ETH CONCEPT: 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.
ETH CONCEPT
Largest movements
- Receivables within one year +€24,331
up €24,331 (+20.8%), from €116,865 to €141,196
of which Other amounts receivable: +€23,727
- Tangible fixed assets -€22,527
down €22,527 (-31.0%), from €72,712 to €50,185
of which Furniture and vehicles: -€17,223
- Cash +€4,546
up €4,546 (+13638.4%), from €33 to €4,579
mainly Trade debts (+€119,305) and Depreciation (+€24,421)
- Deferred charges and accrued income +€2,340
up €2,340 (+566.6%), from €413 to €2,753
- Profit (loss) carried forward -€126,841
down €126,841, from €107,186 to -€19,655
- Trade debts +€119,305
up €119,305 (+236.2%), from €50,505 to €169,810
- Other debts +€17,471
up €17,471 (+327.6%), from €5,334 to €22,805
- Tax, wage and social debts -€2,625
down €2,625 (-11.2%), from €23,498 to €20,873
of which Remuneration and social security: -€2,678
- Gross operating margin -€181,719
down €181,719, from €157,610 to -€24,109
- Staff costs +€23,136
up €23,136 (+52.3%), from €44,197 to €67,333
- Taxes -€18,888
down €18,888 (-98.8%), from €19,111 to €223
- Other operating charges +€8,168
up €8,168 (+451.9%), from €1,807 to €9,975
- Depreciation +€3,875
up €3,875 (+18.9%), from €20,546 to €24,421
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 | €190,023 | €198,713 | +€8,690 | +4.6% |
| Fixed assets | 21/28 | €72,712 | €50,185 | -€22,527 | -31.0% |
| Tangible fixed assets | 22/27 | €72,712 | €50,185 | -€22,527 | -31.0% |
| Plant, machinery and equipment | 23 | €10,477 | €5,173 | -€5,304 | -50.6% |
| Furniture and vehicles | 24 | €62,235 | €45,012 | -€17,223 | -27.7% |
| Current assets | 29/58 | €117,311 | €148,528 | +€31,217 | +26.6% |
| Amounts receivable within one year | 40/41 | €116,865 | €141,196 | +€24,331 | +20.8% |
| Trade receivables | 40 | €115,628 | €116,232 | +€604 | +0.5% |
| Other amounts receivable | 41 | €1,237 | €24,964 | +€23,727 | +1918.7% |
| Cash at bank and in hand | 54/58 | €33 | €4,579 | +€4,546 | +13638.4% |
| Deferred charges and accrued income | 490/1 | €413 | €2,753 | +€2,340 | +566.6% |
| Total equity and liabilities | 10/49 | €190,023 | €198,713 | +€8,690 | +4.6% |
| Equity | 10/15 | €110,686 | -€16,155 | -€126,841 | |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,186 | -€19,655 | -€126,841 | |
| Amounts payable | 17/49 | €79,337 | €214,868 | +€135,531 | +170.8% |
| Amounts payable within one year | 42/48 | €79,337 | €213,488 | +€134,151 | +169.1% |
| Trade debts | 44 | €50,505 | €169,810 | +€119,305 | +236.2% |
| Suppliers | 440/4 | €50,505 | €169,810 | +€119,305 | +236.2% |
| Taxes, remuneration and social security | 45 | €23,498 | €20,873 | -€2,625 | -11.2% |
| Taxes | 450/3 | €19,898 | €19,951 | +€53 | +0.3% |
| Remuneration and social security | 454/9 | €3,600 | €922 | -€2,678 | -74.4% |
| Other amounts payable | 47/48 | €5,334 | €22,805 | +€17,471 | +327.6% |
| Accrued charges and deferred income | 492/3 | - | €1,380 | +€1,380 | |
| Remuneration, social security and pensions | 62 | €44,197 | €67,333 | +€23,136 | +52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,546 | €24,421 | +€3,875 | +18.9% |
| Other operating charges | 640/8 | €1,807 | €9,975 | +€8,168 | +451.9% |
| Non-recurring operating charges | 66A | €229 | - | -€229 | |
| Gross operating margin | 9900 | €157,610 | -€24,109 | -€181,719 | |
| Operating profit (loss) | 9901 | €90,830 | -€125,838 | -€216,668 | |
| Financial income | 75/76B | €366 | - | -€366 | |
| Recurring financial income | 75 | €366 | - | -€366 | |
| Financial charges | 65/66B | €906 | €780 | -€126 | -13.9% |
| Recurring financial charges | 65 | €906 | €780 | -€126 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €90,291 | -€126,618 | -€216,909 | |
| Income taxes | 67/77 | €19,111 | €223 | -€18,888 | -98.8% |
| Profit (loss) for the period | 9904 | €71,179 | -€126,841 | -€198,020 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,179 | -€126,841 | -€198,020 |
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 3 October 2026 via checked.be.