ETHEL DRUART RAY: 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.
ETHEL DRUART RAY
Largest movements
- Cash +€5,029
up €5,029 (+240%), from €2,094 to €7,123
mainly Other debts (+€6,940) and Receivables within one year (+€2,092)
- Receivables within one year -€2,092
down €2,092 (-58.3%), from €3,592 to €1,499
of which Other amounts receivable: -€1,945
- Deferred charges and accrued income -€1,446
no longer reported in 2025 (was €1,446)
- Intangible fixed assets -€1,009
down €1,009 (-17.1%), from €5,910 to €4,901
- Profit (loss) carried forward -€9,605
down €9,605 (-241%), from -€3,981 to -€13,586
- Other debts +€6,940
up €6,940 (+446%), from €1,558 to €8,497
- Tax, wage and social debts +€2,057
up €2,057 (+59.4%), from €3,465 to €5,522
of which Taxes: +€1,172
- Trade debts +€1,090
new in 2025: €1,090
- Gross operating margin -€12,874
down €12,874, from €6,270 to -€6,604
- Financial charges -€567
down €567 (-79.9%), from €710 to €143
- Other operating charges +€405
up €405 (+584%), from €69 to €475
- Taxes +€354
up €354 (+91.2%), from €388 to €742
- Depreciation +€140
up €140 (+9.3%), from €1,504 to €1,644
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 | €13,042 | €13,523 | +€481 | +3.7% |
| Fixed assets | 21/28 | €5,910 | €4,901 | -€1,009 | -17.1% |
| Intangible fixed assets | 21 | €5,910 | €4,901 | -€1,009 | -17.1% |
| Current assets | 29/58 | €7,132 | €8,622 | +€1,490 | +20.9% |
| Amounts receivable within one year | 40/41 | €3,592 | €1,499 | -€2,092 | -58.3% |
| Trade receivables | 40 | €1,647 | €1,499 | -€147 | -8.9% |
| Other amounts receivable | 41 | €1,945 | - | -€1,945 | |
| Cash at bank and in hand | 54/58 | €2,094 | €7,123 | +€5,029 | +240% |
| Deferred charges and accrued income | 490/1 | €1,446 | - | -€1,446 | |
| Total equity and liabilities | 10/49 | €13,042 | €13,523 | +€481 | +3.7% |
| Equity | 10/15 | -€1,981 | -€11,586 | -€9,605 | -485% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,981 | -€13,586 | -€9,605 | -241% |
| Amounts payable | 17/49 | €15,023 | €25,109 | +€10,087 | +67.1% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Financial debts | 170/4 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,023 | €15,109 | +€10,087 | +201% |
| Trade debts | 44 | - | €1,090 | +€1,090 | |
| Suppliers | 440/4 | - | €1,090 | +€1,090 | |
| Taxes, remuneration and social security | 45 | €3,465 | €5,522 | +€2,057 | +59.4% |
| Taxes | 450/3 | €2,823 | €3,995 | +€1,172 | +41.5% |
| Remuneration and social security | 454/9 | €643 | €1,528 | +€885 | +138% |
| Other amounts payable | 47/48 | €1,558 | €8,497 | +€6,940 | +446% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,504 | €1,644 | +€140 | +9.3% |
| Other operating charges | 640/8 | €69 | €475 | +€405 | +584% |
| Gross operating margin | 9900 | €6,270 | -€6,604 | -€12,874 | |
| Operating profit (loss) | 9901 | €4,697 | -€8,723 | -€13,420 | |
| Financial income | 75/76B | €1 | €3 | +€2 | +113% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +113% |
| Financial charges | 65/66B | €710 | €143 | -€567 | -79.9% |
| Recurring financial charges | 65 | €710 | €143 | -€567 | -79.9% |
| Profit (loss) for the period before taxes | 9903 | €3,988 | -€8,863 | -€12,851 | |
| Income taxes | 67/77 | €388 | €742 | +€354 | +91.2% |
| Profit (loss) for the period | 9904 | €3,600 | -€9,605 | -€13,205 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,600 | -€9,605 | -€13,205 |
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 28 October 2026 via checked.be.