ETAP2: 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.
ETAP2
Largest movements
- Cash +€71,837
up €71,837 (+99.2%), from €72,408 to €144,245
mainly Net result for the year (+€54,039) and Receivables within one year (+€18,269)
- Receivables within one year -€18,269
down €18,269 (-60.4%), from €30,250 to €11,981
of which Trade receivables: -€18,634
- Reserves +€53,206
up €53,206 (+80.8%), from €65,850 to €119,056
- Gross operating margin -€20,250
down €20,250 (-20.3%), from €99,964 to €79,714
- Taxes -€4,737
down €4,737 (-18.4%), from €25,693 to €20,956
- Depreciation -€1,998
down €1,998 (-75.3%), from €2,655 to €657
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 | €105,239 | €158,301 | +€53,062 | +50.4% |
| Fixed assets | 21/28 | €2,357 | €1,700 | -€657 | -27.9% |
| Tangible fixed assets | 22/27 | €2,357 | €1,700 | -€657 | -27.9% |
| Furniture and vehicles | 24 | €430 | €255 | -€175 | -40.7% |
| Other tangible fixed assets | 26 | €1,927 | €1,445 | -€482 | -25.0% |
| Current assets | 29/58 | €102,882 | €156,601 | +€53,719 | +52.2% |
| Amounts receivable within one year | 40/41 | €30,250 | €11,981 | -€18,269 | -60.4% |
| Trade receivables | 40 | €30,250 | €11,616 | -€18,634 | -61.6% |
| Other amounts receivable | 41 | - | €365 | +€365 | |
| Cash at bank and in hand | 54/58 | €72,408 | €144,245 | +€71,837 | +99.2% |
| Deferred charges and accrued income | 490/1 | €224 | €376 | +€151 | +67.6% |
| Total equity and liabilities | 10/49 | €105,239 | €158,301 | +€53,062 | +50.4% |
| Equity | 10/15 | €70,850 | €124,056 | +€53,206 | +75.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €65,850 | €119,056 | +€53,206 | +80.8% |
| Distributable reserves | 133 | €65,850 | €119,056 | +€53,206 | +80.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,389 | €34,245 | -€144 | -0.4% |
| Amounts payable within one year | 42/48 | €34,389 | €34,245 | -€144 | -0.4% |
| Trade debts | 44 | €3,106 | €2,320 | -€786 | -25.3% |
| Suppliers | 440/4 | €3,106 | €2,320 | -€786 | -25.3% |
| Taxes, remuneration and social security | 45 | €30,424 | €31,092 | +€668 | +2.2% |
| Taxes | 450/3 | €27,672 | €28,338 | +€665 | +2.4% |
| Remuneration and social security | 454/9 | €2,752 | €2,755 | +€3 | +0.1% |
| Other amounts payable | 47/48 | €859 | €833 | -€26 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,655 | €657 | -€1,998 | -75.3% |
| Other operating charges | 640/8 | €889 | €463 | -€426 | -47.9% |
| Gross operating margin | 9900 | €99,964 | €79,714 | -€20,250 | -20.3% |
| Operating profit (loss) | 9901 | €96,420 | €78,594 | -€17,826 | -18.5% |
| Financial charges | 65/66B | €4,018 | €3,599 | -€419 | -10.4% |
| Recurring financial charges | 65 | €4,018 | €3,599 | -€419 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €92,402 | €74,995 | -€17,407 | -18.8% |
| Income taxes | 67/77 | €25,693 | €20,956 | -€4,737 | -18.4% |
| Profit (loss) for the period | 9904 | €66,709 | €54,039 | -€12,670 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,709 | €54,039 | -€12,670 | -19.0% |
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 29 September 2026 via checked.be.