ETL CONSTRUCTION: 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.
ETL CONSTRUCTION
Largest movements
- Tangible fixed assets -€30,362
down €30,362 (-9.2%), from €331,557 to €301,195
of which Leasing and similar rights: -€15,503
- Cash -€20,043
down €20,043 (-67.6%), from €29,654 to €9,611
mainly Debts after one year (-€26,737) and Current portion of long-term debt (-€15,947)
- Intangible fixed assets -€13,500
down €13,500 (-17.9%), from €75,393 to €61,893
- Receivables within one year +€12,618
up €12,618 (+68.2%), from €18,514 to €31,132
of which Trade receivables: +€9,940
- Stocks and contracts +€5,821
up €5,821 (+52.2%), from €11,155 to €16,976
of which Contracts in progress: +€6,026
- Debts after one year -€26,737
down €26,737 (-9.6%), from €279,834 to €253,097
- Current portion of long-term debt -€15,947
down €15,947 (-36.4%), from €43,869 to €27,922
- Other debts -€8,602
down €8,602 (-40.0%), from €21,525 to €12,923
- Trade debts +€8,574
up €8,574 (+95.1%), from €9,018 to €17,592
- Tax, wage and social debts -€7,592
no longer reported in 2025 (was €7,592)
of which Remuneration and social security: -€4,951
- Gross operating margin -€28,885
down €28,885 (-30.8%), from €93,769 to €64,884
- Other operating charges -€14,906
down €14,906 (-97.9%), from €15,227 to €321
- Depreciation +€7,922
up €7,922 (+22.0%), from €35,940 to €43,862
- Staff costs -€3,310
down €3,310 (-82.3%), from €4,020 to €710
- Financial charges +€2,522
up €2,522 (+20.7%), from €12,159 to €14,681
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 | €469,829 | €423,446 | -€46,383 | -9.9% |
| Fixed assets | 21/28 | €406,950 | €363,088 | -€43,862 | -10.8% |
| Intangible fixed assets | 21 | €75,393 | €61,893 | -€13,500 | -17.9% |
| Tangible fixed assets | 22/27 | €331,557 | €301,195 | -€30,362 | -9.2% |
| Land and buildings | 22 | €223,237 | €216,995 | -€6,242 | -2.8% |
| Plant, machinery and equipment | 23 | €5,068 | €2,185 | -€2,883 | -56.9% |
| Furniture and vehicles | 24 | €18,512 | €12,778 | -€5,734 | -31.0% |
| Leasing and similar rights | 25 | €84,740 | €69,237 | -€15,503 | -18.3% |
| Current assets | 29/58 | €62,879 | €60,358 | -€2,521 | -4.0% |
| Stocks and contracts in progress | 3 | €11,155 | €16,976 | +€5,821 | +52.2% |
| Stocks | 30/36 | €4,655 | €4,450 | -€205 | -4.4% |
| Contracts in progress | 37 | €6,500 | €12,526 | +€6,026 | +92.7% |
| Amounts receivable within one year | 40/41 | €18,514 | €31,132 | +€12,618 | +68.2% |
| Trade receivables | 40 | €1,539 | €11,479 | +€9,940 | +645.9% |
| Other amounts receivable | 41 | €16,975 | €19,653 | +€2,678 | +15.8% |
| Cash at bank and in hand | 54/58 | €29,654 | €9,611 | -€20,043 | -67.6% |
| Deferred charges and accrued income | 490/1 | €3,556 | €2,639 | -€917 | -25.8% |
| Total equity and liabilities | 10/49 | €469,829 | €423,446 | -€46,383 | -9.9% |
| Equity | 10/15 | €107,991 | €111,912 | +€3,921 | +3.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,991 | €101,912 | +€3,921 | +4.0% |
| Amounts payable | 17/49 | €361,838 | €311,534 | -€50,304 | -13.9% |
| Amounts payable after more than one year | 17 | €279,834 | €253,097 | -€26,737 | -9.6% |
| Financial debts | 170/4 | €279,834 | €253,097 | -€26,737 | -9.6% |
| Amounts payable within one year | 42/48 | €82,004 | €58,437 | -€23,567 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €43,869 | €27,922 | -€15,947 | -36.4% |
| Trade debts | 44 | €9,018 | €17,592 | +€8,574 | +95.1% |
| Suppliers | 440/4 | €9,018 | €17,592 | +€8,574 | +95.1% |
| Taxes, remuneration and social security | 45 | €7,592 | - | -€7,592 | |
| Taxes | 450/3 | €2,641 | - | -€2,641 | |
| Remuneration and social security | 454/9 | €4,951 | - | -€4,951 | |
| Other amounts payable | 47/48 | €21,525 | €12,923 | -€8,602 | -40.0% |
| Remuneration, social security and pensions | 62 | €4,020 | €710 | -€3,310 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,940 | €43,862 | +€7,922 | +22.0% |
| Other operating charges | 640/8 | €15,227 | €321 | -€14,906 | -97.9% |
| Gross operating margin | 9900 | €93,769 | €64,884 | -€28,885 | -30.8% |
| Operating profit (loss) | 9901 | €38,582 | €19,991 | -€18,591 | -48.2% |
| Financial charges | 65/66B | €12,159 | €14,681 | +€2,522 | +20.7% |
| Recurring financial charges | 65 | €12,159 | €14,681 | +€2,522 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €26,423 | €5,310 | -€21,113 | -79.9% |
| Income taxes | 67/77 | €2,140 | €1,389 | -€751 | -35.1% |
| Profit (loss) for the period | 9904 | €24,283 | €3,921 | -€20,362 | -83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,283 | €3,921 | -€20,362 | -83.9% |
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 11 October 2026 via checked.be.