ETHOS TELECOM: 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 TELECOM
Largest movements
- Receivables within one year +€28,874
up €28,874 (+42.6%), from €67,711 to €96,586
of which Trade receivables: +€31,720
- Cash +€13,720
up €13,720 (+31.8%), from €43,187 to €56,907
mainly Net result for the year (+€29,166) and Tax, wage and social debts (+€11,587)
- Tangible fixed assets -€6,362
down €6,362 (-23.6%), from €26,998 to €20,636
of which Plant, machinery and equipment: -€4,467
- Deferred charges and accrued income -€2,971
down €2,971 (-66.4%), from €4,475 to €1,504
- Reserves +€23,000
up €23,000 (+67.9%), from €33,860 to €56,860
of which Distributable reserves: +€23,000
- Tax, wage and social debts +€11,587
up €11,587 (+82.5%), from €14,052 to €25,638
of which Taxes: +€10,100
- Trade debts +€5,491
up €5,491 (+30.5%), from €18,031 to €23,522
- Debts after one year -€3,493
no longer reported in 2025 (was €3,493)
- Current portion of long-term debt -€2,227
down €2,227 (-38.9%), from €5,719 to €3,493
- Gross operating margin +€37,815
up €37,815 (+44.5%), from €84,983 to €122,798
- Staff costs +€12,071
up €12,071 (+23.7%), from €50,952 to €63,024
- Taxes +€8,258
up €8,258 (+105%), from €7,842 to €16,100
- Financial charges +€3,001
up €3,001 (+156%), from €1,919 to €4,920
of which Non-recurring financial charges: +€2,335
- Depreciation +€2,398
up €2,398 (+43.0%), from €5,572 to €7,969
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 | €142,371 | €175,632 | +€33,261 | +23.4% |
| Fixed assets | 21/28 | €26,998 | €20,636 | -€6,362 | -23.6% |
| Tangible fixed assets | 22/27 | €26,998 | €20,636 | -€6,362 | -23.6% |
| Plant, machinery and equipment | 23 | €15,686 | €11,219 | -€4,467 | -28.5% |
| Furniture and vehicles | 24 | €5,206 | €3,927 | -€1,279 | -24.6% |
| Other tangible fixed assets | 26 | €6,106 | €5,490 | -€616 | -10.1% |
| Current assets | 29/58 | €115,373 | €154,996 | +€39,623 | +34.3% |
| Amounts receivable within one year | 40/41 | €67,711 | €96,586 | +€28,874 | +42.6% |
| Trade receivables | 40 | €64,706 | €96,426 | +€31,720 | +49.0% |
| Other amounts receivable | 41 | €3,005 | €159 | -€2,846 | -94.7% |
| Cash at bank and in hand | 54/58 | €43,187 | €56,907 | +€13,720 | +31.8% |
| Deferred charges and accrued income | 490/1 | €4,475 | €1,504 | -€2,971 | -66.4% |
| Total equity and liabilities | 10/49 | €142,371 | €175,632 | +€33,261 | +23.4% |
| Equity | 10/15 | €88,463 | €112,628 | +€24,166 | +27.3% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €33,860 | €56,860 | +€23,000 | +67.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €32,000 | €55,000 | +€23,000 | +71.9% |
| Profit (loss) carried forward | 14 | €48,103 | €49,268 | +€1,166 | +2.4% |
| Amounts payable | 17/49 | €53,909 | €63,004 | +€9,095 | +16.9% |
| Amounts payable after more than one year | 17 | €3,493 | - | -€3,493 | |
| Financial debts | 170/4 | €3,493 | - | -€3,493 | |
| Amounts payable within one year | 42/48 | €50,201 | €63,004 | +€12,803 | +25.5% |
| Current portion of amounts payable after more than one year | 42 | €5,719 | €3,493 | -€2,227 | -38.9% |
| Trade debts | 44 | €18,031 | €23,522 | +€5,491 | +30.5% |
| Suppliers | 440/4 | €18,031 | €23,522 | +€5,491 | +30.5% |
| Taxes, remuneration and social security | 45 | €14,052 | €25,638 | +€11,587 | +82.5% |
| Taxes | 450/3 | €7,600 | €17,700 | +€10,100 | +133% |
| Remuneration and social security | 454/9 | €6,452 | €7,938 | +€1,487 | +23.0% |
| Other amounts payable | 47/48 | €12,399 | €10,351 | -€2,048 | -16.5% |
| Accrued charges and deferred income | 492/3 | €215 | - | -€215 | |
| Remuneration, social security and pensions | 62 | €50,952 | €63,024 | +€12,071 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,572 | €7,969 | +€2,398 | +43.0% |
| Other operating charges | 640/8 | €3,920 | €1,782 | -€2,138 | -54.5% |
| Gross operating margin | 9900 | €84,983 | €122,798 | +€37,815 | +44.5% |
| Operating profit (loss) | 9901 | €24,539 | €50,023 | +€25,484 | +104% |
| Financial income | 75/76B | €92 | €162 | +€71 | +76.8% |
| Recurring financial income | 75 | €92 | €162 | +€71 | +76.8% |
| Financial charges | 65/66B | €1,919 | €4,920 | +€3,001 | +156% |
| Recurring financial charges | 65 | €1,919 | €2,585 | +€667 | +34.7% |
| Non-recurring financial charges | 66B | - | €2,335 | +€2,335 | |
| Profit (loss) for the period before taxes | 9903 | €22,712 | €45,266 | +€22,553 | +99.3% |
| Income taxes | 67/77 | €7,842 | €16,100 | +€8,258 | +105% |
| Profit (loss) for the period | 9904 | €14,870 | €29,166 | +€14,295 | +96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,870 | €29,166 | +€14,295 | +96.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.