ETCI: 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.
ETCI
Largest movements
- Receivables within one year -€232,504
down €232,504 (-96.4%), from €241,158 to €8,654
of which Trade receivables: -€241,119
- Current investments +€105,911
up €105,911 (+102.4%), from €103,429 to €209,340
- Stocks and contracts +€62,056
new in 2025: €62,056
of which Contracts in progress: +€42,913
- Tangible fixed assets +€37,775
new in 2025: €37,775
of which Furniture and vehicles: +€35,164
- Cash -€24,083
down €24,083 (-6.5%), from €369,763 to €345,680
- Debts after one year +€120,000
new in 2025: €120,000
- Reserves -€93,554
down €93,554 (-67.4%), from €138,718 to €45,164
of which Distributable reserves: -€93,554
- Trade debts -€77,823
down €77,823 (-89.9%), from €86,572 to €8,749
- Financial income +€21,120
up €21,120 (+940.9%), from €2,245 to €23,365
- Depreciation +€6,887
new in 2025: €6,887
- Gross operating margin -€6,452
down €6,452, from €5,878 to -€575
- Financial charges +€1,508
up €1,508 (+61.8%), from €2,439 to €3,946
- Taxes +€709
up €709 (+198.8%), from €357 to €1,065
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €716,675 | €665,931 | -€50,744 | -7.1% |
| Fixed assets | 21/28 | €2,325 | €40,100 | +€37,775 | +1624.7% |
| Tangible fixed assets | 22/27 | - | €37,775 | +€37,775 | |
| Plant, machinery and equipment | 23 | - | €2,612 | +€2,612 | |
| Furniture and vehicles | 24 | - | €35,164 | +€35,164 | |
| Financial fixed assets | 28 | €2,325 | €2,325 | = | 0.0% |
| Current assets | 29/58 | €714,350 | €625,830 | -€88,520 | -12.4% |
| Stocks and contracts in progress | 3 | - | €62,056 | +€62,056 | |
| Stocks | 30/36 | - | €19,143 | +€19,143 | |
| Contracts in progress | 37 | - | €42,913 | +€42,913 | |
| Amounts receivable within one year | 40/41 | €241,158 | €8,654 | -€232,504 | -96.4% |
| Trade receivables | 40 | €241,119 | - | -€241,119 | |
| Other amounts receivable | 41 | €39 | €8,654 | +€8,615 | +22209.5% |
| Current investments | 50/53 | €103,429 | €209,340 | +€105,911 | +102.4% |
| Cash at bank and in hand | 54/58 | €369,763 | €345,680 | -€24,083 | -6.5% |
| Deferred charges and accrued income | 490/1 | - | €100 | +€100 | |
| Total equity and liabilities | 10/49 | €716,675 | €665,931 | -€50,744 | -7.1% |
| Equity | 10/15 | €630,103 | €536,549 | -€93,554 | -14.8% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €138,718 | €45,164 | -€93,554 | -67.4% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €132,218 | €38,664 | -€93,554 | -70.8% |
| Profit (loss) carried forward | 14 | €426,385 | €426,385 | = | 0.0% |
| Amounts payable | 17/49 | €86,572 | €129,381 | +€42,809 | +49.4% |
| Amounts payable after more than one year | 17 | - | €120,000 | +€120,000 | |
| Other amounts payable | 178/9 | - | €120,000 | +€120,000 | |
| Amounts payable within one year | 42/48 | €86,572 | €9,381 | -€77,191 | -89.2% |
| Trade debts | 44 | €86,572 | €8,749 | -€77,823 | -89.9% |
| Suppliers | 440/4 | €86,572 | €8,749 | -€77,823 | -89.9% |
| Other amounts payable | 47/48 | - | €633 | +€633 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,887 | +€6,887 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5 | +€5 | |
| Other operating charges | 640/8 | - | €355 | +€355 | |
| Gross operating margin | 9900 | €5,878 | -€575 | -€6,452 | |
| Operating profit (loss) | 9901 | €5,878 | -€7,822 | -€13,699 | |
| Financial income | 75/76B | €2,245 | €23,365 | +€21,120 | +940.9% |
| Recurring financial income | 75 | €2,245 | €23,365 | +€21,120 | +940.9% |
| Financial charges | 65/66B | €2,439 | €3,946 | +€1,508 | +61.8% |
| Recurring financial charges | 65 | €2,439 | €3,946 | +€1,508 | +61.8% |
| Profit (loss) for the period before taxes | 9903 | €5,684 | €11,597 | +€5,913 | +104.0% |
| Income taxes | 67/77 | €357 | €1,065 | +€709 | +198.8% |
| Profit (loss) for the period | 9904 | €5,327 | €10,532 | +€5,205 | +97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,327 | €10,532 | +€5,205 | +97.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.