ET Consulting: 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.
ET Consulting
Largest movements
- Receivables within one year -€45,436
down €45,436 (-15.6%), from €290,727 to €245,291
of which Other amounts receivable: -€78,434
- Other debts +€129,606
up €129,606 (+210%), from €61,823 to €191,429
- Reserves -€90,407
down €90,407 (-6.1%), from €1.5m to €1.4m
- Debts after one year -€49,865
down €49,865 (-6.2%), from €809,071 to €759,207
- Tax, wage and social debts -€37,739
down €37,739 (-98.1%), from €38,459 to €720
- Gross operating margin +€79,356
up €79,356 (+32.0%), from €248,082 to €327,438
- Taxes +€34,060
up €34,060 (+94.5%), from €36,039 to €70,099
- Depreciation -€22,474
down €22,474 (-26.7%), from €84,052 to €61,577
- Financial income +€5,233
up €5,233 (+81.9%), from €6,387 to €11,620
of which Non-recurring financial income: +€5,002
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 | €2,622,351 | €2,585,963 | -€36,388 | -1.4% |
| Fixed assets | 21/28 | €1,873,666 | €1,860,071 | -€13,596 | -0.7% |
| Tangible fixed assets | 22/27 | €1,503,913 | €1,489,818 | -€14,096 | -0.9% |
| Land and buildings | 22 | €1,496,253 | €1,475,781 | -€20,471 | -1.4% |
| Plant, machinery and equipment | 23 | €2,585 | €2,433 | -€152 | -5.9% |
| Furniture and vehicles | 24 | €5,075 | €11,603 | +€6,528 | +129% |
| Financial fixed assets | 28 | €369,753 | €370,253 | +€500 | +0.1% |
| Current assets | 29/58 | €748,685 | €725,893 | -€22,792 | -3.0% |
| Amounts receivable within one year | 40/41 | €290,727 | €245,291 | -€45,436 | -15.6% |
| Trade receivables | 40 | €30,000 | €62,998 | +€32,998 | +110% |
| Other amounts receivable | 41 | €260,727 | €182,293 | -€78,434 | -30.1% |
| Current investments | 50/53 | €270,549 | €281,194 | +€10,645 | +3.9% |
| Cash at bank and in hand | 54/58 | €177,946 | €196,128 | +€18,183 | +10.2% |
| Deferred charges and accrued income | 490/1 | €9,464 | €3,280 | -€6,184 | -65.3% |
| Total equity and liabilities | 10/49 | €2,622,351 | €2,585,963 | -€36,388 | -1.4% |
| Equity | 10/15 | €1,643,762 | €1,553,355 | -€90,407 | -5.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,479,314 | €1,388,907 | -€90,407 | -6.1% |
| Distributable reserves | 133 | €1,479,314 | €1,388,907 | -€90,407 | -6.1% |
| Profit (loss) carried forward | 14 | €158,248 | €158,248 | = | 0.0% |
| Amounts payable | 17/49 | €978,589 | €1,032,609 | +€54,019 | +5.5% |
| Amounts payable after more than one year | 17 | €809,071 | €759,207 | -€49,865 | -6.2% |
| Financial debts | 170/4 | €809,071 | €759,207 | -€49,865 | -6.2% |
| Amounts payable within one year | 42/48 | €169,518 | €272,484 | +€102,966 | +60.7% |
| Current portion of amounts payable after more than one year | 42 | €65,229 | €79,818 | +€14,589 | +22.4% |
| Trade debts | 44 | €4,007 | €517 | -€3,490 | -87.1% |
| Suppliers | 440/4 | €4,007 | €517 | -€3,490 | -87.1% |
| Taxes, remuneration and social security | 45 | €38,459 | €720 | -€37,739 | -98.1% |
| Taxes | 450/3 | €38,459 | €720 | -€37,739 | -98.1% |
| Other amounts payable | 47/48 | €61,823 | €191,429 | +€129,606 | +210% |
| Accrued charges and deferred income | 492/3 | - | €918 | +€918 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,052 | €61,577 | -€22,474 | -26.7% |
| Other operating charges | 640/8 | €9,327 | €7,914 | -€1,413 | -15.1% |
| Gross operating margin | 9900 | €248,082 | €327,438 | +€79,356 | +32.0% |
| Operating profit (loss) | 9901 | €154,703 | €257,946 | +€103,243 | +66.7% |
| Financial income | 75/76B | €6,387 | €11,620 | +€5,233 | +81.9% |
| Recurring financial income | 75 | €3,040 | €3,271 | +€231 | +7.6% |
| Non-recurring financial income | 76B | €3,347 | €8,349 | +€5,002 | +149% |
| Financial charges | 65/66B | €33,916 | €32,830 | -€1,086 | -3.2% |
| Recurring financial charges | 65 | €33,916 | €32,830 | -€1,086 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €127,175 | €236,736 | +€109,561 | +86.2% |
| Income taxes | 67/77 | €36,039 | €70,099 | +€34,060 | +94.5% |
| Profit (loss) for the period | 9904 | €91,136 | €166,637 | +€75,501 | +82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €91,136 | €166,637 | +€75,501 | +82.8% |
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 20 October 2026 via checked.be.