ETADEL: 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.
ETADEL
Largest movements
- Receivables within one year +€28,682
up €28,682 (+508%), from €5,644 to €34,326
of which Other amounts receivable: +€26,584
- Cash -€9,156
down €9,156 (-11.7%), from €78,088 to €68,932
mainly Contributions, distributions and other (-€88,840) and Receivables within one year (-€28,682)
- Other debts +€87,195
up €87,195 (+5,302%), from €1,645 to €88,840
- Reserves -€59,411
down €59,411 (-100%), from €59,411 to €0
- Tax, wage and social debts -€4,716
down €4,716 (-24.4%), from €19,310 to €14,595
of which Taxes: -€4,716
- Accrued charges and deferred income -€2,625
down €2,625 (-100%), from €2,625 to €0
- Trade debts -€1,146
down €1,146 (-20.7%), from €5,539 to €4,392
- Gross operating margin +€14,492
up €14,492 (+48.1%), from €30,149 to €44,641
- Taxes +€3,008
up €3,008 (+62.0%), from €4,852 to €7,860
- Financial income +€2,597
up €2,597 (+2,068%), from €126 to €2,723
- Write-downs +€2,476
new in 2025: €2,476
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 | €91,530 | €110,827 | +€19,297 | +21.1% |
| Fixed assets | 21/28 | €6,506 | €6,261 | -€245 | -3.8% |
| Tangible fixed assets | 22/27 | €6,506 | €6,261 | -€245 | -3.8% |
| Plant, machinery and equipment | 23 | €841 | €476 | -€365 | -43.5% |
| Furniture and vehicles | 24 | €1,840 | €876 | -€963 | -52.4% |
| Other tangible fixed assets | 26 | €3,825 | €4,909 | +€1,084 | +28.3% |
| Current assets | 29/58 | €85,024 | €104,566 | +€19,542 | +23.0% |
| Amounts receivable within one year | 40/41 | €5,644 | €34,326 | +€28,682 | +508% |
| Trade receivables | 40 | €5,644 | €7,742 | +€2,098 | +37.2% |
| Other amounts receivable | 41 | - | €26,584 | +€26,584 | |
| Cash at bank and in hand | 54/58 | €78,088 | €68,932 | -€9,156 | -11.7% |
| Deferred charges and accrued income | 490/1 | €1,292 | €1,308 | +€16 | +1.2% |
| Total equity and liabilities | 10/49 | €91,530 | €110,827 | +€19,297 | +21.1% |
| Equity | 10/15 | €62,411 | €3,000 | -€59,411 | -95.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €59,411 | €0 | -€59,411 | -100% |
| Distributable reserves | 133 | €59,411 | €0 | -€59,411 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €29,119 | €107,827 | +€78,708 | +270% |
| Amounts payable within one year | 42/48 | €26,494 | €107,827 | +€81,333 | +307% |
| Trade debts | 44 | €5,539 | €4,392 | -€1,146 | -20.7% |
| Suppliers | 440/4 | €5,539 | €4,392 | -€1,146 | -20.7% |
| Taxes, remuneration and social security | 45 | €19,310 | €14,595 | -€4,716 | -24.4% |
| Taxes | 450/3 | €17,185 | €12,470 | -€4,716 | -27.4% |
| Remuneration and social security | 454/9 | €2,125 | €2,125 | = | 0.0% |
| Other amounts payable | 47/48 | €1,645 | €88,840 | +€87,195 | +5,302% |
| Accrued charges and deferred income | 492/3 | €2,625 | €0 | -€2,625 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,154 | €5,518 | +€364 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,476 | +€2,476 | |
| Other operating charges | 640/8 | €514 | €501 | -€14 | -2.6% |
| Gross operating margin | 9900 | €30,149 | €44,641 | +€14,492 | +48.1% |
| Operating profit (loss) | 9901 | €24,481 | €36,146 | +€11,665 | +47.6% |
| Financial income | 75/76B | €126 | €2,723 | +€2,597 | +2,068% |
| Recurring financial income | 75 | €126 | €2,723 | +€2,597 | +2,068% |
| Financial charges | 65/66B | €1,848 | €1,580 | -€268 | -14.5% |
| Recurring financial charges | 65 | €1,848 | €1,580 | -€268 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €22,758 | €37,288 | +€14,530 | +63.8% |
| Income taxes | 67/77 | €4,852 | €7,860 | +€3,008 | +62.0% |
| Profit (loss) for the period | 9904 | €17,906 | €29,428 | +€11,522 | +64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,906 | €29,428 | +€11,522 | +64.3% |
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 14 October 2026 via checked.be.