ETHICONOMIE: 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.
ETHICONOMIE
Largest movements
- Tangible fixed assets +€42,854
up €42,854 (+143.7%), from €29,828 to €72,682
of which Furniture and vehicles: +€44,666
- Cash +€18,860
up €18,860 (+42.4%), from €44,507 to €63,366
mainly Net result for the year (+€51,397) and Debts after one year (+€33,021)
- Receivables within one year +€3,220
up €3,220 (+3.7%), from €86,072 to €89,293
of which Trade receivables: +€4,125
- Debts after one year +€33,021
new in 2025: €33,021
- Reserves +€28,787
up €28,787 (+24.6%), from €117,168 to €145,955
- Current portion of long-term debt +€20,449
new in 2025: €20,449
- Trade debts -€17,362
down €17,362 (-45.1%), from €38,480 to €21,118
- Gross operating margin +€58,846
up €58,846 (+179.1%), from €32,852 to €91,698
- Taxes +€13,016
up €13,016 (+142.9%), from €9,110 to €22,126
- Depreciation +€4,118
up €4,118 (+55.2%), from €7,460 to €11,578
- Other operating charges +€2,504
up €2,504 (+81.8%), from €3,061 to €5,565
- Financial charges +€2,126
up €2,126 (+285.7%), from €744 to €2,870
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 | €198,185 | €260,671 | +€62,486 | +31.5% |
| Fixed assets | 21/28 | €54,828 | €97,682 | +€42,854 | +78.2% |
| Tangible fixed assets | 22/27 | €29,828 | €72,682 | +€42,854 | +143.7% |
| Plant, machinery and equipment | 23 | €429 | €322 | -€107 | -25.0% |
| Furniture and vehicles | 24 | €6,315 | €50,981 | +€44,666 | +707.3% |
| Other tangible fixed assets | 26 | €23,084 | €21,379 | -€1,705 | -7.4% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €143,356 | €162,989 | +€19,633 | +13.7% |
| Amounts receivable within one year | 40/41 | €86,072 | €89,293 | +€3,220 | +3.7% |
| Trade receivables | 40 | €14,823 | €18,948 | +€4,125 | +27.8% |
| Other amounts receivable | 41 | €71,250 | €70,345 | -€905 | -1.3% |
| Cash at bank and in hand | 54/58 | €44,507 | €63,366 | +€18,860 | +42.4% |
| Deferred charges and accrued income | 490/1 | €12,777 | €10,330 | -€2,447 | -19.2% |
| Total equity and liabilities | 10/49 | €198,185 | €260,671 | +€62,486 | +31.5% |
| Equity | 10/15 | €123,368 | €152,155 | +€28,787 | +23.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €117,168 | €145,955 | +€28,787 | +24.6% |
| Distributable reserves | 133 | €117,168 | €145,955 | +€28,787 | +24.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €74,817 | €108,516 | +€33,699 | +45.0% |
| Amounts payable after more than one year | 17 | - | €33,021 | +€33,021 | |
| Financial debts | 170/4 | - | €33,021 | +€33,021 | |
| Amounts payable within one year | 42/48 | €74,817 | €75,495 | +€678 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | - | €20,449 | +€20,449 | |
| Trade debts | 44 | €38,480 | €21,118 | -€17,362 | -45.1% |
| Suppliers | 440/4 | €38,480 | €21,118 | -€17,362 | -45.1% |
| Taxes, remuneration and social security | 45 | €36,337 | €33,928 | -€2,410 | -6.6% |
| Taxes | 450/3 | €36,337 | €33,928 | -€2,410 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,460 | €11,578 | +€4,118 | +55.2% |
| Other operating charges | 640/8 | €3,061 | €5,565 | +€2,504 | +81.8% |
| Gross operating margin | 9900 | €32,852 | €91,698 | +€58,846 | +179.1% |
| Operating profit (loss) | 9901 | €22,331 | €74,555 | +€52,224 | +233.9% |
| Financial income | 75/76B | €2,157 | €1,837 | -€320 | -14.8% |
| Recurring financial income | 75 | €2,157 | €1,837 | -€320 | -14.8% |
| Financial charges | 65/66B | €744 | €2,870 | +€2,126 | +285.7% |
| Recurring financial charges | 65 | €744 | €2,870 | +€2,126 | +285.7% |
| Profit (loss) for the period before taxes | 9903 | €23,744 | €73,522 | +€49,778 | +209.6% |
| Income taxes | 67/77 | €9,110 | €22,126 | +€13,016 | +142.9% |
| Profit (loss) for the period | 9904 | €14,634 | €51,397 | +€36,763 | +251.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,634 | €51,397 | +€36,763 | +251.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.