ETIMAR: 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.
ETIMAR
Largest movements
- Stocks and contracts +€1.4m
up €1.4m (+27.7%), from €4.9m to €6.2m
- Cash -€267,480
down €267,480 (-56.9%), from €470,200 to €202,720
mainly Current portion of long-term debt (-€1.8m) and Stocks and contracts (-€1.4m)
- Short-term financial debts +€2.1m
new in 2025: €2.1m
- Current portion of long-term debt -€1.8m
down €1.8m (-53.7%), from €3.4m to €1.6m
- Debts after one year +€459,639
up €459,639 (+2959.7%), from €15,530 to €475,169
of which Financial debts: +€373,552
- Other debts +€229,156
up €229,156 (+10.1%), from €2.3m to €2.5m
- Trade debts +€221,822
up €221,822 (+293.2%), from €75,657 to €297,479
- Financial charges +€169,511
up €169,511 (+133.1%), from €127,389 to €296,901
- Gross operating margin -€21,442
down €21,442 (-12.3%), from €173,886 to €152,444
- Taxes -€13,759
down €13,759 (-100.0%), from €13,759 to €0
- Financial income +€9,196
up €9,196 (+56.1%), from €16,402 to €25,598
- Other operating charges +€6,837
up €6,837 (+68.2%), from €10,029 to €16,865
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 | €7,490,489 | €8,511,180 | +€1.0m | +13.6% |
| Fixed assets | 21/28 | €1,723,476 | €1,723,476 | = | 0.0% |
| Financial fixed assets | 28 | €1,723,476 | €1,723,476 | = | 0.0% |
| Current assets | 29/58 | €5,767,013 | €6,787,704 | +€1.0m | +17.7% |
| Stocks and contracts in progress | 3 | €4,883,721 | €6,237,219 | +€1.4m | +27.7% |
| Contracts in progress | 37 | €4,883,721 | €6,237,219 | +€1.4m | +27.7% |
| Amounts receivable within one year | 40/41 | €396,691 | €346,365 | -€50,326 | -12.7% |
| Trade receivables | 40 | €691 | €108 | -€583 | -84.4% |
| Other amounts receivable | 41 | €396,000 | €346,257 | -€49,743 | -12.6% |
| Cash at bank and in hand | 54/58 | €470,200 | €202,720 | -€267,480 | -56.9% |
| Deferred charges and accrued income | 490/1 | €16,402 | €1,400 | -€15,002 | -91.5% |
| Total equity and liabilities | 10/49 | €7,490,489 | €8,511,180 | +€1.0m | +13.6% |
| Equity | 10/15 | €1,684,954 | €1,549,230 | -€135,724 | -8.1% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €584,954 | €449,230 | -€135,724 | -23.2% |
| Amounts payable | 17/49 | €5,805,535 | €6,961,949 | +€1.2m | +19.9% |
| Amounts payable after more than one year | 17 | €15,530 | €475,169 | +€459,639 | +2959.7% |
| Financial debts | 170/4 | - | €373,552 | +€373,552 | |
| Other amounts payable | 178/9 | €15,530 | €101,617 | +€86,087 | +554.3% |
| Amounts payable within one year | 42/48 | €5,784,662 | €6,469,608 | +€684,946 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €3,422,401 | €1,585,327 | -€1.8m | -53.7% |
| Financial debts | 43 | - | €2,076,493 | +€2.1m | |
| Credit institutions | 430/8 | - | €2,076,493 | +€2.1m | |
| Trade debts | 44 | €75,657 | €297,479 | +€221,822 | +293.2% |
| Suppliers | 440/4 | €75,657 | €297,479 | +€221,822 | +293.2% |
| Taxes, remuneration and social security | 45 | €13,759 | €8,309 | -€5,450 | -39.6% |
| Taxes | 450/3 | €13,759 | €8,309 | -€5,450 | -39.6% |
| Other amounts payable | 47/48 | €2,272,844 | €2,502,000 | +€229,156 | +10.1% |
| Accrued charges and deferred income | 492/3 | €5,344 | €17,173 | +€11,829 | +221.4% |
| Non-recurring operating income | 76A | - | €201 | +€201 | |
| Other operating charges | 640/8 | €10,029 | €16,865 | +€6,837 | +68.2% |
| Gross operating margin | 9900 | €173,886 | €152,444 | -€21,442 | -12.3% |
| Operating profit (loss) | 9901 | €163,857 | €135,579 | -€28,278 | -17.3% |
| Financial income | 75/76B | €16,402 | €25,598 | +€9,196 | +56.1% |
| Recurring financial income | 75 | €16,402 | €25,598 | +€9,196 | +56.1% |
| Financial charges | 65/66B | €127,389 | €296,901 | +€169,511 | +133.1% |
| Recurring financial charges | 65 | €127,389 | €296,901 | +€169,511 | +133.1% |
| Profit (loss) for the period before taxes | 9903 | €52,869 | -€135,724 | -€188,593 | |
| Income taxes | 67/77 | €13,759 | €0 | -€13,759 | -100.0% |
| Profit (loss) for the period | 9904 | €39,110 | -€135,724 | -€174,834 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,110 | -€135,724 | -€174,834 |
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 7 October 2026 via checked.be.