ETM IMMO: 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.
ETM IMMO
Largest movements
- Tangible fixed assets -€360,896
down €360,896 (-3.3%), from €10.8m to €10.4m
of which Land and buildings: -€356,102
- Cash -€130,602
down €130,602 (-78.5%), from €166,454 to €35,851
mainly Debts after one year (-€429,804) and Other debts (-€378,720)
- Debts after one year -€429,804
down €429,804 (-8.2%), from €5.2m to €4.8m
of which Financial debts: -€431,104
- Other debts -€378,720
down €378,720 (-36.1%), from €1.0m to €670,060
- Profit (loss) carried forward +€222,830
up €222,830 (+18.0%), from €1.2m to €1.5m
- Gross operating margin -€798,854
down €798,854 (-53.0%), from €1.5m to €709,543
- Financial charges -€218,726
down €218,726 (-73.3%), from €298,267 to €79,541
- Other operating charges -€122,033
down €122,033 (-51.6%), from €236,379 to €114,346
- Taxes -€44,589
down €44,589 (-59.8%), from €74,589 to €30,000
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 | €11,008,679 | €10,532,181 | -€476,498 | -4.3% |
| Fixed assets | 21/28 | €10,832,558 | €10,471,663 | -€360,896 | -3.3% |
| Tangible fixed assets | 22/27 | €10,775,908 | €10,415,013 | -€360,896 | -3.3% |
| Land and buildings | 22 | €10,746,173 | €10,390,071 | -€356,102 | -3.3% |
| Other tangible fixed assets | 26 | €29,735 | €24,941 | -€4,794 | -16.1% |
| Financial fixed assets | 28 | €56,650 | €56,650 | = | 0.0% |
| Current assets | 29/58 | €176,121 | €60,518 | -€115,602 | -65.6% |
| Amounts receivable within one year | 40/41 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 41 | - | €15,000 | +€15,000 | |
| Cash at bank and in hand | 54/58 | €166,454 | €35,851 | -€130,602 | -78.5% |
| Deferred charges and accrued income | 490/1 | €9,667 | €9,667 | = | 0.0% |
| Total equity and liabilities | 10/49 | €11,008,679 | €10,532,181 | -€476,498 | -4.3% |
| Equity | 10/15 | €3,914,410 | €4,137,241 | +€222,830 | +5.7% |
| Contributions | 10/11 | €349,000 | €349,000 | = | 0.0% |
| Capital | 10 | €349,000 | €349,000 | = | 0.0% |
| Issued capital | 100 | €349,000 | €349,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,290,707 | €2,290,707 | = | 0.0% |
| Reserves | 13 | €34,900 | €34,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,900 | €34,900 | = | 0.0% |
| Legal reserve | 130 | €34,900 | €34,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,239,803 | €1,462,633 | +€222,830 | +18.0% |
| Provisions and deferred taxes | 16 | €180,059 | €207,130 | +€27,071 | +15.0% |
| Deferred taxes | 168 | €180,059 | €207,130 | +€27,071 | +15.0% |
| Amounts payable | 17/49 | €6,914,209 | €6,187,810 | -€726,399 | -10.5% |
| Amounts payable after more than one year | 17 | €5,235,662 | €4,805,857 | -€429,804 | -8.2% |
| Financial debts | 170/4 | €4,930,062 | €4,498,957 | -€431,104 | -8.7% |
| Other amounts payable | 178/9 | €305,600 | €306,900 | +€1,300 | +0.4% |
| Amounts payable within one year | 42/48 | €1,678,547 | €1,381,953 | -€296,595 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €363,548 | €390,019 | +€26,471 | +7.3% |
| Trade debts | 44 | €266,219 | €321,873 | +€55,654 | +20.9% |
| Suppliers | 440/4 | €266,219 | €321,873 | +€55,654 | +20.9% |
| Other amounts payable | 47/48 | €1,048,781 | €670,060 | -€378,720 | -36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €262,826 | €262,826 | = | 0.0% |
| Other operating charges | 640/8 | €236,379 | €114,346 | -€122,033 | -51.6% |
| Non-recurring operating charges | 66A | €549,763 | - | -€549,763 | |
| Gross operating margin | 9900 | €1,508,397 | €709,543 | -€798,854 | -53.0% |
| Operating profit (loss) | 9901 | €459,429 | €332,370 | -€127,058 | -27.7% |
| Financial income | 75/76B | €4,392 | €1 | -€4,391 | -100.0% |
| Recurring financial income | 75 | €4,392 | €1 | -€4,391 | -100.0% |
| Financial charges | 65/66B | €298,267 | €79,541 | -€218,726 | -73.3% |
| Recurring financial charges | 65 | €298,267 | €79,541 | -€218,726 | -73.3% |
| Profit (loss) for the period before taxes | 9903 | €165,553 | €252,830 | +€87,277 | +52.7% |
| Income taxes | 67/77 | €74,589 | €30,000 | -€44,589 | -59.8% |
| Profit (loss) for the period | 9904 | €90,965 | €222,830 | +€131,866 | +145.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,965 | €222,830 | +€131,866 | +145.0% |
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.