Ethos: 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.
Ethos
Largest movements
- Cash +€38,118
up €38,118 (+106%), from €36,105 to €74,223
mainly Other debts (+€69,600) and Net result for the year (+€63,336)
- Receivables within one year -€24,553
down €24,553 (-91.0%), from €26,973 to €2,420
of which Trade receivables: -€24,553
- Other debts +€69,600
up €69,600 (+26,816%), from €260 to €69,860
- Profit (loss) carried forward -€44,664
down €44,664 (-42.9%), from €103,991 to €59,327
- Current portion of long-term debt -€10,299
down €10,299 (-74.8%), from €13,764 to €3,465
- Debts after one year -€3,465
down €3,465 (-4.7%), from €73,465 to €70,000
- Gross operating margin +€20,446
up €20,446 (+31.4%), from €65,121 to €85,567
- Taxes +€4,669
up €4,669 (+28.3%), from €16,490 to €21,159
- Financial income -€1,420
down €1,420 (-27.5%), from €5,160 to €3,740
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 | €213,451 | €225,024 | +€11,573 | +5.4% |
| Fixed assets | 21/28 | €150,351 | €148,276 | -€2,074 | -1.4% |
| Tangible fixed assets | 22/27 | €12,851 | €10,776 | -€2,074 | -16.1% |
| Furniture and vehicles | 24 | €1,640 | €802 | -€839 | -51.1% |
| Other tangible fixed assets | 26 | €11,210 | €9,975 | -€1,236 | -11.0% |
| Financial fixed assets | 28 | €137,500 | €137,500 | = | 0.0% |
| Current assets | 29/58 | €63,100 | €76,748 | +€13,648 | +21.6% |
| Amounts receivable within one year | 40/41 | €26,973 | €2,420 | -€24,553 | -91.0% |
| Trade receivables | 40 | €24,553 | €0 | -€24,553 | -100% |
| Other amounts receivable | 41 | €2,420 | €2,420 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,105 | €74,223 | +€38,118 | +106% |
| Deferred charges and accrued income | 490/1 | €22 | €105 | +€83 | +370% |
| Total equity and liabilities | 10/49 | €213,451 | €225,024 | +€11,573 | +5.4% |
| Equity | 10/15 | €107,991 | €63,327 | -€44,664 | -41.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,991 | €59,327 | -€44,664 | -42.9% |
| Amounts payable | 17/49 | €105,460 | €161,697 | +€56,237 | +53.3% |
| Amounts payable after more than one year | 17 | €73,465 | €70,000 | -€3,465 | -4.7% |
| Financial debts | 170/4 | €73,465 | €70,000 | -€3,465 | -4.7% |
| Amounts payable within one year | 42/48 | €31,076 | €90,778 | +€59,702 | +192% |
| Current portion of amounts payable after more than one year | 42 | €13,764 | €3,465 | -€10,299 | -74.8% |
| Trade debts | 44 | €4,157 | €2,990 | -€1,167 | -28.1% |
| Suppliers | 440/4 | €4,157 | €2,990 | -€1,167 | -28.1% |
| Taxes, remuneration and social security | 45 | €12,895 | €14,463 | +€1,568 | +12.2% |
| Taxes | 450/3 | €12,895 | €14,463 | +€1,568 | +12.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €260 | €69,860 | +€69,600 | +26,816% |
| Accrued charges and deferred income | 492/3 | €919 | €919 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,901 | €2,074 | -€827 | -28.5% |
| Other operating charges | 640/8 | €1,191 | €1,219 | +€28 | +2.4% |
| Gross operating margin | 9900 | €65,121 | €85,567 | +€20,446 | +31.4% |
| Operating profit (loss) | 9901 | €61,029 | €82,274 | +€21,246 | +34.8% |
| Financial income | 75/76B | €5,160 | €3,740 | -€1,420 | -27.5% |
| Recurring financial income | 75 | €5,160 | €3,740 | -€1,420 | -27.5% |
| Financial charges | 65/66B | €1,708 | €1,519 | -€189 | -11.1% |
| Recurring financial charges | 65 | €1,708 | €1,519 | -€189 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €64,481 | €84,495 | +€20,015 | +31.0% |
| Income taxes | 67/77 | €16,490 | €21,159 | +€4,669 | +28.3% |
| Profit (loss) for the period | 9904 | €47,991 | €63,336 | +€15,346 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,991 | €63,336 | +€15,346 | +32.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.