ETINCEL: 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.
ETINCEL
Largest movements
- Receivables within one year +€6,359
up €6,359 (+145.5%), from €4,371 to €10,730
of which Trade receivables: +€3,260
- Cash -€3,312
no longer reported in 2025 (was €3,312)
mainly Other debts (-€8,347) and Receivables within one year (-€6,359)
- Stocks and contracts -€380
down €380 (-15.3%), from €2,480 to €2,100
- Other debts -€8,347
no longer reported in 2025 (was €8,347)
- Trade debts +€5,774
up €5,774 (+131.7%), from €4,383 to €10,157
- Profit (loss) carried forward +€3,922
up €3,922 (+13.1%), from -€29,908 to -€25,986
- Short-term financial debts +€3,303
new in 2025: €3,303
- Tax, wage and social debts -€1,984
down €1,984 (-27.6%), from €7,181 to €5,198
- Gross operating margin -€3,486
down €3,486 (-41.7%), from €8,363 to €4,876
- Other operating charges +€162
up €162 (+83.8%), from €194 to €356
- Financial charges -€155
down €155 (-20.2%), from €765 to €610
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 | €10,455 | €13,123 | +€2,668 | +25.5% |
| Fixed assets | 21/28 | €294 | €294 | = | 0.0% |
| Financial fixed assets | 28 | €294 | €294 | = | 0.0% |
| Current assets | 29/58 | €10,162 | €12,830 | +€2,668 | +26.3% |
| Stocks and contracts in progress | 3 | €2,480 | €2,100 | -€380 | -15.3% |
| Stocks | 30/36 | €2,480 | €2,100 | -€380 | -15.3% |
| Amounts receivable within one year | 40/41 | €4,371 | €10,730 | +€6,359 | +145.5% |
| Trade receivables | 40 | €4,371 | €7,630 | +€3,260 | +74.6% |
| Other amounts receivable | 41 | - | €3,100 | +€3,100 | |
| Cash at bank and in hand | 54/58 | €3,312 | - | -€3,312 | |
| Total equity and liabilities | 10/49 | €10,455 | €13,123 | +€2,668 | +25.5% |
| Equity | 10/15 | -€9,457 | -€5,534 | +€3,922 | +41.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,908 | -€25,986 | +€3,922 | +13.1% |
| Amounts payable | 17/49 | €19,912 | €18,658 | -€1,254 | -6.3% |
| Amounts payable within one year | 42/48 | €19,912 | €18,658 | -€1,254 | -6.3% |
| Financial debts | 43 | - | €3,303 | +€3,303 | |
| Credit institutions | 430/8 | - | €3,303 | +€3,303 | |
| Trade debts | 44 | €4,383 | €10,157 | +€5,774 | +131.7% |
| Suppliers | 440/4 | €4,383 | €10,157 | +€5,774 | +131.7% |
| Taxes, remuneration and social security | 45 | €7,181 | €5,198 | -€1,984 | -27.6% |
| Taxes | 450/3 | €7,181 | €5,198 | -€1,984 | -27.6% |
| Other amounts payable | 47/48 | €8,347 | - | -€8,347 | |
| Other operating charges | 640/8 | €194 | €356 | +€162 | +83.8% |
| Gross operating margin | 9900 | €8,363 | €4,876 | -€3,486 | -41.7% |
| Operating profit (loss) | 9901 | €8,169 | €4,520 | -€3,648 | -44.7% |
| Financial income | 75/76B | €27 | €12 | -€14 | -54.3% |
| Recurring financial income | 75 | €27 | €12 | -€14 | -54.3% |
| Financial charges | 65/66B | €765 | €610 | -€155 | -20.2% |
| Recurring financial charges | 65 | €765 | €610 | -€155 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €7,430 | €3,922 | -€3,508 | -47.2% |
| Profit (loss) for the period | 9904 | €7,430 | €3,922 | -€3,508 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,430 | €3,922 | -€3,508 | -47.2% |
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 12 October 2026 via checked.be.