ETCETERA: 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.
ETCETERA
Largest movements
- Receivables after one year -€61,485
down €61,485 (-29.2%), from €210,602 to €149,117
- Deferred charges and accrued income -€22,514
down €22,514 (-80.4%), from €27,995 to €5,482
- Cash +€19,153
up €19,153 (+38.7%), from €49,508 to €68,661
mainly Receivables after one year (+€61,485) and Deferred charges and accrued income (+€22,514)
- Tangible fixed assets -€5,575
down €5,575 (-5.8%), from €96,019 to €90,444
of which Land and buildings: -€5,813
- Other debts -€69,176
down €69,176 (-96.9%), from €71,363 to €2,187
- Trade debts -€11,987
down €11,987 (-90.5%), from €13,252 to €1,265
- Profit (loss) carried forward +€8,250
up €8,250 (+841.1%), from €981 to €9,230
- Gross operating margin +€2,785
up €2,785 (+15.0%), from €18,517 to €21,302
- Depreciation +€1,324
up €1,324 (+19.0%), from €6,960 to €8,284
- Taxes +€625
up €625 (+24.6%), from €2,537 to €3,162
- Financial income -€372
down €372 (-6.1%), from €6,049 to €5,678
- Other operating charges +€217
up €217 (+3.2%), from €6,855 to €7,072
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 | €384,533 | €314,113 | -€70,420 | -18.3% |
| Fixed assets | 21/28 | €96,428 | €90,853 | -€5,575 | -5.8% |
| Tangible fixed assets | 22/27 | €96,019 | €90,444 | -€5,575 | -5.8% |
| Land and buildings | 22 | €76,410 | €70,597 | -€5,813 | -7.6% |
| Plant, machinery and equipment | 23 | €19,608 | €19,847 | +€239 | +1.2% |
| Financial fixed assets | 28 | €409 | €409 | = | 0.0% |
| Current assets | 29/58 | €288,105 | €223,260 | -€64,845 | -22.5% |
| Amounts receivable after more than one year | 29 | €210,602 | €149,117 | -€61,485 | -29.2% |
| Other amounts receivable | 291 | €210,602 | €149,117 | -€61,485 | -29.2% |
| Cash at bank and in hand | 54/58 | €49,508 | €68,661 | +€19,153 | +38.7% |
| Deferred charges and accrued income | 490/1 | €27,995 | €5,482 | -€22,514 | -80.4% |
| Total equity and liabilities | 10/49 | €384,533 | €314,113 | -€70,420 | -18.3% |
| Equity | 10/15 | €296,968 | €305,217 | +€8,250 | +2.8% |
| Contributions | 10/11 | €176,000 | €176,000 | = | 0.0% |
| Capital | 10 | €176,000 | €176,000 | = | 0.0% |
| Issued capital | 100 | €176,000 | €176,000 | = | 0.0% |
| Reserves | 13 | €119,987 | €119,987 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,608 | €3,608 | = | 0.0% |
| Legal reserve | 130 | €3,608 | €3,608 | = | 0.0% |
| Distributable reserves | 133 | €116,379 | €116,379 | = | 0.0% |
| Profit (loss) carried forward | 14 | €981 | €9,230 | +€8,250 | +841.1% |
| Amounts payable | 17/49 | €87,565 | €8,895 | -€78,669 | -89.8% |
| Amounts payable within one year | 42/48 | €86,945 | €8,895 | -€78,049 | -89.8% |
| Trade debts | 44 | €13,252 | €1,265 | -€11,987 | -90.5% |
| Suppliers | 440/4 | €13,252 | €1,265 | -€11,987 | -90.5% |
| Taxes, remuneration and social security | 45 | €2,329 | €5,443 | +€3,113 | +133.7% |
| Taxes | 450/3 | €2,329 | €5,443 | +€3,113 | +133.7% |
| Other amounts payable | 47/48 | €71,363 | €2,187 | -€69,176 | -96.9% |
| Accrued charges and deferred income | 492/3 | €620 | - | -€620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,960 | €8,284 | +€1,324 | +19.0% |
| Other operating charges | 640/8 | €6,855 | €7,072 | +€217 | +3.2% |
| Gross operating margin | 9900 | €18,517 | €21,302 | +€2,785 | +15.0% |
| Operating profit (loss) | 9901 | €4,702 | €5,946 | +€1,244 | +26.5% |
| Financial income | 75/76B | €6,049 | €5,678 | -€372 | -6.1% |
| Recurring financial income | 75 | €6,049 | €5,678 | -€372 | -6.1% |
| Financial charges | 65/66B | €271 | €212 | -€60 | -22.0% |
| Recurring financial charges | 65 | €271 | €212 | -€60 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €10,480 | €11,412 | +€932 | +8.9% |
| Income taxes | 67/77 | €2,537 | €3,162 | +€625 | +24.6% |
| Profit (loss) for the period | 9904 | €7,942 | €8,250 | +€307 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,942 | €8,250 | +€307 | +3.9% |
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.