ETH Europe: 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.
ETH Europe
Largest movements
- Cash -€10,029
down €10,029 (-41.4%), from €24,220 to €14,191
mainly Other debts (-€15,099) and Investment in fixed assets (net) (-€1,919)
- Other debts -€15,099
down €15,099 (-8.3%), from €182,822 to €167,724
- Trade debts +€4,484
up €4,484 (+188%), from €2,386 to €6,870
- Staff costs +€19,050
up €19,050 (+11.7%), from €163,489 to €182,540
- Gross operating margin +€18,974
up €18,974 (+11.0%), from €173,146 to €192,120
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 | €238,111 | €228,574 | -€9,536 | -4.0% |
| Fixed assets | 21/28 | €1,784 | €2,747 | +€963 | +54.0% |
| Tangible fixed assets | 22/27 | €1,784 | €2,747 | +€963 | +54.0% |
| Plant, machinery and equipment | 23 | €661 | €392 | -€269 | -40.7% |
| Furniture and vehicles | 24 | €1,123 | €2,355 | +€1,232 | +110% |
| Current assets | 29/58 | €236,327 | €225,827 | -€10,499 | -4.4% |
| Amounts receivable within one year | 40/41 | €208,599 | €207,014 | -€1,585 | -0.8% |
| Trade receivables | 40 | €207,596 | €205,487 | -€2,109 | -1.0% |
| Other amounts receivable | 41 | €1,003 | €1,527 | +€524 | +52.2% |
| Cash at bank and in hand | 54/58 | €24,220 | €14,191 | -€10,029 | -41.4% |
| Deferred charges and accrued income | 490/1 | €3,508 | €4,623 | +€1,115 | +31.8% |
| Total equity and liabilities | 10/49 | €238,111 | €228,574 | -€9,536 | -4.0% |
| Equity | 10/15 | €38,742 | €40,953 | +€2,212 | +5.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €6,076 | €6,076 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €6,076 | €6,076 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,665 | €14,877 | +€2,212 | +17.5% |
| Amounts payable | 17/49 | €199,369 | €187,621 | -€11,748 | -5.9% |
| Amounts payable within one year | 42/48 | €199,369 | €187,621 | -€11,748 | -5.9% |
| Trade debts | 44 | €2,386 | €6,870 | +€4,484 | +188% |
| Suppliers | 440/4 | €2,386 | €6,870 | +€4,484 | +188% |
| Taxes, remuneration and social security | 45 | €14,161 | €13,027 | -€1,133 | -8.0% |
| Taxes | 450/3 | €8,858 | €9,143 | +€285 | +3.2% |
| Remuneration and social security | 454/9 | €5,303 | €3,885 | -€1,418 | -26.7% |
| Other amounts payable | 47/48 | €182,822 | €167,724 | -€15,099 | -8.3% |
| Remuneration, social security and pensions | 62 | €163,489 | €182,540 | +€19,050 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €665 | €956 | +€291 | +43.8% |
| Other operating charges | 640/8 | €705 | €760 | +€54 | +7.7% |
| Gross operating margin | 9900 | €173,146 | €192,120 | +€18,974 | +11.0% |
| Operating profit (loss) | 9901 | €8,286 | €7,865 | -€422 | -5.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €3,223 | €2,856 | -€367 | -11.4% |
| Recurring financial charges | 65 | €3,223 | €2,856 | -€367 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €5,063 | €5,009 | -€54 | -1.1% |
| Income taxes | 67/77 | €4,421 | €2,797 | -€1,624 | -36.7% |
| Profit (loss) for the period | 9904 | €642 | €2,212 | +€1,569 | +244% |
| Profit (loss) for the period to be appropriated | 9905 | €642 | €2,212 | +€1,569 | +244% |
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 27 October 2026 via checked.be.