ETEX: 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.
What changed
ETEX
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€29.2m
2024 · €159.2m-€130.0m
Equity
€2.05bn
2024 · €2.07bn-€15.5m
Cash
€112,101
2024 · €165,490-€53,388
Balance sheet total
€3.33bn
2024 · €3.38bn-€50.6m
Largest movements
Assets
- Financial fixed assets -€58.9m
down €58.9m (-1.8%), from €3.36bn to €3.30bn
of which Affiliated companies: -€58.9m
Equity and liabilities
- Current portion of long-term debt -€46.5m
no longer reported in 2025 (was €46.5m)
Income statement
- Financial income -€111.6m
down €111.6m (-61.7%), from €180.9m to €69.3m
- Financial charges +€10.2m
up €10.2m (+33.1%), from €30.8m to €41.0m
of which Non-recurring financial charges: +€8.6m
- Services and other goods +€8.1m
up €8.1m (+25.4%), from €32.0m to €40.2m
- Other operating income +€6.8m
up €6.8m (+79.2%), from €8.6m to €15.4m
- Turnover +€5.5m
up €5.5m (+10.3%), from €53.2m to €58.7m
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.
Result 2024
€159.2m
Turnover
+€5.5m
Other operating income
+€6.8m
Services and other goods
-€8.1m
Staff costs
-€4.4m
Depreciation
-€16,912
Write-downs
-€669,906
Provisions
-€3.2m
Other operating charges
+€227,685
Financial income
-€111.6m
Financial charges
-€10.2m
Taxes
-€4.2m
Result 2025
€29.2m
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.
From operations
+€12.6m
Investment
+€58.9m
Financing
-€71.5m
Cash 2024
€165,490
From operations (derived)
+€12.6m
Net result for the year
+€29.2m
Depreciation
+€396,850
Receivables after one year
+€609,370
Receivables within one year
-€9.0m
Deferred charges and accrued income
-€368,995
Provisions
-€3.2m
Trade debts
-€3.3m
Tax, wage and social debts
-€728,851
Other debts
+€4,119
Accrued charges and deferred income
-€994,420
Investment (derived)
+€58.9m
Investment in fixed assets (net)
+€58.9m
Financing
-€71.5m
Current portion of long-term debt
-€46.5m
Short-term financial debts
+€19.7m
Contributions, distributions and other
-€44.7m
Cash 2025
€112,101
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,381,078,816 | €3,330,505,023 | -€50.6m | -1.5% |
| Fixed assets | 21/28 | €3,361,955,240 | €3,302,691,911 | -€59.3m | -1.8% |
| Intangible fixed assets | 21 | €237,070 | €173,876 | -€63,194 | -26.7% |
| Tangible fixed assets | 22/27 | €1,239,518 | €940,761 | -€298,756 | -24.1% |
| Furniture and vehicles | 24 | €337,965 | €274,158 | -€63,807 | -18.9% |
| Other tangible fixed assets | 26 | €901,552 | €666,603 | -€234,949 | -26.1% |
| Financial fixed assets | 28 | €3,360,478,652 | €3,301,577,273 | -€58.9m | -1.8% |
| Affiliated companies | 280/1 | €3,360,436,598 | €3,301,536,120 | -€58.9m | -1.8% |
| Participating interests | 280 | €3,071,534,656 | €2,604,134,177 | -€467.4m | -15.2% |
| Amounts receivable | 281 | €288,901,942 | €697,401,942 | +€408.5m | +141.4% |
| Companies linked by participating interests | 282/3 | €0 | €0 | = | 0.0% |
| Participating interests | 282 | €0 | €0 | = | 0.0% |
| Other financial fixed assets | 284/8 | €42,054 | €41,154 | -€900 | -2.1% |
| Shares | 284 | €3,054 | €3,054 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €39,000 | €38,100 | -€900 | -2.3% |
| Current assets | 29/58 | €19,123,575 | €27,813,112 | +€8.7m | +45.4% |
| Amounts receivable after more than one year | 29 | €4,065,439 | €3,456,070 | -€609,370 | -15.0% |
| Other amounts receivable | 291 | €4,065,439 | €3,456,070 | -€609,370 | -15.0% |
| Amounts receivable within one year | 40/41 | €10,561,101 | €19,544,401 | +€9.0m | +85.1% |
| Trade receivables | 40 | €6,411,788 | €17,878,140 | +€11.5m | +178.8% |
| Other amounts receivable | 41 | €4,149,313 | €1,666,260 | -€2.5m | -59.8% |
| Cash at bank and in hand | 54/58 | €165,490 | €112,101 | -€53,388 | -32.3% |
| Deferred charges and accrued income | 490/1 | €4,331,545 | €4,700,540 | +€368,995 | +8.5% |
| Total equity and liabilities | 10/49 | €3,381,078,816 | €3,330,505,023 | -€50.6m | -1.5% |
| Equity | 10/15 | €2,069,727,697 | €2,054,220,634 | -€15.5m | -0.7% |
| Contributions | 10/11 | €3,276,024 | €3,276,024 | = | 0.0% |
| Capital | 10 | €2,533,234 | €2,533,234 | = | 0.0% |
| Issued capital | 100 | €2,533,234 | €2,533,234 | = | 0.0% |
| Outside capital | 11 | €742,790 | €742,790 | = | 0.0% |
