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.
What changed
ETIMAR
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€745,321
2024 · €382,265+€363,057
Equity
€3.9m
2024 · €3.2m+€745,321
Cash
€104,520
2024 · €29,372+€75,149
Balance sheet total
€8.7m
2024 · €8.1m+€524,534
Largest movements
Assets
- Current investments +€397,313
up €397,313 (+7.5%), from €5.3m to €5.7m
Equity and liabilities
- Reserves +€745,321
up €745,321 (+36.6%), from €2.0m to €2.8m
- Other debts -€108,027
down €108,027 (-2.4%), from €4.4m to €4.3m
Income statement
- Financial charges -€341,400
down €341,400 (-96.3%), from €354,470 to €13,070
- Taxes +€114,813
up €114,813 (+60.6%), from €189,322 to €304,135
- Financial income +€109,289
up €109,289 (+11.0%), from €997,701 to €1.1m
of which Financial income: +€109,289
- Gross operating margin +€19,754
up €19,754 (+79.8%), from -€24,758 to -€5,005
- Other operating charges -€7,670
down €7,670 (-30.9%), from €24,815 to €17,145
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.
Result 2024
€382,265
Gross operating margin
+€19,754
Depreciation
-€243
Other operating charges
+€7,670
Financial income
+€109,289
Financial charges
+€341,400
Taxes
-€114,813
Result 2025
€745,321
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.
From operations
+€543,970
Investment
-€397,313
Financing
-€71,509
Cash 2024
€29,372
From operations (derived)
+€543,970
Net result for the year
+€745,321
Depreciation
+€22,314
Receivables after one year
-€43,720
Receivables within one year
-€30,917
Deferred charges and accrued income
+€250
Trade debts
+€7,496
Tax, wage and social debts
-€4,087
Other debts
-€108,027
Accrued charges and deferred income
-€44,661
Investment (derived)
-€397,313
Current investments
-€397,313
Financing
-€71,509
Debts after one year
-€70,000
Current portion of long-term debt
-€38,245
Short-term financial debts
+€36,737
Cash 2025
€104,520
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,137,051 | €8,661,585 | +€524,534 | +6.4% |
| Fixed assets | 21/28 | €2,021,889 | €1,999,575 | -€22,314 | -1.1% |
| Tangible fixed assets | 22/27 | €1,356,479 | €1,334,165 | -€22,314 | -1.6% |
| Land and buildings | 22 | €1,356,223 | €1,334,165 | -€22,059 | -1.6% |
| Plant, machinery and equipment | 23 | €255 | €0 | -€255 | -100.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €665,410 | €665,410 | = | 0.0% |
| Current assets | 29/58 | €6,115,162 | €6,662,010 | +€546,848 | +8.9% |
| Amounts receivable after more than one year | 29 | €130,015 | €173,735 | +€43,720 | +33.6% |
| Trade receivables | 290 | €130,015 | €173,735 | +€43,720 | +33.6% |
| Amounts receivable within one year | 40/41 | €644,423 | €675,340 | +€30,917 | +4.8% |
| Trade receivables | 40 | €4,538 | €25,298 | +€20,760 | +457.5% |
| Other amounts receivable | 41 | €639,885 | €650,042 | +€10,157 | +1.6% |
| Current investments | 50/53 | €5,310,428 | €5,707,741 | +€397,313 | +7.5% |
| Cash at bank and in hand | 54/58 | €29,372 | €104,520 | +€75,149 | +255.9% |
| Deferred charges and accrued income | 490/1 | €924 | €674 | -€250 | -27.1% |
| Total equity and liabilities | 10/49 | €8,137,051 | €8,661,585 | +€524,534 | +6.4% |
| Equity | 10/15 | €3,158,977 | €3,904,298 | +€745,321 | +23.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,035,836 | €2,781,158 | +€745,321 | +36.6% |
| Distributable reserves | 133 | €2,035,836 | €2,781,158 | +€745,321 | +36.6% |
| Profit (loss) carried forward | 14 | €1,103,140 | €1,103,140 | = | 0.0% |
| Amounts payable | 17/49 | €4,978,074 | €4,757,287 | -€220,787 | -4.4% |
| Amounts payable after more than one year | 17 | €87,500 | €17,500 | -€70,000 | -80.0% |
| Financial debts | 170/4 | €87,500 | €17,500 | -€70,000 | -80.0% |
| Amounts payable within one year | 42/48 | €4,611,237 | €4,505,111 | -€106,126 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €108,245 | €70,000 | -€38,245 | -35.3% |
| Financial debts | 43 | €42,826 | €79,562 | +€36,737 | +85.8% |
| Credit institutions | 430/8 | €42,826 | €79,562 | +€36,737 | +85.8% |
| Trade debts | 44 | €0 | €7,496 | +€7,496 | |
| Suppliers | 440/4 | €0 | €7,496 | +€7,496 | |
| Taxes, remuneration and social security | 45 | €38,226 | €34,140 | -€4,087 | -10.7% |
| Taxes | 450/3 | €38,226 | €34,140 | -€4,087 | -10.7% |
| Other amounts payable | 47/48 | €4,421,940 | €4,313,913 | -€108,027 | -2.4% |
| Accrued charges and deferred income | 492/3 | €279,337 | €234,676 | -€44,661 | -16.0% |
| Non-recurring operating income | 76A | €1,747 | €0 | -€1,747 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,071 | €22,314 | +€243 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €24,815 | €17,145 | -€7,670 | -30.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€24,758 | -€5,005 | +€19,754 | +79.8% |
| Operating profit (loss) | 9901 | -€71,645 | -€44,464 | +€27,180 | +37.9% |
| Financial income | 75/76B | €997,701 | €1,106,990 | +€109,289 | +11.0% |
| Recurring financial income | 75 | €997,701 | €1,106,990 | +€109,289 | +11.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €354,470 | €13,070 | -€341,400 | -96.3% |
| Recurring financial charges | 65 | €354,470 | €13,070 | -€341,400 | -96.3% |
| Profit (loss) for the period before taxes | 9903 | €571,586 | €1,049,456 | +€477,869 | +83.6% |
| Income taxes | 67/77 | €189,322 | €304,135 | +€114,813 | +60.6% |
| Profit (loss) for the period | 9904 | €382,265 | €745,321 | +€363,057 | +95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €382,265 | €745,321 | +€363,057 | +95.0% |
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 3 October 2026 via checked.be.