ET & 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.
ET & H
Largest movements
- Cash +€15,444
up €15,444 (+146%), from €10,596 to €26,040
mainly Trade debts (+€53,763) and Depreciation (+€48,028)
- Tangible fixed assets +€12,829
up €12,829 (+2.7%), from €471,365 to €484,194
of which Furniture and vehicles: +€35,797
- Receivables within one year +€5,824
up €5,824 (+26.3%), from €22,139 to €27,963
of which Other amounts receivable: +€6,510
- Trade debts +€53,763
up €53,763 (+480%), from €11,191 to €64,954
- Other debts -€30,509
down €30,509 (-29.3%), from €104,198 to €73,689
- Current portion of long-term debt +€7,210
up €7,210 (+22.7%), from €31,779 to €38,989
- Depreciation +€8,142
up €8,142 (+20.4%), from €39,886 to €48,028
- Gross operating margin +€6,247
up €6,247 (+8.3%), from €75,063 to €81,310
- Taxes +€1,087
up €1,087 (+27.2%), from €3,998 to €5,085
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €514,102 | €546,638 | +€32,536 | +6.3% |
| Fixed assets | 21/28 | €472,456 | €485,285 | +€12,829 | +2.7% |
| Tangible fixed assets | 22/27 | €471,365 | €484,194 | +€12,829 | +2.7% |
| Land and buildings | 22 | €453,125 | €430,157 | -€22,968 | -5.1% |
| Furniture and vehicles | 24 | €18,240 | €54,037 | +€35,797 | +196% |
| Financial fixed assets | 28 | €1,091 | €1,091 | = | 0.0% |
| Current assets | 29/58 | €41,646 | €61,353 | +€19,707 | +47.3% |
| Stocks and contracts in progress | 3 | €6,901 | €4,446 | -€2,455 | -35.6% |
| Stocks | 30/36 | €6,901 | €4,446 | -€2,455 | -35.6% |
| Amounts receivable within one year | 40/41 | €22,139 | €27,963 | +€5,824 | +26.3% |
| Trade receivables | 40 | €22,139 | €21,453 | -€686 | -3.1% |
| Other amounts receivable | 41 | - | €6,510 | +€6,510 | |
| Cash at bank and in hand | 54/58 | €10,596 | €26,040 | +€15,444 | +146% |
| Deferred charges and accrued income | 490/1 | €2,010 | €2,904 | +€894 | +44.5% |
| Total equity and liabilities | 10/49 | €514,102 | €546,638 | +€32,536 | +6.3% |
| Equity | 10/15 | €256,398 | €259,105 | +€2,707 | +1.1% |
| Contributions | 10/11 | €40,920 | €40,920 | = | 0.0% |
| Reserves | 13 | €123 | €123 | = | 0.0% |
| Tax-exempt reserves | 132 | €123 | €123 | = | 0.0% |
| Profit (loss) carried forward | 14 | €215,355 | €218,062 | +€2,707 | +1.3% |
| Amounts payable | 17/49 | €257,704 | €287,533 | +€29,829 | +11.6% |
| Amounts payable after more than one year | 17 | €98,442 | €100,016 | +€1,574 | +1.6% |
| Financial debts | 170/4 | €98,442 | €100,016 | +€1,574 | +1.6% |
| Amounts payable within one year | 42/48 | €157,289 | €185,544 | +€28,255 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €31,779 | €38,989 | +€7,210 | +22.7% |
| Trade debts | 44 | €11,191 | €64,954 | +€53,763 | +480% |
| Suppliers | 440/4 | €11,191 | €64,954 | +€53,763 | +480% |
| Taxes, remuneration and social security | 45 | €10,121 | €7,912 | -€2,209 | -21.8% |
| Taxes | 450/3 | €10,121 | €5,085 | -€5,036 | -49.8% |
| Remuneration and social security | 454/9 | - | €2,827 | +€2,827 | |
| Other amounts payable | 47/48 | €104,198 | €73,689 | -€30,509 | -29.3% |
| Accrued charges and deferred income | 492/3 | €1,973 | €1,973 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €15,870 | €15,201 | -€669 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,886 | €48,028 | +€8,142 | +20.4% |
| Other operating charges | 640/8 | €1,590 | €2,297 | +€707 | +44.5% |
| Gross operating margin | 9900 | €75,063 | €81,310 | +€6,247 | +8.3% |
| Operating profit (loss) | 9901 | €17,717 | €15,784 | -€1,933 | -10.9% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €8,012 | €8,002 | -€10 | -0.1% |
| Recurring financial charges | 65 | €8,012 | €8,002 | -€10 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €9,705 | €7,792 | -€1,913 | -19.7% |
| Income taxes | 67/77 | €3,998 | €5,085 | +€1,087 | +27.2% |
| Profit (loss) for the period | 9904 | €5,707 | €2,707 | -€3,000 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,707 | €2,707 | -€3,000 | -52.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.