ETICO-LABELS: 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.
ETICO-LABELS
Largest movements
- Tangible fixed assets -€21,200
down €21,200 (-27.7%), from €76,654 to €55,454
of which Plant, machinery and equipment: -€20,565
- Stocks and contracts -€12,853
down €12,853 (-35.2%), from €36,524 to €23,671
of which Contracts in progress: -€7,235
- Cash -€9,122
down €9,122 (-25.8%), from €35,360 to €26,238
mainly Contributions, distributions and other (-€34,378) and Trade debts (-€31,958)
- Receivables within one year +€5,234
up €5,234 (+11.9%), from €44,162 to €49,397
of which Trade receivables: +€5,296
- Trade debts -€31,958
down €31,958 (-72.1%), from €44,326 to €12,368
- Other debts +€26,826
up €26,826 (+408%), from €6,568 to €33,394
- Current portion of long-term debt -€16,451
down €16,451 (-100%), from €16,451 to €0
- Reserves -€11,251
down €11,251 (-14.3%), from €78,763 to €67,512
- Tax, wage and social debts -€3,546
down €3,546 (-14.4%), from €24,593 to €21,047
of which Taxes: -€2,299
- Gross operating margin +€8,301
up €8,301 (+16.5%), from €50,465 to €58,766
- Depreciation +€2,688
up €2,688 (+12.6%), from €21,263 to €23,950
- Taxes +€1,358
up €1,358 (+14.4%), from €9,459 to €10,817
- Financial income -€1,145
down €1,145 (-87.1%), from €1,314 to €169
- Financial charges -€712
down €712 (-58.9%), from €1,208 to €497
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 | €195,701 | €159,321 | -€36,380 | -18.6% |
| Fixed assets | 21/28 | €79,654 | €58,454 | -€21,200 | -26.6% |
| Tangible fixed assets | 22/27 | €76,654 | €55,454 | -€21,200 | -27.7% |
| Plant, machinery and equipment | 23 | €75,873 | €55,308 | -€20,565 | -27.1% |
| Furniture and vehicles | 24 | €781 | €146 | -€636 | -81.3% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €116,046 | €100,867 | -€15,180 | -13.1% |
| Stocks and contracts in progress | 3 | €36,524 | €23,671 | -€12,853 | -35.2% |
| Stocks | 30/36 | €29,288 | €23,671 | -€5,617 | -19.2% |
| Contracts in progress | 37 | €7,235 | €0 | -€7,235 | -100% |
| Amounts receivable within one year | 40/41 | €44,162 | €49,397 | +€5,234 | +11.9% |
| Trade receivables | 40 | €42,918 | €48,214 | +€5,296 | +12.3% |
| Other amounts receivable | 41 | €1,244 | €1,183 | -€61 | -4.9% |
| Cash at bank and in hand | 54/58 | €35,360 | €26,238 | -€9,122 | -25.8% |
| Deferred charges and accrued income | 490/1 | - | €1,561 | +€1,561 | |
| Total equity and liabilities | 10/49 | €195,701 | €159,321 | -€36,380 | -18.6% |
| Equity | 10/15 | €103,763 | €92,512 | -€11,251 | -10.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €78,763 | €67,512 | -€11,251 | -14.3% |
| Distributable reserves | 133 | €78,763 | €67,512 | -€11,251 | -14.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €91,938 | €66,809 | -€25,129 | -27.3% |
| Amounts payable within one year | 42/48 | €91,938 | €66,809 | -€25,129 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €16,451 | €0 | -€16,451 | -100% |
| Trade debts | 44 | €44,326 | €12,368 | -€31,958 | -72.1% |
| Suppliers | 440/4 | €44,326 | €12,368 | -€31,958 | -72.1% |
| Taxes, remuneration and social security | 45 | €24,593 | €21,047 | -€3,546 | -14.4% |
| Taxes | 450/3 | €23,346 | €21,047 | -€2,299 | -9.8% |
| Remuneration and social security | 454/9 | €1,247 | €0 | -€1,247 | -100% |
| Other amounts payable | 47/48 | €6,568 | €33,394 | +€26,826 | +408% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,263 | €23,950 | +€2,688 | +12.6% |
| Other operating charges | 640/8 | €718 | €544 | -€174 | -24.3% |
| Gross operating margin | 9900 | €50,465 | €58,766 | +€8,301 | +16.5% |
| Operating profit (loss) | 9901 | €28,484 | €34,272 | +€5,788 | +20.3% |
| Financial income | 75/76B | €1,314 | €169 | -€1,145 | -87.1% |
| Recurring financial income | 75 | €1,314 | €169 | -€1,145 | -87.1% |
| Financial charges | 65/66B | €1,208 | €497 | -€712 | -58.9% |
| Recurring financial charges | 65 | €1,208 | €497 | -€712 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | €28,590 | €33,944 | +€5,355 | +18.7% |
| Income taxes | 67/77 | €9,459 | €10,817 | +€1,358 | +14.4% |
| Profit (loss) for the period | 9904 | €19,131 | €23,127 | +€3,996 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,131 | €23,127 | +€3,996 | +20.9% |
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 21 October 2026 via checked.be.