ETILEC: 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.
ETILEC
Largest movements
- Receivables within one year +€241,582
up €241,582 (+112%), from €215,940 to €457,521
- Stocks and contracts +€60,496
up €60,496 (+25.6%), from €236,504 to €297,000
of which Contracts in progress: +€74,902
- Cash -€18,260
down €18,260 (-22.5%), from €81,295 to €63,035
mainly Receivables within one year (-€241,582) and Stocks and contracts (-€60,496)
- Trade debts +€132,359
up €132,359 (+111%), from €119,293 to €251,652
- Profit (loss) carried forward +€108,298
up €108,298, from €0 to €108,298
- Short-term financial debts +€50,000
new in 2025: €50,000
- Debts after one year -€23,740
down €23,740 (-7.5%), from €315,709 to €291,969
- Tax, wage and social debts +€18,172
up €18,172 (+28.6%), from €63,624 to €81,796
of which Taxes: +€34,800
- Staff costs -€48,344
down €48,344 (-14.0%), from €344,274 to €295,930
- Gross operating margin -€22,274
down €22,274 (-4.3%), from €524,053 to €501,779
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €948,483 | €1,235,044 | +€286,561 | +30.2% |
| Fixed assets | 21/28 | €408,768 | €405,082 | -€3,687 | -0.9% |
| Tangible fixed assets | 22/27 | €408,768 | €400,282 | -€8,487 | -2.1% |
| Land and buildings | 22 | €364,397 | €341,738 | -€22,659 | -6.2% |
| Plant, machinery and equipment | 23 | €8,947 | €14,569 | +€5,623 | +62.8% |
| Furniture and vehicles | 24 | €35,425 | €43,974 | +€8,550 | +24.1% |
| Financial fixed assets | 28 | - | €4,800 | +€4,800 | |
| Current assets | 29/58 | €539,715 | €829,962 | +€290,248 | +53.8% |
| Stocks and contracts in progress | 3 | €236,504 | €297,000 | +€60,496 | +25.6% |
| Stocks | 30/36 | €103,406 | €89,000 | -€14,406 | -13.9% |
| Contracts in progress | 37 | €133,098 | €208,000 | +€74,902 | +56.3% |
| Amounts receivable within one year | 40/41 | €215,940 | €457,521 | +€241,582 | +112% |
| Trade receivables | 40 | €215,940 | €457,521 | +€241,582 | +112% |
| Cash at bank and in hand | 54/58 | €81,295 | €63,035 | -€18,260 | -22.5% |
| Deferred charges and accrued income | 490/1 | €5,976 | €12,406 | +€6,430 | +108% |
| Total equity and liabilities | 10/49 | €948,483 | €1,235,044 | +€286,561 | +30.2% |
| Equity | 10/15 | €425,870 | €534,167 | +€108,298 | +25.4% |
| Contributions | 10/11 | €229,100 | €229,100 | = | 0.0% |
| Reserves | 13 | €196,770 | €196,770 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,876 | €4,876 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €4,876 | €4,876 | = | 0.0% |
| Distributable reserves | 133 | €191,894 | €191,894 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €108,298 | +€108,298 | |
| Amounts payable | 17/49 | €522,613 | €700,877 | +€178,264 | +34.1% |
| Amounts payable after more than one year | 17 | €315,709 | €291,969 | -€23,740 | -7.5% |
| Financial debts | 170/4 | €315,709 | €291,969 | -€23,740 | -7.5% |
| Amounts payable within one year | 42/48 | €206,904 | €408,908 | +€202,004 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €23,305 | €23,412 | +€108 | +0.5% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €119,293 | €251,652 | +€132,359 | +111% |
| Suppliers | 440/4 | €119,293 | €251,652 | +€132,359 | +111% |
| Taxes, remuneration and social security | 45 | €63,624 | €81,796 | +€18,172 | +28.6% |
| Taxes | 450/3 | €31,835 | €66,634 | +€34,800 | +109% |
| Remuneration and social security | 454/9 | €31,789 | €15,161 | -€16,628 | -52.3% |
| Other amounts payable | 47/48 | €683 | €2,048 | +€1,365 | +200% |
| Remuneration, social security and pensions | 62 | €344,274 | €295,930 | -€48,344 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,907 | €35,942 | +€5,035 | +16.3% |
| Other operating charges | 640/8 | €7,690 | €9,145 | +€1,455 | +18.9% |
| Non-recurring operating charges | 66A | €3,434 | €5,802 | +€2,368 | +69.0% |
| Gross operating margin | 9900 | €524,053 | €501,779 | -€22,274 | -4.3% |
| Operating profit (loss) | 9901 | €137,748 | €154,959 | +€17,211 | +12.5% |
| Financial income | 75/76B | €27 | €5 | -€22 | -80.1% |
| Recurring financial income | 75 | €27 | €5 | -€22 | -80.1% |
| Financial charges | 65/66B | €13,444 | €13,136 | -€308 | -2.3% |
| Recurring financial charges | 65 | €13,444 | €13,136 | -€308 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €124,331 | €141,828 | +€17,497 | +14.1% |
| Income taxes | 67/77 | €36,672 | €33,531 | -€3,141 | -8.6% |
| Profit (loss) for the period | 9904 | €87,659 | €108,298 | +€20,638 | +23.5% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €87,659 | €108,298 | +€20,638 | +23.5% |
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 25 October 2026 via checked.be.