E.T.R.: 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.R.
Largest movements
- Cash -€23,804
down €23,804 (-13.4%), from €177,343 to €153,539
mainly Contributions, distributions and other (-€24,000) and Trade debts (-€70)
- Reserves -€23,728
down €23,728 (-3.4%), from €694,810 to €671,082
of which Distributable reserves: -€23,728
- Gross operating margin -€610
down €610 (-28.0%), from €2,182 to €1,572
- Other operating charges +€36
up €36 (+3.0%), from €1,212 to €1,248
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 | €738,880 | €715,082 | -€23,798 | -3.2% |
| Fixed assets | 21/28 | €561,537 | €561,537 | = | 0.0% |
| Tangible fixed assets | 22/27 | €561,537 | €561,537 | = | 0.0% |
| Land and buildings | 22 | €561,537 | €561,537 | = | 0.0% |
| Current assets | 29/58 | €177,343 | €153,545 | -€23,798 | -13.4% |
| Amounts receivable within one year | 40/41 | - | €6 | +€6 | |
| Trade receivables | 40 | - | €6 | +€6 | |
| Cash at bank and in hand | 54/58 | €177,343 | €153,539 | -€23,804 | -13.4% |
| Total equity and liabilities | 10/49 | €738,880 | €715,082 | -€23,798 | -3.2% |
| Equity | 10/15 | €714,810 | €691,082 | -€23,728 | -3.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €694,810 | €671,082 | -€23,728 | -3.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €692,810 | €669,082 | -€23,728 | -3.4% |
| Amounts payable | 17/49 | €24,070 | €24,000 | -€70 | -0.3% |
| Amounts payable within one year | 42/48 | €24,070 | €24,000 | -€70 | -0.3% |
| Trade debts | 44 | €70 | - | -€70 | |
| Suppliers | 440/4 | €70 | - | -€70 | |
| Other amounts payable | 47/48 | €24,000 | €24,000 | = | 0.0% |
| Other operating charges | 640/8 | €1,212 | €1,248 | +€36 | +3.0% |
| Gross operating margin | 9900 | €2,182 | €1,572 | -€610 | -28.0% |
| Operating profit (loss) | 9901 | €970 | €324 | -€646 | -66.6% |
| Financial income | 75/76B | €18 | €23 | +€5 | +27.8% |
| Recurring financial income | 75 | €18 | €23 | +€5 | +27.8% |
| Financial charges | 65/66B | €74 | €75 | +€1 | +1.4% |
| Recurring financial charges | 65 | €74 | €75 | +€1 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €914 | €272 | -€642 | -70.2% |
| Income taxes | 67/77 | €5 | - | -€5 | |
| Profit (loss) for the period | 9904 | €909 | €272 | -€637 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €909 | €272 | -€637 | -70.1% |
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 16 October 2026 via checked.be.