ETHERNUM: 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.
ETHERNUM
Largest movements
- Receivables within one year -€114,092
down €114,092 (-65.0%), from €175,609 to €61,517
of which Other amounts receivable: -€150,061
- Tangible fixed assets +€16,835
up €16,835 (+84.5%), from €19,918 to €36,753
of which Furniture and vehicles: +€16,954
- Cash -€9,421
down €9,421 (-30.3%), from €31,117 to €21,697
mainly Trade debts (-€158,316) and Investment in fixed assets (net) (-€28,343)
- Trade debts -€158,316
down €158,316 (-65.1%), from €243,097 to €84,781
- Other debts +€47,373
up €47,373 (+256%), from €18,523 to €65,896
- Accrued charges and deferred income +€19,145
new in 2025: €19,145
- Tax, wage and social debts -€16,033
down €16,033 (-100%), from €16,033 to €0
of which Taxes: -€11,112
- Gross operating margin +€81,107
up €81,107, from -€62,234 to €18,873
- Depreciation +€7,136
up €7,136 (+163%), from €4,372 to €11,508
- Other operating charges +€3,367
up €3,367 (+186%), from €1,806 to €5,173
- Financial charges +€979
up €979 (+457%), from €214 to €1,194
- Financial income +€690
up €690 (+886%), from €78 to €768
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 | €226,917 | €120,256 | -€106,661 | -47.0% |
| Fixed assets | 21/28 | €19,918 | €36,753 | +€16,835 | +84.5% |
| Tangible fixed assets | 22/27 | €19,918 | €36,753 | +€16,835 | +84.5% |
| Plant, machinery and equipment | 23 | €19,233 | €19,113 | -€119 | -0.6% |
| Furniture and vehicles | 24 | €686 | €17,640 | +€16,954 | +2,472% |
| Current assets | 29/58 | €206,998 | €83,503 | -€123,495 | -59.7% |
| Amounts receivable within one year | 40/41 | €175,609 | €61,517 | -€114,092 | -65.0% |
| Trade receivables | 40 | €15,353 | €51,322 | +€35,969 | +234% |
| Other amounts receivable | 41 | €160,256 | €10,195 | -€150,061 | -93.6% |
| Cash at bank and in hand | 54/58 | €31,117 | €21,697 | -€9,421 | -30.3% |
| Deferred charges and accrued income | 490/1 | €272 | €289 | +€17 | +6.3% |
| Total equity and liabilities | 10/49 | €226,917 | €120,256 | -€106,661 | -47.0% |
| Equity | 10/15 | -€50,769 | -€49,566 | +€1,203 | +2.4% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €16,991 | €16,991 | = | 0.0% |
| Distributable reserves | 133 | €16,991 | €16,991 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,761 | -€66,558 | +€1,203 | +1.8% |
| Amounts payable | 17/49 | €277,686 | €169,822 | -€107,864 | -38.8% |
| Amounts payable within one year | 42/48 | €277,686 | €150,677 | -€127,009 | -45.7% |
| Financial debts | 43 | €32 | €0 | -€32 | -100% |
| Credit institutions | 430/8 | €32 | €0 | -€32 | -100% |
| Trade debts | 44 | €243,097 | €84,781 | -€158,316 | -65.1% |
| Suppliers | 440/4 | €243,097 | €84,781 | -€158,316 | -65.1% |
| Taxes, remuneration and social security | 45 | €16,033 | €0 | -€16,033 | -100% |
| Taxes | 450/3 | €11,112 | €0 | -€11,112 | -100% |
| Remuneration and social security | 454/9 | €4,921 | €0 | -€4,921 | -100% |
| Other amounts payable | 47/48 | €18,523 | €65,896 | +€47,373 | +256% |
| Accrued charges and deferred income | 492/3 | - | €19,145 | +€19,145 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,372 | €11,508 | +€7,136 | +163% |
| Other operating charges | 640/8 | €1,806 | €5,173 | +€3,367 | +186% |
| Gross operating margin | 9900 | -€62,234 | €18,873 | +€81,107 | |
| Operating profit (loss) | 9901 | -€68,412 | €2,191 | +€70,603 | |
| Financial income | 75/76B | €78 | €768 | +€690 | +886% |
| Recurring financial income | 75 | €78 | €768 | +€690 | +886% |
| Financial charges | 65/66B | €214 | €1,194 | +€979 | +457% |
| Recurring financial charges | 65 | €214 | €1,194 | +€979 | +457% |
| Profit (loss) for the period before taxes | 9903 | -€68,549 | €1,766 | +€70,315 | |
| Income taxes | 67/77 | - | €563 | +€563 | |
| Profit (loss) for the period | 9904 | -€68,549 | €1,203 | +€69,752 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68,549 | €1,203 | +€69,752 |
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 25 October 2026 via checked.be.