ETAX: 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.
ETAX
Largest movements
- Cash -€22,413
down €22,413 (-48.2%), from €46,453 to €24,040
mainly Investment in fixed assets (net) (-€68,260) and Debts after one year (-€28,973)
- Tangible fixed assets +€21,239
up €21,239 (+4.2%), from €499,879 to €521,118
of which Land and buildings: +€31,197
- Profit (loss) carried forward +€31,088
up €31,088 (+20.9%), from €148,974 to €180,062
- Debts after one year -€28,973
down €28,973 (-9.0%), from €323,032 to €294,059
- Tax, wage and social debts +€10,362
up €10,362 (+74.2%), from €13,961 to €24,323
of which Taxes: +€12,733
- Other debts -€8,132
down €8,132 (-51.1%), from €15,901 to €7,769
- Gross operating margin +€54,089
up €54,089 (+30.3%), from €178,403 to €232,492
- Depreciation +€9,280
up €9,280 (+24.6%), from €37,741 to €47,021
- Other operating charges +€4,338
up €4,338 (+36.1%), from €12,007 to €16,345
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.
Derived cash bridge
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 | €591,467 | €592,114 | +€647 | +0.1% |
| Fixed assets | 21/28 | €500,009 | €521,248 | +€21,239 | +4.2% |
| Tangible fixed assets | 22/27 | €499,879 | €521,118 | +€21,239 | +4.2% |
| Land and buildings | 22 | €470,278 | €501,475 | +€31,197 | +6.6% |
| Plant, machinery and equipment | 23 | €17,299 | €14,369 | -€2,930 | -16.9% |
| Furniture and vehicles | 24 | €12,302 | €5,274 | -€7,028 | -57.1% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €91,458 | €70,866 | -€20,592 | -22.5% |
| Amounts receivable within one year | 40/41 | €44,634 | €46,764 | +€2,130 | +4.8% |
| Trade receivables | 40 | €35,461 | €40,514 | +€5,053 | +14.2% |
| Other amounts receivable | 41 | €9,173 | €6,250 | -€2,923 | -31.9% |
| Cash at bank and in hand | 54/58 | €46,453 | €24,040 | -€22,413 | -48.2% |
| Deferred charges and accrued income | 490/1 | €371 | €62 | -€309 | -83.3% |
| Total equity and liabilities | 10/49 | €591,467 | €592,114 | +€647 | +0.1% |
| Equity | 10/15 | €190,874 | €221,962 | +€31,088 | +16.3% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €148,974 | €180,062 | +€31,088 | +20.9% |
| Amounts payable | 17/49 | €400,593 | €370,152 | -€30,441 | -7.6% |
| Amounts payable after more than one year | 17 | €323,032 | €294,059 | -€28,973 | -9.0% |
| Financial debts | 170/4 | €323,032 | €294,059 | -€28,973 | -9.0% |
| Amounts payable within one year | 42/48 | €77,468 | €76,093 | -€1,375 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €28,440 | €28,973 | +€533 | +1.9% |
| Financial debts | 43 | €12,500 | €12,500 | = | 0.0% |
| Credit institutions | 430/8 | €12,500 | €12,500 | = | 0.0% |
| Trade debts | 44 | €6,666 | €2,528 | -€4,138 | -62.1% |
| Suppliers | 440/4 | €6,666 | €2,528 | -€4,138 | -62.1% |
| Taxes, remuneration and social security | 45 | €13,961 | €24,323 | +€10,362 | +74.2% |
| Taxes | 450/3 | €3,855 | €16,588 | +€12,733 | +330% |
| Remuneration and social security | 454/9 | €10,106 | €7,735 | -€2,371 | -23.5% |
| Other amounts payable | 47/48 | €15,901 | €7,769 | -€8,132 | -51.1% |
| Accrued charges and deferred income | 492/3 | €93 | - | -€93 | |
| Non-recurring operating income | 76A | - | €4,736 | +€4,736 | |
| Remuneration, social security and pensions | 62 | €48,221 | €45,968 | -€2,253 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,741 | €47,021 | +€9,280 | +24.6% |
| Other operating charges | 640/8 | €12,007 | €16,345 | +€4,338 | +36.1% |
| Non-recurring operating charges | 66A | - | €43,845 | +€43,845 | |
| Gross operating margin | 9900 | €178,403 | €232,492 | +€54,089 | +30.3% |
| Operating profit (loss) | 9901 | €80,434 | €79,313 | -€1,121 | -1.4% |
| Financial income | 75/76B | €466 | €57 | -€409 | -87.8% |
| Recurring financial income | 75 | €466 | €57 | -€409 | -87.8% |
| Financial charges | 65/66B | €8,048 | €7,274 | -€774 | -9.6% |
| Recurring financial charges | 65 | €8,048 | €7,274 | -€774 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €72,852 | €72,096 | -€756 | -1.0% |
| Income taxes | 67/77 | €15,606 | €16,008 | +€402 | +2.6% |
| Profit (loss) for the period | 9904 | €57,246 | €56,088 | -€1,158 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,246 | €56,088 | -€1,158 | -2.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.