ETHIAS VENTURES: 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 VENTURES
Largest movements
- Financial fixed assets +€8.7m
up €8.7m (+239%), from €3.6m to €12.3m
- Cash +€3.9m
up €3.9m (+575%), from €678,290 to €4.6m
mainly Contributions, distributions and other (+€13.0m) and Trade debts (+€39,336)
- Contributions +€13.0m
up €13.0m (+260%), from €5.0m to €18.0m
- Profit (loss) carried forward -€429,765
down €429,765 (-65.8%), from -€653,504 to -€1.1m
- Gross operating margin -€30,085
down €30,085 (-6.1%), from -€496,947 to -€527,032
- Purchases and services +€30,085
up €30,085 (+6.1%), from €496,947 to €527,032
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 | €4,385,992 | €16,995,563 | +€12.6m | +287% |
| Fixed assets | 21/28 | €3,634,540 | €12,324,340 | +€8.7m | +239% |
| Financial fixed assets | 28 | €3,634,540 | €12,324,340 | +€8.7m | +239% |
| Current assets | 29/58 | €751,452 | €4,671,223 | +€3.9m | +522% |
| Amounts receivable within one year | 40/41 | €73,162 | €46,067 | -€27,095 | -37.0% |
| Trade receivables | 40 | €15,886 | €0 | -€15,886 | -100% |
| Other amounts receivable | 41 | €57,276 | €46,067 | -€11,209 | -19.6% |
| Cash at bank and in hand | 54/58 | €678,290 | €4,579,469 | +€3.9m | +575% |
| Deferred charges and accrued income | 490/1 | - | €45,687 | +€45,687 | |
| Total equity and liabilities | 10/49 | €4,385,992 | €16,995,563 | +€12.6m | +287% |
| Equity | 10/15 | €4,346,496 | €16,916,731 | +€12.6m | +289% |
| Contributions | 10/11 | €5,000,000 | €18,000,000 | +€13.0m | +260% |
| Capital | 10 | €5,000,000 | €18,000,000 | +€13.0m | +260% |
| Issued capital | 100 | €20,000,000 | €20,000,000 | = | 0.0% |
| Uncalled capital | 101 | €15,000,000 | €2,000,000 | -€13.0m | -86.7% |
| Profit (loss) carried forward | 14 | -€653,504 | -€1,083,269 | -€429,765 | -65.8% |
| Amounts payable | 17/49 | €39,496 | €78,832 | +€39,336 | +99.6% |
| Amounts payable within one year | 42/48 | €39,496 | €78,832 | +€39,336 | +99.6% |
| Trade debts | 44 | €39,496 | €78,832 | +€39,336 | +99.6% |
| Suppliers | 440/4 | €39,496 | €78,832 | +€39,336 | +99.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €496,947 | €527,032 | +€30,085 | +6.1% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | -€496,947 | -€527,032 | -€30,085 | -6.1% |
| Operating profit (loss) | 9901 | -€497,334 | -€527,432 | -€30,098 | -6.1% |
| Financial income | 75/76B | €100,874 | €98,369 | -€2,505 | -2.5% |
| Recurring financial income | 75 | €100,874 | €98,369 | -€2,505 | -2.5% |
| Financial charges | 65/66B | €687 | €702 | +€15 | +2.2% |
| Recurring financial charges | 65 | €687 | €702 | +€15 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | -€397,147 | -€429,765 | -€32,618 | -8.2% |
| Profit (loss) for the period | 9904 | -€397,147 | -€429,765 | -€32,618 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€397,147 | -€429,765 | -€32,618 | -8.2% |
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 20 October 2026 via checked.be.