E.T.I. Immo: 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.I. Immo
Largest movements
- Cash +€176,457
up €176,457 (+125%), from €140,630 to €317,087
mainly Net result for the year (+€188,067) and Depreciation (+€80,756)
- Tangible fixed assets -€80,756
down €80,756 (-7.2%), from €1.1m to €1.0m
of which Land and buildings: -€63,401
- Receivables within one year -€22,754
down €22,754 (-19.3%), from €117,746 to €94,992
of which Trade receivables: -€20,841
- Reserves +€188,067
up €188,067 (+21.3%), from €884,407 to €1.1m
of which Distributable reserves: +€188,067
- Debts after one year -€67,943
down €67,943 (-66.4%), from €102,396 to €34,452
of which Financial debts: -€67,943
- Current portion of long-term debt -€42,091
down €42,091 (-38.3%), from €110,034 to €67,943
- Gross operating margin +€33,805
up €33,805 (+10.4%), from €326,280 to €360,085
- Taxes +€10,173
up €10,173 (+18.8%), from €54,183 to €64,357
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 | €1,385,587 | €1,458,162 | +€72,574 | +5.2% |
| Fixed assets | 21/28 | €1,120,676 | €1,039,920 | -€80,756 | -7.2% |
| Tangible fixed assets | 22/27 | €1,120,676 | €1,039,920 | -€80,756 | -7.2% |
| Land and buildings | 22 | €1,062,760 | €999,360 | -€63,401 | -6.0% |
| Plant, machinery and equipment | 23 | €45,007 | €32,511 | -€12,495 | -27.8% |
| Leasing and similar rights | 25 | €12,909 | €8,049 | -€4,860 | -37.6% |
| Current assets | 29/58 | €264,912 | €418,242 | +€153,330 | +57.9% |
| Amounts receivable within one year | 40/41 | €117,746 | €94,992 | -€22,754 | -19.3% |
| Trade receivables | 40 | €46,513 | €25,672 | -€20,841 | -44.8% |
| Other amounts receivable | 41 | €71,233 | €69,320 | -€1,913 | -2.7% |
| Cash at bank and in hand | 54/58 | €140,630 | €317,087 | +€176,457 | +125% |
| Deferred charges and accrued income | 490/1 | €6,536 | €6,164 | -€372 | -5.7% |
| Total equity and liabilities | 10/49 | €1,385,587 | €1,458,162 | +€72,574 | +5.2% |
| Equity | 10/15 | €1,108,418 | €1,296,486 | +€188,067 | +17.0% |
| Contributions | 10/11 | €224,011 | €224,011 | = | 0.0% |
| Reserves | 13 | €884,407 | €1,072,475 | +€188,067 | +21.3% |
| Non-distributable reserves | 130/1 | €5,948 | €5,948 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,948 | €5,948 | = | 0.0% |
| Tax-exempt reserves | 132 | €755 | €755 | = | 0.0% |
| Distributable reserves | 133 | €877,704 | €1,065,771 | +€188,067 | +21.4% |
| Amounts payable | 17/49 | €277,169 | €161,676 | -€115,493 | -41.7% |
| Amounts payable after more than one year | 17 | €102,396 | €34,452 | -€67,943 | -66.4% |
| Financial debts | 170/4 | €102,396 | €34,452 | -€67,943 | -66.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €144,497 | €96,150 | -€48,347 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €110,034 | €67,943 | -€42,091 | -38.3% |
| Trade debts | 44 | €562 | €9,951 | +€9,388 | +1,670% |
| Suppliers | 440/4 | €562 | €9,951 | +€9,388 | +1,670% |
| Taxes, remuneration and social security | 45 | €20,850 | €10,066 | -€10,784 | -51.7% |
| Taxes | 450/3 | €20,850 | €10,066 | -€10,784 | -51.7% |
| Other amounts payable | 47/48 | €13,050 | €8,190 | -€4,860 | -37.2% |
| Accrued charges and deferred income | 492/3 | €30,277 | €31,074 | +€797 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,782 | €80,756 | -€26 | 0.0% |
| Other operating charges | 640/8 | €22,866 | €24,340 | +€1,474 | +6.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €326,280 | €360,085 | +€33,805 | +10.4% |
| Operating profit (loss) | 9901 | €222,632 | €254,988 | +€32,356 | +14.5% |
| Financial income | 75/76B | €90 | €86 | -€5 | -5.4% |
| Recurring financial income | 75 | €90 | €86 | -€5 | -5.4% |
| Financial charges | 65/66B | €5,989 | €2,650 | -€3,339 | -55.8% |
| Recurring financial charges | 65 | €5,989 | €2,650 | -€3,339 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €216,734 | €252,424 | +€35,690 | +16.5% |
| Income taxes | 67/77 | €54,183 | €64,357 | +€10,173 | +18.8% |
| Profit (loss) for the period | 9904 | €162,550 | €188,067 | +€25,517 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €162,550 | €188,067 | +€25,517 | +15.7% |
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 31 October 2026 via checked.be.