ETIMAT: 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.
ETIMAT
Largest movements
- Tangible fixed assets -€32,076
down €32,076 (-5.0%), from €636,130 to €604,055
of which Land and buildings: -€22,568
- Reserves -€26,646
down €26,646 (-4.5%), from €586,596 to €559,950
- Other debts -€7,961
down €7,961 (-5.6%), from €141,648 to €133,687
- Gross operating margin -€11,589
down €11,589 (-50.3%), from €23,045 to €11,456
- Financial charges -€1,605
down €1,605 (-97.5%), from €1,647 to €42
- Depreciation +€595
up €595 (+1.9%), from €31,481 to €32,076
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 | €719,240 | €686,285 | -€32,956 | -4.6% |
| Fixed assets | 21/28 | €666,130 | €634,055 | -€32,076 | -4.8% |
| Intangible fixed assets | 21 | €30,000 | €30,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €636,130 | €604,055 | -€32,076 | -5.0% |
| Land and buildings | 22 | €564,205 | €541,636 | -€22,568 | -4.0% |
| Plant, machinery and equipment | 23 | €71,926 | €62,418 | -€9,508 | -13.2% |
| Current assets | 29/58 | €53,110 | €52,230 | -€880 | -1.7% |
| Amounts receivable within one year | 40/41 | €46,000 | €46,000 | = | 0.0% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €46,000 | €46,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,110 | €6,230 | -€880 | -12.4% |
| Total equity and liabilities | 10/49 | €719,240 | €686,285 | -€32,956 | -4.6% |
| Equity | 10/15 | €577,592 | €552,598 | -€24,994 | -4.3% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €586,596 | €559,950 | -€26,646 | -4.5% |
| Tax-exempt reserves | 132 | €586,596 | €559,950 | -€26,646 | -4.5% |
| Profit (loss) carried forward | 14 | -€64,004 | -€62,352 | +€1,651 | +2.6% |
| Amounts payable | 17/49 | €141,648 | €133,687 | -€7,961 | -5.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €141,648 | €133,687 | -€7,961 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Other amounts payable | 47/48 | €141,648 | €133,687 | -€7,961 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,481 | €32,076 | +€595 | +1.9% |
| Other operating charges | 640/8 | €4,322 | €4,333 | +€10 | +0.2% |
| Gross operating margin | 9900 | €23,045 | €11,456 | -€11,589 | -50.3% |
| Operating profit (loss) | 9901 | -€12,758 | -€24,952 | -€12,194 | -95.6% |
| Financial charges | 65/66B | €1,647 | €42 | -€1,605 | -97.5% |
| Recurring financial charges | 65 | €1,647 | €42 | -€1,605 | -97.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,406 | -€24,994 | -€10,588 | -73.5% |
| Profit (loss) for the period | 9904 | -€14,406 | -€24,994 | -€10,588 | -73.5% |
| Transfer from tax-exempt reserves | 789 | €26,646 | €26,646 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,240 | €1,651 | -€10,588 | -86.5% |
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 4 October 2026 via checked.be.