ETHICAL CONSTRUCT: 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.
ETHICAL CONSTRUCT
Largest movements
- Cash -€8,952
down €8,952 (-63.8%), from €14,038 to €5,086
mainly Trade debts (-€40,359) and Accrued charges and deferred income (-€4,591)
- Receivables within one year -€2,768
down €2,768 (-4.5%), from €60,875 to €58,106
of which Trade receivables: -€3,753
- Trade debts -€40,359
down €40,359 (-81.1%), from €49,764 to €9,405
- Other debts +€23,184
up €23,184 (+2373.7%), from €977 to €24,161
- Tax, wage and social debts +€7,816
up €7,816 (+48.2%), from €16,200 to €24,015
of which Remuneration and social security: +€4,842
- Accrued charges and deferred income -€4,591
no longer reported in 2024 (was €4,591)
- Profit (loss) carried forward +€2,229
up €2,229 (+161.4%), from €1,381 to €3,611
- Gross operating margin +€142,897
up €142,897 (+826.6%), from €17,287 to €160,184
- Staff costs +€141,911
up €141,911 (+981.0%), from €14,466 to €156,377
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.
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.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,913 | €63,192 | -€11,721 | -15.6% |
| Current assets | 29/58 | €74,913 | €63,192 | -€11,721 | -15.6% |
| Amounts receivable within one year | 40/41 | €60,875 | €58,106 | -€2,768 | -4.5% |
| Trade receivables | 40 | €60,875 | €57,122 | -€3,753 | -6.2% |
| Other amounts receivable | 41 | - | €984 | +€984 | |
| Cash at bank and in hand | 54/58 | €14,038 | €5,086 | -€8,952 | -63.8% |
| Total equity and liabilities | 10/49 | €74,913 | €63,192 | -€11,721 | -15.6% |
| Equity | 10/15 | €3,381 | €5,611 | +€2,229 | +65.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,381 | €3,611 | +€2,229 | +161.4% |
| Amounts payable | 17/49 | €71,532 | €57,582 | -€13,950 | -19.5% |
| Amounts payable within one year | 42/48 | €66,940 | €57,582 | -€9,359 | -14.0% |
| Trade debts | 44 | €49,764 | €9,405 | -€40,359 | -81.1% |
| Suppliers | 440/4 | €49,764 | €9,405 | -€40,359 | -81.1% |
| Taxes, remuneration and social security | 45 | €16,200 | €24,015 | +€7,816 | +48.2% |
| Taxes | 450/3 | €14,032 | €17,006 | +€2,974 | +21.2% |
| Remuneration and social security | 454/9 | €2,168 | €7,009 | +€4,842 | +223.3% |
| Other amounts payable | 47/48 | €977 | €24,161 | +€23,184 | +2373.7% |
| Accrued charges and deferred income | 492/3 | €4,591 | - | -€4,591 | |
| Remuneration, social security and pensions | 62 | €14,466 | €156,377 | +€141,911 | +981.0% |
| Other operating charges | 640/8 | €1,705 | €910 | -€795 | -46.6% |
| Gross operating margin | 9900 | €17,287 | €160,184 | +€142,897 | +826.6% |
| Operating profit (loss) | 9901 | €1,116 | €2,897 | +€1,781 | +159.6% |
| Financial charges | 65/66B | €664 | €46 | -€618 | -93.0% |
| Recurring financial charges | 65 | €664 | €46 | -€618 | -93.0% |
| Profit (loss) for the period before taxes | 9903 | €452 | €2,851 | +€2,399 | +530.9% |
| Income taxes | 67/77 | €113 | €621 | +€509 | +452.3% |
| Profit (loss) for the period | 9904 | €339 | €2,229 | +€1,890 | +556.9% |
| Profit (loss) for the period to be appropriated | 9905 | €339 | €2,229 | +€1,890 | +556.9% |
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 28 September 2026 via checked.be.