ETAP Services: 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.
ETAP Services
Largest movements
- Receivables after one year +€1.3m
up €1.3m (+65.4%), from €2.0m to €3.2m
- Stocks and contracts -€424,932
no longer reported in 2025 (was €424,932)
- Receivables within one year +€286,909
up €286,909 (+42.5%), from €675,318 to €962,227
of which Other amounts receivable: +€172,063
- Cash -€174,204
down €174,204 (-75.5%), from €230,670 to €56,466
mainly Receivables after one year (-€1.3m) and Receivables within one year (-€286,909)
- Debts after one year +€1.1m
up €1.1m (+64.5%), from €1.7m to €2.8m
of which Financial debts: +€1.1m
- Current portion of long-term debt +€136,925
up €136,925 (+46.2%), from €296,390 to €433,315
- Trade debts -€134,132
down €134,132 (-18.8%), from €714,041 to €579,909
- Profit (loss) carried forward -€108,460
down €108,460 (-33.1%), from -€327,191 to -€435,651
- Goods and materials -€320,020
down €320,020 (-18.7%), from €1.7m to €1.4m
- Turnover -€67,257
down €67,257 (-3.3%), from €2.0m to €2.0m
- Financial charges +€32,597
up €32,597 (+44.4%), from €73,419 to €106,015
- Other operating income +€30,592
up €30,592 (+39.8%), from €76,934 to €107,526
- Services and other goods +€22,589
up €22,589 (+6.7%), from €336,868 to €359,456
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 | €3,403,925 | €4,380,501 | +€976,576 | +28.7% |
| Fixed assets | 21/28 | €111,900 | €120,760 | +€8,860 | +7.9% |
| Financial fixed assets | 28 | €111,900 | €120,760 | +€8,860 | +7.9% |
| Other financial fixed assets | 284/8 | €111,900 | €120,760 | +€8,860 | +7.9% |
| Amounts receivable and cash guarantees | 285/8 | €111,900 | €120,760 | +€8,860 | +7.9% |
| Current assets | 29/58 | €3,292,025 | €4,259,741 | +€967,716 | +29.4% |
| Amounts receivable after more than one year | 29 | €1,959,134 | €3,241,048 | +€1.3m | +65.4% |
| Trade receivables | 290 | €1,959,134 | €3,241,048 | +€1.3m | +65.4% |
| Stocks and contracts in progress | 3 | €424,932 | - | -€424,932 | |
| Contracts in progress | 37 | €424,932 | - | -€424,932 | |
| Amounts receivable within one year | 40/41 | €675,318 | €962,227 | +€286,909 | +42.5% |
| Trade receivables | 40 | €671,977 | €786,822 | +€114,845 | +17.1% |
| Other amounts receivable | 41 | €3,342 | €175,405 | +€172,063 | +5149.0% |
| Cash at bank and in hand | 54/58 | €230,670 | €56,466 | -€174,204 | -75.5% |
| Deferred charges and accrued income | 490/1 | €1,971 | - | -€1,971 | |
| Total equity and liabilities | 10/49 | €3,403,925 | €4,380,501 | +€976,576 | +28.7% |
| Equity | 10/15 | €672,809 | €564,349 | -€108,460 | -16.1% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€327,191 | -€435,651 | -€108,460 | -33.1% |
| Amounts payable | 17/49 | €2,731,116 | €3,816,152 | +€1.1m | +39.7% |
| Amounts payable after more than one year | 17 | €1,703,700 | €2,802,928 | +€1.1m | +64.5% |
| Financial debts | 170/4 | €1,698,700 | €2,797,928 | +€1.1m | +64.7% |
| Leasing and similar obligations | 172 | €470,240 | €314,302 | -€155,938 | -33.2% |
| Credit institutions | 173 | €1,228,460 | €2,483,627 | +€1.3m | +102.2% |
| Other amounts payable | 178/9 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,027,416 | €1,013,223 | -€14,193 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €296,390 | €433,315 | +€136,925 | +46.2% |
| Trade debts | 44 | €714,041 | €579,909 | -€134,132 | -18.8% |
| Suppliers | 440/4 | €714,041 | €579,909 | -€134,132 | -18.8% |
| Other amounts payable | 47/48 | €16,986 | - | -€16,986 | |
| Operating income | 70/76A | €2,208,459 | €1,673,599 | -€534,861 | -24.2% |
| Turnover | 70 | €2,034,582 | €1,967,325 | -€67,257 | -3.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €96,943 | -€401,252 | -€498,195 | |
| Other operating income | 74 | €76,934 | €107,526 | +€30,592 | +39.8% |
| Operating charges | 60/66A | €2,054,092 | €1,756,710 | -€297,381 | -14.5% |
| Goods for resale, raw materials and consumables | 60 | €1,715,602 | €1,395,582 | -€320,020 | -18.7% |
| Purchases | 600/8 | €1,715,602 | €1,395,582 | -€320,020 | -18.7% |
| Services and other goods | 61 | €336,868 | €359,456 | +€22,589 | +6.7% |
| Other operating charges | 640/8 | €1,622 | €1,672 | +€50 | +3.1% |
| Operating profit (loss) | 9901 | €154,368 | -€83,111 | -€237,479 | |
| Financial income | 75/76B | €68,449 | €80,666 | +€12,218 | +17.8% |
| Recurring financial income | 75 | €68,449 | €80,666 | +€12,218 | +17.8% |
| Other financial income | 752/9 | €68,449 | €80,666 | +€12,218 | +17.8% |
| Financial charges | 65/66B | €73,419 | €106,015 | +€32,597 | +44.4% |
| Recurring financial charges | 65 | €73,419 | €106,015 | +€32,597 | +44.4% |
| Debt charges | 650 | €73,419 | €106,015 | +€32,597 | +44.4% |
| Other financial charges | 652/9 | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €149,398 | -€108,460 | -€257,858 | |
| Profit (loss) for the period | 9904 | €149,398 | -€108,460 | -€257,858 | |
| Profit (loss) for the period to be appropriated | 9905 | €149,398 | -€108,460 | -€257,858 |
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.