ETCL: 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.
ETCL
Largest movements
- Cash +€30,527
up €30,527 (+25.2%), from €121,287 to €151,815
mainly Net result for the year (+€26,176) and Receivables within one year (+€7,025)
- Receivables within one year -€7,025
down €7,025 (-93.1%), from €7,542 to €518
of which Trade receivables: -€7,146
- Reserves +€21,500
up €21,500 (+121.7%), from €17,666 to €39,166
of which Distributable reserves: +€21,500
- Other debts -€5,572
down €5,572 (-32.8%), from €16,983 to €11,411
- Profit (loss) carried forward +€4,676
up €4,676 (+5.2%), from €89,625 to €94,300
- Tax, wage and social debts +€2,261
up €2,261 (+37.9%), from €5,964 to €8,225
of which Taxes: +€3,843
- Staff costs -€13,363
down €13,363 (-41.7%), from €32,024 to €18,661
- Gross operating margin -€5,995
down €5,995 (-9.8%), from €61,210 to €55,215
- Depreciation -€5,557
down €5,557 (-88.8%), from €6,260 to €703
- Taxes +€3,817
up €3,817 (+74.4%), from €5,128 to €8,945
- Financial charges -€1,101
down €1,101 (-81.3%), from €1,354 to €254
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 | €137,968 | €160,839 | +€22,872 | +16.6% |
| Fixed assets | 21/28 | €5,312 | €4,609 | -€703 | -13.2% |
| Tangible fixed assets | 22/27 | €2,865 | €2,162 | -€703 | -24.5% |
| Plant, machinery and equipment | 23 | €0 | - | -€0 | |
| Furniture and vehicles | 24 | €935 | €1,015 | +€80 | +8.6% |
| Other tangible fixed assets | 26 | €1,930 | €1,147 | -€784 | -40.6% |
| Financial fixed assets | 28 | €2,448 | €2,448 | = | 0.0% |
| Current assets | 29/58 | €132,655 | €156,230 | +€23,575 | +17.8% |
| Stocks and contracts in progress | 3 | €3,482 | €3,482 | = | 0.0% |
| Stocks | 30/36 | €3,482 | €3,482 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,542 | €518 | -€7,025 | -93.1% |
| Trade receivables | 40 | €7,534 | €388 | -€7,146 | -94.8% |
| Other amounts receivable | 41 | €8 | €129 | +€121 | +1495.9% |
| Cash at bank and in hand | 54/58 | €121,287 | €151,815 | +€30,527 | +25.2% |
| Deferred charges and accrued income | 490/1 | €344 | €416 | +€72 | +21.1% |
| Total equity and liabilities | 10/49 | €137,968 | €160,839 | +€22,872 | +16.6% |
| Equity | 10/15 | €113,491 | €139,666 | +€26,176 | +23.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €17,666 | €39,166 | +€21,500 | +121.7% |
| 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 | €15,806 | €37,306 | +€21,500 | +136.0% |
| Profit (loss) carried forward | 14 | €89,625 | €94,300 | +€4,676 | +5.2% |
| Amounts payable | 17/49 | €24,477 | €21,173 | -€3,304 | -13.5% |
| Amounts payable within one year | 42/48 | €24,477 | €21,173 | -€3,304 | -13.5% |
| Trade debts | 44 | €1,531 | €1,538 | +€7 | +0.5% |
| Suppliers | 440/4 | €1,531 | €1,538 | +€7 | +0.5% |
| Taxes, remuneration and social security | 45 | €5,964 | €8,225 | +€2,261 | +37.9% |
| Taxes | 450/3 | €4,119 | €7,963 | +€3,843 | +93.3% |
| Remuneration and social security | 454/9 | €1,844 | €262 | -€1,583 | -85.8% |
| Other amounts payable | 47/48 | €16,983 | €11,411 | -€5,572 | -32.8% |
| Remuneration, social security and pensions | 62 | €32,024 | €18,661 | -€13,363 | -41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,260 | €703 | -€5,557 | -88.8% |
| Other operating charges | 640/8 | €674 | €477 | -€198 | -29.3% |
| Gross operating margin | 9900 | €61,210 | €55,215 | -€5,995 | -9.8% |
| Operating profit (loss) | 9901 | €22,251 | €35,374 | +€13,123 | +59.0% |
| Financial income | 75/76B | €6 | €1 | -€6 | -89.8% |
| Recurring financial income | 75 | €6 | €1 | -€6 | -89.8% |
| Financial charges | 65/66B | €1,354 | €254 | -€1,101 | -81.3% |
| Recurring financial charges | 65 | €1,354 | €254 | -€1,101 | -81.3% |
| Profit (loss) for the period before taxes | 9903 | €20,903 | €35,121 | +€14,218 | +68.0% |
| Income taxes | 67/77 | €5,128 | €8,945 | +€3,817 | +74.4% |
| Profit (loss) for the period | 9904 | €15,775 | €26,176 | +€10,400 | +65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,775 | €26,176 | +€10,400 | +65.9% |
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 4 October 2026 via checked.be.