ETHIMMO: 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.
ETHIMMO
Largest movements
- Cash -€144,016
down €144,016 (-69.3%), from €207,961 to €63,945
mainly Investment in fixed assets (net) (-€238,064) and Net result for the year (-€27,482)
- Tangible fixed assets +€135,141
up €135,141 (+5.8%), from €2.3m to €2.5m
of which Land and buildings: +€138,771
- Debts after one year +€43,495
up €43,495 (+2.5%), from €1.7m to €1.8m
- Gross operating margin -€5,693
down €5,693 (-4.8%), from €118,404 to €112,711
- Financial charges -€3,118
down €3,118 (-7.2%), from €43,015 to €39,897
- Depreciation +€1,645
up €1,645 (+1.6%), from €101,028 to €102,673
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 | €2,547,693 | €2,539,598 | -€8,095 | -0.3% |
| Fixed assets | 21/28 | €2,337,640 | €2,473,030 | +€135,391 | +5.8% |
| Tangible fixed assets | 22/27 | €2,337,140 | €2,472,280 | +€135,141 | +5.8% |
| Land and buildings | 22 | €2,333,510 | €2,472,280 | +€138,771 | +5.9% |
| Assets under construction and advance payments | 27 | €3,630 | - | -€3,630 | |
| Financial fixed assets | 28 | €500 | €750 | +€250 | +50.0% |
| Current assets | 29/58 | €210,053 | €66,567 | -€143,486 | -68.3% |
| Cash at bank and in hand | 54/58 | €207,961 | €63,945 | -€144,016 | -69.3% |
| Deferred charges and accrued income | 490/1 | €2,092 | €2,622 | +€530 | +25.3% |
| Total equity and liabilities | 10/49 | €2,547,693 | €2,539,598 | -€8,095 | -0.3% |
| Equity | 10/15 | €540,725 | €507,911 | -€32,814 | -6.1% |
| Contributions | 10/11 | €192,500 | €192,500 | = | 0.0% |
| Capital | 10 | €192,500 | €192,500 | = | 0.0% |
| Issued capital | 100 | €192,500 | €192,500 | = | 0.0% |
| Reserves | 13 | €414,378 | €400,653 | -€13,725 | -3.3% |
| Non-distributable reserves | 130/1 | €2,130 | €2,130 | = | 0.0% |
| Legal reserve | 130 | €2,130 | €2,130 | = | 0.0% |
| Tax-exempt reserves | 132 | €407,249 | €393,524 | -€13,725 | -3.4% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€99,358 | -€113,115 | -€13,757 | -13.8% |
| Investment grants | 15 | €33,205 | €27,873 | -€5,333 | -16.1% |
| Provisions and deferred taxes | 16 | €135,750 | €131,175 | -€4,575 | -3.4% |
| Deferred taxes | 168 | €135,750 | €131,175 | -€4,575 | -3.4% |
| Amounts payable | 17/49 | €1,871,218 | €1,900,512 | +€29,294 | +1.6% |
| Amounts payable after more than one year | 17 | €1,730,260 | €1,773,754 | +€43,495 | +2.5% |
| Financial debts | 170/4 | €1,730,260 | €1,773,754 | +€43,495 | +2.5% |
| Amounts payable within one year | 42/48 | €113,758 | €103,403 | -€10,356 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €55,470 | €55,527 | +€57 | +0.1% |
| Trade debts | 44 | €47,990 | €38,221 | -€9,769 | -20.4% |
| Suppliers | 440/4 | €47,990 | €38,221 | -€9,769 | -20.4% |
| Other amounts payable | 47/48 | €10,299 | €9,655 | -€644 | -6.3% |
| Accrued charges and deferred income | 492/3 | €27,200 | €23,355 | -€3,845 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,028 | €102,673 | +€1,645 | +1.6% |
| Other operating charges | 640/8 | €7,829 | €7,592 | -€238 | -3.0% |
| Gross operating margin | 9900 | €118,404 | €112,711 | -€5,693 | -4.8% |
| Operating profit (loss) | 9901 | €9,547 | €2,446 | -€7,101 | -74.4% |
| Financial income | 75/76B | €5,333 | €5,394 | +€61 | +1.1% |
| Recurring financial income | 75 | €5,333 | €5,394 | +€61 | +1.1% |
| Financial charges | 65/66B | €43,015 | €39,897 | -€3,118 | -7.2% |
| Recurring financial charges | 65 | €43,015 | €39,897 | -€3,118 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€28,135 | -€32,057 | -€3,921 | -13.9% |
| Transfer from deferred taxes | 780 | €3,530 | €4,575 | +€1,045 | +29.6% |
| Profit (loss) for the period | 9904 | -€24,605 | -€27,482 | -€2,877 | -11.7% |
| Transfer from tax-exempt reserves | 789 | €10,591 | €13,725 | +€3,134 | +29.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,014 | -€13,757 | +€257 | +1.8% |
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 28 September 2026 via checked.be.