ETARCO: 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.
ETARCO
Largest movements
- Tangible fixed assets +€19,194
up €19,194 (+120.4%), from €15,946 to €35,140
of which Furniture and vehicles: +€18,406
- Receivables within one year -€10,367
down €10,367 (-53.8%), from €19,256 to €8,890
of which Trade receivables: -€11,777
- Cash +€1,470
up €1,470 (+50.9%), from €2,886 to €4,356
mainly Debts after one year (+€15,241) and Receivables within one year (+€10,367)
- Debts after one year +€15,241
new in 2025: €15,241
- Accrued charges and deferred income -€8,000
down €8,000 (-99.9%), from €8,007 to €8
- Current portion of long-term debt +€4,759
new in 2025: €4,759
- Profit (loss) carried forward -€4,214
down €4,214 (-83.2%), from €5,063 to €850
- Trade debts +€2,888
up €2,888 (+87.1%), from €3,316 to €6,204
- Gross operating margin -€9,201
down €9,201, from €9,076 to -€125
- Depreciation -€5,183
down €5,183 (-90.1%), from €5,754 to €571
- Taxes -€632
down €632 (-85.4%), from €741 to €108
- Financial income -€365
down €365 (-77.4%), from €472 to €106
- Other operating charges -€347
down €347 (-33.7%), from €1,027 to €681
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 | €40,648 | €50,936 | +€10,289 | +25.3% |
| Fixed assets | 21/28 | €15,946 | €35,140 | +€19,194 | +120.4% |
| Tangible fixed assets | 22/27 | €15,946 | €35,140 | +€19,194 | +120.4% |
| Plant, machinery and equipment | 23 | €877 | €1,665 | +€787 | +89.8% |
| Furniture and vehicles | 24 | €15,068 | €33,475 | +€18,406 | +122.2% |
| Current assets | 29/58 | €24,702 | €15,797 | -€8,905 | -36.1% |
| Stocks and contracts in progress | 3 | €1,350 | €1,350 | = | 0.0% |
| Stocks | 30/36 | €1,350 | €1,350 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,256 | €8,890 | -€10,367 | -53.8% |
| Trade receivables | 40 | €16,985 | €5,208 | -€11,777 | -69.3% |
| Other amounts receivable | 41 | €2,271 | €3,682 | +€1,411 | +62.1% |
| Cash at bank and in hand | 54/58 | €2,886 | €4,356 | +€1,470 | +50.9% |
| Deferred charges and accrued income | 490/1 | €1,210 | €1,201 | -€9 | -0.7% |
| Total equity and liabilities | 10/49 | €40,648 | €50,936 | +€10,289 | +25.3% |
| Equity | 10/15 | €26,858 | €22,644 | -€4,214 | -15.7% |
| Contributions | 10/11 | €19,519 | €19,519 | = | 0.0% |
| Reserves | 13 | €2,276 | €2,276 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,276 | €2,276 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,063 | €850 | -€4,214 | -83.2% |
| Amounts payable | 17/49 | €13,790 | €28,292 | +€14,502 | +105.2% |
| Amounts payable after more than one year | 17 | - | €15,241 | +€15,241 | |
| Financial debts | 170/4 | - | €15,241 | +€15,241 | |
| Amounts payable within one year | 42/48 | €5,782 | €13,044 | +€7,261 | +125.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,759 | +€4,759 | |
| Trade debts | 44 | €3,316 | €6,204 | +€2,888 | +87.1% |
| Suppliers | 440/4 | €3,316 | €6,204 | +€2,888 | +87.1% |
| Taxes, remuneration and social security | 45 | €2,357 | €391 | -€1,966 | -83.4% |
| Taxes | 450/3 | €2,357 | €391 | -€1,966 | -83.4% |
| Other amounts payable | 47/48 | €109 | €1,689 | +€1,579 | +1444.0% |
| Accrued charges and deferred income | 492/3 | €8,007 | €8 | -€8,000 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,754 | €571 | -€5,183 | -90.1% |
| Other operating charges | 640/8 | €1,027 | €681 | -€347 | -33.7% |
| Non-recurring operating charges | 66A | - | €2,672 | +€2,672 | |
| Gross operating margin | 9900 | €9,076 | -€125 | -€9,201 | |
| Operating profit (loss) | 9901 | €2,295 | -€4,049 | -€6,344 | |
| Financial income | 75/76B | €472 | €106 | -€365 | -77.4% |
| Recurring financial income | 75 | €472 | €106 | -€365 | -77.4% |
| Financial charges | 65/66B | €58 | €163 | +€105 | +179.7% |
| Recurring financial charges | 65 | €58 | €163 | +€105 | +179.7% |
| Profit (loss) for the period before taxes | 9903 | €2,709 | -€4,105 | -€6,814 | |
| Income taxes | 67/77 | €741 | €108 | -€632 | -85.4% |
| Profit (loss) for the period | 9904 | €1,968 | -€4,214 | -€6,181 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,968 | -€4,214 | -€6,181 |
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 4 October 2026 via checked.be.