ETC: 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.
ETC
Largest movements
- Cash +€37,690
up €37,690 (+272.4%), from €13,835 to €51,525
mainly Debts after one year (+€46,155) and Net result for the year (+€42,028)
- Tangible fixed assets -€21,664
down €21,664 (-5.8%), from €372,075 to €350,411
of which Land and buildings: -€17,322
- Other debts -€66,070
down €66,070 (-15.8%), from €416,849 to €350,779
- Debts after one year +€46,155
up €46,155 (+11.0%), from €417,845 to €464,000
of which Other amounts payable: +€64,000
- Profit (loss) carried forward +€42,028
up €42,028 (+9.6%), from €436,743 to €478,770
- Financial charges +€24,212
up €24,212 (+218.8%), from €11,065 to €35,276
- Taxes -€5,207
down €5,207 (-60.2%), from €8,645 to €3,438
- Gross operating margin +€791
up €791 (+1.2%), from €68,440 to €69,231
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 | €1,333,762 | €1,351,271 | +€17,509 | +1.3% |
| Fixed assets | 21/28 | €1,174,035 | €1,152,371 | -€21,664 | -1.8% |
| Tangible fixed assets | 22/27 | €372,075 | €350,411 | -€21,664 | -5.8% |
| Land and buildings | 22 | €363,140 | €345,817 | -€17,322 | -4.8% |
| Other tangible fixed assets | 26 | €8,935 | €4,594 | -€4,341 | -48.6% |
| Financial fixed assets | 28 | €801,960 | €801,960 | = | 0.0% |
| Current assets | 29/58 | €159,728 | €198,900 | +€39,172 | +24.5% |
| Amounts receivable within one year | 40/41 | €28,800 | €33,897 | +€5,097 | +17.7% |
| Other amounts receivable | 41 | €28,800 | €33,897 | +€5,097 | +17.7% |
| Current investments | 50/53 | €117,093 | €113,478 | -€3,615 | -3.1% |
| Cash at bank and in hand | 54/58 | €13,835 | €51,525 | +€37,690 | +272.4% |
| Total equity and liabilities | 10/49 | €1,333,762 | €1,351,271 | +€17,509 | +1.3% |
| Equity | 10/15 | €466,743 | €508,770 | +€42,028 | +9.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €436,743 | €478,770 | +€42,028 | +9.6% |
| Amounts payable | 17/49 | €867,020 | €842,501 | -€24,519 | -2.8% |
| Amounts payable after more than one year | 17 | €417,845 | €464,000 | +€46,155 | +11.0% |
| Financial debts | 170/4 | €17,845 | - | -€17,845 | |
| Other amounts payable | 178/9 | €400,000 | €464,000 | +€64,000 | +16.0% |
| Amounts payable within one year | 42/48 | €449,175 | €378,501 | -€70,674 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €29,819 | €17,845 | -€11,974 | -40.2% |
| Trade debts | 44 | €100 | - | -€100 | |
| Suppliers | 440/4 | €100 | - | -€100 | |
| Taxes, remuneration and social security | 45 | €2,406 | €9,877 | +€7,471 | +310.5% |
| Taxes | 450/3 | €2,406 | €9,877 | +€7,471 | +310.5% |
| Other amounts payable | 47/48 | €416,849 | €350,779 | -€66,070 | -15.8% |
| Non-recurring operating income | 76A | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,664 | €21,664 | = | 0.0% |
| Other operating charges | 640/8 | €2,647 | €2,731 | +€83 | +3.1% |
| Gross operating margin | 9900 | €68,440 | €69,231 | +€791 | +1.2% |
| Operating profit (loss) | 9901 | €44,129 | €44,837 | +€708 | +1.6% |
| Financial income | 75/76B | €35,713 | €35,905 | +€191 | +0.5% |
| Recurring financial income | 75 | €28,507 | €35,905 | +€7,398 | +26.0% |
| Non-recurring financial income | 76B | €7,206 | - | -€7,206 | |
| Financial charges | 65/66B | €11,065 | €35,276 | +€24,212 | +218.8% |
| Recurring financial charges | 65 | €11,065 | €35,276 | +€24,212 | +218.8% |
| Profit (loss) for the period before taxes | 9903 | €68,777 | €45,465 | -€23,312 | -33.9% |
| Income taxes | 67/77 | €8,645 | €3,438 | -€5,207 | -60.2% |
| Profit (loss) for the period | 9904 | €60,132 | €42,028 | -€18,105 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,132 | €42,028 | -€18,105 | -30.1% |
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.