ETIK: 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.
ETIK
Largest movements
- Cash +€29,116
up €29,116 (+74.0%), from €39,348 to €68,464
mainly Trade debts (+€71,472) and Depreciation (+€19,016)
- Tangible fixed assets +€15,298
up €15,298 (+9.0%), from €170,793 to €186,091
of which Furniture and vehicles: +€21,599
- Receivables within one year +€14,185
up €14,185 (+23.7%), from €59,962 to €74,147
of which Trade receivables: +€16,169
- Deferred charges and accrued income +€6,119
up €6,119 (+1,310%), from €467 to €6,586
- Trade debts +€71,472
up €71,472 (+684%), from €10,446 to €81,918
- Debts after one year -€17,799
down €17,799 (-12.7%), from €140,120 to €122,321
- Reserves +€13,768
up €13,768 (+21.5%), from €63,969 to €77,737
- Gross operating margin +€33,044
up €33,044 (+193%), from €17,106 to €50,150
- Taxes +€8,513
up €8,513 (+3,099%), from €275 to €8,788
- Depreciation +€3,227
up €3,227 (+20.4%), from €15,788 to €19,016
- Financial income -€1,672
down €1,672 (-91.2%), from €1,833 to €161
- Financial charges -€570
down €570 (-9.7%), from €5,896 to €5,326
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 | €275,550 | €339,518 | +€63,968 | +23.2% |
| Fixed assets | 21/28 | €170,793 | €186,091 | +€15,298 | +9.0% |
| Tangible fixed assets | 22/27 | €170,793 | €186,091 | +€15,298 | +9.0% |
| Land and buildings | 22 | €141,341 | €136,106 | -€5,235 | -3.7% |
| Plant, machinery and equipment | 23 | €3,418 | €2,351 | -€1,067 | -31.2% |
| Furniture and vehicles | 24 | €26,035 | €47,634 | +€21,599 | +83.0% |
| Current assets | 29/58 | €104,757 | €153,427 | +€48,670 | +46.5% |
| Stocks and contracts in progress | 3 | €4,980 | €4,230 | -€750 | -15.1% |
| Stocks | 30/36 | €4,980 | €4,230 | -€750 | -15.1% |
| Amounts receivable within one year | 40/41 | €59,962 | €74,147 | +€14,185 | +23.7% |
| Trade receivables | 40 | €44,040 | €60,209 | +€16,169 | +36.7% |
| Other amounts receivable | 41 | €15,922 | €13,938 | -€1,984 | -12.5% |
| Cash at bank and in hand | 54/58 | €39,348 | €68,464 | +€29,116 | +74.0% |
| Deferred charges and accrued income | 490/1 | €467 | €6,586 | +€6,119 | +1,310% |
| Total equity and liabilities | 10/49 | €275,550 | €339,518 | +€63,968 | +23.2% |
| Equity | 10/15 | €95,435 | €110,237 | +€14,802 | +15.5% |
| Contributions | 10/11 | €32,500 | €32,500 | = | 0.0% |
| Reserves | 13 | €63,969 | €77,737 | +€13,768 | +21.5% |
| Distributable reserves | 133 | €63,969 | €77,737 | +€13,768 | +21.5% |
| Profit (loss) carried forward | 14 | -€1,034 | - | +€1,034 | |
| Amounts payable | 17/49 | €180,115 | €229,281 | +€49,166 | +27.3% |
| Amounts payable after more than one year | 17 | €140,120 | €122,321 | -€17,799 | -12.7% |
| Financial debts | 170/4 | €140,120 | €122,321 | -€17,799 | -12.7% |
| Amounts payable within one year | 42/48 | €39,996 | €106,961 | +€66,965 | +167% |
| Current portion of amounts payable after more than one year | 42 | €16,415 | €17,799 | +€1,384 | +8.4% |
| Financial debts | 43 | €2,948 | - | -€2,948 | |
| Credit institutions | 430/8 | €2,948 | - | -€2,948 | |
| Trade debts | 44 | €10,446 | €81,918 | +€71,472 | +684% |
| Suppliers | 440/4 | €10,446 | €81,918 | +€71,472 | +684% |
| Taxes, remuneration and social security | 45 | €8,042 | €7,209 | -€833 | -10.4% |
| Taxes | 450/3 | €8,042 | €7,209 | -€833 | -10.4% |
| Other amounts payable | 47/48 | €2,145 | €35 | -€2,110 | -98.4% |
| Remuneration, social security and pensions | 62 | €62 | - | -€62 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,788 | €19,016 | +€3,227 | +20.4% |
| Other operating charges | 640/8 | €2,311 | €2,380 | +€69 | +3.0% |
| Gross operating margin | 9900 | €17,106 | €50,150 | +€33,044 | +193% |
| Operating profit (loss) | 9901 | -€1,055 | €28,754 | +€29,810 | |
| Financial income | 75/76B | €1,833 | €161 | -€1,672 | -91.2% |
| Recurring financial income | 75 | €1,833 | €161 | -€1,672 | -91.2% |
| Financial charges | 65/66B | €5,896 | €5,326 | -€570 | -9.7% |
| Recurring financial charges | 65 | €5,896 | €5,326 | -€570 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,118 | €23,590 | +€28,708 | |
| Income taxes | 67/77 | €275 | €8,788 | +€8,513 | +3,099% |
| Profit (loss) for the period | 9904 | -€5,393 | €14,802 | +€20,195 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,393 | €14,802 | +€20,195 |
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 19 October 2026 via checked.be.