ETHELEMENT: 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.
ETHELEMENT
Largest movements
- Cash -€18,030
down €18,030 (-92.7%), from €19,457 to €1,427
mainly Net result for the year (-€21,455) and Accrued charges and deferred income (-€3,856)
- Tangible fixed assets -€3,360
down €3,360 (-19.3%), from €17,438 to €14,078
of which Furniture and vehicles: -€3,108
- Receivables within one year -€1,677
down €1,677 (-66.2%), from €2,534 to €857
of which Other amounts receivable: -€969
- Profit (loss) carried forward -€21,455
down €21,455 (-13.8%), from -€155,060 to -€176,514
- Accrued charges and deferred income -€3,856
down €3,856 (-100.0%), from €3,856 to €0
- Other debts +€1,599
up €1,599 (+1.9%), from €82,632 to €84,231
- Financial charges -€196,181
down €196,181 (-99.9%), from €196,347 to €166
of which Non-recurring financial charges: -€189,902
- Gross operating margin -€60,012
down €60,012, from €43,886 to -€16,126
- Depreciation +€2,476
up €2,476 (+166.5%), from €1,487 to €3,963
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 | €41,851 | €18,543 | -€23,308 | -55.7% |
| Fixed assets | 21/28 | €17,438 | €14,078 | -€3,360 | -19.3% |
| Tangible fixed assets | 22/27 | €17,438 | €14,078 | -€3,360 | -19.3% |
| Plant, machinery and equipment | 23 | €318 | €66 | -€253 | -79.3% |
| Furniture and vehicles | 24 | €17,120 | €14,012 | -€3,108 | -18.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €24,413 | €4,465 | -€19,948 | -81.7% |
| Amounts receivable within one year | 40/41 | €2,534 | €857 | -€1,677 | -66.2% |
| Trade receivables | 40 | €753 | €45 | -€708 | -94.0% |
| Other amounts receivable | 41 | €1,782 | €812 | -€969 | -54.4% |
| Cash at bank and in hand | 54/58 | €19,457 | €1,427 | -€18,030 | -92.7% |
| Deferred charges and accrued income | 490/1 | €2,422 | €2,181 | -€241 | -10.0% |
| Total equity and liabilities | 10/49 | €41,851 | €18,543 | -€23,308 | -55.7% |
| Equity | 10/15 | -€44,748 | -€66,203 | -€21,455 | -47.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,712 | €91,712 | = | 0.0% |
| Distributable reserves | 133 | €91,712 | €91,712 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,060 | -€176,514 | -€21,455 | -13.8% |
| Amounts payable | 17/49 | €86,599 | €84,745 | -€1,854 | -2.1% |
| Amounts payable within one year | 42/48 | €82,743 | €84,745 | +€2,002 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | €54 | +€54 | |
| Credit institutions | 430/8 | €0 | €54 | +€54 | |
| Trade debts | 44 | €111 | €460 | +€349 | +314.0% |
| Suppliers | 440/4 | €111 | €460 | +€349 | +314.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €82,632 | €84,231 | +€1,599 | +1.9% |
| Accrued charges and deferred income | 492/3 | €3,856 | €0 | -€3,856 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,487 | €3,963 | +€2,476 | +166.5% |
| Other operating charges | 640/8 | €1,231 | €1,262 | +€31 | +2.5% |
| Gross operating margin | 9900 | €43,886 | -€16,126 | -€60,012 | |
| Operating profit (loss) | 9901 | €41,169 | -€21,351 | -€62,519 | |
| Financial income | 75/76B | - | €62 | +€62 | |
| Recurring financial income | 75 | - | €62 | +€62 | |
| Financial charges | 65/66B | €196,347 | €166 | -€196,181 | -99.9% |
| Recurring financial charges | 65 | €6,445 | €166 | -€6,279 | -97.4% |
| Non-recurring financial charges | 66B | €189,902 | €0 | -€189,902 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€155,179 | -€21,455 | +€133,724 | +86.2% |
| Income taxes | 67/77 | -€100 | €0 | +€100 | |
| Profit (loss) for the period | 9904 | -€155,079 | -€21,455 | +€133,624 | +86.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€155,079 | -€21,455 | +€133,624 | +86.2% |
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 10 October 2026 via checked.be.