| Share premium | 1100/10 | €742,790 | €742,790 | = | 0.0% |
| Reserves | 13 | €2,066,451,673 | €2,050,905,910 | -€15.5m | -0.8% |
| Non-distributable reserves | 130/1 | €253,323 | €12,796,323 | +€12.5m | +4951.4% |
| Legal reserve | 130 | €253,323 | €12,796,323 | +€12.5m | +4951.4% |
| Distributable reserves | 133 | €2,066,198,350 | €2,038,109,587 | -€28.1m | -1.4% |
| Profit (loss) carried forward | 14 | - | €38,700 | +€38,700 | |
| Provisions and deferred taxes | 16 | €15,713,277 | €12,501,578 | -€3.2m | -20.4% |
| Provisions for liabilities and charges | 160/5 | €15,713,277 | €12,501,578 | -€3.2m | -20.4% |
| Pensions and similar obligations | 160 | €1,667,229 | €982,239 | -€684,990 | -41.1% |
| Other liabilities and charges | 164/5 | €14,046,048 | €11,519,339 | -€2.5m | -18.0% |
| Amounts payable | 17/49 | €1,295,637,842 | €1,263,782,811 | -€31.9m | -2.5% |
| Amounts payable after more than one year | 17 | €753,500,000 | €753,500,000 | = | 0.0% |
| Financial debts | 170/4 | €753,500,000 | €753,500,000 | = | 0.0% |
| Credit institutions | 173 | €753,500,000 | €753,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €531,278,677 | €500,418,066 | -€30.9m | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €46,500,000 | - | -€46.5m | |
| Financial debts | 43 | €378,529,814 | €398,208,614 | +€19.7m | +5.2% |
| Credit institutions | 430/8 | - | €76,175,000 | +€76.2m | |
| Other loans | 439 | €378,529,814 | €322,033,614 | -€56.5m | -14.9% |
| Trade debts | 44 | €9,798,206 | €6,483,527 | -€3.3m | -33.8% |
| Suppliers | 440/4 | €9,798,206 | €6,483,527 | -€3.3m | -33.8% |
| Taxes, remuneration and social security | 45 | €11,025,065 | €10,296,214 | -€728,851 | -6.6% |
| Taxes | 450/3 | €2,030,790 | €2,422,958 | +€392,168 | +19.3% |
| Remuneration and social security | 454/9 | €8,994,275 | €7,873,256 | -€1.1m | -12.5% |
| Other amounts payable | 47/48 | €85,425,592 | €85,429,711 | +€4,119 | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,859,165 | €9,864,745 | -€994,420 | -9.2% |
| Operating income | 70/76A | €61,780,632 | €74,084,790 | +€12.3m | +19.9% |
| Turnover | 70 | €53,168,276 | €58,655,320 | +€5.5m | +10.3% |
| Other operating income | 74 | €8,612,356 | €15,429,470 | +€6.8m | +79.2% |
| Operating charges | 60/66A | €56,109,787 | €72,376,649 | +€16.3m | +29.0% |
| Services and other goods | 61 | €32,038,637 | €40,180,176 | +€8.1m | +25.4% |
| Remuneration, social security and pensions | 62 | €31,518,989 | €35,941,166 | +€4.4m | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €379,938 | €396,850 | +€16,912 | +4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€669,906 | - | +€669,906 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€7,486,912 | -€4,242,900 | +€3.2m | +43.3% |
| Other operating charges | 640/8 | €329,042 | €101,357 | -€227,685 | -69.2% |
| Operating profit (loss) | 9901 | €5,670,845 | €1,708,140 | -€4.0m | -69.9% |
| Financial income | 75/76B | €180,864,657 | €69,301,453 | -€111.6m | -61.7% |
| Recurring financial income | 75 | €180,864,657 | €69,301,453 | -€111.6m | -61.7% |
| Income from financial fixed assets | 750 | €162,664,659 | €34,999,832 | -€127.7m | -78.5% |
| Income from current assets | 751 | €18,103,894 | €34,058,359 | +€16.0m | +88.1% |
| Other financial income | 752/9 | €96,104 | €243,262 | +€147,158 | +153.1% |
| Financial charges | 65/66B | €30,836,753 | €41,045,385 | +€10.2m | +33.1% |
| Recurring financial charges | 65 | €30,836,753 | €32,400,290 | +€1.6m | +5.1% |
| Debt charges | 650 | €28,344,454 | €31,659,295 | +€3.3m | +11.7% |
| Other financial charges | 652/9 | €2,492,300 | €740,995 | -€1.8m | -70.3% |
| Non-recurring financial charges | 66B | - | €8,645,094 | +€8.6m | |
| Profit (loss) for the period before taxes | 9903 | €155,698,748 | €29,964,209 | -€125.7m | -80.8% |
| Income taxes | 67/77 | -€3,490,173 | €753,637 | +€4.2m | |
| Taxes | 670/3 | €52,224 | €753,637 | +€701,413 | +1343.1% |
| Tax adjustments and reversals of tax provisions | 77 | €3,542,397 | - | -€3.5m | |
| Profit (loss) for the period | 9904 | €159,188,922 | €29,210,572 | -€130.0m | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €159,188,922 | €29,210,572 | -€130.0m | -81.7% |
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 7 October 2026 via checked.be.