ETHEL: 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.
ETHEL
Largest movements
- Cash +€14,690
new in 2025: €14,690
mainly Net result for the year (+€19,605) and Tax, wage and social debts (+€14,635)
- Receivables within one year +€8,305
up €8,305 (+42.8%), from €19,389 to €27,694
of which Trade receivables: +€4,252
- Tangible fixed assets +€1,215
up €1,215 (+16.4%), from €7,413 to €8,628
of which Furniture and vehicles: +€2,008
- Profit (loss) carried forward +€19,605
up €19,605 (+85.7%), from -€22,883 to -€3,278
- Tax, wage and social debts +€14,635
up €14,635 (+250.3%), from €5,848 to €20,484
of which Taxes: +€16,977
- Contributions -€8,302
down €8,302 (-98.8%), from €8,402 to €100
- Short-term financial debts -€6,242
down €6,242 (-74.5%), from €8,382 to €2,141
- Other debts +€3,681
new in 2025: €3,681
- Gross operating margin +€41,341
up €41,341, from -€13,086 to €28,254
- Taxes +€4,083
up €4,083 (+2563.9%), from €159 to €4,242
- Other operating charges +€1,408
up €1,408 (+213.1%), from €660 to €2,068
- Financial income +€1,019
up €1,019 (+5093.0%), from €20 to €1,039
- Financial charges +€607
up €607 (+100.6%), from €603 to €1,210
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 | €27,270 | €51,631 | +€24,361 | +89.3% |
| Fixed assets | 21/28 | €7,413 | €8,628 | +€1,215 | +16.4% |
| Tangible fixed assets | 22/27 | €7,413 | €8,628 | +€1,215 | +16.4% |
| Land and buildings | 22 | €1,867 | €1,622 | -€245 | -13.1% |
| Plant, machinery and equipment | 23 | €4,144 | €3,596 | -€548 | -13.2% |
| Furniture and vehicles | 24 | €1,403 | €3,410 | +€2,008 | +143.1% |
| Current assets | 29/58 | €19,857 | €43,004 | +€23,146 | +116.6% |
| Amounts receivable within one year | 40/41 | €19,389 | €27,694 | +€8,305 | +42.8% |
| Trade receivables | 40 | €6,796 | €11,049 | +€4,252 | +62.6% |
| Other amounts receivable | 41 | €12,592 | €16,645 | +€4,053 | +32.2% |
| Cash at bank and in hand | 54/58 | - | €14,690 | +€14,690 | |
| Deferred charges and accrued income | 490/1 | €468 | €620 | +€151 | +32.3% |
| Total equity and liabilities | 10/49 | €27,270 | €51,631 | +€24,361 | +89.3% |
| Equity | 10/15 | €9,655 | €20,958 | +€11,303 | +117.1% |
| Contributions | 10/11 | €8,402 | €100 | -€8,302 | -98.8% |
| Reserves | 13 | €24,135 | €24,135 | = | 0.0% |
| Distributable reserves | 133 | €24,135 | €24,135 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,883 | -€3,278 | +€19,605 | +85.7% |
| Amounts payable | 17/49 | €17,615 | €30,674 | +€13,058 | +74.1% |
| Amounts payable within one year | 42/48 | €17,615 | €29,844 | +€12,229 | +69.4% |
| Financial debts | 43 | €8,382 | €2,141 | -€6,242 | -74.5% |
| Credit institutions | 430/8 | €8,382 | €2,141 | -€6,242 | -74.5% |
| Trade debts | 44 | €3,385 | €3,539 | +€154 | +4.6% |
| Suppliers | 440/4 | €3,385 | €3,539 | +€154 | +4.6% |
| Taxes, remuneration and social security | 45 | €5,848 | €20,484 | +€14,635 | +250.3% |
| Taxes | 450/3 | €3,507 | €20,484 | +€16,977 | +484.1% |
| Remuneration and social security | 454/9 | €2,342 | €0 | -€2,342 | -100.0% |
| Other amounts payable | 47/48 | - | €3,681 | +€3,681 | |
| Accrued charges and deferred income | 492/3 | - | €829 | +€829 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,716 | €2,168 | -€549 | -20.2% |
| Other operating charges | 640/8 | €660 | €2,068 | +€1,408 | +213.1% |
| Gross operating margin | 9900 | -€13,086 | €28,254 | +€41,341 | |
| Operating profit (loss) | 9901 | -€16,463 | €24,019 | +€40,482 | |
| Financial income | 75/76B | €20 | €1,039 | +€1,019 | +5093.0% |
| Recurring financial income | 75 | €20 | €1,039 | +€1,019 | +5093.0% |
| Financial charges | 65/66B | €603 | €1,210 | +€607 | +100.6% |
| Recurring financial charges | 65 | €603 | €1,210 | +€607 | +100.6% |
| Profit (loss) for the period before taxes | 9903 | -€17,046 | €23,847 | +€40,894 | |
| Income taxes | 67/77 | €159 | €4,242 | +€4,083 | +2563.9% |
| Profit (loss) for the period | 9904 | -€17,206 | €19,605 | +€36,810 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,206 | €19,605 | +€36,810 |
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.