ETIKO: 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.
ETIKO
Largest movements
- Cash -€13,274
down €13,274 (-13.7%), from €97,093 to €83,819
mainly Contributions, distributions and other (-€60,000) and Other debts (-€11,772)
- Tangible fixed assets -€9,212
down €9,212 (-35.5%), from €25,970 to €16,758
of which Furniture and vehicles: -€6,511
- Deferred charges and accrued income +€1,666
up €1,666 (+231.7%), from €719 to €2,385
- Other debts -€11,772
down €11,772 (-17.5%), from €67,110 to €55,337
- Tax, wage and social debts -€9,174
down €9,174 (-87.0%), from €10,550 to €1,376
- Reserves +€4,908
up €4,908 (+14.9%), from €32,935 to €37,843
- Debts after one year -€4,130
no longer reported in 2025 (was €4,130)
- Current portion of long-term debt -€1,962
down €1,962 (-32.2%), from €6,093 to €4,130
- Gross operating margin +€8,404
up €8,404 (+9.8%), from €85,487 to €93,892
- Taxes +€1,858
up €1,858 (+11.2%), from €16,557 to €18,414
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 | €140,680 | €120,487 | -€20,193 | -14.4% |
| Fixed assets | 21/28 | €25,970 | €16,758 | -€9,212 | -35.5% |
| Tangible fixed assets | 22/27 | €25,970 | €16,758 | -€9,212 | -35.5% |
| Land and buildings | 22 | €8,711 | €6,010 | -€2,701 | -31.0% |
| Furniture and vehicles | 24 | €17,259 | €10,748 | -€6,511 | -37.7% |
| Current assets | 29/58 | €114,711 | €103,729 | -€10,981 | -9.6% |
| Amounts receivable within one year | 40/41 | €16,899 | €17,526 | +€626 | +3.7% |
| Trade receivables | 40 | €16,456 | €16,940 | +€484 | +2.9% |
| Other amounts receivable | 41 | €443 | €586 | +€142 | +32.2% |
| Cash at bank and in hand | 54/58 | €97,093 | €83,819 | -€13,274 | -13.7% |
| Deferred charges and accrued income | 490/1 | €719 | €2,385 | +€1,666 | +231.7% |
| Total equity and liabilities | 10/49 | €140,680 | €120,487 | -€20,193 | -14.4% |
| Equity | 10/15 | €51,535 | €56,443 | +€4,908 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,935 | €37,843 | +€4,908 | +14.9% |
| Distributable reserves | 133 | €32,935 | €37,843 | +€4,908 | +14.9% |
| Amounts payable | 17/49 | €89,146 | €64,044 | -€25,102 | -28.2% |
| Amounts payable after more than one year | 17 | €4,130 | - | -€4,130 | |
| Financial debts | 170/4 | €4,130 | - | -€4,130 | |
| Amounts payable within one year | 42/48 | €85,015 | €64,044 | -€20,971 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €6,093 | €4,130 | -€1,962 | -32.2% |
| Trade debts | 44 | €1,263 | €3,200 | +€1,937 | +153.4% |
| Suppliers | 440/4 | €1,263 | €3,200 | +€1,937 | +153.4% |
| Taxes, remuneration and social security | 45 | €10,550 | €1,376 | -€9,174 | -87.0% |
| Taxes | 450/3 | €10,550 | €1,376 | -€9,174 | -87.0% |
| Other amounts payable | 47/48 | €67,110 | €55,337 | -€11,772 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,895 | €9,212 | -€683 | -6.9% |
| Other operating charges | 640/8 | €682 | €701 | +€18 | +2.7% |
| Gross operating margin | 9900 | €85,487 | €93,892 | +€8,404 | +9.8% |
| Operating profit (loss) | 9901 | €74,910 | €83,979 | +€9,069 | +12.1% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €850 | €658 | -€191 | -22.5% |
| Recurring financial charges | 65 | €850 | €658 | -€191 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €74,060 | €83,323 | +€9,262 | +12.5% |
| Income taxes | 67/77 | €16,557 | €18,414 | +€1,858 | +11.2% |
| Profit (loss) for the period | 9904 | €57,504 | €64,908 | +€7,405 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,504 | €64,908 | +€7,405 | +12.9% |
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 11 October 2026 via checked.be.