ETEC: 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.
ETEC
Largest movements
- Tangible fixed assets +€37,221
up €37,221 (+24.5%), from €151,995 to €189,215
- Cash -€12,907
down €12,907 (-63.3%), from €20,384 to €7,477
mainly Investment in fixed assets (net) (-€46,588) and Trade debts (-€617)
- Other debts +€10,000
new in 2025: €10,000
- Reserves +€9,554
up €9,554 (+9.4%), from €101,445 to €110,999
of which Distributable reserves: +€9,554
- Tax, wage and social debts +€4,781
up €4,781 (+71.9%), from €6,650 to €11,432
- Depreciation +€4,560
up €4,560 (+94.9%), from €4,807 to €9,367
- Taxes -€1,869
down €1,869 (-28.1%), from €6,650 to €4,781
- Gross operating margin -€451
down €451 (-1.6%), from €27,611 to €27,159
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 | €172,378 | €196,692 | +€24,314 | +14.1% |
| Fixed assets | 21/28 | €151,995 | €189,215 | +€37,221 | +24.5% |
| Tangible fixed assets | 22/27 | €151,995 | €189,215 | +€37,221 | +24.5% |
| Land and buildings | 22 | €151,995 | €189,215 | +€37,221 | +24.5% |
| Current assets | 29/58 | €20,384 | €7,477 | -€12,907 | -63.3% |
| Cash at bank and in hand | 54/58 | €20,384 | €7,477 | -€12,907 | -63.3% |
| Total equity and liabilities | 10/49 | €172,378 | €196,692 | +€24,314 | +14.1% |
| Equity | 10/15 | €163,945 | €173,499 | +€9,554 | +5.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €101,445 | €110,999 | +€9,554 | +9.4% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €95,195 | €104,749 | +€9,554 | +10.0% |
| Amounts payable | 17/49 | €8,433 | €23,193 | +€14,759 | +175.0% |
| Amounts payable within one year | 42/48 | €7,268 | €21,432 | +€14,164 | +194.9% |
| Trade debts | 44 | €617 | - | -€617 | |
| Suppliers | 440/4 | €617 | - | -€617 | |
| Taxes, remuneration and social security | 45 | €6,650 | €11,432 | +€4,781 | +71.9% |
| Taxes | 450/3 | €6,650 | €11,432 | +€4,781 | +71.9% |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Accrued charges and deferred income | 492/3 | €1,166 | €1,761 | +€595 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,807 | €9,367 | +€4,560 | +94.9% |
| Other operating charges | 640/8 | €3,136 | €3,232 | +€96 | +3.1% |
| Gross operating margin | 9900 | €27,611 | €27,159 | -€451 | -1.6% |
| Operating profit (loss) | 9901 | €19,667 | €14,560 | -€5,108 | -26.0% |
| Financial charges | 65/66B | €29 | €224 | +€195 | +685.9% |
| Recurring financial charges | 65 | €29 | €224 | +€195 | +685.9% |
| Profit (loss) for the period before taxes | 9903 | €19,639 | €14,336 | -€5,303 | -27.0% |
| Income taxes | 67/77 | €6,650 | €4,781 | -€1,869 | -28.1% |
| Profit (loss) for the period | 9904 | €12,988 | €9,554 | -€3,434 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,988 | €9,554 | -€3,434 | -26.4% |
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 11 October 2026 via checked.be.