ETANEC: 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.
ETANEC
Largest movements
- Cash +€27,077
up €27,077 (+19.1%), from €141,549 to €168,626
mainly Net result for the year (+€17,921) and Other debts (+€10,003)
- Tangible fixed assets -€7,460
down €7,460 (-19.7%), from €37,806 to €30,345
- Receivables within one year -€5,586
down €5,586 (-40.4%), from €13,826 to €8,240
- Other debts +€10,003
up €10,003 (+4949.1%), from €202 to €10,205
- Reserves +€7,200
up €7,200 (+4.3%), from €167,060 to €174,260
- Tax, wage and social debts -€3,122
down €3,122 (-22.8%), from €13,717 to €10,595
- Gross operating margin -€10,757
down €10,757 (-22.5%), from €47,847 to €37,090
- Depreciation +€4,164
up €4,164 (+91.5%), from €4,551 to €8,714
- Taxes -€2,857
down €2,857 (-23.9%), from €11,930 to €9,073
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 | €195,678 | €207,780 | +€12,102 | +6.2% |
| Fixed assets | 21/28 | €37,862 | €30,402 | -€7,460 | -19.7% |
| Tangible fixed assets | 22/27 | €37,806 | €30,345 | -€7,460 | -19.7% |
| Furniture and vehicles | 24 | €37,806 | €30,345 | -€7,460 | -19.7% |
| Financial fixed assets | 28 | €57 | €57 | = | 0.0% |
| Current assets | 29/58 | €157,816 | €177,378 | +€19,562 | +12.4% |
| Amounts receivable within one year | 40/41 | €13,826 | €8,240 | -€5,586 | -40.4% |
| Trade receivables | 40 | €13,826 | €8,240 | -€5,586 | -40.4% |
| Cash at bank and in hand | 54/58 | €141,549 | €168,626 | +€27,077 | +19.1% |
| Deferred charges and accrued income | 490/1 | €2,441 | €512 | -€1,929 | -79.0% |
| Total equity and liabilities | 10/49 | €195,678 | €207,780 | +€12,102 | +6.2% |
| Equity | 10/15 | €179,589 | €186,810 | +€7,221 | +4.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €167,060 | €174,260 | +€7,200 | +4.3% |
| Distributable reserves | 133 | €167,060 | €174,260 | +€7,200 | +4.3% |
| Profit (loss) carried forward | 14 | €129 | €150 | +€21 | +16.1% |
| Amounts payable | 17/49 | €16,089 | €20,970 | +€4,881 | +30.3% |
| Amounts payable within one year | 42/48 | €16,089 | €20,970 | +€4,881 | +30.3% |
| Trade debts | 44 | €2,170 | €169 | -€2,001 | -92.2% |
| Suppliers | 440/4 | €2,170 | €169 | -€2,001 | -92.2% |
| Taxes, remuneration and social security | 45 | €13,717 | €10,595 | -€3,122 | -22.8% |
| Taxes | 450/3 | €13,717 | €10,595 | -€3,122 | -22.8% |
| Other amounts payable | 47/48 | €202 | €10,205 | +€10,003 | +4949.1% |
| Non-recurring operating income | 76A | €7,438 | - | -€7,438 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,551 | €8,714 | +€4,164 | +91.5% |
| Other operating charges | 640/8 | €762 | €641 | -€122 | -15.9% |
| Non-recurring operating charges | 66A | - | €406 | +€406 | |
| Gross operating margin | 9900 | €47,847 | €37,090 | -€10,757 | -22.5% |
| Operating profit (loss) | 9901 | €42,534 | €27,330 | -€15,205 | -35.7% |
| Financial charges | 65/66B | €41 | €336 | +€295 | +721.6% |
| Recurring financial charges | 65 | €41 | €336 | +€295 | +721.6% |
| Profit (loss) for the period before taxes | 9903 | €42,494 | €26,994 | -€15,500 | -36.5% |
| Income taxes | 67/77 | €11,930 | €9,073 | -€2,857 | -23.9% |
| Profit (loss) for the period | 9904 | €30,564 | €17,921 | -€12,643 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,564 | €17,921 | -€12,643 | -41.4% |
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 6 October 2026 via checked.be.