ETHIAS LEASE: 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.
ETHIAS LEASE
Largest movements
- Tangible fixed assets +€49.2m
up €49.2m (+367%), from €13.4m to €62.6m
- Cash +€5.4m
up €5.4m (+205%), from €2.6m to €8.0m
mainly Debts after one year (+€45.8m) and Contributions, distributions and other (+€7.0m)
- Receivables within one year +€2.8m
up €2.8m (+199%), from €1.4m to €4.2m
of which Other amounts receivable: +€1.6m
- Debts after one year +€45.8m
up €45.8m (+384%), from €11.9m to €57.7m
- Contributions +€7.0m
up €7.0m (+156%), from €4.5m to €11.5m
- Profit (loss) carried forward -€6.6m
down €6.6m (-269%), from -€2.5m to -€9.1m
- Current portion of long-term debt +€6.2m
up €6.2m (+499%), from €1.2m to €7.5m
- Provisions +€5.6m
up €5.6m (+1,453%), from €385,394 to €6.0m
- Gross operating margin +€6.2m
up €6.2m, from -€853,299 to €5.3m
- Provisions +€5.2m
up €5.2m (+1,353%), from €385,394 to €5.6m
- Depreciation +€3.7m
up €3.7m (+847%), from €435,345 to €4.1m
- Financial charges +€1.2m
up €1.2m (+954%), from €124,346 to €1.3m
- Staff costs +€214,847
up €214,847 (+31.0%), from €692,573 to €907,419
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 | €17,497,643 | €75,078,830 | +€57.6m | +329% |
| Fixed assets | 21/28 | €13,405,830 | €62,574,176 | +€49.2m | +367% |
| Tangible fixed assets | 22/27 | €13,405,830 | €62,574,176 | +€49.2m | +367% |
| Other tangible fixed assets | 26 | €13,405,830 | €62,574,176 | +€49.2m | +367% |
| Current assets | 29/58 | €4,091,813 | €12,504,654 | +€8.4m | +206% |
| Amounts receivable within one year | 40/41 | €1,399,055 | €4,178,352 | +€2.8m | +199% |
| Trade receivables | 40 | €342,497 | €1,485,745 | +€1.1m | +334% |
| Other amounts receivable | 41 | €1,056,558 | €2,692,607 | +€1.6m | +155% |
| Cash at bank and in hand | 54/58 | €2,617,758 | €7,985,552 | +€5.4m | +205% |
| Deferred charges and accrued income | 490/1 | €75,000 | €340,750 | +€265,750 | +354% |
| Total equity and liabilities | 10/49 | €17,497,643 | €75,078,830 | +€57.6m | +329% |
| Equity | 10/15 | €2,034,641 | €2,408,074 | +€373,433 | +18.4% |
| Contributions | 10/11 | €4,500,000 | €11,500,000 | +€7.0m | +156% |
| Capital | 10 | €4,500,000 | €11,500,000 | +€7.0m | +156% |
| Issued capital | 100 | €4,500,000 | €11,500,000 | +€7.0m | +156% |
| Profit (loss) carried forward | 14 | -€2,465,359 | -€9,091,926 | -€6.6m | -269% |
| Provisions and deferred taxes | 16 | €385,394 | €5,986,200 | +€5.6m | +1,453% |
| Provisions for liabilities and charges | 160/5 | €385,394 | €5,986,200 | +€5.6m | +1,453% |
| Other liabilities and charges | 164/5 | €385,394 | €5,986,200 | +€5.6m | +1,453% |
| Amounts payable | 17/49 | €15,077,608 | €66,684,556 | +€51.6m | +342% |
| Amounts payable after more than one year | 17 | €11,914,183 | €57,721,794 | +€45.8m | +384% |
| Financial debts | 170/4 | €11,914,183 | €57,721,794 | +€45.8m | +384% |
| Amounts payable within one year | 42/48 | €3,137,831 | €8,859,863 | +€5.7m | +182% |
| Current portion of amounts payable after more than one year | 42 | €1,249,735 | €7,482,631 | +€6.2m | +499% |
| Trade debts | 44 | €1,685,849 | €1,150,937 | -€534,912 | -31.7% |
| Suppliers | 440/4 | €1,685,849 | €1,150,937 | -€534,912 | -31.7% |
| Advances received on contracts in progress | 46 | €137,556 | €164,700 | +€27,144 | +19.7% |
| Taxes, remuneration and social security | 45 | €58,441 | €55,580 | -€2,861 | -4.9% |
| Remuneration and social security | 454/9 | €58,441 | €55,580 | -€2,861 | -4.9% |
| Other amounts payable | 47/48 | €6,250 | €6,015 | -€236 | -3.8% |
| Accrued charges and deferred income | 492/3 | €25,595 | €102,899 | +€77,304 | +302% |
| Remuneration, social security and pensions | 62 | €692,573 | €907,419 | +€214,847 | +31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €435,345 | €4,122,543 | +€3.7m | +847% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €385,394 | €5,600,806 | +€5.2m | +1,353% |
| Non-recurring operating charges | 66A | - | €43,196 | +€43,196 | |
| Gross operating margin | 9900 | -€853,299 | €5,303,045 | +€6.2m | |
| Operating profit (loss) | 9901 | -€2,366,611 | -€5,370,920 | -€3.0m | -127% |
| Financial income | 75/76B | €25,597 | €55,266 | +€29,669 | +116% |
| Recurring financial income | 75 | €25,597 | €55,266 | +€29,669 | +116% |
| Financial charges | 65/66B | €124,346 | €1,310,913 | +€1.2m | +954% |
| Recurring financial charges | 65 | €124,346 | €1,310,913 | +€1.2m | +954% |
| Profit (loss) for the period before taxes | 9903 | -€2,465,359 | -€6,626,567 | -€4.2m | -169% |
| Profit (loss) for the period | 9904 | -€2,465,359 | -€6,626,567 | -€4.2m | -169% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,465,359 | -€6,626,567 | -€4.2m | -169% |
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 21 October 2026 via checked.be.