ET CETERA: what changed
Two fiscal 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.
ET CETERA
Largest movements
- Current investments +€362,000
up €362,000 (+22.5%), from €1.6m to €2.0m
- Cash -€168,776
down €168,776 (-36.9%), from €457,469 to €288,693
mainly Contributions, distributions and other (-€428,571) and Current investments (-€362,000)
- Receivables within one year -€114,940
down €114,940 (-89.3%), from €128,735 to €13,795
of which Trade receivables: -€119,784
- Tangible fixed assets -€30,340
down €30,340 (-6.3%), from €484,418 to €454,077
of which Land and buildings: -€16,791
- Other debts +€387,056
up €387,056 (+916.5%), from €42,230 to €429,286
- Profit (loss) carried forward -€359,004
down €359,004 (-21.1%), from €1.7m to €1.3m
- Reserves +€42,100
up €42,100 (+4.8%), from €881,743 to €923,843
of which Tax-exempt reserves: +€42,100
- Gross operating margin -€219,747
down €219,747 (-53.2%), from €413,411 to €193,664
- Taxes -€64,294
down €64,294 (-61.2%), from €105,135 to €40,841
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 | €2,692,487 | €2,740,926 | +€48,439 | +1.8% |
| Fixed assets | 21/28 | €494,507 | €454,167 | -€40,340 | -8.2% |
| Intangible fixed assets | 21 | €10,000 | - | -€10,000 | |
| Tangible fixed assets | 22/27 | €484,418 | €454,077 | -€30,340 | -6.3% |
| Land and buildings | 22 | €217,653 | €200,861 | -€16,791 | -7.7% |
| Plant, machinery and equipment | 23 | €1,611 | €1,874 | +€262 | +16.3% |
| Furniture and vehicles | 24 | €17,959 | €17,288 | -€670 | -3.7% |
| Other tangible fixed assets | 26 | €247,195 | €234,054 | -€13,141 | -5.3% |
| Financial fixed assets | 28 | €89 | €89 | = | 0.0% |
| Current assets | 29/58 | €2,197,980 | €2,286,759 | +€88,779 | +4.0% |
| Amounts receivable within one year | 40/41 | €128,735 | €13,795 | -€114,940 | -89.3% |
| Trade receivables | 40 | €128,735 | €8,951 | -€119,784 | -93.0% |
| Other amounts receivable | 41 | - | €4,844 | +€4,844 | |
| Current investments | 50/53 | €1,607,549 | €1,969,549 | +€362,000 | +22.5% |
| Cash at bank and in hand | 54/58 | €457,469 | €288,693 | -€168,776 | -36.9% |
| Deferred charges and accrued income | 490/1 | €4,227 | €14,723 | +€10,496 | +248.3% |
| Total equity and liabilities | 10/49 | €2,692,487 | €2,740,926 | +€48,439 | +1.8% |
| Equity | 10/15 | €2,602,045 | €2,285,141 | -€316,904 | -12.2% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €881,743 | €923,843 | +€42,100 | +4.8% |
| Tax-exempt reserves | 132 | €42,100 | €84,200 | +€42,100 | +100.0% |
| Distributable reserves | 133 | €839,643 | €839,643 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,700,470 | €1,341,466 | -€359,004 | -21.1% |
| Amounts payable | 17/49 | €90,442 | €455,785 | +€365,343 | +404.0% |
| Amounts payable within one year | 42/48 | €90,442 | €455,785 | +€365,343 | +404.0% |
| Trade debts | 44 | €1,145 | €1,424 | +€279 | +24.4% |
| Suppliers | 440/4 | €1,145 | €1,424 | +€279 | +24.4% |
| Taxes, remuneration and social security | 45 | €47,067 | €25,074 | -€21,993 | -46.7% |
| Taxes | 450/3 | €47,067 | €25,074 | -€21,993 | -46.7% |
| Other amounts payable | 47/48 | €42,230 | €429,286 | +€387,056 | +916.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,634 | €47,199 | -€1,435 | -3.0% |
| Other operating charges | 640/8 | €4,716 | €5,468 | +€752 | +15.9% |
| Gross operating margin | 9900 | €413,411 | €193,664 | -€219,747 | -53.2% |
| Operating profit (loss) | 9901 | €360,061 | €140,997 | -€219,064 | -60.8% |
| Financial income | 75/76B | €14,993 | €12,052 | -€2,942 | -19.6% |
| Recurring financial income | 75 | €14,993 | €12,052 | -€2,942 | -19.6% |
| Financial charges | 65/66B | €135 | €541 | +€405 | +299.6% |
| Recurring financial charges | 65 | €135 | €541 | +€405 | +299.6% |
| Profit (loss) for the period before taxes | 9903 | €374,919 | €152,508 | -€222,411 | -59.3% |
| Income taxes | 67/77 | €105,135 | €40,841 | -€64,294 | -61.2% |
| Profit (loss) for the period | 9904 | €269,784 | €111,667 | -€158,117 | -58.6% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €269,784 | €69,567 | -€200,217 | -74.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.