ETAC: 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.
ETAC
Largest movements
- Cash +€534,669
up €534,669 (+155.1%), from €344,735 to €879,404
mainly Net result for the year (+€241,379) and Other debts (+€113,698)
- Tangible fixed assets -€210,527
down €210,527 (-8.2%), from €2.6m to €2.4m
of which Land and buildings: -€209,480
- Reserves +€201,772
up €201,772 (+81.0%), from €249,075 to €450,847
of which Tax-exempt reserves: +€201,772
- Other debts +€113,698
up €113,698 (+15.4%), from €738,244 to €851,942
- Debts after one year -€53,333
down €53,333 (-3.1%), from €1.7m to €1.7m
of which Financial debts: -€53,333
- Provisions +€52,522
up €52,522 (+145.8%), from €36,025 to €88,547
- Profit (loss) carried forward +€39,607
up €39,607 (+58.0%), from €68,280 to €107,887
- Gross operating margin +€260,067
up €260,067 (+98.1%), from €265,105 to €525,172
- Depreciation -€17,315
down €17,315 (-14.5%), from €119,471 to €102,155
- Taxes +€10,500
new in 2025: €10,500
- Other operating charges +€6,532
up €6,532 (+83.5%), from €7,825 to €14,357
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 | €2,966,644 | €3,269,912 | +€303,268 | +10.2% |
| Fixed assets | 21/28 | €2,563,991 | €2,353,464 | -€210,527 | -8.2% |
| Tangible fixed assets | 22/27 | €2,563,991 | €2,353,464 | -€210,527 | -8.2% |
| Land and buildings | 22 | €2,559,307 | €2,349,828 | -€209,480 | -8.2% |
| Plant, machinery and equipment | 23 | €4,611 | €3,636 | -€975 | -21.2% |
| Furniture and vehicles | 24 | €72 | - | -€72 | |
| Current assets | 29/58 | €402,654 | €916,448 | +€513,795 | +127.6% |
| Amounts receivable within one year | 40/41 | €54,037 | €36,409 | -€17,628 | -32.6% |
| Trade receivables | 40 | €51,809 | €18,130 | -€33,679 | -65.0% |
| Other amounts receivable | 41 | €2,227 | €18,279 | +€16,052 | +720.7% |
| Cash at bank and in hand | 54/58 | €344,735 | €879,404 | +€534,669 | +155.1% |
| Deferred charges and accrued income | 490/1 | €3,882 | €636 | -€3,246 | -83.6% |
| Total equity and liabilities | 10/49 | €2,966,644 | €3,269,912 | +€303,268 | +10.2% |
| Equity | 10/15 | €339,855 | €581,234 | +€241,379 | +71.0% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Contributions outside capital | 11 | €22,500 | €22,500 | = | 0.0% |
| Other | 1109/19 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €249,075 | €450,847 | +€201,772 | +81.0% |
| Non-distributable reserves | 130/1 | €2,250 | €2,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,250 | €2,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,825 | €328,597 | +€201,772 | +159.1% |
| Distributable reserves | 133 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,280 | €107,887 | +€39,607 | +58.0% |
| Provisions and deferred taxes | 16 | €36,025 | €88,547 | +€52,522 | +145.8% |
| Deferred taxes | 168 | €36,025 | €88,547 | +€52,522 | +145.8% |
| Amounts payable | 17/49 | €2,590,765 | €2,600,131 | +€9,366 | +0.4% |
| Amounts payable after more than one year | 17 | €1,727,333 | €1,674,000 | -€53,333 | -3.1% |
| Financial debts | 170/4 | €63,333 | €10,000 | -€53,333 | -84.2% |
| Other amounts payable | 178/9 | €1,664,000 | €1,664,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €860,607 | €925,151 | +€64,544 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €80,000 | €53,333 | -€26,667 | -33.3% |
| Trade debts | 44 | €40,033 | €17,821 | -€22,211 | -55.5% |
| Suppliers | 440/4 | €40,033 | €17,821 | -€22,211 | -55.5% |
| Taxes, remuneration and social security | 45 | €2,330 | €2,055 | -€275 | -11.8% |
| Taxes | 450/3 | €2,330 | €2,055 | -€275 | -11.8% |
| Other amounts payable | 47/48 | €738,244 | €851,942 | +€113,698 | +15.4% |
| Accrued charges and deferred income | 492/3 | €2,825 | €980 | -€1,845 | -65.3% |
| Non-recurring operating income | 76A | - | €238,340 | +€238,340 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,471 | €102,155 | -€17,315 | -14.5% |
| Other operating charges | 640/8 | €7,825 | €14,357 | +€6,532 | +83.5% |
| Gross operating margin | 9900 | €265,105 | €525,172 | +€260,067 | +98.1% |
| Operating profit (loss) | 9901 | €137,810 | €408,660 | +€270,850 | +196.5% |
| Financial income | 75/76B | €4,025 | €7,016 | +€2,990 | +74.3% |
| Recurring financial income | 75 | €4,025 | €7,016 | +€2,990 | +74.3% |
| Financial charges | 65/66B | €107,428 | €111,274 | +€3,846 | +3.6% |
| Recurring financial charges | 65 | €107,428 | €111,274 | +€3,846 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €34,407 | €304,402 | +€269,995 | +784.7% |
| Transfer from deferred taxes | 780 | €3,434 | €3,434 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €55,956 | +€55,956 | |
| Income taxes | 67/77 | - | €10,500 | +€10,500 | |
| Profit (loss) for the period | 9904 | €37,840 | €241,379 | +€203,539 | +537.9% |
| Transfer from tax-exempt reserves | 789 | €10,301 | €10,301 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €212,074 | +€212,074 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,142 | €39,607 | -€8,535 | -17.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.