ETHON: 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.
ETHON
Largest movements
- Cash +€94,968
up €94,968 (+3014.9%), from €3,150 to €98,118
mainly Net result for the year (+€113,276) and Tax, wage and social debts (+€24,797)
- Receivables within one year +€22,925
up €22,925 (+44.2%), from €51,861 to €74,786
- Tangible fixed assets +€5,466
up €5,466 (+377.1%), from €1,449 to €6,915
- Reserves +€112,443
up €112,443 (+416.0%), from €27,029 to €139,472
- Tax, wage and social debts +€24,797
up €24,797 (+178.0%), from €13,930 to €38,727
of which Taxes: +€27,297
- Other debts -€13,167
down €13,167 (-94.1%), from €14,000 to €833
- Gross operating margin +€117,163
up €117,163 (+333.6%), from €35,119 to €152,283
- Taxes +€27,297
up €27,297 (+369.1%), from €7,395 to €34,692
- Depreciation +€2,419
up €2,419 (+714.3%), from €339 to €2,758
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 | €56,460 | €181,078 | +€124,618 | +220.7% |
| Fixed assets | 21/28 | €1,449 | €6,915 | +€5,466 | +377.1% |
| Tangible fixed assets | 22/27 | €1,449 | €6,915 | +€5,466 | +377.1% |
| Furniture and vehicles | 24 | €1,449 | €6,915 | +€5,466 | +377.1% |
| Current assets | 29/58 | €55,011 | €174,163 | +€119,152 | +216.6% |
| Amounts receivable within one year | 40/41 | €51,861 | €74,786 | +€22,925 | +44.2% |
| Other amounts receivable | 41 | €51,861 | €74,786 | +€22,925 | +44.2% |
| Cash at bank and in hand | 54/58 | €3,150 | €98,118 | +€94,968 | +3014.9% |
| Deferred charges and accrued income | 490/1 | - | €1,259 | +€1,259 | |
| Total equity and liabilities | 10/49 | €56,460 | €181,078 | +€124,618 | +220.7% |
| Equity | 10/15 | €27,030 | €139,473 | +€112,443 | +416.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €27,029 | €139,472 | +€112,443 | +416.0% |
| Distributable reserves | 133 | €27,029 | €139,472 | +€112,443 | +416.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €29,430 | €41,606 | +€12,176 | +41.4% |
| Amounts payable within one year | 42/48 | €29,430 | €41,606 | +€12,176 | +41.4% |
| Trade debts | 44 | €1,500 | €2,045 | +€545 | +36.3% |
| Suppliers | 440/4 | €1,500 | €2,045 | +€545 | +36.3% |
| Taxes, remuneration and social security | 45 | €13,930 | €38,727 | +€24,797 | +178.0% |
| Taxes | 450/3 | €11,430 | €38,727 | +€27,297 | +238.8% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100.0% |
| Other amounts payable | 47/48 | €14,000 | €833 | -€13,167 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €339 | €2,758 | +€2,419 | +714.3% |
| Other operating charges | 640/8 | €334 | €128 | -€206 | -61.6% |
| Gross operating margin | 9900 | €35,119 | €152,283 | +€117,163 | +333.6% |
| Operating profit (loss) | 9901 | €34,447 | €149,397 | +€114,950 | +333.7% |
| Financial charges | 65/66B | €23 | €1,429 | +€1,406 | +6068.7% |
| Recurring financial charges | 65 | €23 | €1,429 | +€1,406 | +6068.7% |
| Profit (loss) for the period before taxes | 9903 | €34,424 | €147,968 | +€113,544 | +329.8% |
| Income taxes | 67/77 | €7,395 | €34,692 | +€27,297 | +369.1% |
| Profit (loss) for the period | 9904 | €27,029 | €113,276 | +€86,247 | +319.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,029 | €113,276 | +€86,247 | +319.1% |
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 8 October 2026 via checked.be.