ETHICA CONSULTING: what changed
ETHICA CONSULTING
Largest movements
- Tangible fixed assets -€13,587
down €13,587 (-16.7%), from €81,154 to €67,567
of which Furniture and vehicles: -€11,079
- Cash +€13,392
up €13,392 (+58.8%), from €22,781 to €36,172
mainly Net result for the year (+€38,317) and Other debts (+€16,266)
- Receivables within one year +€3,027
up €3,027 (+15.2%), from €19,971 to €22,998
of which Trade receivables: +€4,272
- Other debts +€16,266
up €16,266 (+41.2%), from €39,486 to €55,752
- Debts after one year -€15,452
down €15,452 (-32.2%), from €48,051 to €32,599
- Tax, wage and social debts +€1,480
up €1,480 (+39.6%), from €3,736 to €5,216
of which Taxes: +€1,480
- Gross operating margin +€14,820
up €14,820 (+27.9%), from €53,124 to €67,944
- Taxes +€3,144
up €3,144 (+38.4%), from €8,190 to €11,334
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 | €125,337 | €128,253 | +€2,916 | +2.3% |
| Fixed assets | 21/28 | €81,154 | €67,567 | -€13,587 | -16.7% |
| Tangible fixed assets | 22/27 | €81,154 | €67,567 | -€13,587 | -16.7% |
| Furniture and vehicles | 24 | €45,998 | €34,919 | -€11,079 | -24.1% |
| Other tangible fixed assets | 26 | €35,156 | €32,649 | -€2,507 | -7.1% |
| Current assets | 29/58 | €44,183 | €60,686 | +€16,502 | +37.3% |
| Amounts receivable within one year | 40/41 | €19,971 | €22,998 | +€3,027 | +15.2% |
| Trade receivables | 40 | €18,099 | €22,370 | +€4,272 | +23.6% |
| Other amounts receivable | 41 | €1,872 | €628 | -€1,244 | -66.5% |
| Cash at bank and in hand | 54/58 | €22,781 | €36,172 | +€13,392 | +58.8% |
| Deferred charges and accrued income | 490/1 | €1,432 | €1,515 | +€83 | +5.8% |
| Total equity and liabilities | 10/49 | €125,337 | €128,253 | +€2,916 | +2.3% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €106,737 | €109,653 | +€2,916 | +2.7% |
| Amounts payable after more than one year | 17 | €48,051 | €32,599 | -€15,452 | -32.2% |
| Financial debts | 170/4 | €48,051 | €32,599 | -€15,452 | -32.2% |
| Amounts payable within one year | 42/48 | €58,686 | €77,054 | +€18,368 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €14,986 | €15,452 | +€466 | +3.1% |
| Trade debts | 44 | €478 | €635 | +€157 | +32.7% |
| Suppliers | 440/4 | €478 | €635 | +€157 | +32.7% |
| Taxes, remuneration and social security | 45 | €3,736 | €5,216 | +€1,480 | +39.6% |
| Taxes | 450/3 | €1,936 | €3,416 | +€1,480 | +76.4% |
| Remuneration and social security | 454/9 | €1,800 | €1,800 | = | 0.0% |
| Other amounts payable | 47/48 | €39,486 | €55,752 | +€16,266 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,379 | €15,324 | -€56 | -0.4% |
| Other operating charges | 640/8 | €1,011 | €1,274 | +€262 | +25.9% |
| Gross operating margin | 9900 | €53,124 | €67,944 | +€14,820 | +27.9% |
| Operating profit (loss) | 9901 | €36,733 | €51,347 | +€14,614 | +39.8% |
| Financial income | 75/76B | €206 | €132 | -€74 | -36.0% |
| Recurring financial income | 75 | €206 | €132 | -€74 | -36.0% |
| Financial charges | 65/66B | €2,326 | €1,828 | -€498 | -21.4% |
| Recurring financial charges | 65 | €2,326 | €1,828 | -€498 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €34,613 | €49,651 | +€15,037 | +43.4% |
| Income taxes | 67/77 | €8,190 | €11,334 | +€3,144 | +38.4% |
| Profit (loss) for the period | 9904 | €26,424 | €38,317 | +€11,893 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,424 | €38,317 | +€11,893 | +45.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.