ETD: 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.
ETD
Largest movements
- Stocks and contracts +€28,089
new in 2025: €28,089
- Tangible fixed assets +€26,928
up €26,928 (+246%), from €10,950 to €37,878
of which Furniture and vehicles: +€29,302
- Receivables within one year +€15,360
up €15,360 (+407%), from €3,770 to €19,130
of which Trade receivables: +€10,005
- Deferred charges and accrued income +€7,761
up €7,761 (+1,725%), from €450 to €8,211
- Cash +€5,624
up €5,624 (+62.8%), from €8,959 to €14,583
mainly Other debts (+€50,000) and Trade debts (+€18,123)
- Other debts +€50,000
new in 2025: €50,000
- Trade debts +€18,123
up €18,123 (+7,564%), from €240 to €18,362
- Reserves +€15,636
up €15,636 (+129%), from €12,140 to €27,775
- Gross operating margin +€8,062
up €8,062 (+44.0%), from €18,323 to €26,386
- Depreciation +€3,347
up €3,347 (+1,065%), from €314 to €3,661
- Other operating charges +€1,162
up €1,162 (+2,324%), from €50 to €1,212
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.
Derived cash bridge
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 | €24,129 | €108,026 | +€83,897 | +348% |
| Fixed assets | 21/28 | €10,950 | €38,013 | +€27,063 | +247% |
| Tangible fixed assets | 22/27 | €10,950 | €37,878 | +€26,928 | +246% |
| Plant, machinery and equipment | 23 | €10,950 | €8,576 | -€2,374 | -21.7% |
| Furniture and vehicles | 24 | - | €29,302 | +€29,302 | |
| Financial fixed assets | 28 | - | €135 | +€135 | |
| Current assets | 29/58 | €13,179 | €70,013 | +€56,834 | +431% |
| Stocks and contracts in progress | 3 | - | €28,089 | +€28,089 | |
| Stocks | 30/36 | - | €28,089 | +€28,089 | |
| Amounts receivable within one year | 40/41 | €3,770 | €19,130 | +€15,360 | +407% |
| Trade receivables | 40 | €670 | €10,675 | +€10,005 | +1,493% |
| Other amounts receivable | 41 | €3,100 | €8,455 | +€5,355 | +173% |
| Cash at bank and in hand | 54/58 | €8,959 | €14,583 | +€5,624 | +62.8% |
| Deferred charges and accrued income | 490/1 | €450 | €8,211 | +€7,761 | +1,725% |
| Total equity and liabilities | 10/49 | €24,129 | €108,026 | +€83,897 | +348% |
| Equity | 10/15 | €18,140 | €33,775 | +€15,636 | +86.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €12,140 | €27,775 | +€15,636 | +129% |
| Distributable reserves | 133 | €12,140 | €27,775 | +€15,636 | +129% |
| Amounts payable | 17/49 | €5,989 | €74,251 | +€68,261 | +1,140% |
| Amounts payable within one year | 42/48 | €5,914 | €74,251 | +€68,336 | +1,155% |
| Trade debts | 44 | €240 | €18,362 | +€18,123 | +7,564% |
| Suppliers | 440/4 | €240 | €18,362 | +€18,123 | +7,564% |
| Taxes, remuneration and social security | 45 | €5,675 | €5,888 | +€214 | +3.8% |
| Taxes | 450/3 | €5,675 | €5,888 | +€214 | +3.8% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €75 | €0 | -€75 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314 | €3,661 | +€3,347 | +1,065% |
| Other operating charges | 640/8 | €50 | €1,212 | +€1,162 | +2,324% |
| Gross operating margin | 9900 | €18,323 | €26,386 | +€8,062 | +44.0% |
| Operating profit (loss) | 9901 | €17,959 | €21,512 | +€3,553 | +19.8% |
| Financial income | 75/76B | €25 | €69 | +€44 | +175% |
| Recurring financial income | 75 | €25 | €69 | +€44 | +175% |
| Financial charges | 65/66B | €170 | €75 | -€95 | -55.8% |
| Recurring financial charges | 65 | €170 | €75 | -€95 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €17,814 | €21,506 | +€3,692 | +20.7% |
| Income taxes | 67/77 | €5,675 | €5,870 | +€196 | +3.4% |
| Profit (loss) for the period | 9904 | €12,140 | €15,636 | +€3,496 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,140 | €15,636 | +€3,496 | +28.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.