,889 to €45,436
of which Furniture and vehicles: +€22,883
- Cash +€2,059
new in 2025: €2,059
mainly Net result for the year (+€31,672) and Other debts (+€22,965)
- Receivables within one year +€644
up €644 (+1,565%), from €41 to €685
- Profit (loss) carried forward +€31,672
up €31,672 (+15.7%), from -€202,035 to -€170,364
- Other debts +€22,965
up €22,965 (+13.1%), from €174,823 to €197,787
- Trade debts -€12,538
down €12,538 (-86.2%), from €14,542 to €2,004
- Gross operating margin +€33,306
up €33,306 (+1,140%), from €2,921 to €36,227
- Other operating charges -€3,845
down €3,845 (-96.8%), from €3,973 to €128
- Depreciation +€1,756
up €1,756 (+74.2%), from €2,366 to €4,121
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,930 | €48,180 | +€42,250 | +713% |
| Fixed assets | 21/28 | €5,889 | €45,436 | +€39,548 | +672% |
| Tangible fixed assets | 22/27 | €5,889 | €45,436 | +€39,548 | +672% |
| Land and buildings | 22 | €1,492 | €913 | -€579 | -38.8% |
| Plant, machinery and equipment | 23 | €1,674 | €18,918 | +€17,243 | +1,030% |
| Furniture and vehicles | 24 | €2,723 | €25,606 | +€22,883 | +840% |
| Current assets | 29/58 | €41 | €2,744 | +€2,702 | +6,569% |
| Amounts receivable within one year | 40/41 | €41 | €685 | +€644 | +1,565% |
| Other amounts receivable | 41 | €41 | €685 | +€644 | +1,565% |
| Cash at bank and in hand | 54/58 | - | €2,059 | +€2,059 | |
| Total equity and liabilities | 10/49 | €5,930 | €48,180 | +€42,250 | +713% |
| Equity | 10/15 | -€183,435 | -€151,764 | +€31,672 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€202,035 | -€170,364 | +€31,672 | +15.7% |
| Amounts payable | 17/49 | €189,365 | €199,943 | +€10,579 | +5.6% |
| Amounts payable within one year | 42/48 | €189,365 | €199,943 | +€10,579 | +5.6% |
| Trade debts | 44 | €14,542 | €2,004 | -€12,538 | -86.2% |
| Suppliers | 440/4 | €14,542 | €2,004 | -€12,538 | -86.2% |
| Taxes, remuneration and social security | 45 | - | €152 | +€152 | |
| Taxes | 450/3 | - | €152 | +€152 | |
| Other amounts payable | 47/48 | €174,823 | €197,787 | +€22,965 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,366 | €4,121 | +€1,756 | +74.2% |
| Other operating charges | 640/8 | €3,973 | €128 | -€3,845 | -96.8% |
| Gross operating margin | 9900 | €2,921 | €36,227 | +€33,306 | +1,140% |
| Operating profit (loss) | 9901 | -€3,418 | €31,977 | +€35,395 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €0 | €154 | +€154 | +308,160% |
| Recurring financial charges | 65 | €0 | €154 | +€154 | +308,160% |
| Profit (loss) for the period before taxes | 9903 | -€3,418 | €31,824 | +€35,242 | |
| Income taxes | 67/77 | - | €152 | +€152 | |
| Profit (loss) for the period | 9904 | -€3,418 | €31,672 | +€35,090 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,418 | €31,672 | +€35,090 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.