ETINCEL: 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.
ETINCEL
Largest movements
- Receivables within one year -€495
down €495 (-18.7%), from €2,653 to €2,158
of which Trade receivables: -€1,200
- Cash -€143
down €143 (-13.8%), from €1,036 to €893
mainly Net result for the year (-€7,000) and Trade debts (-€487)
- Profit (loss) carried forward -€7,000
down €7,000 (-7.2%), from -€97,452 to -€104,452
- Other debts +€6,850
up €6,850 (+8.6%), from €79,853 to €86,703
- Trade debts -€487
down €487 (-90.4%), from €539 to €52
- Gross operating margin +€1,367
up €1,367 (+17.0%), from -€8,029 to -€6,662
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 | €5,251 | €4,613 | -€637 | -12.1% |
| Current assets | 29/58 | €5,251 | €4,613 | -€637 | -12.1% |
| Stocks and contracts in progress | 3 | €1,562 | €1,562 | = | 0.0% |
| Stocks | 30/36 | €1,562 | €1,562 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,653 | €2,158 | -€495 | -18.7% |
| Trade receivables | 40 | €1,200 | - | -€1,200 | |
| Other amounts receivable | 41 | €1,453 | €2,158 | +€705 | +48.5% |
| Cash at bank and in hand | 54/58 | €1,036 | €893 | -€143 | -13.8% |
| Total equity and liabilities | 10/49 | €5,251 | €4,613 | -€637 | -12.1% |
| Equity | 10/15 | -€75,142 | -€82,142 | -€7,000 | -9.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,718 | €3,718 | = | 0.0% |
| Non-distributable reserves | 130/1 | €744 | €744 | = | 0.0% |
| Reserves not available under the articles | 1311 | €744 | €744 | = | 0.0% |
| Distributable reserves | 133 | €2,975 | €2,975 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,452 | -€104,452 | -€7,000 | -7.2% |
| Amounts payable | 17/49 | €80,392 | €86,755 | +€6,362 | +7.9% |
| Amounts payable within one year | 42/48 | €80,392 | €86,755 | +€6,362 | +7.9% |
| Trade debts | 44 | €539 | €52 | -€487 | -90.4% |
| Suppliers | 440/4 | €539 | €52 | -€487 | -90.4% |
| Other amounts payable | 47/48 | €79,853 | €86,703 | +€6,850 | +8.6% |
| Other operating charges | 640/8 | €175 | €175 | = | 0.0% |
| Gross operating margin | 9900 | -€8,029 | -€6,662 | +€1,367 | +17.0% |
| Operating profit (loss) | 9901 | -€8,204 | -€6,837 | +€1,367 | +16.7% |
| Financial charges | 65/66B | €173 | €163 | -€10 | -6.0% |
| Recurring financial charges | 65 | €173 | €163 | -€10 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,378 | -€7,000 | +€1,378 | +16.4% |
| Profit (loss) for the period | 9904 | -€8,378 | -€7,000 | +€1,378 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,378 | -€7,000 | +€1,378 | +16.4% |
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.