ETECBA: 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.
ETECBA
Largest movements
- Cash +€121,467
up €121,467 (+24.1%), from €503,213 to €624,679
mainly Net result for the year (+€101,534) and Other debts (+€59,005)
- Tangible fixed assets -€16,600
down €16,600 (-7.4%), from €224,169 to €207,569
of which Furniture and vehicles: -€10,734
- Other debts +€59,005
up €59,005 (+141.4%), from €41,737 to €100,742
- Reserves +€58,390
up €58,390 (+21.0%), from €278,597 to €336,987
of which Distributable reserves: +€59,190
- Tax, wage and social debts -€13,088
down €13,088 (-35.6%), from €36,719 to €23,631
of which Remuneration and social security: -€15,495
- Financial charges +€5,876
up €5,876 (+39.7%), from €14,802 to €20,678
- Gross operating margin +€4,202
up €4,202 (+2.3%), from €185,002 to €189,204
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 | €793,188 | €897,151 | +€103,963 | +13.1% |
| Fixed assets | 21/28 | €224,169 | €207,569 | -€16,600 | -7.4% |
| Tangible fixed assets | 22/27 | €224,169 | €207,569 | -€16,600 | -7.4% |
| Land and buildings | 22 | €188,389 | €182,523 | -€5,866 | -3.1% |
| Furniture and vehicles | 24 | €35,780 | €25,046 | -€10,734 | -30.0% |
| Current assets | 29/58 | €569,019 | €689,582 | +€120,563 | +21.2% |
| Amounts receivable within one year | 40/41 | €65,154 | €64,221 | -€934 | -1.4% |
| Trade receivables | 40 | €65,154 | €64,221 | -€934 | -1.4% |
| Cash at bank and in hand | 54/58 | €503,213 | €624,679 | +€121,467 | +24.1% |
| Deferred charges and accrued income | 490/1 | €652 | €682 | +€30 | +4.6% |
| Total equity and liabilities | 10/49 | €793,188 | €897,151 | +€103,963 | +13.1% |
| Equity | 10/15 | €421,136 | €479,526 | +€58,390 | +13.9% |
| Contributions | 10/11 | €142,539 | €142,539 | = | 0.0% |
| Capital | 10 | €142,539 | €142,539 | = | 0.0% |
| Issued capital | 100 | €142,539 | €142,539 | = | 0.0% |
| Reserves | 13 | €278,597 | €336,987 | +€58,390 | +21.0% |
| Non-distributable reserves | 130/1 | €14,254 | €14,254 | = | 0.0% |
| Legal reserve | 130 | €14,254 | €14,254 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,803 | €20,003 | -€800 | -3.8% |
| Distributable reserves | 133 | €243,541 | €302,731 | +€59,190 | +24.3% |
| Provisions and deferred taxes | 16 | €10,712 | €10,300 | -€412 | -3.8% |
| Deferred taxes | 168 | €10,712 | €10,300 | -€412 | -3.8% |
| Amounts payable | 17/49 | €361,340 | €407,326 | +€45,986 | +12.7% |
| Amounts payable after more than one year | 17 | €262,000 | €262,000 | = | 0.0% |
| Other amounts payable | 178/9 | €262,000 | €262,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €84,637 | €124,723 | +€40,086 | +47.4% |
| Trade debts | 44 | €6,180 | €350 | -€5,831 | -94.3% |
| Suppliers | 440/4 | €6,180 | €350 | -€5,831 | -94.3% |
| Taxes, remuneration and social security | 45 | €36,719 | €23,631 | -€13,088 | -35.6% |
| Taxes | 450/3 | €18,871 | €21,277 | +€2,407 | +12.8% |
| Remuneration and social security | 454/9 | €17,849 | €2,354 | -€15,495 | -86.8% |
| Other amounts payable | 47/48 | €41,737 | €100,742 | +€59,005 | +141.4% |
| Accrued charges and deferred income | 492/3 | €14,703 | €20,603 | +€5,899 | +40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,600 | €16,600 | = | 0.0% |
| Other operating charges | 640/8 | €1,325 | €2,215 | +€890 | +67.2% |
| Gross operating margin | 9900 | €185,002 | €189,204 | +€4,202 | +2.3% |
| Operating profit (loss) | 9901 | €167,077 | €170,389 | +€3,312 | +2.0% |
| Financial charges | 65/66B | €14,802 | €20,678 | +€5,876 | +39.7% |
| Recurring financial charges | 65 | €14,802 | €20,678 | +€5,876 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | €152,276 | €149,712 | -€2,564 | -1.7% |
| Transfer from deferred taxes | 780 | €412 | €412 | = | 0.0% |
| Income taxes | 67/77 | €48,866 | €48,590 | -€276 | -0.6% |
| Profit (loss) for the period | 9904 | €103,822 | €101,534 | -€2,288 | -2.2% |
| Transfer from tax-exempt reserves | 789 | €800 | €800 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €104,622 | €102,334 | -€2,288 | -2.2% |
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 12 October 2026 via checked.be.