ETHICO: 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.
ETHICO
Largest movements
- Receivables after one year +€730,000
new in 2025: €730,000
- Cash +€154,133
up €154,133 (+51.3%), from €300,573 to €454,705
mainly Net result for the year (+€755,350) and Deferred charges and accrued income (+€111,956)
- Deferred charges and accrued income -€111,956
down €111,956 (-99.9%), from €112,084 to €127
- Receivables within one year -€46,468
down €46,468 (-84.5%), from €54,997 to €8,529
of which Other amounts receivable: -€28,378
- Reserves +€755,350
up €755,350 (+110.5%), from €683,757 to €1.4m
- Debts after one year -€83,786
down €83,786 (-19.1%), from €437,854 to €354,067
- Tax, wage and social debts +€42,708
up €42,708 (+74.0%), from €57,685 to €100,393
- Financial income +€320,435
up €320,435 (+77.2%), from €415,329 to €735,764
- Taxes +€25,067
up €25,067 (+28.1%), from €89,141 to €114,208
- Provisions -€20,412
no longer reported in 2025 (was €20,412)
- Financial charges -€5,797
down €5,797 (-32.2%), from €18,030 to €12,233
- Gross operating margin -€5,330
down €5,330 (-3.4%), from €157,669 to €152,339
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.
Cash bridge derived
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 | €1,305,045 | €2,041,849 | +€736,804 | +56.5% |
| Fixed assets | 21/28 | €816,979 | €828,076 | +€11,096 | +1.4% |
| Tangible fixed assets | 22/27 | €3,479 | €14,576 | +€11,096 | +318.9% |
| Plant, machinery and equipment | 23 | €2,880 | €797 | -€2,083 | -72.3% |
| Furniture and vehicles | 24 | €599 | €13,778 | +€13,179 | +2200.4% |
| Financial fixed assets | 28 | €813,500 | €813,500 | = | 0.0% |
| Current assets | 29/58 | €488,066 | €1,213,774 | +€725,708 | +148.7% |
| Amounts receivable after more than one year | 29 | - | €730,000 | +€730,000 | |
| Other amounts receivable | 291 | - | €730,000 | +€730,000 | |
| Amounts receivable within one year | 40/41 | €54,997 | €8,529 | -€46,468 | -84.5% |
| Trade receivables | 40 | €25,590 | €7,500 | -€18,090 | -70.7% |
| Other amounts receivable | 41 | €29,407 | €1,029 | -€28,378 | -96.5% |
| Current investments | 50/53 | €20,412 | €20,412 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €300,573 | €454,705 | +€154,133 | +51.3% |
| Deferred charges and accrued income | 490/1 | €112,084 | €127 | -€111,956 | -99.9% |
| Total equity and liabilities | 10/49 | €1,305,045 | €2,041,849 | +€736,804 | +56.5% |
| Equity | 10/15 | €707,049 | €1,462,399 | +€755,350 | +106.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €683,757 | €1,439,107 | +€755,350 | +110.5% |
| Distributable reserves | 133 | €683,757 | €1,439,107 | +€755,350 | +110.5% |
| Profit (loss) carried forward | 14 | €21,292 | €21,292 | = | 0.0% |
| Provisions and deferred taxes | 16 | €20,412 | €20,412 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,412 | €20,412 | = | 0.0% |
| Environmental obligations | 163 | €20,412 | €20,412 | = | 0.0% |
| Amounts payable | 17/49 | €577,584 | €559,038 | -€18,546 | -3.2% |
| Amounts payable after more than one year | 17 | €437,854 | €354,067 | -€83,786 | -19.1% |
| Financial debts | 170/4 | €437,854 | €354,067 | -€83,786 | -19.1% |
| Amounts payable within one year | 42/48 | €139,730 | €204,080 | +€64,349 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €81,944 | €98,435 | +€16,491 | +20.1% |
| Trade debts | 44 | €102 | €5,252 | +€5,151 | +5063.5% |
| Suppliers | 440/4 | €102 | €5,252 | +€5,151 | +5063.5% |
| Taxes, remuneration and social security | 45 | €57,685 | €100,393 | +€42,708 | +74.0% |
| Taxes | 450/3 | €57,685 | €100,393 | +€42,708 | +74.0% |
| Accrued charges and deferred income | 492/3 | - | €891 | +€891 | |
| Non-recurring operating income | 76A | €31,950 | €31,001 | -€949 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,932 | €4,946 | +€1,014 | +25.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €20,412 | - | -€20,412 | |
| Other operating charges | 640/8 | €2,604 | €1,367 | -€1,238 | -47.5% |
| Gross operating margin | 9900 | €157,669 | €152,339 | -€5,330 | -3.4% |
| Operating profit (loss) | 9901 | €130,720 | €146,027 | +€15,306 | +11.7% |
| Financial income | 75/76B | €415,329 | €735,764 | +€320,435 | +77.2% |
| Recurring financial income | 75 | €415,329 | €735,764 | +€320,435 | +77.2% |
| Financial charges | 65/66B | €18,030 | €12,233 | -€5,797 | -32.2% |
| Recurring financial charges | 65 | €18,030 | €12,233 | -€5,797 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €528,020 | €869,558 | +€341,538 | +64.7% |
| Income taxes | 67/77 | €89,141 | €114,208 | +€25,067 | +28.1% |
| Profit (loss) for the period | 9904 | €438,879 | €755,350 | +€316,471 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €438,879 | €755,350 | +€316,471 | +72.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.