E.T.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.L.
Largest movements
- Cash -€34,458
down €34,458 (-35.6%), from €96,749 to €62,292
mainly Other debts (-€23,427) and Net result for the year (-€15,828)
- Receivables within one year -€5,424
down €5,424 (-93.3%), from €5,812 to €388
of which Trade receivables: -€3,280
- Tangible fixed assets -€2,310
down €2,310 (-53.2%), from €4,340 to €2,030
of which Furniture and vehicles: -€1,647
- Other debts -€23,427
down €23,427 (-6.4%), from €363,657 to €340,230
- Profit (loss) carried forward -€15,828
down €15,828 (-5.5%), from -€286,245 to -€302,073
- Tax, wage and social debts -€2,705
down €2,705 (-71.2%), from €3,798 to €1,093
- Gross operating margin -€404,128
down €404,128, from €393,741 to -€10,387
- Financial charges -€5,869
down €5,869 (-79.2%), from €7,414 to €1,545
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 | €115,165 | €73,618 | -€41,547 | -36.1% |
| Fixed assets | 21/28 | €11,171 | €9,361 | -€1,810 | -16.2% |
| Tangible fixed assets | 22/27 | €4,340 | €2,030 | -€2,310 | -53.2% |
| Plant, machinery and equipment | 23 | €869 | €206 | -€663 | -76.3% |
| Furniture and vehicles | 24 | €3,472 | €1,825 | -€1,647 | -47.4% |
| Financial fixed assets | 28 | €6,831 | €7,331 | +€500 | +7.3% |
| Current assets | 29/58 | €103,994 | €64,257 | -€39,737 | -38.2% |
| Amounts receivable within one year | 40/41 | €5,812 | €388 | -€5,424 | -93.3% |
| Trade receivables | 40 | €3,280 | €0 | -€3,280 | -100.0% |
| Other amounts receivable | 41 | €2,532 | €388 | -€2,144 | -84.7% |
| Cash at bank and in hand | 54/58 | €96,749 | €62,292 | -€34,458 | -35.6% |
| Deferred charges and accrued income | 490/1 | €1,433 | €1,577 | +€144 | +10.1% |
| Total equity and liabilities | 10/49 | €115,165 | €73,618 | -€41,547 | -36.1% |
| Equity | 10/15 | -€252,290 | -€268,118 | -€15,828 | -6.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €14,955 | €14,955 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €0 | -€1,900 | -100.0% |
| Reserves not available under the articles | 1311 | €1,900 | €0 | -€1,900 | -100.0% |
| Tax-exempt reserves | 132 | €13,055 | €13,055 | = | 0.0% |
| Distributable reserves | 133 | - | €1,900 | +€1,900 | |
| Profit (loss) carried forward | 14 | -€286,245 | -€302,073 | -€15,828 | -5.5% |
| Amounts payable | 17/49 | €367,455 | €341,736 | -€25,719 | -7.0% |
| Amounts payable within one year | 42/48 | €367,455 | €341,736 | -€25,719 | -7.0% |
| Trade debts | 44 | €0 | €413 | +€413 | |
| Suppliers | 440/4 | €0 | €413 | +€413 | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,798 | €1,093 | -€2,705 | -71.2% |
| Taxes | 450/3 | €3,798 | €1,093 | -€2,705 | -71.2% |
| Other amounts payable | 47/48 | €363,657 | €340,230 | -€23,427 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,723 | €2,310 | +€586 | +34.0% |
| Other operating charges | 640/8 | €1,522 | €1,231 | -€291 | -19.1% |
| Gross operating margin | 9900 | €393,741 | -€10,387 | -€404,128 | |
| Operating profit (loss) | 9901 | €390,496 | -€13,927 | -€404,423 | |
| Financial charges | 65/66B | €7,414 | €1,545 | -€5,869 | -79.2% |
| Recurring financial charges | 65 | €7,414 | €1,545 | -€5,869 | -79.2% |
| Profit (loss) for the period before taxes | 9903 | €383,082 | -€15,472 | -€398,554 | |
| Income taxes | 67/77 | €319 | €356 | +€37 | +11.7% |
| Profit (loss) for the period | 9904 | €382,763 | -€15,828 | -€398,591 | |
| Profit (loss) for the period to be appropriated | 9905 | €382,763 | -€15,828 | -€398,591 |
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 6 October 2026 via checked.be.