ETHIQUABLE Benelux: 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.
ETHIQUABLE Benelux
Largest movements
- Stocks and contracts +€474,904
up €474,904 (+47.0%), from €1.0m to €1.5m
- Receivables within one year -€122,741
down €122,741 (-16.0%), from €766,508 to €643,768
of which Other amounts receivable: -€74,338
- Deferred charges and accrued income -€80,115
down €80,115 (-77.6%), from €103,238 to €23,122
- Cash -€68,546
down €68,546 (-59.3%), from €115,634 to €47,088
mainly Stocks and contracts (-€474,904) and Investment in fixed assets (net) (-€140,579)
- Tangible fixed assets +€52,670
up €52,670 (+3.6%), from €1.5m to €1.5m
of which Assets under construction and advance payments: +€54,000
- Debts after one year +€158,616
up €158,616 (+16.9%), from €939,911 to €1.1m
- Profit (loss) carried forward +€107,281
up €107,281 (+205%), from €52,415 to €159,696
- Investment grants -€54,944
down €54,944 (-40.1%), from €137,121 to €82,177
- Short-term financial debts +€50,000
up €50,000 (+5.6%), from €900,000 to €950,000
- Gross operating margin +€157,775
up €157,775 (+21.0%), from €752,029 to €909,804
- Staff costs +€40,606
up €40,606 (+8.1%), from €498,353 to €538,960
- Write-downs +€11,670
up €11,670 (+115%), from €10,125 to €21,795
- Depreciation -€10,533
down €10,533 (-9.9%), from €106,133 to €95,599
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
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 | €3,630,213 | €3,878,694 | +€248,482 | +6.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,634,000 | €1,678,980 | +€44,980 | +2.8% |
| Intangible fixed assets | 21 | €39,826 | €32,136 | -€7,690 | -19.3% |
| Tangible fixed assets | 22/27 | €1,477,819 | €1,530,489 | +€52,670 | +3.6% |
| Land and buildings | 22 | €1,354,997 | €1,334,998 | -€19,999 | -1.5% |
| Plant, machinery and equipment | 23 | €65,511 | €70,336 | +€4,825 | +7.4% |
| Furniture and vehicles | 24 | €57,311 | €71,155 | +€13,844 | +24.2% |
| Assets under construction and advance payments | 27 | - | €54,000 | +€54,000 | |
| Financial fixed assets | 28 | €116,355 | €116,355 | = | 0.0% |
| Current assets | 29/58 | €1,996,212 | €2,199,714 | +€203,502 | +10.2% |
| Stocks and contracts in progress | 3 | €1,010,832 | €1,485,736 | +€474,904 | +47.0% |
| Stocks | 30/36 | €1,010,832 | €1,485,736 | +€474,904 | +47.0% |
| Amounts receivable within one year | 40/41 | €766,508 | €643,768 | -€122,741 | -16.0% |
| Trade receivables | 40 | €628,207 | €579,805 | -€48,403 | -7.7% |
| Other amounts receivable | 41 | €138,301 | €63,963 | -€74,338 | -53.8% |
| Cash at bank and in hand | 54/58 | €115,634 | €47,088 | -€68,546 | -59.3% |
| Deferred charges and accrued income | 490/1 | €103,238 | €23,122 | -€80,115 | -77.6% |
| Total equity and liabilities | 10/49 | €3,630,213 | €3,878,694 | +€248,482 | +6.8% |
| Equity | 10/15 | €916,593 | €940,630 | +€24,037 | +2.6% |
| Contributions | 10/11 | €721,500 | €693,200 | -€28,300 | -3.9% |
| Reserves | 13 | €5,557 | €5,557 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,557 | €5,557 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,557 | €5,557 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,415 | €159,696 | +€107,281 | +205% |
| Investment grants | 15 | €137,121 | €82,177 | -€54,944 | -40.1% |
| Amounts payable | 17/49 | €2,713,620 | €2,938,064 | +€224,445 | +8.3% |
| Amounts payable after more than one year | 17 | €939,911 | €1,098,527 | +€158,616 | +16.9% |
| Financial debts | 170/4 | €939,911 | €1,098,527 | +€158,616 | +16.9% |
| Amounts payable within one year | 42/48 | €1,752,464 | €1,832,296 | +€79,832 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €103,206 | €104,533 | +€1,327 | +1.3% |
| Financial debts | 43 | €900,000 | €950,000 | +€50,000 | +5.6% |
| Credit institutions | 430/8 | €900,000 | €950,000 | +€50,000 | +5.6% |
| Trade debts | 44 | €669,245 | €663,176 | -€6,069 | -0.9% |
| Suppliers | 440/4 | €669,245 | €663,176 | -€6,069 | -0.9% |
| Taxes, remuneration and social security | 45 | €69,483 | €81,533 | +€12,050 | +17.3% |
| Taxes | 450/3 | €11,206 | €18,714 | +€7,508 | +67.0% |
| Remuneration and social security | 454/9 | €58,277 | €62,820 | +€4,542 | +7.8% |
| Other amounts payable | 47/48 | €10,530 | €33,055 | +€22,524 | +214% |
| Accrued charges and deferred income | 492/3 | €21,244 | €7,241 | -€14,004 | -65.9% |
| Remuneration, social security and pensions | 62 | €498,353 | €538,960 | +€40,606 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,133 | €95,599 | -€10,533 | -9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,125 | €21,795 | +€11,670 | +115% |
| Other operating charges | 640/8 | €17,731 | €19,335 | +€1,604 | +9.0% |
| Gross operating margin | 9900 | €752,029 | €909,804 | +€157,775 | +21.0% |
| Operating profit (loss) | 9901 | €119,687 | €234,116 | +€114,429 | +95.6% |
| Financial income | 75/76B | €5,726 | €941 | -€4,785 | -83.6% |
| Recurring financial income | 75 | €5,726 | €941 | -€4,785 | -83.6% |
| Financial charges | 65/66B | €84,489 | €85,354 | +€865 | +1.0% |
| Recurring financial charges | 65 | €84,489 | €85,354 | +€865 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €40,924 | €149,704 | +€108,779 | +266% |
| Income taxes | 67/77 | €4,088 | €9,839 | +€5,751 | +141% |
| Profit (loss) for the period | 9904 | €36,836 | €139,865 | +€103,029 | +280% |
| Profit (loss) for the period to be appropriated | 9905 | €36,836 | €139,865 | +€103,029 | +280% |
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 27 October 2026 via checked.be.