ETM CONSTRUCT: 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.
ETM CONSTRUCT
Largest movements
- Cash +€34,013
up €34,013 (+89.3%), from €38,107 to €72,120
mainly Trade debts (+€56,159) and Depreciation (+€3,541)
- Receivables within one year +€18,030
up €18,030 (+23.1%), from €78,049 to €96,079
of which Trade receivables: +€19,759
- Tangible fixed assets -€6,317
down €6,317 (-67.5%), from €9,355 to €3,038
of which Furniture and vehicles: -€5,566
- Trade debts +€56,159
up €56,159 (+125.4%), from €44,768 to €100,927
- Reserves -€8,440
down €8,440 (-16.7%), from €50,390 to €41,950
of which Distributable reserves: -€8,440
- Tax, wage and social debts -€2,619
down €2,619 (-21.1%), from €12,387 to €9,768
- Gross operating margin -€19,688
down €19,688 (-93.2%), from €21,114 to €1,426
- Financial charges +€6,510
up €6,510 (+404.6%), from €1,609 to €8,119
of which Financial charges: +€6,055
- Taxes -€5,076
down €5,076, from €2,917 to -€2,159
- Depreciation -€1,227
down €1,227 (-25.7%), from €4,768 to €3,541
- Other operating charges -€1,079
down €1,079 (-71.1%), from €1,518 to €439
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,137 | €171,237 | +€45,100 | +35.8% |
| Fixed assets | 21/28 | €9,355 | €3,038 | -€6,317 | -67.5% |
| Tangible fixed assets | 22/27 | €9,355 | €3,038 | -€6,317 | -67.5% |
| Plant, machinery and equipment | 23 | €773 | €22 | -€751 | -97.2% |
| Furniture and vehicles | 24 | €8,582 | €3,016 | -€5,566 | -64.9% |
| Current assets | 29/58 | €116,782 | €168,199 | +€51,417 | +44.0% |
| Amounts receivable within one year | 40/41 | €78,049 | €96,079 | +€18,030 | +23.1% |
| Trade receivables | 40 | €25,212 | €44,971 | +€19,759 | +78.4% |
| Other amounts receivable | 41 | €52,837 | €51,108 | -€1,729 | -3.3% |
| Cash at bank and in hand | 54/58 | €38,107 | €72,120 | +€34,013 | +89.3% |
| Deferred charges and accrued income | 490/1 | €626 | - | -€626 | |
| Total equity and liabilities | 10/49 | €126,137 | €171,237 | +€45,100 | +35.8% |
| Equity | 10/15 | €68,982 | €60,542 | -€8,440 | -12.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €50,390 | €41,950 | -€8,440 | -16.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €48,531 | €40,091 | -€8,440 | -17.4% |
| Amounts payable | 17/49 | €57,155 | €110,695 | +€53,540 | +93.7% |
| Amounts payable within one year | 42/48 | €57,155 | €110,695 | +€53,540 | +93.7% |
| Trade debts | 44 | €44,768 | €100,927 | +€56,159 | +125.4% |
| Suppliers | 440/4 | €44,768 | €100,927 | +€56,159 | +125.4% |
| Taxes, remuneration and social security | 45 | €12,387 | €9,768 | -€2,619 | -21.1% |
| Taxes | 450/3 | €12,387 | €9,768 | -€2,619 | -21.1% |
| Non-recurring operating income | 76A | €2,500 | €117 | -€2,383 | -95.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,768 | €3,541 | -€1,227 | -25.7% |
| Other operating charges | 640/8 | €1,518 | €439 | -€1,079 | -71.1% |
| Gross operating margin | 9900 | €21,114 | €1,426 | -€19,688 | -93.2% |
| Operating profit (loss) | 9901 | €14,828 | -€2,554 | -€17,382 | |
| Financial income | 75/76B | - | €74 | +€74 | |
| Recurring financial income | 75 | - | €74 | +€74 | |
| Financial charges | 65/66B | €1,609 | €8,119 | +€6,510 | +404.6% |
| Recurring financial charges | 65 | €1,364 | €7,419 | +€6,055 | +443.9% |
| Non-recurring financial charges | 66B | €245 | €700 | +€455 | +185.7% |
| Profit (loss) for the period before taxes | 9903 | €13,219 | -€10,599 | -€23,818 | |
| Income taxes | 67/77 | €2,917 | -€2,159 | -€5,076 | |
| Profit (loss) for the period | 9904 | €10,302 | -€8,440 | -€18,742 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,302 | -€8,440 | -€18,742 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.