EthiqaVision & Partners: what changed
Two financial 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.
EthiqaVision & Partners
Largest movements
- Receivables within one year +€11,597
new in 2025: €11,597
- Tangible fixed assets +€618
up €618 (+62.9%), from €982 to €1,600
- Debts after one year +€30,000
new in 2025: €30,000
- Other debts -€9,615
down €9,615 (-69.6%), from €13,806 to €4,192
- Profit (loss) carried forward -€8,820
down €8,820 (-36.8%), from -€23,955 to -€32,775
- Trade debts +€2,772
new in 2025: €2,772
- Tax, wage and social debts -€1,441
no longer reported in 2025 (was €1,441)
- Gross operating margin -€4,929
down €4,929 (-322%), from -€1,528 to -€6,457
- Depreciation +€490
up €490 (+83.0%), from €591 to €1,081
- Financial charges -€456
down €456 (-37.6%), from €1,214 to €758
- Other operating charges +€265
up €265 (+102%), from €259 to €524
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.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,490 | €14,699 | +€12,209 | +490% |
| Fixed assets | 21/28 | €1,938 | €2,556 | +€618 | +31.9% |
| Tangible fixed assets | 22/27 | €982 | €1,600 | +€618 | +62.9% |
| Plant, machinery and equipment | 23 | €982 | €1,600 | +€618 | +62.9% |
| Financial fixed assets | 28 | €956 | €956 | = | 0.0% |
| Current assets | 29/58 | €552 | €12,144 | +€11,592 | +2,100% |
| Amounts receivable within one year | 40/41 | - | €11,597 | +€11,597 | |
| Trade receivables | 40 | - | €11,597 | +€11,597 | |
| Deferred charges and accrued income | 490/1 | €552 | €547 | -€5 | -1.0% |
| Total equity and liabilities | 10/49 | €2,490 | €14,699 | +€12,209 | +490% |
| Equity | 10/15 | -€17,755 | -€26,575 | -€8,820 | -49.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,955 | -€32,775 | -€8,820 | -36.8% |
| Amounts payable | 17/49 | €20,245 | €41,275 | +€21,029 | +104% |
| Amounts payable after more than one year | 17 | - | €30,000 | +€30,000 | |
| Financial debts | 170/4 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | €20,245 | €11,275 | -€8,971 | -44.3% |
| Financial debts | 43 | €4,998 | €4,311 | -€687 | -13.7% |
| Credit institutions | 430/8 | €4,998 | €4,311 | -€687 | -13.7% |
| Trade debts | 44 | - | €2,772 | +€2,772 | |
| Suppliers | 440/4 | - | €2,772 | +€2,772 | |
| Taxes, remuneration and social security | 45 | €1,441 | - | -€1,441 | |
| Taxes | 450/3 | €1,441 | - | -€1,441 | |
| Other amounts payable | 47/48 | €13,806 | €4,192 | -€9,615 | -69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €591 | €1,081 | +€490 | +83.0% |
| Other operating charges | 640/8 | €259 | €524 | +€265 | +102% |
| Gross operating margin | 9900 | -€1,528 | -€6,457 | -€4,929 | -322% |
| Operating profit (loss) | 9901 | -€2,378 | -€8,062 | -€5,684 | -239% |
| Financial charges | 65/66B | €1,214 | €758 | -€456 | -37.6% |
| Recurring financial charges | 65 | €1,214 | €758 | -€456 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,592 | -€8,820 | -€5,228 | -146% |
| Profit (loss) for the period | 9904 | -€3,592 | -€8,820 | -€5,228 | -146% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,592 | -€8,820 | -€5,228 | -146% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.