Etico: 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.
Etico
Largest movements
- Tangible fixed assets -€60,289
down €60,289 (-5.0%), from €1.2m to €1.1m
of which Land and buildings: -€91,058
- Cash +€43,279
up €43,279 (+325.7%), from €13,290 to €56,569
mainly Net result for the year (+€85,057) and Depreciation (+€49,766)
- Receivables within one year +€22,449
up €22,449 (+86.5%), from €25,951 to €48,400
of which Trade receivables: +€23,538
- Reserves +€85,057
up €85,057 (+32.8%), from €259,084 to €344,141
- Debts after one year -€64,599
down €64,599 (-7.9%), from €820,154 to €755,554
- Other debts -€40,691
down €40,691 (-91.2%), from €44,600 to €3,909
- Gross operating margin +€10,160
up €10,160 (+5.6%), from €180,440 to €190,600
- Depreciation +€4,082
up €4,082 (+8.9%), from €45,684 to €49,766
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 | €1,253,425 | €1,259,025 | +€5,600 | +0.4% |
| Fixed assets | 21/28 | €1,209,305 | €1,149,016 | -€60,289 | -5.0% |
| Tangible fixed assets | 22/27 | €1,208,905 | €1,148,616 | -€60,289 | -5.0% |
| Land and buildings | 22 | €1,208,587 | €1,117,529 | -€91,058 | -7.5% |
| Furniture and vehicles | 24 | €318 | €31,086 | +€30,769 | +9685.8% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €44,121 | €110,010 | +€65,889 | +149.3% |
| Amounts receivable within one year | 40/41 | €25,951 | €48,400 | +€22,449 | +86.5% |
| Trade receivables | 40 | €24,862 | €48,400 | +€23,538 | +94.7% |
| Other amounts receivable | 41 | €1,089 | - | -€1,089 | |
| Cash at bank and in hand | 54/58 | €13,290 | €56,569 | +€43,279 | +325.7% |
| Deferred charges and accrued income | 490/1 | €4,880 | €5,040 | +€161 | +3.3% |
| Total equity and liabilities | 10/49 | €1,253,425 | €1,259,025 | +€5,600 | +0.4% |
| Equity | 10/15 | €277,684 | €362,741 | +€85,057 | +30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €259,084 | €344,141 | +€85,057 | +32.8% |
| Distributable reserves | 133 | €259,084 | €344,141 | +€85,057 | +32.8% |
| Amounts payable | 17/49 | €975,742 | €896,284 | -€79,458 | -8.1% |
| Amounts payable after more than one year | 17 | €820,154 | €755,554 | -€64,599 | -7.9% |
| Financial debts | 170/4 | €820,154 | €755,554 | -€64,599 | -7.9% |
| Amounts payable within one year | 42/48 | €155,588 | €140,730 | -€14,858 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €81,651 | €90,358 | +€8,708 | +10.7% |
| Financial debts | 43 | - | €5,672 | +€5,672 | |
| Credit institutions | 430/8 | - | €5,672 | +€5,672 | |
| Trade debts | 44 | €3,592 | €3,045 | -€547 | -15.2% |
| Suppliers | 440/4 | €3,592 | €3,045 | -€547 | -15.2% |
| Taxes, remuneration and social security | 45 | €25,745 | €37,746 | +€12,000 | +46.6% |
| Taxes | 450/3 | €25,745 | €37,746 | +€12,000 | +46.6% |
| Other amounts payable | 47/48 | €44,600 | €3,909 | -€40,691 | -91.2% |
| Non-recurring operating income | 76A | - | €30,365 | +€30,365 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,684 | €49,766 | +€4,082 | +8.9% |
| Other operating charges | 640/8 | €6,130 | €6,374 | +€244 | +4.0% |
| Gross operating margin | 9900 | €180,440 | €190,600 | +€10,160 | +5.6% |
| Operating profit (loss) | 9901 | €128,625 | €134,460 | +€5,835 | +4.5% |
| Financial income | 75/76B | €609 | €0 | -€608 | -100.0% |
| Recurring financial income | 75 | €609 | €0 | -€608 | -100.0% |
| Financial charges | 65/66B | €15,572 | €14,888 | -€684 | -4.4% |
| Recurring financial charges | 65 | €15,572 | €14,888 | -€684 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €113,662 | €119,572 | +€5,910 | +5.2% |
| Income taxes | 67/77 | €33,006 | €34,515 | +€1,509 | +4.6% |
| Profit (loss) for the period | 9904 | €80,656 | €85,057 | +€4,401 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,656 | €85,057 | +€4,401 | +5.5% |
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.