E.T.L.S.: 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.L.S.
Largest movements
- Receivables within one year +€135,280
up €135,280 (+25.5%), from €529,642 to €664,922
of which Trade receivables: +€139,187
- Tangible fixed assets -€123,527
down €123,527 (-6.9%), from €1.8m to €1.7m
of which Leasing and similar rights: -€81,651
- Cash +€31,175
up €31,175 (+53.4%), from €58,366 to €89,541
mainly Contributions, distributions and other (+€283,334) and Depreciation (+€197,315)
- Stocks and contracts +€30,581
up €30,581 (+18.0%), from €169,620 to €200,200
- Debts after one year -€411,062
down €411,062 (-28.3%), from €1.5m to €1.0m
- Contributions +€300,000
up €300,000 (+3,000%), from €10,000 to €310,000
- Profit (loss) carried forward +€189,005
up €189,005, from -€177,350 to €11,656
- Trade debts +€76,533
up €76,533 (+18.3%), from €417,291 to €493,823
of which Suppliers: +€87,325
- Other debts -€48,850
down €48,850 (-21.2%), from €230,713 to €181,863
- Purchases and services +€395,402
up €395,402 (+16.2%), from €2.4m to €2.8m
- Turnover +€330,970
up €330,970 (+10.1%), from €3.3m to €3.6m
- Gross operating margin -€64,432
down €64,432 (-7.6%), from €848,792 to €784,360
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 | €2,560,133 | €2,631,487 | +€71,355 | +2.8% |
| Fixed assets | 21/28 | €1,795,568 | €1,668,041 | -€127,527 | -7.1% |
| Tangible fixed assets | 22/27 | €1,785,231 | €1,661,704 | -€123,527 | -6.9% |
| Land and buildings | 22 | €1,285,948 | €1,212,332 | -€73,616 | -5.7% |
| Plant, machinery and equipment | 23 | €40,503 | €30,376 | -€10,127 | -25.0% |
| Furniture and vehicles | 24 | €70,145 | €112,011 | +€41,867 | +59.7% |
| Leasing and similar rights | 25 | €388,635 | €306,984 | -€81,651 | -21.0% |
| Financial fixed assets | 28 | €10,337 | €6,337 | -€4,000 | -38.7% |
| Current assets | 29/58 | €764,564 | €963,446 | +€198,882 | +26.0% |
| Stocks and contracts in progress | 3 | €169,620 | €200,200 | +€30,581 | +18.0% |
| Stocks | 30/36 | €169,620 | €200,200 | +€30,581 | +18.0% |
| Amounts receivable within one year | 40/41 | €529,642 | €664,922 | +€135,280 | +25.5% |
| Trade receivables | 40 | €470,522 | €609,709 | +€139,187 | +29.6% |
| Other amounts receivable | 41 | €59,120 | €55,213 | -€3,907 | -6.6% |
| Cash at bank and in hand | 54/58 | €58,366 | €89,541 | +€31,175 | +53.4% |
| Deferred charges and accrued income | 490/1 | €6,936 | €8,783 | +€1,847 | +26.6% |
| Total equity and liabilities | 10/49 | €2,560,133 | €2,631,487 | +€71,355 | +2.8% |
| Equity | 10/15 | €950 | €473,289 | +€472,339 | +49,733% |
| Contributions | 10/11 | €10,000 | €310,000 | +€300,000 | +3,000% |
| Capital | 10 | €10,000 | €310,000 | +€300,000 | +3,000% |
| Issued capital | 100 | €18,600 | €310,000 | +€291,400 | +1,567% |
| Uncalled capital | 101 | €8,600 | - | -€8,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€177,350 | €11,656 | +€189,005 | |
| Investment grants | 15 | €166,440 | €149,774 | -€16,666 | -10.0% |
| Amounts payable | 17/49 | €2,559,183 | €2,158,198 | -€400,985 | -15.7% |
| Amounts payable after more than one year | 17 | €1,454,616 | €1,043,553 | -€411,062 | -28.3% |
| Financial debts | 170/4 | €1,454,616 | €1,043,553 | -€411,062 | -28.3% |
| Amounts payable within one year | 42/48 | €1,104,567 | €1,114,645 | +€10,078 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €361,122 | €333,225 | -€27,897 | -7.7% |
| Financial debts | 43 | €80,000 | €80,000 | = | 0.0% |
| Credit institutions | 430/8 | €80,000 | €80,000 | = | 0.0% |
| Trade debts | 44 | €417,291 | €493,823 | +€76,533 | +18.3% |
| Suppliers | 440/4 | €399,564 | €486,888 | +€87,325 | +21.9% |
| Bills of exchange payable | 441 | €17,727 | €6,935 | -€10,792 | -60.9% |
| Taxes, remuneration and social security | 45 | €15,441 | €25,734 | +€10,293 | +66.7% |
| Remuneration and social security | 454/9 | €15,441 | €25,734 | +€10,293 | +66.7% |
| Other amounts payable | 47/48 | €230,713 | €181,863 | -€48,850 | -21.2% |
| Turnover | 70 | €3,293,044 | €3,624,014 | +€330,970 | +10.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,444,252 | €2,839,654 | +€395,402 | +16.2% |
| Remuneration, social security and pensions | 62 | €306,714 | €297,519 | -€9,195 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,314 | €197,315 | +€13,000 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,781 | +€2,781 | |
| Other operating charges | 640/8 | €25,761 | €36,562 | +€10,802 | +41.9% |
| Gross operating margin | 9900 | €848,792 | €784,360 | -€64,432 | -7.6% |
| Operating profit (loss) | 9901 | €332,003 | €250,184 | -€81,819 | -24.6% |
| Financial income | 75/76B | €16,675 | €16,674 | -€1 | 0.0% |
| Recurring financial income | 75 | €16,675 | €16,674 | -€1 | 0.0% |
| Financial charges | 65/66B | €63,936 | €77,852 | +€13,916 | +21.8% |
| Recurring financial charges | 65 | €63,936 | €77,852 | +€13,916 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €284,742 | €189,005 | -€95,736 | -33.6% |
| Income taxes | 67/77 | €365 | - | -€365 | |
| Profit (loss) for the period | 9904 | €284,377 | €189,005 | -€95,372 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €284,377 | €189,005 | -€95,372 | -33.5% |
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 24 October 2026 via checked.be.