Etalutil: 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.
Etalutil
Largest movements
- Receivables within one year -€98,540
down €98,540 (-93.3%), from €105,634 to €7,094
- Tangible fixed assets -€87,644
down €87,644 (-25.8%), from €339,609 to €251,966
of which Leasing and similar rights: -€50,985
- Debts after one year -€83,046
down €83,046 (-13.5%), from €617,133 to €534,086
of which Other amounts payable: -€56,346
- Current portion of long-term debt -€60,545
down €60,545 (-69.4%), from €87,246 to €26,701
- Reserves -€32,980
down €32,980 (-6.8%), from €487,868 to €454,889
of which Distributable reserves: -€32,980
- Gross operating margin -€59,153
down €59,153 (-40.4%), from €146,381 to €87,228
- Financial charges -€4,788
down €4,788 (-32.6%), from €14,691 to €9,903
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 | €1,446,510 | €1,260,695 | -€185,815 | -12.8% |
| Fixed assets | 21/28 | €1,340,628 | €1,252,985 | -€87,644 | -6.5% |
| Tangible fixed assets | 22/27 | €339,609 | €251,966 | -€87,644 | -25.8% |
| Land and buildings | 22 | €102,760 | €87,677 | -€15,084 | -14.7% |
| Plant, machinery and equipment | 23 | €185,864 | €164,289 | -€21,575 | -11.6% |
| Leasing and similar rights | 25 | €50,985 | - | -€50,985 | |
| Financial fixed assets | 28 | €1,001,019 | €1,001,019 | = | 0.0% |
| Current assets | 29/58 | €105,882 | €7,710 | -€98,172 | -92.7% |
| Amounts receivable within one year | 40/41 | €105,634 | €7,094 | -€98,540 | -93.3% |
| Trade receivables | 40 | €105,634 | €7,094 | -€98,540 | -93.3% |
| Cash at bank and in hand | 54/58 | - | €131 | +€131 | |
| Deferred charges and accrued income | 490/1 | €248 | €485 | +€237 | +95.7% |
| Total equity and liabilities | 10/49 | €1,446,510 | €1,260,695 | -€185,815 | -12.8% |
| Equity | 10/15 | €552,868 | €519,889 | -€32,980 | -6.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €487,868 | €454,889 | -€32,980 | -6.8% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €481,368 | €448,389 | -€32,980 | -6.9% |
| Amounts payable | 17/49 | €893,642 | €740,807 | -€152,836 | -17.1% |
| Amounts payable after more than one year | 17 | €617,133 | €534,086 | -€83,046 | -13.5% |
| Financial debts | 170/4 | €98,706 | €72,006 | -€26,701 | -27.1% |
| Trade debts | 175 | €53,030 | €53,030 | = | 0.0% |
| Other amounts payable | 178/9 | €465,396 | €409,050 | -€56,346 | -12.1% |
| Amounts payable within one year | 42/48 | €276,509 | €206,720 | -€69,789 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €87,246 | €26,701 | -€60,545 | -69.4% |
| Financial debts | 43 | €100,055 | €100,000 | -€55 | -0.1% |
| Credit institutions | 430/8 | €100,055 | €100,000 | -€55 | -0.1% |
| Trade debts | 44 | €79,208 | €80,020 | +€812 | +1.0% |
| Suppliers | 440/4 | €79,208 | €80,020 | +€812 | +1.0% |
| Other amounts payable | 47/48 | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,692 | €87,644 | -€1,048 | -1.2% |
| Other operating charges | 640/8 | €23,484 | €22,844 | -€640 | -2.7% |
| Gross operating margin | 9900 | €146,381 | €87,228 | -€59,153 | -40.4% |
| Operating profit (loss) | 9901 | €34,205 | -€23,259 | -€57,464 | |
| Financial income | 75/76B | - | €260 | +€260 | |
| Recurring financial income | 75 | - | €260 | +€260 | |
| Financial charges | 65/66B | €14,691 | €9,903 | -€4,788 | -32.6% |
| Recurring financial charges | 65 | €14,691 | €9,903 | -€4,788 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €19,514 | -€32,902 | -€52,416 | |
| Income taxes | 67/77 | - | €77 | +€77 | |
| Profit (loss) for the period | 9904 | €19,514 | -€32,980 | -€52,494 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,514 | -€32,980 | -€52,494 |
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 8 October 2026 via checked.be.