ETHYS N'KO: 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.
ETHYS N'KO
Largest movements
- Receivables within one year +€132,621
up €132,621 (+795.5%), from €16,671 to €149,291
of which Trade receivables: +€129,451
- Cash -€47,969
down €47,969 (-30.7%), from €156,189 to €108,220
mainly Receivables within one year (-€132,621) and Other debts (-€42,939)
- Intangible fixed assets -€6,882
down €6,882 (-7.1%), from €96,348 to €89,466
- Advances received +€100,027
up €100,027 (+3652.0%), from €2,739 to €102,766
- Other debts -€42,939
no longer reported in 2025 (was €42,939)
- Trade debts +€19,980
up €19,980 (+160.3%), from €12,460 to €32,440
- Debts after one year -€13,242
down €13,242 (-21.9%), from €60,349 to €47,106
- Reserves +€9,000
new in 2025: €9,000
- Purchases and services -€21,855
down €21,855 (-10.6%), from €206,023 to €184,168
- Gross operating margin -€10,374
down €10,374 (-28.8%), from €36,008 to €25,634
- Taxes +€2,212
up €2,212 (+71.8%), from €3,080 to €5,292
- Other operating charges -€1,673
down €1,673 (-43.9%), from €3,814 to €2,140
- Financial income +€734
up €734 (+244723.3%), from €0 to €734
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 | €271,476 | €349,245 | +€77,769 | +28.6% |
| Fixed assets | 21/28 | €96,591 | €89,709 | -€6,882 | -7.1% |
| Intangible fixed assets | 21 | €96,348 | €89,466 | -€6,882 | -7.1% |
| Financial fixed assets | 28 | €243 | €243 | = | 0.0% |
| Current assets | 29/58 | €174,884 | €259,536 | +€84,651 | +48.4% |
| Amounts receivable within one year | 40/41 | €16,671 | €149,291 | +€132,621 | +795.5% |
| Trade receivables | 40 | €15,252 | €144,704 | +€129,451 | +848.7% |
| Other amounts receivable | 41 | €1,418 | €4,588 | +€3,169 | +223.5% |
| Current investments | 50/53 | €2,024 | €2,024 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €156,189 | €108,220 | -€47,969 | -30.7% |
| Total equity and liabilities | 10/49 | €271,476 | €349,245 | +€77,769 | +28.6% |
| Equity | 10/15 | €135,166 | €144,561 | +€9,395 | +7.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Capital | 10 | €18,550 | - | -€18,550 | |
| Issued capital | 100 | €18,550 | - | -€18,550 | |
| Reserves | 13 | - | €9,000 | +€9,000 | |
| Distributable reserves | 133 | - | €9,000 | +€9,000 | |
| Profit (loss) carried forward | 14 | €116,616 | €117,011 | +€395 | +0.3% |
| Amounts payable | 17/49 | €136,310 | €204,684 | +€68,374 | +50.2% |
| Amounts payable after more than one year | 17 | €60,349 | €47,106 | -€13,242 | -21.9% |
| Financial debts | 170/4 | €60,349 | €47,106 | -€13,242 | -21.9% |
| Amounts payable within one year | 42/48 | €75,961 | €157,578 | +€81,616 | +107.4% |
| Current portion of amounts payable after more than one year | 42 | €13,003 | €13,242 | +€239 | +1.8% |
| Trade debts | 44 | €12,460 | €32,440 | +€19,980 | +160.3% |
| Suppliers | 440/4 | €12,460 | €32,440 | +€19,980 | +160.3% |
| Advances received on contracts in progress | 46 | €2,739 | €102,766 | +€100,027 | +3652.0% |
| Taxes, remuneration and social security | 45 | €4,820 | €9,130 | +€4,309 | +89.4% |
| Taxes | 450/3 | €3,838 | €9,130 | +€5,292 | +137.9% |
| Remuneration and social security | 454/9 | €983 | - | -€983 | |
| Other amounts payable | 47/48 | €42,939 | - | -€42,939 | |
| Goods, raw materials, services and sundry goods | 60/61 | €206,023 | €184,168 | -€21,855 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,882 | €6,882 | = | 0.0% |
| Other operating charges | 640/8 | €3,814 | €2,140 | -€1,673 | -43.9% |
| Non-recurring operating charges | 66A | - | €42 | +€42 | |
| Gross operating margin | 9900 | €36,008 | €25,634 | -€10,374 | -28.8% |
| Operating profit (loss) | 9901 | €25,312 | €16,570 | -€8,742 | -34.5% |
| Financial income | 75/76B | €0 | €734 | +€734 | +244723.3% |
| Recurring financial income | 75 | €0 | €734 | +€734 | +244723.3% |
| Financial charges | 65/66B | €2,823 | €2,617 | -€206 | -7.3% |
| Recurring financial charges | 65 | €2,823 | €2,617 | -€206 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €22,489 | €14,687 | -€7,802 | -34.7% |
| Income taxes | 67/77 | €3,080 | €5,292 | +€2,212 | +71.8% |
| Profit (loss) for the period | 9904 | €19,409 | €9,395 | -€10,014 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,409 | €9,395 | -€10,014 | -51.6% |
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 12 October 2026 via checked.be.