ETHIMA: 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.
ETHIMA
Largest movements
- Tangible fixed assets +€16,930
up €16,930 (+11.7%), from €144,541 to €161,471
of which Furniture and vehicles: +€26,275
- Receivables within one year +€9,269
up €9,269 (+34.3%), from €27,009 to €36,278
of which Other amounts receivable: +€4,666
- Cash -€8,691
down €8,691 (-18.7%), from €46,508 to €37,817
mainly Investment in fixed assets (net) (-€27,534) and Tax, wage and social debts (-€10,926)
- Reserves +€42,457
up €42,457 (+97.3%), from €43,651 to €86,108
- Tax, wage and social debts -€10,926
down €10,926 (-42.8%), from €25,527 to €14,601
- Debts after one year -€7,326
down €7,326 (-6.3%), from €116,811 to €109,485
- Other debts -€6,939
down €6,939 (-56.3%), from €12,334 to €5,395
- Gross operating margin -€8,341
down €8,341 (-8.7%), from €95,620 to €87,279
- Depreciation +€1,228
up €1,228 (+13.1%), from €9,376 to €10,604
- Taxes -€1,045
down €1,045 (-3.8%), from €27,719 to €26,673
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 | €221,892 | €237,723 | +€15,831 | +7.1% |
| Fixed assets | 21/28 | €144,541 | €161,471 | +€16,930 | +11.7% |
| Tangible fixed assets | 22/27 | €144,541 | €161,471 | +€16,930 | +11.7% |
| Land and buildings | 22 | €143,836 | €134,492 | -€9,345 | -6.5% |
| Furniture and vehicles | 24 | €705 | €26,980 | +€26,275 | +3728.3% |
| Current assets | 29/58 | €77,351 | €76,252 | -€1,099 | -1.4% |
| Amounts receivable within one year | 40/41 | €27,009 | €36,278 | +€9,269 | +34.3% |
| Trade receivables | 40 | €15,598 | €20,201 | +€4,603 | +29.5% |
| Other amounts receivable | 41 | €11,411 | €16,077 | +€4,666 | +40.9% |
| Cash at bank and in hand | 54/58 | €46,508 | €37,817 | -€8,691 | -18.7% |
| Deferred charges and accrued income | 490/1 | €3,834 | €2,157 | -€1,677 | -43.7% |
| Total equity and liabilities | 10/49 | €221,892 | €237,723 | +€15,831 | +7.1% |
| Equity | 10/15 | €49,851 | €92,308 | +€42,457 | +85.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €43,651 | €86,108 | +€42,457 | +97.3% |
| Distributable reserves | 133 | €43,651 | €86,108 | +€42,457 | +97.3% |
| Amounts payable | 17/49 | €172,042 | €145,415 | -€26,626 | -15.5% |
| Amounts payable after more than one year | 17 | €116,811 | €109,485 | -€7,326 | -6.3% |
| Financial debts | 170/4 | €116,811 | €109,485 | -€7,326 | -6.3% |
| Amounts payable within one year | 42/48 | €54,931 | €35,931 | -€19,000 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €8,743 | €7,326 | -€1,417 | -16.2% |
| Trade debts | 44 | €8,327 | €8,609 | +€282 | +3.4% |
| Suppliers | 440/4 | €8,327 | €8,609 | +€282 | +3.4% |
| Taxes, remuneration and social security | 45 | €25,527 | €14,601 | -€10,926 | -42.8% |
| Taxes | 450/3 | €25,527 | €14,601 | -€10,926 | -42.8% |
| Other amounts payable | 47/48 | €12,334 | €5,395 | -€6,939 | -56.3% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,376 | €10,604 | +€1,228 | +13.1% |
| Other operating charges | 640/8 | €1,013 | €1,407 | +€394 | +38.9% |
| Gross operating margin | 9900 | €95,620 | €87,279 | -€8,341 | -8.7% |
| Operating profit (loss) | 9901 | €85,231 | €75,268 | -€9,963 | -11.7% |
| Financial income | 75/76B | €158 | €784 | +€626 | +395.2% |
| Recurring financial income | 75 | €158 | €784 | +€626 | +395.2% |
| Financial charges | 65/66B | €1,686 | €1,527 | -€159 | -9.4% |
| Recurring financial charges | 65 | €1,686 | €1,527 | -€159 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €83,703 | €74,526 | -€9,178 | -11.0% |
| Income taxes | 67/77 | €27,719 | €26,673 | -€1,045 | -3.8% |
| Profit (loss) for the period | 9904 | €55,985 | €47,852 | -€8,133 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €55,985 | €47,852 | -€8,133 | -14.5% |
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 3 October 2026 via checked.be.