Ethlinn: 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.
Ethlinn
Largest movements
- Receivables within one year +€78,827
up €78,827 (+44.4%), from €177,648 to €256,475
of which Other amounts receivable: +€98,775
- Cash +€23,988
up €23,988 (+239,406%), from €10 to €23,998
mainly Net result for the year (+€93,677) and Tax, wage and social debts (+€20,656)
- Current investments -€20,582
down €20,582 (-100%), from €20,582 to €0
- Tangible fixed assets +€18,654
up €18,654 (+3,438%), from €543 to €19,196
of which Other tangible fixed assets: +€16,592
- Reserves +€93,677
up €93,677 (+30.7%), from €305,152 to €398,830
of which Distributable reserves: +€93,677
- Tax, wage and social debts +€20,656
up €20,656 (+46.1%), from €44,854 to €65,510
- Trade debts -€14,941
down €14,941 (-38.3%), from €39,051 to €24,110
- Financial charges -€8,853
down €8,853 (-63.7%), from €13,908 to €5,055
of which Financial charges: -€24,610
- Gross operating margin -€7,384
down €7,384 (-5.3%), from €139,590 to €132,206
- Financial income +€7,062
up €7,062 (+99.6%), from €7,093 to €14,155
- Taxes +€2,221
up €2,221 (+5.0%), from €44,052 to €46,273
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 | €329,951 | €426,953 | +€97,002 | +29.4% |
| Fixed assets | 21/28 | €5,088 | €21,480 | +€16,392 | +322% |
| Tangible fixed assets | 22/27 | €543 | €19,196 | +€18,654 | +3,438% |
| Plant, machinery and equipment | 23 | - | €2,328 | +€2,328 | |
| Furniture and vehicles | 24 | €543 | €276 | -€267 | -49.2% |
| Other tangible fixed assets | 26 | - | €16,592 | +€16,592 | |
| Financial fixed assets | 28 | €4,545 | €2,284 | -€2,261 | -49.8% |
| Current assets | 29/58 | €324,863 | €405,473 | +€80,610 | +24.8% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €177,648 | €256,475 | +€78,827 | +44.4% |
| Trade receivables | 40 | €65,686 | €45,737 | -€19,948 | -30.4% |
| Other amounts receivable | 41 | €111,963 | €210,738 | +€98,775 | +88.2% |
| Current investments | 50/53 | €20,582 | €0 | -€20,582 | -100% |
| Cash at bank and in hand | 54/58 | €10 | €23,998 | +€23,988 | +239,406% |
| Deferred charges and accrued income | 490/1 | €1,623 | €0 | -€1,623 | -100% |
| Total equity and liabilities | 10/49 | €329,951 | €426,953 | +€97,002 | +29.4% |
| Equity | 10/15 | €243,656 | €337,333 | +€93,677 | +38.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €305,152 | €398,830 | +€93,677 | +30.7% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €297,652 | €391,330 | +€93,677 | +31.5% |
| Profit (loss) carried forward | 14 | -€136,496 | -€136,496 | = | 0.0% |
| Amounts payable | 17/49 | €86,295 | €89,620 | +€3,325 | +3.9% |
| Amounts payable within one year | 42/48 | €86,295 | €89,620 | +€3,325 | +3.9% |
| Financial debts | 43 | €2,390 | €0 | -€2,390 | -100% |
| Credit institutions | 430/8 | €2,390 | €0 | -€2,390 | -100% |
| Trade debts | 44 | €39,051 | €24,110 | -€14,941 | -38.3% |
| Suppliers | 440/4 | €39,051 | €24,110 | -€14,941 | -38.3% |
| Taxes, remuneration and social security | 45 | €44,854 | €65,510 | +€20,656 | +46.1% |
| Taxes | 450/3 | €44,854 | €65,510 | +€20,656 | +46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267 | €563 | +€296 | +111% |
| Other operating charges | 640/8 | €1,055 | €792 | -€263 | -24.9% |
| Gross operating margin | 9900 | €139,590 | €132,206 | -€7,384 | -5.3% |
| Operating profit (loss) | 9901 | €138,268 | €130,851 | -€7,417 | -5.4% |
| Financial income | 75/76B | €7,093 | €14,155 | +€7,062 | +99.6% |
| Recurring financial income | 75 | €7,093 | €14,155 | +€7,062 | +99.6% |
| Financial charges | 65/66B | €13,908 | €5,055 | -€8,853 | -63.7% |
| Recurring financial charges | 65 | €13,908 | -€10,702 | -€24,610 | |
| Non-recurring financial charges | 66B | - | €15,757 | +€15,757 | |
| Profit (loss) for the period before taxes | 9903 | €131,453 | €139,951 | +€8,498 | +6.5% |
| Income taxes | 67/77 | €44,052 | €46,273 | +€2,221 | +5.0% |
| Profit (loss) for the period | 9904 | €87,401 | €93,677 | +€6,277 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €87,401 | €93,677 | +€6,277 | +7.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.