Entreprises E.T.H.: 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.
Entreprises E.T.H.
Largest movements
- Tangible fixed assets -€37,528
down €37,528 (-3.7%), from €1.0m to €969,716
of which Land and buildings: -€19,204
- Cash -€19,652
down €19,652 (-56.1%), from €35,004 to €15,352
mainly Contributions, distributions and other (-€83,000) and Debts after one year (-€30,968)
- Debts after one year -€30,968
down €30,968 (-31.6%), from €98,067 to €67,099
- Trade debts -€23,538
down €23,538 (-54.7%), from €43,037 to €19,499
- Short-term financial debts -€21,312
down €21,312 (-17.4%), from €122,659 to €101,347
of which Other loans: -€122,659
- Gross operating margin +€17,486
up €17,486 (+10.1%), from €173,250 to €190,736
- Other operating charges -€5,527
down €5,527 (-37.8%), from €14,608 to €9,081
- Taxes +€4,104
up €4,104 (+12.8%), from €31,955 to €36,059
- Financial income -€3,369
no longer reported in 2025 (was €3,369)
- Financial charges -€2,047
down €2,047 (-12.7%), from €16,058 to €14,011
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 | €1,157,834 | €1,101,386 | -€56,448 | -4.9% |
| Fixed assets | 21/28 | €1,007,244 | €969,716 | -€37,528 | -3.7% |
| Tangible fixed assets | 22/27 | €1,007,244 | €969,716 | -€37,528 | -3.7% |
| Land and buildings | 22 | €855,760 | €836,556 | -€19,204 | -2.2% |
| Furniture and vehicles | 24 | €1,903 | - | -€1,903 | |
| Other tangible fixed assets | 26 | €149,581 | €133,160 | -€16,421 | -11.0% |
| Current assets | 29/58 | €150,590 | €131,670 | -€18,920 | -12.6% |
| Amounts receivable within one year | 40/41 | €59,911 | €60,643 | +€732 | +1.2% |
| Trade receivables | 40 | €22,188 | €14,375 | -€7,813 | -35.2% |
| Other amounts receivable | 41 | €37,723 | €46,268 | +€8,545 | +22.7% |
| Current investments | 50/53 | €42,188 | €42,188 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,004 | €15,352 | -€19,652 | -56.1% |
| Deferred charges and accrued income | 490/1 | €13,487 | €13,487 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,157,834 | €1,101,386 | -€56,448 | -4.9% |
| Equity | 10/15 | €834,413 | €845,470 | +€11,057 | +1.3% |
| Contributions | 10/11 | €77,591 | €77,591 | = | 0.0% |
| Capital | 10 | €77,591 | €77,591 | = | 0.0% |
| Issued capital | 100 | €77,591 | €77,591 | = | 0.0% |
| Reserves | 13 | €756,822 | €767,879 | +€11,057 | +1.5% |
| Non-distributable reserves | 130/1 | €7,759 | €7,759 | = | 0.0% |
| Legal reserve | 130 | €7,759 | €7,759 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €711,563 | €722,620 | +€11,057 | +1.6% |
| Amounts payable | 17/49 | €323,421 | €255,916 | -€67,505 | -20.9% |
| Amounts payable after more than one year | 17 | €98,067 | €67,099 | -€30,968 | -31.6% |
| Financial debts | 170/4 | €98,067 | €67,099 | -€30,968 | -31.6% |
| Amounts payable within one year | 42/48 | €216,920 | €175,564 | -€41,356 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €33,577 | €30,968 | -€2,609 | -7.8% |
| Financial debts | 43 | €122,659 | €101,347 | -€21,312 | -17.4% |
| Credit institutions | 430/8 | - | €101,347 | +€101,347 | |
| Other loans | 439 | €122,659 | - | -€122,659 | |
| Trade debts | 44 | €43,037 | €19,499 | -€23,538 | -54.7% |
| Suppliers | 440/4 | €43,037 | €19,499 | -€23,538 | -54.7% |
| Taxes, remuneration and social security | 45 | €17,647 | €23,750 | +€6,103 | +34.6% |
| Taxes | 450/3 | €9,969 | €19,105 | +€9,136 | +91.6% |
| Remuneration and social security | 454/9 | €7,678 | €4,645 | -€3,033 | -39.5% |
| Accrued charges and deferred income | 492/3 | €8,434 | €13,253 | +€4,819 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,528 | €37,528 | = | 0.0% |
| Other operating charges | 640/8 | €14,608 | €9,081 | -€5,527 | -37.8% |
| Gross operating margin | 9900 | €173,250 | €190,736 | +€17,486 | +10.1% |
| Operating profit (loss) | 9901 | €121,114 | €144,127 | +€23,013 | +19.0% |
| Financial income | 75/76B | €3,369 | - | -€3,369 | |
| Recurring financial income | 75 | €3,369 | - | -€3,369 | |
| Financial charges | 65/66B | €16,058 | €14,011 | -€2,047 | -12.7% |
| Recurring financial charges | 65 | €16,058 | €14,011 | -€2,047 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €108,425 | €130,116 | +€21,691 | +20.0% |
| Income taxes | 67/77 | €31,955 | €36,059 | +€4,104 | +12.8% |
| Profit (loss) for the period | 9904 | €76,470 | €94,057 | +€17,587 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,470 | €94,057 | +€17,587 | +23.0% |
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 10 October 2026 via checked.be.