ETHIC & TAC: what changed
ETHIC & TAC
Largest movements
- Tangible fixed assets -€22,702
down €22,702 (-4.5%), from €502,319 to €479,618
of which Land and buildings: -€23,668
- Receivables within one year -€15,291
down €15,291 (-33.5%), from €45,654 to €30,363
of which Other amounts receivable: -€21,922
- Cash +€14,960
up €14,960 (+1,215%), from €1,232 to €16,192
mainly Other debts (+€41,239) and Net result for the year (+€30,144)
- Debts after one year -€43,744
down €43,744 (-10.4%), from €419,035 to €375,291
of which Financial debts: -€43,744
- Other debts +€41,239
up €41,239 (+249%), from €16,578 to €57,817
- Profit (loss) carried forward -€12,596
no longer reported in 2025 (was €12,596)
- Short-term financial debts -€9,404
no longer reported in 2025 (was €9,404)
- Gross operating margin +€35,853
up €35,853 (+90.1%), from €39,785 to €75,638
- Taxes +€7,239
up €7,239 (+329%), from €2,202 to €9,442
- Other operating charges -€1,019
down €1,019 (-21.0%), from €4,849 to €3,830
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €553,372 | €530,275 | -€23,097 | -4.2% |
| Fixed assets | 21/28 | €502,319 | €479,618 | -€22,702 | -4.5% |
| Tangible fixed assets | 22/27 | €502,319 | €479,618 | -€22,702 | -4.5% |
| Land and buildings | 22 | €501,261 | €477,592 | -€23,668 | -4.7% |
| Furniture and vehicles | 24 | €1,059 | €2,025 | +€967 | +91.3% |
| Current assets | 29/58 | €51,053 | €50,658 | -€395 | -0.8% |
| Amounts receivable within one year | 40/41 | €45,654 | €30,363 | -€15,291 | -33.5% |
| Trade receivables | 40 | €22,256 | €28,886 | +€6,631 | +29.8% |
| Other amounts receivable | 41 | €23,399 | €1,477 | -€21,922 | -93.7% |
| Current investments | 50/53 | €2,000 | €2,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,232 | €16,192 | +€14,960 | +1,215% |
| Deferred charges and accrued income | 490/1 | €2,167 | €2,103 | -€64 | -3.0% |
| Total equity and liabilities | 10/49 | €553,372 | €530,275 | -€23,097 | -4.2% |
| Equity | 10/15 | €31,196 | €18,600 | -€12,596 | -40.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,596 | - | -€12,596 | |
| Amounts payable | 17/49 | €522,176 | €511,675 | -€10,501 | -2.0% |
| Amounts payable after more than one year | 17 | €419,035 | €375,291 | -€43,744 | -10.4% |
| Financial debts | 170/4 | €415,855 | €372,111 | -€43,744 | -10.5% |
| Other amounts payable | 178/9 | €3,180 | €3,180 | = | 0.0% |
| Amounts payable within one year | 42/48 | €102,744 | €136,385 | +€33,641 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €43,144 | €43,744 | +€600 | +1.4% |
| Financial debts | 43 | €9,404 | - | -€9,404 | |
| Credit institutions | 430/8 | €9,404 | - | -€9,404 | |
| Trade debts | 44 | €14,251 | €13,243 | -€1,009 | -7.1% |
| Suppliers | 440/4 | €14,251 | €13,243 | -€1,009 | -7.1% |
| Taxes, remuneration and social security | 45 | €19,367 | €21,581 | +€2,214 | +11.4% |
| Taxes | 450/3 | €19,367 | €21,581 | +€2,214 | +11.4% |
| Other amounts payable | 47/48 | €16,578 | €57,817 | +€41,239 | +249% |
| Accrued charges and deferred income | 492/3 | €398 | - | -€398 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,045 | €24,528 | -€518 | -2.1% |
| Other operating charges | 640/8 | €4,849 | €3,830 | -€1,019 | -21.0% |
| Gross operating margin | 9900 | €39,785 | €75,638 | +€35,853 | +90.1% |
| Operating profit (loss) | 9901 | €9,892 | €47,281 | +€37,389 | +378% |
| Financial income | 75/76B | €119 | €0 | -€119 | -99.9% |
| Recurring financial income | 75 | €119 | €0 | -€119 | -99.9% |
| Financial charges | 65/66B | €7,781 | €7,695 | -€86 | -1.1% |
| Recurring financial charges | 65 | €7,781 | €7,695 | -€86 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €2,230 | €39,586 | +€37,356 | +1,675% |
| Income taxes | 67/77 | €2,202 | €9,442 | +€7,239 | +329% |
| Profit (loss) for the period | 9904 | €28 | €30,144 | +€30,116 | +108,567% |
| Profit (loss) for the period to be appropriated | 9905 | €28 | €30,144 | +€30,116 | +108,567% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.