ETCAR: what changed
ETCAR
Largest movements
- Cash +€6,543
up €6,543 (+21.1%), from €31,058 to €37,601
mainly Depreciation (+€2,990) and Tax, wage and social debts (+€2,974)
- Tangible fixed assets -€2,990
down €2,990 (-18.3%), from €16,296 to €13,306
of which Furniture and vehicles: -€2,034
- Deferred charges and accrued income +€2,447
up €2,447 (+128%), from €1,910 to €4,357
- Receivables within one year -€1,524
down €1,524 (-32.0%), from €4,754 to €3,231
of which Trade receivables: -€1,147
- Tax, wage and social debts +€2,974
up €2,974 (+31.4%), from €9,469 to €12,444
of which Remuneration and social security: +€2,363
- Other debts +€1,323
new in 2025: €1,323
- Reserves +€689
up €689 (+4.2%), from €16,483 to €17,171
of which Distributable reserves: +€689
- Gross operating margin +€23,356
up €23,356 (+38.3%), from €60,928 to €84,284
- Staff costs +€16,883
up €16,883 (+31.2%), from €54,041 to €70,924
- Other operating charges +€5,269
up €5,269 (+1,360%), from €387 to €5,656
- Financial charges +€1,156
up €1,156 (+50.3%), from €2,299 to €3,456
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,019 | €58,495 | +€4,476 | +8.3% |
| Fixed assets | 21/28 | €16,296 | €13,306 | -€2,990 | -18.3% |
| Tangible fixed assets | 22/27 | €16,296 | €13,306 | -€2,990 | -18.3% |
| Plant, machinery and equipment | 23 | €4,217 | €3,262 | -€955 | -22.7% |
| Furniture and vehicles | 24 | €12,079 | €10,045 | -€2,034 | -16.8% |
| Current assets | 29/58 | €37,723 | €45,189 | +€7,466 | +19.8% |
| Amounts receivable within one year | 40/41 | €4,754 | €3,231 | -€1,524 | -32.0% |
| Trade receivables | 40 | €4,084 | €2,937 | -€1,147 | -28.1% |
| Other amounts receivable | 41 | €670 | €294 | -€376 | -56.2% |
| Cash at bank and in hand | 54/58 | €31,058 | €37,601 | +€6,543 | +21.1% |
| Deferred charges and accrued income | 490/1 | €1,910 | €4,357 | +€2,447 | +128% |
| Total equity and liabilities | 10/49 | €54,019 | €58,495 | +€4,476 | +8.3% |
| Equity | 10/15 | €35,083 | €35,771 | +€689 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,483 | €17,171 | +€689 | +4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,623 | €15,311 | +€689 | +4.7% |
| Amounts payable | 17/49 | €18,936 | €22,724 | +€3,787 | +20.0% |
| Amounts payable within one year | 42/48 | €18,936 | €22,724 | +€3,787 | +20.0% |
| Trade debts | 44 | €9,467 | €8,957 | -€510 | -5.4% |
| Suppliers | 440/4 | €9,467 | €8,957 | -€510 | -5.4% |
| Taxes, remuneration and social security | 45 | €9,469 | €12,444 | +€2,974 | +31.4% |
| Taxes | 450/3 | €1,765 | €2,376 | +€611 | +34.6% |
| Remuneration and social security | 454/9 | €7,705 | €10,067 | +€2,363 | +30.7% |
| Other amounts payable | 47/48 | - | €1,323 | +€1,323 | |
| Non-recurring operating income | 76A | - | €418 | +€418 | |
| Remuneration, social security and pensions | 62 | €54,041 | €70,924 | +€16,883 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,272 | €2,990 | -€282 | -8.6% |
| Other operating charges | 640/8 | €387 | €5,656 | +€5,269 | +1,360% |
| Non-recurring operating charges | 66A | €363 | €302 | -€61 | -16.9% |
| Gross operating margin | 9900 | €60,928 | €84,284 | +€23,356 | +38.3% |
| Operating profit (loss) | 9901 | €2,865 | €4,413 | +€1,547 | +54.0% |
| Financial income | 75/76B | €162 | - | -€162 | |
| Recurring financial income | 75 | €162 | - | -€162 | |
| Financial charges | 65/66B | €2,299 | €3,456 | +€1,156 | +50.3% |
| Recurring financial charges | 65 | €2,299 | €3,456 | +€1,156 | +50.3% |
| Profit (loss) for the period before taxes | 9903 | €728 | €957 | +€229 | +31.4% |
| Income taxes | 67/77 | €10 | €268 | +€258 | +2,592% |
| Profit (loss) for the period | 9904 | €718 | €689 | -€29 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €718 | €689 | -€29 | -4.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.