ETHOS OCEAN: 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.
ETHOS OCEAN
Largest movements
- Financial fixed assets +€1.3m
up €1.3m (+126.4%), from €1.0m to €2.3m
- Cash +€654,660
up €654,660 (+528.3%), from €123,908 to €778,569
mainly Other debts (+€750,000) and Current investments (+€653,688)
- Current investments -€653,688
down €653,688 (-100.0%), from €653,688 to €0
- Other debts +€750,000
new in 2025: €750,000
- Contributions +€700,000
up €700,000 (+240.0%), from €291,699 to €991,699
- Reserves -€148,042
down €148,042 (-10.0%), from €1.5m to €1.3m
of which Distributable reserves: -€118,872
- Financial income +€608,602
up €608,602 (+347.5%), from €175,115 to €783,716
- Staff costs -€161,236
down €161,236 (-100.0%), from €161,236 to €0
- Gross operating margin -€56,044
down €56,044 (-79.5%), from -€70,504 to -€126,548
- Other operating charges +€22,798
up €22,798 (+346.4%), from €6,582 to €29,380
- Financial charges -€14,798
down €14,798 (-36.4%), from €40,629 to €25,831
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 | €1,806,659 | €3,105,590 | +€1.3m | +71.9% |
| Fixed assets | 21/28 | €1,027,983 | €2,327,021 | +€1.3m | +126.4% |
| Financial fixed assets | 28 | €1,027,983 | €2,327,021 | +€1.3m | +126.4% |
| Current assets | 29/58 | €778,676 | €778,569 | -€107 | 0.0% |
| Current investments | 50/53 | €653,688 | €0 | -€653,688 | -100.0% |
| Cash at bank and in hand | 54/58 | €123,908 | €778,569 | +€654,660 | +528.3% |
| Deferred charges and accrued income | 490/1 | €1,079 | €0 | -€1,079 | -100.0% |
| Total equity and liabilities | 10/49 | €1,806,659 | €3,105,590 | +€1.3m | +71.9% |
| Equity | 10/15 | €1,768,819 | €2,320,776 | +€551,958 | +31.2% |
| Contributions | 10/11 | €291,699 | €991,699 | +€700,000 | +240.0% |
| Reserves | 13 | €1,477,119 | €1,329,077 | -€148,042 | -10.0% |
| Non-distributable reserves | 130/1 | €29,170 | €0 | -€29,170 | -100.0% |
| Reserves not available under the articles | 1311 | €29,170 | €0 | -€29,170 | -100.0% |
| Distributable reserves | 133 | €1,447,949 | €1,329,077 | -€118,872 | -8.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €37,840 | €784,813 | +€746,973 | +1974.0% |
| Amounts payable within one year | 42/48 | €37,840 | €784,813 | +€746,973 | +1974.0% |
| Trade debts | 44 | €8,679 | €34,483 | +€25,803 | +297.3% |
| Suppliers | 440/4 | €8,679 | €34,483 | +€25,803 | +297.3% |
| Taxes, remuneration and social security | 45 | €29,161 | €331 | -€28,830 | -98.9% |
| Taxes | 450/3 | €9,279 | €295 | -€8,984 | -96.8% |
| Remuneration and social security | 454/9 | €19,882 | €36 | -€19,846 | -99.8% |
| Other amounts payable | 47/48 | - | €750,000 | +€750,000 | |
| Remuneration, social security and pensions | 62 | €161,236 | €0 | -€161,236 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143 | €0 | -€143 | -100.0% |
| Other operating charges | 640/8 | €6,582 | €29,380 | +€22,798 | +346.4% |
| Gross operating margin | 9900 | -€70,504 | -€126,548 | -€56,044 | -79.5% |
| Operating profit (loss) | 9901 | -€238,465 | -€155,928 | +€82,537 | +34.6% |
| Financial income | 75/76B | €175,115 | €783,716 | +€608,602 | +347.5% |
| Recurring financial income | 75 | €175,115 | €783,716 | +€608,602 | +347.5% |
| Financial charges | 65/66B | €40,629 | €25,831 | -€14,798 | -36.4% |
| Recurring financial charges | 65 | €40,629 | €25,831 | -€14,798 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | -€103,979 | €601,958 | +€705,937 | |
| Income taxes | 67/77 | €502 | €0 | -€502 | -100.0% |
| Profit (loss) for the period | 9904 | -€104,481 | €601,958 | +€706,439 | |
| Profit (loss) for the period to be appropriated | 9905 | -€104,481 | €601,958 | +€706,439 |
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 3 October 2026 via checked.be.