ETHEON: 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.
ETHEON
Largest movements
- Current investments +€25,295
up €25,295 (+53.1%), from €47,619 to €72,914
- Cash -€23,907
down €23,907 (-40.9%), from €58,384 to €34,476
mainly Current investments (-€25,295) and Contributions, distributions and other (-€22,436)
- Deferred charges and accrued income -€7,375
down €7,375 (-100%), from €7,375 to €0
- Receivables within one year +€2,292
up €2,292 (+37.4%), from €6,126 to €8,418
of which Trade receivables: +€1,715
- Reserves -€4,402
down €4,402 (-3.7%), from €118,747 to €114,345
- Tax, wage and social debts -€2,170
down €2,170 (-23.1%), from €9,386 to €7,216
- Other debts +€1,839
up €1,839 (+1,396%), from €132 to €1,971
- Gross operating margin -€5,299
down €5,299 (-16.2%), from €32,691 to €27,392
- Taxes -€1,067
down €1,067 (-18.6%), from €5,725 to €4,658
- Financial income +€534
up €534 (+286%), from €186 to €721
- Depreciation +€496
up €496 (+11.5%), from €4,321 to €4,817
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 | €135,342 | €130,631 | -€4,711 | -3.5% |
| Fixed assets | 21/28 | €15,838 | €14,823 | -€1,015 | -6.4% |
| Tangible fixed assets | 22/27 | €15,838 | €14,823 | -€1,015 | -6.4% |
| Land and buildings | 22 | - | €2,690 | +€2,690 | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €15,838 | €12,133 | -€3,705 | -23.4% |
| Current assets | 29/58 | €119,504 | €115,809 | -€3,695 | -3.1% |
| Amounts receivable within one year | 40/41 | €6,126 | €8,418 | +€2,292 | +37.4% |
| Trade receivables | 40 | €6,126 | €7,841 | +€1,715 | +28.0% |
| Other amounts receivable | 41 | - | €577 | +€577 | |
| Current investments | 50/53 | €47,619 | €72,914 | +€25,295 | +53.1% |
| Cash at bank and in hand | 54/58 | €58,384 | €34,476 | -€23,907 | -40.9% |
| Deferred charges and accrued income | 490/1 | €7,375 | €0 | -€7,375 | -100% |
| Total equity and liabilities | 10/49 | €135,342 | €130,631 | -€4,711 | -3.5% |
| Equity | 10/15 | €125,747 | €121,345 | -€4,402 | -3.5% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €118,747 | €114,345 | -€4,402 | -3.7% |
| Distributable reserves | 133 | €118,747 | €114,345 | -€4,402 | -3.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,595 | €9,287 | -€309 | -3.2% |
| Amounts payable within one year | 42/48 | €9,595 | €9,287 | -€309 | -3.2% |
| Trade debts | 44 | €77 | €100 | +€23 | +29.3% |
| Suppliers | 440/4 | €77 | €100 | +€23 | +29.3% |
| Taxes, remuneration and social security | 45 | €9,386 | €7,216 | -€2,170 | -23.1% |
| Taxes | 450/3 | €9,386 | €7,216 | -€2,170 | -23.1% |
| Other amounts payable | 47/48 | €132 | €1,971 | +€1,839 | +1,396% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,321 | €4,817 | +€496 | +11.5% |
| Other operating charges | 640/8 | €348 | €556 | +€208 | +60.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €32,691 | €27,392 | -€5,299 | -16.2% |
| Operating profit (loss) | 9901 | €28,023 | €22,019 | -€6,004 | -21.4% |
| Financial income | 75/76B | €186 | €721 | +€534 | +286% |
| Recurring financial income | 75 | €186 | €721 | +€534 | +286% |
| Financial charges | 65/66B | €48 | €47 | -€0 | -1.0% |
| Recurring financial charges | 65 | €48 | €47 | -€0 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €28,161 | €22,692 | -€5,469 | -19.4% |
| Income taxes | 67/77 | €5,725 | €4,658 | -€1,067 | -18.6% |
| Profit (loss) for the period | 9904 | €22,436 | €18,034 | -€4,402 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,436 | €18,034 | -€4,402 | -19.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.