ETHOM: 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.
ETHOM
Largest movements
- Stocks and contracts +€51,955
up €51,955 (+18.5%), from €281,288 to €333,242
- Tangible fixed assets -€26,114
down €26,114 (-26.2%), from €99,856 to €73,743
of which Leasing and similar rights: -€14,028
- Receivables within one year +€14,050
up €14,050 (+10.2%), from €137,411 to €151,461
of which Trade receivables: +€21,467
- Cash +€13,228
up €13,228 (+10.7%), from €123,325 to €136,553
mainly Trade debts (+€317,047) and Depreciation (+€28,384)
- Trade debts +€317,047
up €317,047 (+101.8%), from €311,532 to €628,580
- Profit (loss) carried forward -€268,243
new in 2025: -€268,243
- Tax, wage and social debts +€21,624
up €21,624 (+13.7%), from €157,662 to €179,286
of which Taxes: +€11,897
- Accrued charges and deferred income -€13,794
down €13,794 (-30.4%), from €45,434 to €31,640
- Debts after one year -€10,449
down €10,449 (-30.0%), from €34,797 to €24,348
- Gross operating margin -€218,022
down €218,022 (-32.4%), from €672,857 to €454,834
- Staff costs +€131,325
up €131,325 (+25.2%), from €522,092 to €653,417
- Taxes -€22,581
no longer reported in 2025 (was €22,581)
- Financial charges +€22,484
up €22,484 (+113.3%), from €19,840 to €42,324
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 | €663,051 | €709,999 | +€46,948 | +7.1% |
| Formation expenses | 20 | €1,805 | €1,249 | -€557 | -30.8% |
| Fixed assets | 21/28 | €101,356 | €75,243 | -€26,114 | -25.8% |
| Tangible fixed assets | 22/27 | €99,856 | €73,743 | -€26,114 | -26.2% |
| Land and buildings | 22 | €2,090 | €1,840 | -€250 | -12.0% |
| Plant, machinery and equipment | 23 | €21,374 | €14,820 | -€6,554 | -30.7% |
| Furniture and vehicles | 24 | €21,203 | €15,921 | -€5,282 | -24.9% |
| Leasing and similar rights | 25 | €55,190 | €41,162 | -€14,028 | -25.4% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €559,889 | €633,507 | +€73,619 | +13.1% |
| Stocks and contracts in progress | 3 | €281,288 | €333,242 | +€51,955 | +18.5% |
| Stocks | 30/36 | €281,288 | €333,242 | +€51,955 | +18.5% |
| Amounts receivable within one year | 40/41 | €137,411 | €151,461 | +€14,050 | +10.2% |
| Trade receivables | 40 | €73,943 | €95,410 | +€21,467 | +29.0% |
| Other amounts receivable | 41 | €63,468 | €56,052 | -€7,417 | -11.7% |
| Cash at bank and in hand | 54/58 | €123,325 | €136,553 | +€13,228 | +10.7% |
| Deferred charges and accrued income | 490/1 | €17,865 | €12,251 | -€5,614 | -31.4% |
| Total equity and liabilities | 10/49 | €663,051 | €709,999 | +€46,948 | +7.1% |
| Equity | 10/15 | €103,938 | -€164,305 | -€268,243 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €83,938 | €83,938 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €81,938 | €81,938 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€268,243 | -€268,243 | |
| Amounts payable | 17/49 | €559,112 | €874,303 | +€315,191 | +56.4% |
| Amounts payable after more than one year | 17 | €34,797 | €24,348 | -€10,449 | -30.0% |
| Financial debts | 170/4 | €34,797 | €24,348 | -€10,449 | -30.0% |
| Amounts payable within one year | 42/48 | €478,881 | €818,315 | +€339,434 | +70.9% |
| Current portion of amounts payable after more than one year | 42 | €9,687 | €10,449 | +€763 | +7.9% |
| Trade debts | 44 | €311,532 | €628,580 | +€317,047 | +101.8% |
| Suppliers | 440/4 | €311,532 | €628,580 | +€317,047 | +101.8% |
| Taxes, remuneration and social security | 45 | €157,662 | €179,286 | +€21,624 | +13.7% |
| Taxes | 450/3 | €27,829 | €39,726 | +€11,897 | +42.8% |
| Remuneration and social security | 454/9 | €129,833 | €139,560 | +€9,727 | +7.5% |
| Accrued charges and deferred income | 492/3 | €45,434 | €31,640 | -€13,794 | -30.4% |
| Remuneration, social security and pensions | 62 | €522,092 | €653,417 | +€131,325 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,048 | €28,384 | +€5,337 | +23.2% |
| Other operating charges | 640/8 | €1,495 | €3,014 | +€1,519 | +101.6% |
| Non-recurring operating charges | 66A | €2,412 | - | -€2,412 | |
| Gross operating margin | 9900 | €672,857 | €454,834 | -€218,022 | -32.4% |
| Operating profit (loss) | 9901 | €123,809 | -€229,981 | -€353,791 | |
| Financial income | 75/76B | €1,433 | €4,062 | +€2,629 | +183.4% |
| Recurring financial income | 75 | €1,433 | €4,062 | +€2,629 | +183.4% |
| Financial charges | 65/66B | €19,840 | €42,324 | +€22,484 | +113.3% |
| Recurring financial charges | 65 | €19,840 | €42,324 | +€22,484 | +113.3% |
| Profit (loss) for the period before taxes | 9903 | €105,402 | -€268,243 | -€373,645 | |
| Income taxes | 67/77 | €22,581 | - | -€22,581 | |
| Profit (loss) for the period | 9904 | €82,821 | -€268,243 | -€351,064 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,821 | -€268,243 | -€351,064 |
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 6 October 2026 via checked.be.