ETHA: 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.
ETHA
Largest movements
- Receivables within one year -€21,715
down €21,715 (-7.7%), from €281,726 to €260,011
of which Other amounts receivable: -€20,165
- Receivables after one year -€11,671
down €11,671 (-13.2%), from €88,559 to €76,888
- Cash -€11,277
down €11,277 (-35.0%), from €32,217 to €20,941
mainly Contributions, distributions and other (-€27,000) and Tax, wage and social debts (-€22,016)
- Tangible fixed assets -€4,462
down €4,462 (-29.0%), from €15,376 to €10,914
of which Furniture and vehicles: -€4,060
- Tax, wage and social debts -€22,016
down €22,016 (-53.3%), from €41,312 to €19,296
- Other debts -€21,000
down €21,000 (-46.7%), from €45,000 to €24,000
- Trade debts -€7,123
down €7,123 (-3.6%), from €196,096 to €188,973
- Gross operating margin -€24,338
down €24,338 (-36.7%), from €66,343 to €42,005
- Taxes -€6,074
down €6,074 (-53.6%), from €11,324 to €5,251
- Depreciation +€2,212
up €2,212 (+45.3%), from €4,883 to €7,095
- Other operating charges -€972
down €972 (-36.6%), from €2,651 to €1,679
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 | €420,105 | €370,571 | -€49,534 | -11.8% |
| Fixed assets | 21/28 | €15,376 | €10,914 | -€4,462 | -29.0% |
| Tangible fixed assets | 22/27 | €15,376 | €10,914 | -€4,462 | -29.0% |
| Plant, machinery and equipment | 23 | €1,766 | €1,364 | -€402 | -22.8% |
| Furniture and vehicles | 24 | €13,610 | €9,550 | -€4,060 | -29.8% |
| Current assets | 29/58 | €404,729 | €359,657 | -€45,072 | -11.1% |
| Amounts receivable after more than one year | 29 | €88,559 | €76,888 | -€11,671 | -13.2% |
| Other amounts receivable | 291 | €88,559 | €76,888 | -€11,671 | -13.2% |
| Amounts receivable within one year | 40/41 | €281,726 | €260,011 | -€21,715 | -7.7% |
| Trade receivables | 40 | €219,740 | €218,189 | -€1,551 | -0.7% |
| Other amounts receivable | 41 | €61,986 | €41,821 | -€20,165 | -32.5% |
| Cash at bank and in hand | 54/58 | €32,217 | €20,941 | -€11,277 | -35.0% |
| Deferred charges and accrued income | 490/1 | €2,227 | €1,818 | -€409 | -18.4% |
| Total equity and liabilities | 10/49 | €420,105 | €370,571 | -€49,534 | -11.8% |
| Equity | 10/15 | €135,598 | €136,204 | +€605 | +0.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,598 | €114,204 | +€605 | +0.5% |
| Amounts payable | 17/49 | €284,507 | €234,368 | -€50,139 | -17.6% |
| Amounts payable within one year | 42/48 | €284,507 | €234,368 | -€50,139 | -17.6% |
| Trade debts | 44 | €196,096 | €188,973 | -€7,123 | -3.6% |
| Suppliers | 440/4 | €196,096 | €188,973 | -€7,123 | -3.6% |
| Advances received on contracts in progress | 46 | €2,099 | €2,099 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €41,312 | €19,296 | -€22,016 | -53.3% |
| Taxes | 450/3 | €41,312 | €19,296 | -€22,016 | -53.3% |
| Other amounts payable | 47/48 | €45,000 | €24,000 | -€21,000 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,883 | €7,095 | +€2,212 | +45.3% |
| Other operating charges | 640/8 | €2,651 | €1,679 | -€972 | -36.6% |
| Gross operating margin | 9900 | €66,343 | €42,005 | -€24,338 | -36.7% |
| Operating profit (loss) | 9901 | €58,809 | €33,231 | -€25,578 | -43.5% |
| Financial income | 75/76B | €203 | €51 | -€152 | -74.8% |
| Recurring financial income | 75 | €203 | €51 | -€152 | -74.8% |
| Financial charges | 65/66B | €320 | €426 | +€106 | +33.2% |
| Recurring financial charges | 65 | €320 | €426 | +€106 | +33.2% |
| Profit (loss) for the period before taxes | 9903 | €58,692 | €32,856 | -€25,836 | -44.0% |
| Income taxes | 67/77 | €11,324 | €5,251 | -€6,074 | -53.6% |
| Profit (loss) for the period | 9904 | €47,368 | €27,605 | -€19,763 | -41.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,368 | €27,605 | -€19,763 | -41.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.