E.T. LAW: 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. LAW
Largest movements
- Financial fixed assets +€175,487
new in 2025: €175,487
- Cash -€52,854
down €52,854 (-62.9%), from €83,975 to €31,121
mainly Investment in fixed assets (net) (-€210,798) and Contributions, distributions and other (-€55,739)
- Tangible fixed assets +€35,311
up €35,311 (+480%), from €7,362 to €42,673
- Receivables within one year -€15,825
down €15,825 (-52.0%), from €30,412 to €14,587
of which Trade receivables: -€16,717
- Debts after one year +€112,092
new in 2025: €112,092
- Reserves -€46,076
no longer reported in 2025 (was €46,076)
- Other debts +€45,215
up €45,215 (+99.7%), from €45,332 to €90,547
- Current portion of long-term debt +€23,568
new in 2025: €23,568
- Trade debts +€5,070
up €5,070 (+472%), from €1,074 to €6,144
- Gross operating margin -€42,650
down €42,650 (-69.2%), from €61,648 to €18,999
- Taxes -€9,068
down €9,068 (-74.5%), from €12,175 to €3,108
- Staff costs +€3,757
up €3,757 (+833%), from €451 to €4,208
- Depreciation -€2,595
no longer reported in 2025 (was €2,595)
- Financial charges +€850
up €850 (+500%), from €170 to €1,021
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 | €121,749 | €263,868 | +€142,120 | +117% |
| Fixed assets | 21/28 | €7,362 | €218,160 | +€210,798 | +2,863% |
| Tangible fixed assets | 22/27 | €7,362 | €42,673 | +€35,311 | +480% |
| Furniture and vehicles | 24 | €7,362 | €42,673 | +€35,311 | +480% |
| Financial fixed assets | 28 | - | €175,487 | +€175,487 | |
| Current assets | 29/58 | €114,387 | €45,708 | -€68,679 | -60.0% |
| Amounts receivable within one year | 40/41 | €30,412 | €14,587 | -€15,825 | -52.0% |
| Trade receivables | 40 | €30,400 | €13,683 | -€16,717 | -55.0% |
| Other amounts receivable | 41 | €12 | €904 | +€892 | +7,575% |
| Cash at bank and in hand | 54/58 | €83,975 | €31,121 | -€52,854 | -62.9% |
| Total equity and liabilities | 10/49 | €121,749 | €263,868 | +€142,120 | +117% |
| Equity | 10/15 | €47,576 | €1,500 | -€46,076 | -96.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Capital | 10 | €1,500 | €1,500 | = | 0.0% |
| Issued capital | 100 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €46,076 | - | -€46,076 | |
| Distributable reserves | 133 | €46,076 | - | -€46,076 | |
| Amounts payable | 17/49 | €74,173 | €262,368 | +€188,196 | +254% |
| Amounts payable after more than one year | 17 | - | €112,092 | +€112,092 | |
| Financial debts | 170/4 | - | €112,092 | +€112,092 | |
| Amounts payable within one year | 42/48 | €74,173 | €150,277 | +€76,104 | +103% |
| Current portion of amounts payable after more than one year | 42 | - | €23,568 | +€23,568 | |
| Trade debts | 44 | €1,074 | €6,144 | +€5,070 | +472% |
| Suppliers | 440/4 | €1,074 | €6,144 | +€5,070 | +472% |
| Advances received on contracts in progress | 46 | €19,360 | €19,360 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,407 | €10,657 | +€2,250 | +26.8% |
| Taxes | 450/3 | €8,407 | €10,330 | +€1,923 | +22.9% |
| Remuneration and social security | 454/9 | - | €327 | +€327 | |
| Other amounts payable | 47/48 | €45,332 | €90,547 | +€45,215 | +99.7% |
| Non-recurring operating income | 76A | - | €472 | +€472 | |
| Remuneration, social security and pensions | 62 | €451 | €4,208 | +€3,757 | +833% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,595 | - | -€2,595 | |
| Other operating charges | 640/8 | €577 | €1,000 | +€423 | +73.3% |
| Gross operating margin | 9900 | €61,648 | €18,999 | -€42,650 | -69.2% |
| Operating profit (loss) | 9901 | €58,026 | €13,791 | -€44,235 | -76.2% |
| Financial income | 75/76B | €395 | - | -€395 | |
| Recurring financial income | 75 | €395 | - | -€395 | |
| Financial charges | 65/66B | €170 | €1,021 | +€850 | +500% |
| Recurring financial charges | 65 | €170 | €1,021 | +€850 | +500% |
| Profit (loss) for the period before taxes | 9903 | €58,251 | €12,771 | -€45,480 | -78.1% |
| Income taxes | 67/77 | €12,175 | €3,108 | -€9,068 | -74.5% |
| Profit (loss) for the period | 9904 | €46,076 | €9,663 | -€36,413 | -79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,076 | €9,663 | -€36,413 | -79.0% |
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 15 October 2026 via checked.be.