EthiasCo: 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
EthiasCo
NACE 64.210, Activities of holding companies
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€10.3m
2023 · €9.5m+€837,360
Equity
€236.8m
2023 · €230.1m+€6.7m
Cash
€4.0m
2023 · €3.8m+€126,409
Balance sheet total
€240.4m
2023 · €233.5m+€6.9m
Largest movements
Assets
- Financial fixed assets +€12.6m
up €12.6m (+6.1%), from €208.1m to €220.7m
of which Companies linked by participating interests: +€11.7m
- Current investments -€5.6m
down €5.6m (-32.2%), from €17.5m to €11.8m
Equity and liabilities
- Profit (loss) carried forward +€6.7m
up €6.7m (+17.3%), from €38.7m to €45.4m
Income statement
- Financial income +€1.0m
up €1.0m (+10.2%), from €10.1m to €11.1m
- Services and other goods +€100,777
up €100,777 (+16.1%), from €627,132 to €727,909
- Financial charges +€89,644
up €89,644, from -€83,338 to €6,306
- Other operating charges -€13,594
down €13,594 (-27.8%), from €48,976 to €35,382
- Taxes -€4,182
down €4,182, from €338 to -€3,844
From the 2023 result to the 2024 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 2023
€9.5m
Turnover
-€944
Services and other goods
-€100,777
Other operating charges
+€13,594
Other operating items
-€12,629
Financial income
+€1.0m
Financial charges
-€89,644
Taxes
+€4,182
Result 2024
€10.3m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€10.8m
Investment
-€7.0m
Financing
-€3.7m
Cash 2023
€3.8m
From operations (derived)
+€10.8m
Net result for the year
+€10.3m
Receivables after one year
+€225,641
Receivables within one year
-€59,889
Smaller working-capital items
-€19,995
Other debts
+€292,506
Investment (derived)
-€7.0m
Investment in fixed assets (net)
-€12.6m
Current investments
+€5.6m
Financing
-€3.7m
Contributions, distributions and other
-€3.7m
Cash 2024
€4.0m
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €233,464,305 | €240,387,643 | +€6.9m | +3.0% |
| Fixed assets | 21/28 | €208,096,733 | €220,689,508 | +€12.6m | +6.1% |
| Financial fixed assets | 28 | €208,096,733 | €220,689,508 | +€12.6m | +6.1% |
| Companies linked by participating interests | 282/3 | €199,008,844 | €210,721,607 | +€11.7m | +5.9% |
| Participating interests | 282 | €199,008,844 | €210,721,607 | +€11.7m | +5.9% |
| Other financial fixed assets | 284/8 | €9,087,889 | €9,967,901 | +€880,012 | +9.7% |
| Shares | 284 | €9,087,889 | €9,967,901 | +€880,012 | +9.7% |
| Current assets | 29/58 | €25,367,572 | €19,698,135 | -€5.7m | -22.3% |
| Amounts receivable after more than one year | 29 | €1,861,538 | €1,635,897 | -€225,641 | -12.1% |
| Other amounts receivable | 291 | €1,861,538 | €1,635,897 | -€225,641 | -12.1% |
| Amounts receivable within one year | 40/41 | €2,205,846 | €2,265,735 | +€59,889 | +2.7% |
| Trade receivables | 40 | - | €10,362 | +€10,362 | |
| Other amounts receivable | 41 | €2,205,846 | €2,255,373 | +€49,527 | +2.2% |
| Current investments | 50/53 | €17,473,827 | €11,844,177 | -€5.6m | -32.2% |
| Other investments | 51/53 | €17,473,827 | €11,844,177 | -€5.6m | -32.2% |
| Cash at bank and in hand | 54/58 | €3,823,923 | €3,950,332 | +€126,409 | +3.3% |
| Deferred charges and accrued income | 490/1 | €2,438 | €1,994 | -€444 | -18.2% |
| Total equity and liabilities | 10/49 | €233,464,305 | €240,387,643 | +€6.9m | +3.0% |
| Equity | 10/15 | €230,115,663 | €236,766,934 | +€6.7m | +2.9% |
| Contributions | 10/11 | €99,767,832 | €99,716,214 | -€51,618 | -0.1% |
| Reserves | 13 | €91,623,278 | €91,623,278 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000,011 | €10,000,011 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000,011 | €10,000,011 | = | 0.0% |
| Distributable reserves | 133 | €81,623,267 | €81,623,267 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,724,553 | €45,427,442 | +€6.7m | +17.3% |
| Amounts payable | 17/49 | €3,348,642 | €3,620,709 | +€272,067 | +8.1% |
| Amounts payable within one year | 42/48 | €3,348,642 | €3,620,407 | +€271,765 | +8.1% |
| Trade debts | 44 | €25,347 | €6,619 | -€18,728 | -73.9% |
| Suppliers | 440/4 | €25,347 | €6,619 | -€18,728 | -73.9% |
| Taxes, remuneration and social security | 45 | €6,553 | €4,540 | -€2,013 | -30.7% |
| Taxes | 450/3 | €6,553 | €4,540 | -€2,013 | -30.7% |
| Other amounts payable | 47/48 | €3,316,742 | €3,609,248 | +€292,506 | +8.8% |
| Accrued charges and deferred income | 492/3 | - | €302 | +€302 | |
| Operating income | 70/76A | €2,999 | €2,055 | -€944 | -31.5% |
| Turnover | 70 | €2,999 | €2,055 | -€944 | -31.5% |
| Operating charges | 60/66A | €676,108 | €775,920 | +€99,812 | +14.8% |
| Services and other goods | 61 | €627,132 | €727,909 | +€100,777 | +16.1% |
| Other operating charges | 640/8 | €48,976 | €35,382 | -€13,594 | -27.8% |
| Non-recurring operating charges | 66A | - | €12,629 | +€12,629 | |
| Operating profit (loss) | 9901 | -€673,109 | -€773,865 | -€100,756 | -15.0% |
| Financial income | 75/76B | €10,064,886 | €11,088,464 | +€1.0m | +10.2% |
| Recurring financial income | 75 | €10,064,886 | €11,088,464 | +€1.0m | +10.2% |
| Income from financial fixed assets | 750 | €9,789,453 | €10,266,112 | +€476,659 | +4.9% |
| Income from current assets | 751 | €275,433 | €259,028 | -€16,405 | -6.0% |
| Other financial income | 752/9 | - | €563,324 | +€563,324 | |
| Financial charges | 65/66B | -€83,338 | €6,306 | +€89,644 | |
| Recurring financial charges | 65 | -€83,338 | €6,306 | +€89,644 | |
| Debt charges | 650 | €3,469 | €2,318 | -€1,151 | -33.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€91,014 | €0 | +€91,014 | |
| Other financial charges | 652/9 | €4,207 | €3,988 | -€219 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €9,475,115 | €10,308,293 | +€833,178 | +8.8% |
| Income taxes | 67/77 | €338 | -€3,844 | -€4,182 | |
| Taxes | 670/3 | €338 | €214 | -€124 | -36.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €4,058 | +€4,058 | |
| Profit (loss) for the period | 9904 | €9,474,777 | €10,312,137 | +€837,360 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,474,777 | €10,312,137 | +€837,360 | +8.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.