ETHICA MANAGEMENT: 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.
ETHICA MANAGEMENT
Largest movements
- Receivables within one year +€36,915
up €36,915 (+269%), from €13,727 to €50,642
of which Other amounts receivable: +€28,568
- Cash -€22,855
down €22,855 (-47.9%), from €47,700 to €24,846
mainly Receivables within one year (-€36,915) and Investment in fixed assets (net) (-€12,477)
- Tangible fixed assets +€9,041
up €9,041 (+108%), from €8,365 to €17,406
of which Furniture and vehicles: +€9,325
- Reserves +€21,141
up €21,141 (+97.1%), from €21,776 to €42,917
- Tax, wage and social debts +€3,333
up €3,333 (+22.1%), from €15,052 to €18,385
- Trade debts -€1,240
down €1,240 (-40.0%), from €3,101 to €1,861
- Depreciation +€1,760
up €1,760 (+105%), from €1,676 to €3,436
- Financial income +€1,092
up €1,092 (+283%), from €385 to €1,477
- Taxes -€447
down €447 (-3.7%), from €12,033 to €11,586
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 | €70,487 | €93,721 | +€23,234 | +33.0% |
| Fixed assets | 21/28 | €8,365 | €17,406 | +€9,041 | +108% |
| Tangible fixed assets | 22/27 | €8,365 | €17,406 | +€9,041 | +108% |
| Plant, machinery and equipment | 23 | €1,026 | €742 | -€284 | -27.7% |
| Furniture and vehicles | 24 | €7,339 | €16,664 | +€9,325 | +127% |
| Current assets | 29/58 | €62,122 | €76,316 | +€14,193 | +22.8% |
| Amounts receivable within one year | 40/41 | €13,727 | €50,642 | +€36,915 | +269% |
| Trade receivables | 40 | €486 | €8,833 | +€8,347 | +1,717% |
| Other amounts receivable | 41 | €13,241 | €41,809 | +€28,568 | +216% |
| Cash at bank and in hand | 54/58 | €47,700 | €24,846 | -€22,855 | -47.9% |
| Deferred charges and accrued income | 490/1 | €695 | €828 | +€132 | +19.0% |
| Total equity and liabilities | 10/49 | €70,487 | €93,721 | +€23,234 | +33.0% |
| Equity | 10/15 | €52,334 | €73,475 | +€21,141 | +40.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €15,000 | €15,000 | = | 0.0% |
| Uncalled capital | 101 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €21,776 | €42,917 | +€21,141 | +97.1% |
| Distributable reserves | 133 | €21,776 | €42,917 | +€21,141 | +97.1% |
| Profit (loss) carried forward | 14 | €20,558 | €20,558 | = | 0.0% |
| Amounts payable | 17/49 | €18,153 | €20,246 | +€2,093 | +11.5% |
| Amounts payable within one year | 42/48 | €18,153 | €20,246 | +€2,093 | +11.5% |
| Trade debts | 44 | €3,101 | €1,861 | -€1,240 | -40.0% |
| Suppliers | 440/4 | €3,101 | €1,861 | -€1,240 | -40.0% |
| Taxes, remuneration and social security | 45 | €15,052 | €18,385 | +€3,333 | +22.1% |
| Taxes | 450/3 | €15,052 | €18,385 | +€3,333 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,676 | €3,436 | +€1,760 | +105% |
| Other operating charges | 640/8 | €1,335 | €1,486 | +€151 | +11.3% |
| Non-recurring operating charges | 66A | - | €118 | +€118 | |
| Gross operating margin | 9900 | €37,298 | €37,073 | -€225 | -0.6% |
| Operating profit (loss) | 9901 | €34,286 | €32,033 | -€2,254 | -6.6% |
| Financial income | 75/76B | €385 | €1,477 | +€1,092 | +283% |
| Recurring financial income | 75 | €385 | €1,477 | +€1,092 | +283% |
| Financial charges | 65/66B | €862 | €783 | -€79 | -9.2% |
| Recurring financial charges | 65 | €862 | €783 | -€79 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €33,809 | €32,727 | -€1,082 | -3.2% |
| Income taxes | 67/77 | €12,033 | €11,586 | -€447 | -3.7% |
| Profit (loss) for the period | 9904 | €21,776 | €21,141 | -€635 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,776 | €21,141 | -€635 | -2.9% |
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 18 October 2026 via checked.be.