ETM Management: 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 Management
Largest movements
- Receivables after one year -€273,000
no longer reported in 2025 (was €273,000)
- Cash +€46,311
up €46,311 (+193.3%), from €23,962 to €70,273
mainly Receivables after one year (+€273,000) and Net result for the year (+€96,844)
- Tangible fixed assets -€21,898
down €21,898 (-32.3%), from €67,795 to €45,898
of which Leasing and similar rights: -€16,848
- Receivables within one year +€4,206
up €4,206 (+20.2%), from €20,777 to €24,983
of which Other amounts receivable: +€18,945
- Reserves -€283,156
down €283,156 (-94.9%), from €298,374 to €15,218
of which Distributable reserves: -€283,156
- Other debts +€80,000
new in 2025: €80,000
- Accrued charges and deferred income -€23,000
no longer reported in 2025 (was €23,000)
- Debts after one year -€20,829
no longer reported in 2025 (was €20,829)
- Gross operating margin -€27,733
down €27,733 (-16.2%), from €170,995 to €143,262
- Taxes -€6,930
down €6,930 (-21.0%), from €32,985 to €26,055
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 | €388,494 | €143,475 | -€245,020 | -63.1% |
| Fixed assets | 21/28 | €67,795 | €45,898 | -€21,898 | -32.3% |
| Tangible fixed assets | 22/27 | €67,795 | €45,898 | -€21,898 | -32.3% |
| Plant, machinery and equipment | 23 | €2,395 | €1,679 | -€716 | -29.9% |
| Furniture and vehicles | 24 | €16,656 | €12,323 | -€4,333 | -26.0% |
| Leasing and similar rights | 25 | €48,744 | €31,896 | -€16,848 | -34.6% |
| Current assets | 29/58 | €320,699 | €97,577 | -€223,122 | -69.6% |
| Amounts receivable after more than one year | 29 | €273,000 | - | -€273,000 | |
| Other amounts receivable | 291 | €273,000 | - | -€273,000 | |
| Amounts receivable within one year | 40/41 | €20,777 | €24,983 | +€4,206 | +20.2% |
| Trade receivables | 40 | €18,761 | €4,022 | -€14,739 | -78.6% |
| Other amounts receivable | 41 | €2,015 | €20,961 | +€18,945 | +940.1% |
| Cash at bank and in hand | 54/58 | €23,962 | €70,273 | +€46,311 | +193.3% |
| Deferred charges and accrued income | 490/1 | €2,960 | €2,321 | -€639 | -21.6% |
| Total equity and liabilities | 10/49 | €388,494 | €143,475 | -€245,020 | -63.1% |
| Equity | 10/15 | €316,974 | €33,818 | -€283,156 | -89.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €298,374 | €15,218 | -€283,156 | -94.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €296,514 | €13,358 | -€283,156 | -95.5% |
| Amounts payable | 17/49 | €71,521 | €109,657 | +€38,137 | +53.3% |
| Amounts payable after more than one year | 17 | €20,829 | - | -€20,829 | |
| Financial debts | 170/4 | €20,829 | - | -€20,829 | |
| Amounts payable within one year | 42/48 | €27,692 | €109,657 | +€81,966 | +296.0% |
| Current portion of amounts payable after more than one year | 42 | €20,520 | €20,829 | +€309 | +1.5% |
| Trade debts | 44 | €1,138 | €2,767 | +€1,628 | +143.0% |
| Suppliers | 440/4 | €1,138 | €2,767 | +€1,628 | +143.0% |
| Taxes, remuneration and social security | 45 | €6,034 | €6,061 | +€28 | +0.5% |
| Taxes | 450/3 | €6,034 | €6,061 | +€28 | +0.5% |
| Other amounts payable | 47/48 | - | €80,000 | +€80,000 | |
| Accrued charges and deferred income | 492/3 | €23,000 | - | -€23,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,898 | €21,898 | = | 0.0% |
| Other operating charges | 640/8 | €3,333 | €3,059 | -€274 | -8.2% |
| Gross operating margin | 9900 | €170,995 | €143,262 | -€27,733 | -16.2% |
| Operating profit (loss) | 9901 | €145,764 | €118,305 | -€27,459 | -18.8% |
| Financial income | 75/76B | €5,835 | €5,327 | -€508 | -8.7% |
| Recurring financial income | 75 | €5,835 | €5,327 | -€508 | -8.7% |
| Financial charges | 65/66B | €1,187 | €734 | -€453 | -38.2% |
| Recurring financial charges | 65 | €1,187 | €734 | -€453 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | €150,412 | €122,899 | -€27,514 | -18.3% |
| Income taxes | 67/77 | €32,985 | €26,055 | -€6,930 | -21.0% |
| Profit (loss) for the period | 9904 | €117,428 | €96,844 | -€20,584 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €117,428 | €96,844 | -€20,584 | -17.5% |
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.