Ethias Solution: what changed
Two fiscal 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.
What changed
Ethias Solution
NACE 82.990, Other business support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€531,352
2024 · €805,566-€274,214
Equity
€4.5m
2024 · €4.3m+€212,352
Cash
€3.0m
2024 · €4.5m-€1.5m
Balance sheet total
€6.6m
2024 · €8.0m-€1.4m
Largest movements
Assets
- Cash -€1.5m
down €1.5m (-33.0%), from €4.5m to €3.0m
mainly Advances received (-€906,414) and Trade debts (-€582,060)
- Financial fixed assets +€335,458
new in 2025: €335,458
- Receivables within one year -€213,423
down €213,423 (-6.2%), from €3.5m to €3.3m
of which Trade receivables: -€373,533
Equity and liabilities
- Advances received -€906,414
down €906,414 (-39.3%), from €2.3m to €1.4m
- Trade debts -€582,060
down €582,060 (-63.4%), from €917,585 to €335,525
- Profit (loss) carried forward +€185,752
up €185,752 (+41.7%), from €445,575 to €631,327
Income statement
- Services and other goods +€278,838
up €278,838 (+8.6%), from €3.3m to €3.5m
- Turnover -€125,968
down €125,968 (-3.0%), from €4.3m to €4.1m
- Write-downs -€115,926
down €115,926, from €67,492 to -€48,434
- Taxes -€89,700
down €89,700 (-33.3%), from €269,000 to €179,300
of which Taxes: -€89,740
- Financial income -€69,821
down €69,821 (-48.8%), from €143,159 to €73,338
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.
Result 2024
€805,566
Turnover
-€125,968
Other operating income
-€282
Services and other goods
-€278,838
Write-downs
+€115,926
Other operating charges
-€1,110
Other operating items
-€4,963
Financial income
-€69,821
Financial charges
+€1,142
Taxes
+€89,700
Result 2025
€531,352
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.
From operations
-€825,167
Investment
-€335,458
Financing
-€319,000
Cash 2024
€4.5m
From operations (derived)
-€825,167
Net result for the year
+€531,352
Depreciation
+€11,837
Receivables within one year
+€213,423
Deferred charges and accrued income
+€4,053
Trade debts
-€582,060
Tax, wage and social debts
-€62,346
Advances received
-€906,414
Other debts
-€56,037
Accrued charges and deferred income
+€21,025
Investment (derived)
-€335,458
Investment in fixed assets (net)
-€335,458
Financing
-€319,000
Contributions, distributions and other
-€319,000
Cash 2025
€3.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,977,074 | €6,603,594 | -€1.4m | -17.2% |
| Fixed assets | 21/28 | €19,875 | €343,496 | +€323,621 | +1628.3% |
| Intangible fixed assets | 21 | €19,875 | €8,038 | -€11,837 | -59.6% |
| Financial fixed assets | 28 | - | €335,458 | +€335,458 | |
| Other financial fixed assets | 284/8 | - | €335,458 | +€335,458 | |
| Amounts receivable and cash guarantees | 285/8 | - | €335,458 | +€335,458 | |
| Current assets | 29/58 | €7,957,199 | €6,260,098 | -€1.7m | -21.3% |
| Amounts receivable within one year | 40/41 | €3,466,911 | €3,253,488 | -€213,423 | -6.2% |
| Trade receivables | 40 | €3,462,016 | €3,088,483 | -€373,533 | -10.8% |
| Other amounts receivable | 41 | €4,895 | €165,005 | +€160,110 | +3270.9% |
| Cash at bank and in hand | 54/58 | €4,482,222 | €3,002,597 | -€1.5m | -33.0% |
| Deferred charges and accrued income | 490/1 | €8,066 | €4,013 | -€4,053 | -50.2% |
| Total equity and liabilities | 10/49 | €7,977,074 | €6,603,594 | -€1.4m | -17.2% |
| Equity | 10/15 | €4,285,075 | €4,497,427 | +€212,352 | +5.0% |
| Contributions | 10/11 | €3,750,000 | €3,750,000 | = | 0.0% |
| Capital | 10 | €3,750,000 | €3,750,000 | = | 0.0% |
| Issued capital | 100 | €5,250,000 | €5,250,000 | = | 0.0% |
| Uncalled capital | 101 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €89,500 | €116,100 | +€26,600 | +29.7% |
| Non-distributable reserves | 130/1 | €89,500 | €116,100 | +€26,600 | +29.7% |
| Legal reserve | 130 | €89,500 | €116,100 | +€26,600 | +29.7% |
| Profit (loss) carried forward | 14 | €445,575 | €631,327 | +€185,752 | +41.7% |
| Amounts payable | 17/49 | €3,691,999 | €2,106,167 | -€1.6m | -43.0% |
| Amounts payable within one year | 42/48 | €3,691,999 | €2,085,142 | -€1.6m | -43.5% |
| Trade debts | 44 | €917,585 | €335,525 | -€582,060 | -63.4% |
| Suppliers | 440/4 | €917,585 | €335,525 | -€582,060 | -63.4% |
| Advances received on contracts in progress | 46 | €2,308,756 | €1,402,342 | -€906,414 | -39.3% |
| Taxes, remuneration and social security | 45 | €85,658 | €23,312 | -€62,346 | -72.8% |
| Taxes | 450/3 | €85,658 | €23,312 | -€62,346 | -72.8% |
| Other amounts payable | 47/48 | €380,000 | €323,963 | -€56,037 | -14.7% |
| Accrued charges and deferred income | 492/3 | - | €21,025 | +€21,025 | |
| Operating income | 70/76A | €4,265,854 | €4,139,604 | -€126,250 | -3.0% |
| Turnover | 70 | €4,265,572 | €4,139,604 | -€125,968 | -3.0% |
| Other operating income | 74 | €282 | - | -€282 | |
| Operating charges | 60/66A | €3,331,993 | €3,500,978 | +€168,985 | +5.1% |
| Services and other goods | 61 | €3,252,664 | €3,531,502 | +€278,838 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,837 | €11,837 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €67,492 | -€48,434 | -€115,926 | |
| Other operating charges | 640/8 | - | €1,110 | +€1,110 | |
| Non-recurring operating charges | 66A | - | €4,963 | +€4,963 | |
| Operating profit (loss) | 9901 | €933,861 | €638,626 | -€295,235 | -31.6% |
| Financial income | 75/76B | €143,159 | €73,338 | -€69,821 | -48.8% |
| Recurring financial income | 75 | €143,159 | €73,338 | -€69,821 | -48.8% |
| Income from financial fixed assets | 750 | €143,159 | €8,370 | -€134,789 | -94.2% |
| Income from current assets | 751 | - | €64,968 | +€64,968 | |
| Financial charges | 65/66B | €2,454 | €1,312 | -€1,142 | -46.5% |
| Recurring financial charges | 65 | €2,454 | €1,312 | -€1,142 | -46.5% |
| Other financial charges | 652/9 | €2,454 | €1,312 | -€1,142 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €1,074,566 | €710,652 | -€363,914 | -33.9% |
| Income taxes | 67/77 | €269,000 | €179,300 | -€89,700 | -33.3% |
| Taxes | 670/3 | €269,040 | €179,300 | -€89,740 | -33.4% |
| Tax adjustments and reversals of tax provisions | 77 | €40 | - | -€40 | |
| Profit (loss) for the period | 9904 | €805,566 | €531,352 | -€274,214 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €805,566 | €531,352 | -€274,214 | -34.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.