ETAJE: 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.
ETAJE
Largest movements
- Cash +€132,458
up €132,458 (+26.7%), from €495,172 to €627,631
mainly Depreciation (+€166,642) and Net result for the year (+€127,754)
- Tangible fixed assets -€118,750
down €118,750 (-11.0%), from €1.1m to €957,433
of which Plant, machinery and equipment: -€76,385
- Receivables within one year +€28,584
up €28,584 (+6660.4%), from €429 to €29,013
of which Trade receivables: +€25,108
- Reserves +€87,985
up €87,985 (+29.7%), from €296,642 to €384,628
- Debts after one year -€60,000
no longer reported in 2025 (was €60,000)
- Tax, wage and social debts -€56,013
down €56,013 (-54.9%), from €101,951 to €45,938
of which Taxes: -€56,563
- Other debts +€39,768
new in 2025: €39,768
- Staff costs +€30,337
up €30,337 (+13.1%), from €232,315 to €262,652
- Depreciation -€20,186
down €20,186 (-10.8%), from €186,828 to €166,642
- Gross operating margin -€14,687
down €14,687 (-2.2%), from €680,175 to €665,488
- Financial income +€7,434
up €7,434 (+967.9%), from €768 to €8,202
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 | €1,586,999 | €1,629,131 | +€42,131 | +2.7% |
| Fixed assets | 21/28 | €1,076,183 | €957,433 | -€118,750 | -11.0% |
| Tangible fixed assets | 22/27 | €1,076,183 | €957,433 | -€118,750 | -11.0% |
| Land and buildings | 22 | €429,135 | €392,830 | -€36,305 | -8.5% |
| Plant, machinery and equipment | 23 | €579,513 | €503,128 | -€76,385 | -13.2% |
| Furniture and vehicles | 24 | €67,536 | €61,475 | -€6,061 | -9.0% |
| Current assets | 29/58 | €510,816 | €671,698 | +€160,882 | +31.5% |
| Amounts receivable within one year | 40/41 | €429 | €29,013 | +€28,584 | +6660.4% |
| Trade receivables | 40 | €429 | €25,538 | +€25,108 | +5850.6% |
| Other amounts receivable | 41 | - | €3,475 | +€3,475 | |
| Cash at bank and in hand | 54/58 | €495,172 | €627,631 | +€132,458 | +26.7% |
| Deferred charges and accrued income | 490/1 | €15,215 | €15,054 | -€160 | -1.1% |
| Total equity and liabilities | 10/49 | €1,586,999 | €1,629,131 | +€42,131 | +2.7% |
| Equity | 10/15 | €1,285,404 | €1,373,390 | +€87,985 | +6.8% |
| Contributions | 10/11 | €988,762 | €988,762 | = | 0.0% |
| Reserves | 13 | €296,642 | €384,628 | +€87,985 | +29.7% |
| Distributable reserves | 133 | €296,642 | €384,628 | +€87,985 | +29.7% |
| Amounts payable | 17/49 | €301,595 | €255,741 | -€45,854 | -15.2% |
| Amounts payable after more than one year | 17 | €60,000 | - | -€60,000 | |
| Other amounts payable | 178/9 | €60,000 | - | -€60,000 | |
| Amounts payable within one year | 42/48 | €238,445 | €252,541 | +€14,096 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €45,000 | €60,000 | +€15,000 | +33.3% |
| Trade debts | 44 | €91,495 | €106,835 | +€15,340 | +16.8% |
| Suppliers | 440/4 | €91,495 | €106,835 | +€15,340 | +16.8% |
| Taxes, remuneration and social security | 45 | €101,951 | €45,938 | -€56,013 | -54.9% |
| Taxes | 450/3 | €68,402 | €11,839 | -€56,563 | -82.7% |
| Remuneration and social security | 454/9 | €33,549 | €34,099 | +€550 | +1.6% |
| Other amounts payable | 47/48 | - | €39,768 | +€39,768 | |
| Accrued charges and deferred income | 492/3 | €3,150 | €3,200 | +€50 | +1.6% |
| Remuneration, social security and pensions | 62 | €232,315 | €262,652 | +€30,337 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,828 | €166,642 | -€20,186 | -10.8% |
| Other operating charges | 640/8 | €46,146 | €47,888 | +€1,741 | +3.8% |
| Gross operating margin | 9900 | €680,175 | €665,488 | -€14,687 | -2.2% |
| Operating profit (loss) | 9901 | €214,886 | €188,307 | -€26,579 | -12.4% |
| Financial income | 75/76B | €768 | €8,202 | +€7,434 | +967.9% |
| Recurring financial income | 75 | €768 | €8,202 | +€7,434 | +967.9% |
| Financial charges | 65/66B | €13,074 | €14,350 | +€1,276 | +9.8% |
| Recurring financial charges | 65 | €13,074 | €14,350 | +€1,276 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €202,580 | €182,159 | -€20,421 | -10.1% |
| Income taxes | 67/77 | €57,111 | €54,405 | -€2,706 | -4.7% |
| Profit (loss) for the period | 9904 | €145,469 | €127,754 | -€17,715 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €145,469 | €127,754 | -€17,715 | -12.2% |
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 28 September 2026 via checked.be.