ETHEBA: 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.
ETHEBA
Largest movements
- Receivables within one year +€19,360
new in 2025: €19,360
- Tangible fixed assets -€9,311
down €9,311 (-11.4%), from €81,770 to €72,459
of which Land and buildings: -€8,290
- Reserves +€22,215
up €22,215 (+22.9%), from €96,975 to €119,190
- Debts after one year -€21,624
down €21,624 (-30.3%), from €71,276 to €49,653
- Trade debts +€6,565
up €6,565 (+487.8%), from €1,346 to €7,910
- Depreciation +€4,188
up €4,188 (+81.7%), from €5,124 to €9,311
- Taxes +€975
up €975 (+7.3%), from €13,386 to €14,361
- Financial charges -€574
down €574 (-28.3%), from €2,029 to €1,455
- Gross operating margin -€514
down €514 (-1.1%), from €48,244 to €47,730
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 | €236,464 | €247,783 | +€11,319 | +4.8% |
| Fixed assets | 21/28 | €231,770 | €222,459 | -€9,311 | -4.0% |
| Tangible fixed assets | 22/27 | €81,770 | €72,459 | -€9,311 | -11.4% |
| Land and buildings | 22 | €78,756 | €70,466 | -€8,290 | -10.5% |
| Furniture and vehicles | 24 | €3,014 | €1,993 | -€1,021 | -33.9% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €4,694 | €25,325 | +€20,631 | +439.5% |
| Amounts receivable within one year | 40/41 | - | €19,360 | +€19,360 | |
| Trade receivables | 40 | - | €19,360 | +€19,360 | |
| Cash at bank and in hand | 54/58 | €4,694 | €5,965 | +€1,271 | +27.1% |
| Total equity and liabilities | 10/49 | €236,464 | €247,783 | +€11,319 | +4.8% |
| Equity | 10/15 | €97,975 | €120,190 | +€22,215 | +22.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €96,975 | €119,190 | +€22,215 | +22.9% |
| Distributable reserves | 133 | €96,975 | €119,190 | +€22,215 | +22.9% |
| Amounts payable | 17/49 | €138,489 | €127,593 | -€10,896 | -7.9% |
| Amounts payable after more than one year | 17 | €71,276 | €49,653 | -€21,624 | -30.3% |
| Financial debts | 170/4 | €71,276 | €49,653 | -€21,624 | -30.3% |
| Amounts payable within one year | 42/48 | €67,213 | €76,075 | +€8,862 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €21,355 | €21,624 | +€269 | +1.3% |
| Trade debts | 44 | €1,346 | €7,910 | +€6,565 | +487.8% |
| Suppliers | 440/4 | €1,346 | €7,910 | +€6,565 | +487.8% |
| Taxes, remuneration and social security | 45 | €8,436 | €8,615 | +€179 | +2.1% |
| Taxes | 450/3 | €8,436 | €8,615 | +€179 | +2.1% |
| Other amounts payable | 47/48 | €36,076 | €37,926 | +€1,850 | +5.1% |
| Accrued charges and deferred income | 492/3 | - | €1,866 | +€1,866 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,124 | €9,311 | +€4,188 | +81.7% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €48,244 | €47,730 | -€514 | -1.1% |
| Operating profit (loss) | 9901 | €42,736 | €38,031 | -€4,705 | -11.0% |
| Financial charges | 65/66B | €2,029 | €1,455 | -€574 | -28.3% |
| Recurring financial charges | 65 | €2,029 | €1,455 | -€574 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €40,707 | €36,576 | -€4,131 | -10.1% |
| Income taxes | 67/77 | €13,386 | €14,361 | +€975 | +7.3% |
| Profit (loss) for the period | 9904 | €27,320 | €22,215 | -€5,105 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,320 | €22,215 | -€5,105 | -18.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.