Etcetera Belgium: what changed
Etcetera Belgium
Largest movements
- Receivables within one year +€38,842
up €38,842 (+69.6%), from €55,784 to €94,626
of which Trade receivables: +€22,462
- Deferred charges and accrued income +€23,185
new in 2025: €23,185
- Tangible fixed assets +€6,592
up €6,592 (+415%), from €1,587 to €8,179
of which Land and buildings: +€5,268
- Intangible fixed assets -€5,970
down €5,970 (-12.9%), from €46,258 to €40,288
- Trade debts +€73,792
up €73,792 (+380%), from €19,395 to €93,187
- Debts after one year -€11,133
down €11,133 (-18.6%), from €60,000 to €48,867
of which Other amounts payable: -€20,000
- Current portion of long-term debt +€6,634
new in 2025: €6,634
- Profit (loss) carried forward -€5,308
down €5,308 (-336%), from -€1,578 to -€6,886
- Other operating charges +€11,247
up €11,247 (+2,891%), from €389 to €11,636
- Gross operating margin +€6,814
up €6,814 (+60.3%), from €11,296 to €18,109
- Taxes -€4,379
down €4,379 (-65.6%), from €6,676 to €2,296
- Write-downs -€3,898
no longer reported in 2025 (was €3,898)
- Financial income -€1,071
down €1,071 (-45.4%), from €2,358 to €1,288
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 | €103,869 | €166,650 | +€62,781 | +60.4% |
| Fixed assets | 21/28 | €47,845 | €48,657 | +€812 | +1.7% |
| Intangible fixed assets | 21 | €46,258 | €40,288 | -€5,970 | -12.9% |
| Tangible fixed assets | 22/27 | €1,587 | €8,179 | +€6,592 | +415% |
| Land and buildings | 22 | - | €5,268 | +€5,268 | |
| Furniture and vehicles | 24 | €1,587 | €2,911 | +€1,324 | +83.4% |
| Financial fixed assets | 28 | - | €190 | +€190 | |
| Current assets | 29/58 | €56,024 | €117,993 | +€61,970 | +111% |
| Amounts receivable within one year | 40/41 | €55,784 | €94,626 | +€38,842 | +69.6% |
| Trade receivables | 40 | €40,214 | €62,676 | +€22,462 | +55.9% |
| Other amounts receivable | 41 | €15,571 | €31,950 | +€16,379 | +105% |
| Cash at bank and in hand | 54/58 | €239 | €182 | -€57 | -23.8% |
| Deferred charges and accrued income | 490/1 | - | €23,185 | +€23,185 | |
| Total equity and liabilities | 10/49 | €103,869 | €166,650 | +€62,781 | +60.4% |
| Equity | 10/15 | €3,922 | -€1,386 | -€5,308 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,578 | -€6,886 | -€5,308 | -336% |
| Amounts payable | 17/49 | €99,947 | €168,036 | +€68,090 | +68.1% |
| Amounts payable after more than one year | 17 | €60,000 | €48,867 | -€11,133 | -18.6% |
| Financial debts | 170/4 | - | €8,867 | +€8,867 | |
| Other amounts payable | 178/9 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Amounts payable within one year | 42/48 | €39,947 | €119,169 | +€79,222 | +198% |
| Current portion of amounts payable after more than one year | 42 | - | €6,634 | +€6,634 | |
| Trade debts | 44 | €19,395 | €93,187 | +€73,792 | +380% |
| Suppliers | 440/4 | €19,395 | €93,187 | +€73,792 | +380% |
| Taxes, remuneration and social security | 45 | €20,552 | €19,347 | -€1,204 | -5.9% |
| Taxes | 450/3 | €20,552 | €19,347 | -€1,204 | -5.9% |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,848 | €7,762 | +€914 | +13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,898 | - | -€3,898 | |
| Other operating charges | 640/8 | €389 | €11,636 | +€11,247 | +2,891% |
| Gross operating margin | 9900 | €11,296 | €18,109 | +€6,814 | +60.3% |
| Operating profit (loss) | 9901 | €161 | -€1,289 | -€1,450 | |
| Financial income | 75/76B | €2,358 | €1,288 | -€1,071 | -45.4% |
| Recurring financial income | 75 | €2,358 | €1,288 | -€1,071 | -45.4% |
| Financial charges | 65/66B | €2,141 | €3,010 | +€870 | +40.6% |
| Recurring financial charges | 65 | €2,141 | €3,010 | +€870 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €378 | -€3,012 | -€3,390 | |
| Income taxes | 67/77 | €6,676 | €2,296 | -€4,379 | -65.6% |
| Profit (loss) for the period | 9904 | -€6,298 | -€5,308 | +€990 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,298 | -€5,308 | +€990 | +15.7% |
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 2 November 2026 via checked.be.