ETHAN: 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.
ETHAN
Largest movements
- Cash +€14,015
up €14,015 (+3.9%), from €363,221 to €377,236
mainly Depreciation (+€18,522) and Net result for the year (+€9,958)
- Tangible fixed assets -€12,127
down €12,127 (-53.1%), from €22,839 to €10,712
- Receivables within one year +€7,015
up €7,015 (+67.5%), from €10,395 to €17,410
of which Trade receivables: +€7,115
- Profit (loss) carried forward +€9,958
up €9,958 (+38.3%), from -€26,014 to -€16,056
- Gross operating margin +€2,447
up €2,447 (+9.0%), from €27,238 to €29,685
- Financial charges +€411
up €411 (+220.1%), from €187 to €597
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 | €397,177 | €405,651 | +€8,474 | +2.1% |
| Fixed assets | 21/28 | €22,839 | €10,712 | -€12,127 | -53.1% |
| Tangible fixed assets | 22/27 | €22,839 | €10,712 | -€12,127 | -53.1% |
| Furniture and vehicles | 24 | €22,839 | €10,712 | -€12,127 | -53.1% |
| Current assets | 29/58 | €374,339 | €394,940 | +€20,601 | +5.5% |
| Amounts receivable within one year | 40/41 | €10,395 | €17,410 | +€7,015 | +67.5% |
| Trade receivables | 40 | €7,695 | €14,810 | +€7,115 | +92.5% |
| Other amounts receivable | 41 | €2,700 | €2,600 | -€100 | -3.7% |
| Cash at bank and in hand | 54/58 | €363,221 | €377,236 | +€14,015 | +3.9% |
| Deferred charges and accrued income | 490/1 | €723 | €294 | -€429 | -59.4% |
| Total equity and liabilities | 10/49 | €397,177 | €405,651 | +€8,474 | +2.1% |
| Equity | 10/15 | €390,981 | €400,939 | +€9,958 | +2.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €410,795 | €410,795 | = | 0.0% |
| Distributable reserves | 133 | €410,795 | €410,795 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,014 | -€16,056 | +€9,958 | +38.3% |
| Amounts payable | 17/49 | €6,196 | €4,713 | -€1,484 | -23.9% |
| Amounts payable within one year | 42/48 | €6,196 | €4,713 | -€1,484 | -23.9% |
| Financial debts | 43 | €218 | €0 | -€218 | -100.0% |
| Credit institutions | 430/8 | €218 | €0 | -€218 | -100.0% |
| Trade debts | 44 | €3,114 | €3,368 | +€255 | +8.2% |
| Suppliers | 440/4 | €3,114 | €3,368 | +€255 | +8.2% |
| Taxes, remuneration and social security | 45 | €2,783 | €1,073 | -€1,710 | -61.4% |
| Taxes | 450/3 | €2,783 | €1,073 | -€1,710 | -61.4% |
| Other amounts payable | 47/48 | €81 | €271 | +€190 | +234.5% |
| Non-recurring operating income | 76A | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,251 | €18,522 | +€270 | +1.5% |
| Other operating charges | 640/8 | €484 | €500 | +€16 | +3.2% |
| Gross operating margin | 9900 | €27,238 | €29,685 | +€2,447 | +9.0% |
| Operating profit (loss) | 9901 | €8,502 | €10,663 | +€2,161 | +25.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €187 | €597 | +€411 | +220.1% |
| Recurring financial charges | 65 | €187 | €597 | +€411 | +220.1% |
| Profit (loss) for the period before taxes | 9903 | €8,316 | €10,066 | +€1,750 | +21.0% |
| Income taxes | 67/77 | €108 | €108 | = | 0.0% |
| Profit (loss) for the period | 9904 | €8,208 | €9,958 | +€1,750 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,208 | €9,958 | +€1,750 | +21.3% |
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 4 October 2026 via checked.be.