ETHICS: 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.
ETHICS
Largest movements
- Tangible fixed assets -€11,686
down €11,686 (-17.9%), from €65,434 to €53,748
of which Land and buildings: -€11,881
- Stocks and contracts -€3,300
no longer reported in 2025 (was €3,300)
- Cash +€1,809
up €1,809 (+13.1%), from €13,772 to €15,581
mainly Depreciation (+€12,815) and Other debts (+€3,548)
- Profit (loss) carried forward -€8,989
down €8,989, from €8,510 to -€479
- Debts after one year -€8,300
down €8,300 (-15.1%), from €55,100 to €46,800
- Other debts +€3,548
up €3,548 (+11.0%), from €32,265 to €35,813
- Gross operating margin +€6,385
up €6,385, from -€2,660 to €3,725
- Depreciation +€376
up €376 (+3.0%), from €12,439 to €12,815
- Taxes +€62
up €62 (+96.9%), from €64 to €126
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 | €173,970 | €161,991 | -€11,979 | -6.9% |
| Fixed assets | 21/28 | €65,434 | €53,748 | -€11,686 | -17.9% |
| Tangible fixed assets | 22/27 | €65,434 | €53,748 | -€11,686 | -17.9% |
| Land and buildings | 22 | €64,552 | €52,671 | -€11,881 | -18.4% |
| Plant, machinery and equipment | 23 | €882 | €1,077 | +€195 | +22.1% |
| Current assets | 29/58 | €108,536 | €108,243 | -€293 | -0.3% |
| Stocks and contracts in progress | 3 | €3,300 | - | -€3,300 | |
| Stocks | 30/36 | €3,300 | - | -€3,300 | |
| Amounts receivable within one year | 40/41 | €543 | €1,448 | +€905 | +166.7% |
| Trade receivables | 40 | €281 | €1,322 | +€1,041 | +370.5% |
| Other amounts receivable | 41 | €262 | €126 | -€136 | -51.9% |
| Current investments | 50/53 | €90,921 | €91,214 | +€293 | +0.3% |
| Cash at bank and in hand | 54/58 | €13,772 | €15,581 | +€1,809 | +13.1% |
| Total equity and liabilities | 10/49 | €173,970 | €161,991 | -€11,979 | -6.9% |
| Equity | 10/15 | €86,535 | €77,546 | -€8,989 | -10.4% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Capital | 10 | €45,000 | €45,000 | = | 0.0% |
| Issued capital | 100 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €33,025 | €33,025 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,385 | €4,385 | = | 0.0% |
| Legal reserve | 130 | €4,385 | €4,385 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,640 | €28,640 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,510 | -€479 | -€8,989 | |
| Amounts payable | 17/49 | €87,435 | €84,445 | -€2,990 | -3.4% |
| Amounts payable after more than one year | 17 | €55,100 | €46,800 | -€8,300 | -15.1% |
| Financial debts | 170/4 | €55,100 | €46,800 | -€8,300 | -15.1% |
| Amounts payable within one year | 42/48 | €32,335 | €37,645 | +€5,310 | +16.4% |
| Trade debts | 44 | €70 | €212 | +€142 | +202.9% |
| Suppliers | 440/4 | €70 | €212 | +€142 | +202.9% |
| Taxes, remuneration and social security | 45 | - | €1,620 | +€1,620 | |
| Taxes | 450/3 | - | €1,620 | +€1,620 | |
| Other amounts payable | 47/48 | €32,265 | €35,813 | +€3,548 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,439 | €12,815 | +€376 | +3.0% |
| Other operating charges | 640/8 | €53 | €54 | +€1 | +1.9% |
| Gross operating margin | 9900 | -€2,660 | €3,725 | +€6,385 | |
| Operating profit (loss) | 9901 | -€15,152 | -€9,144 | +€6,008 | +39.7% |
| Financial income | 75/76B | €423 | €419 | -€4 | -0.9% |
| Recurring financial income | 75 | €423 | €419 | -€4 | -0.9% |
| Financial charges | 65/66B | €143 | €138 | -€5 | -3.5% |
| Recurring financial charges | 65 | €143 | €138 | -€5 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,872 | -€8,863 | +€6,009 | +40.4% |
| Income taxes | 67/77 | €64 | €126 | +€62 | +96.9% |
| Profit (loss) for the period | 9904 | -€14,936 | -€8,989 | +€5,947 | +39.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,936 | -€8,989 | +€5,947 | +39.8% |
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 30 September 2026 via checked.be.