ETAMO: 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.
ETAMO
Largest movements
- Receivables within one year +€171,986
up €171,986 (+1873.4%), from €9,180 to €181,167
of which Trade receivables: +€101,602
- Tangible fixed assets -€125,475
down €125,475 (-12.1%), from €1.0m to €907,502
of which Land and buildings: -€116,200
- Cash -€24,538
down €24,538 (-54.2%), from €45,250 to €20,711
- Other debts +€76,736
up €76,736 (+49.5%), from €155,097 to €231,833
- Reserves -€60,790
down €60,790 (-9.3%), from €657,138 to €596,348
of which Tax-exempt reserves: -€67,867
- Trade debts +€27,137
up €27,137 (+2191.0%), from €1,239 to €28,376
- Provisions -€22,622
down €22,622 (-12.1%), from €186,559 to €163,937
- Accrued charges and deferred income +€20,450
new in 2025: €20,450
- Other operating charges +€62,000
up €62,000 (+305.7%), from €20,284 to €82,283
- Financial charges +€20,572
up €20,572 (+767.0%), from €2,682 to €23,254
- Depreciation -€20,543
down €20,543 (-14.1%), from €146,018 to €125,475
- Taxes -€18,142
down €18,142 (-90.2%), from €20,117 to €1,975
- Financial income -€7,210
down €7,210 (-66.1%), from €10,907 to €3,697
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,087,407 | €1,109,380 | +€21,973 | +2.0% |
| Fixed assets | 21/28 | €1,032,977 | €907,502 | -€125,475 | -12.1% |
| Tangible fixed assets | 22/27 | €1,032,977 | €907,502 | -€125,475 | -12.1% |
| Land and buildings | 22 | €979,991 | €863,791 | -€116,200 | -11.9% |
| Plant, machinery and equipment | 23 | €52,985 | €43,710 | -€9,275 | -17.5% |
| Current assets | 29/58 | €54,430 | €201,878 | +€147,448 | +270.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €9,180 | €181,167 | +€171,986 | +1873.4% |
| Trade receivables | 40 | - | €101,602 | +€101,602 | |
| Other amounts receivable | 41 | €9,180 | €79,565 | +€70,384 | +766.7% |
| Cash at bank and in hand | 54/58 | €45,250 | €20,711 | -€24,538 | -54.2% |
| Total equity and liabilities | 10/49 | €1,087,407 | €1,109,380 | +€21,973 | +2.0% |
| Equity | 10/15 | €723,599 | €662,809 | -€60,790 | -8.4% |
| Contributions | 10/11 | €66,461 | €66,461 | = | 0.0% |
| Capital | 10 | €66,461 | €66,461 | = | 0.0% |
| Issued capital | 100 | €66,461 | €66,461 | = | 0.0% |
| Reserves | 13 | €657,138 | €596,348 | -€60,790 | -9.3% |
| Non-distributable reserves | 130/1 | €5,622 | €5,976 | +€354 | +6.3% |
| Legal reserve | 130 | €5,622 | €5,976 | +€354 | +6.3% |
| Tax-exempt reserves | 132 | €559,678 | €491,810 | -€67,867 | -12.1% |
| Distributable reserves | 133 | €91,838 | €98,562 | +€6,723 | +7.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €186,559 | €163,937 | -€22,622 | -12.1% |
| Deferred taxes | 168 | €186,559 | €163,937 | -€22,622 | -12.1% |
| Amounts payable | 17/49 | €177,248 | €282,634 | +€105,386 | +59.5% |
| Amounts payable within one year | 42/48 | €177,248 | €262,184 | +€84,935 | +47.9% |
| Trade debts | 44 | €1,239 | €28,376 | +€27,137 | +2191.0% |
| Suppliers | 440/4 | €1,239 | €28,376 | +€27,137 | +2191.0% |
| Taxes, remuneration and social security | 45 | €20,913 | €1,975 | -€18,938 | -90.6% |
| Taxes | 450/3 | €20,913 | €1,975 | -€18,938 | -90.6% |
| Other amounts payable | 47/48 | €155,097 | €231,833 | +€76,736 | +49.5% |
| Accrued charges and deferred income | 492/3 | - | €20,450 | +€20,450 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,018 | €125,475 | -€20,543 | -14.1% |
| Other operating charges | 640/8 | €20,284 | €82,283 | +€62,000 | +305.7% |
| Gross operating margin | 9900 | €140,850 | €145,878 | +€5,028 | +3.6% |
| Operating profit (loss) | 9901 | -€25,452 | -€61,881 | -€36,428 | -143.1% |
| Financial income | 75/76B | €10,907 | €3,697 | -€7,210 | -66.1% |
| Recurring financial income | 75 | €10,907 | €3,697 | -€7,210 | -66.1% |
| Financial charges | 65/66B | €2,682 | €23,254 | +€20,572 | +767.0% |
| Recurring financial charges | 65 | €2,682 | €23,254 | +€20,572 | +767.0% |
| Profit (loss) for the period before taxes | 9903 | -€17,227 | -€81,437 | -€64,210 | -372.7% |
| Transfer from deferred taxes | 780 | €26,474 | €22,622 | -€3,851 | -14.5% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €20,117 | €1,975 | -€18,142 | -90.2% |
| Profit (loss) for the period | 9904 | -€10,871 | -€60,790 | -€49,919 | -459.2% |
| Transfer from tax-exempt reserves | 789 | €79,421 | €67,867 | -€11,553 | -14.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €68,550 | €7,077 | -€61,473 | -89.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.