e-Trace: 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-Trace
Largest movements
- Cash +€46,886
up €46,886 (+17.0%), from €276,447 to €323,333
mainly Net result for the year (+€369,723) and Other debts (+€63,000)
- Receivables within one year +€37,389
up €37,389 (+37.3%), from €100,166 to €137,555
of which Trade receivables: +€37,437
- Tangible fixed assets -€25,066
down €25,066 (-9.4%), from €265,954 to €240,888
of which Furniture and vehicles: -€14,233
- Current investments +€12,619
up €12,619 (+11.9%), from €105,965 to €118,584
- Other debts +€63,000
up €63,000 (+21.0%), from €300,314 to €363,314
- Trade debts +€25,424
up €25,424 (+67.3%), from €37,786 to €63,210
- Debts after one year -€24,417
down €24,417 (-46.8%), from €52,138 to €27,722
- Gross operating margin +€111,793
up €111,793 (+22.5%), from €497,150 to €608,943
- Staff costs +€50,590
up €50,590 (+33.9%), from €149,319 to €199,909
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 | €752,884 | €823,671 | +€70,787 | +9.4% |
| Fixed assets | 21/28 | €265,954 | €240,888 | -€25,066 | -9.4% |
| Tangible fixed assets | 22/27 | €265,954 | €240,888 | -€25,066 | -9.4% |
| Land and buildings | 22 | €231,441 | €221,473 | -€9,968 | -4.3% |
| Plant, machinery and equipment | 23 | €2,467 | €1,602 | -€865 | -35.0% |
| Furniture and vehicles | 24 | €32,046 | €17,813 | -€14,233 | -44.4% |
| Current assets | 29/58 | €486,930 | €582,783 | +€95,853 | +19.7% |
| Stocks and contracts in progress | 3 | €2,995 | €1,609 | -€1,386 | -46.3% |
| Stocks | 30/36 | €2,995 | €1,609 | -€1,386 | -46.3% |
| Amounts receivable within one year | 40/41 | €100,166 | €137,555 | +€37,389 | +37.3% |
| Trade receivables | 40 | €100,049 | €137,486 | +€37,437 | +37.4% |
| Other amounts receivable | 41 | €117 | €69 | -€48 | -41.2% |
| Current investments | 50/53 | €105,965 | €118,584 | +€12,619 | +11.9% |
| Cash at bank and in hand | 54/58 | €276,447 | €323,333 | +€46,886 | +17.0% |
| Deferred charges and accrued income | 490/1 | €1,357 | €1,703 | +€346 | +25.5% |
| Total equity and liabilities | 10/49 | €752,884 | €823,671 | +€70,787 | +9.4% |
| Equity | 10/15 | €277,904 | €284,627 | +€6,723 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €259,304 | €266,027 | +€6,723 | +2.6% |
| Distributable reserves | 133 | €259,304 | €266,027 | +€6,723 | +2.6% |
| Amounts payable | 17/49 | €474,980 | €539,044 | +€64,064 | +13.5% |
| Amounts payable after more than one year | 17 | €52,138 | €27,722 | -€24,417 | -46.8% |
| Financial debts | 170/4 | €52,138 | €27,722 | -€24,417 | -46.8% |
| Amounts payable within one year | 42/48 | €422,841 | €511,138 | +€88,297 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €29,058 | €24,417 | -€4,641 | -16.0% |
| Trade debts | 44 | €37,786 | €63,210 | +€25,424 | +67.3% |
| Suppliers | 440/4 | €37,786 | €63,210 | +€25,424 | +67.3% |
| Taxes, remuneration and social security | 45 | €55,684 | €60,198 | +€4,514 | +8.1% |
| Taxes | 450/3 | €29,115 | €35,384 | +€6,269 | +21.5% |
| Remuneration and social security | 454/9 | €26,569 | €24,814 | -€1,755 | -6.6% |
| Other amounts payable | 47/48 | €300,314 | €363,314 | +€63,000 | +21.0% |
| Accrued charges and deferred income | 492/3 | - | €184 | +€184 | |
| Remuneration, social security and pensions | 62 | €149,319 | €199,909 | +€50,590 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,932 | €31,513 | +€1,581 | +5.3% |
| Other operating charges | 640/8 | €2,742 | €2,721 | -€21 | -0.8% |
| Gross operating margin | 9900 | €497,150 | €608,943 | +€111,793 | +22.5% |
| Operating profit (loss) | 9901 | €315,157 | €374,800 | +€59,644 | +18.9% |
| Financial income | 75/76B | €1,140 | €1,928 | +€788 | +69.1% |
| Recurring financial income | 75 | €1,140 | €1,928 | +€788 | +69.1% |
| Financial charges | 65/66B | €4,179 | €2,693 | -€1,486 | -35.6% |
| Recurring financial charges | 65 | €4,179 | €2,693 | -€1,486 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €312,118 | €374,036 | +€61,918 | +19.8% |
| Income taxes | 67/77 | €4,039 | €4,313 | +€274 | +6.8% |
| Profit (loss) for the period | 9904 | €308,079 | €369,723 | +€61,644 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €308,079 | €369,723 | +€61,644 | +20.0% |
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 21 October 2026 via checked.be.