ETMA AG: 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.
ETMA AG
Largest movements
- Current investments +€99,512
up €99,512 (+49.4%), from €201,581 to €301,094
- Cash -€38,176
down €38,176 (-71.2%), from €53,618 to €15,443
mainly Contributions, distributions and other (-€122,387) and Current investments (-€99,512)
- Current portion of long-term debt +€65,000
new in 2025: €65,000
- Financial income +€63,333
up €63,333 (+52.4%), from €120,842 to €184,175
- Financial charges -€19,576
down €19,576, from €5,535 to -€14,041
- Taxes +€7,092
up €7,092 (+102%), from €6,949 to €14,040
- Gross operating margin -€5,266
down €5,266 (-17.2%), from -€30,607 to -€35,873
- Depreciation -€796
down €796 (-14.4%), from €5,522 to €4,725
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.
Derived cash bridge
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 | €2,744,690 | €2,827,654 | +€82,964 | +3.0% |
| Fixed assets | 21/28 | €2,388,521 | €2,403,945 | +€15,425 | +0.6% |
| Tangible fixed assets | 22/27 | €255,987 | €251,261 | -€4,725 | -1.8% |
| Land and buildings | 22 | €255,987 | €251,261 | -€4,725 | -1.8% |
| Financial fixed assets | 28 | €2,132,534 | €2,152,684 | +€20,150 | +0.9% |
| Current assets | 29/58 | €356,169 | €423,708 | +€67,539 | +19.0% |
| Amounts receivable within one year | 40/41 | €100,647 | €105,872 | +€5,225 | +5.2% |
| Other amounts receivable | 41 | €100,647 | €105,872 | +€5,225 | +5.2% |
| Current investments | 50/53 | €201,581 | €301,094 | +€99,512 | +49.4% |
| Cash at bank and in hand | 54/58 | €53,618 | €15,443 | -€38,176 | -71.2% |
| Deferred charges and accrued income | 490/1 | €323 | €1,300 | +€977 | +303% |
| Total equity and liabilities | 10/49 | €2,744,690 | €2,827,654 | +€82,964 | +3.0% |
| Equity | 10/15 | €2,606,745 | €2,624,762 | +€18,016 | +0.7% |
| Contributions | 10/11 | €1,107,360 | €1,107,360 | = | 0.0% |
| Capital | 10 | €1,100,000 | €1,100,000 | = | 0.0% |
| Issued capital | 100 | €1,100,000 | €1,100,000 | = | 0.0% |
| Contributions outside capital | 11 | €7,360 | €7,360 | = | 0.0% |
| Share premium | 1100/10 | €7,360 | €7,360 | = | 0.0% |
| Reserves | 13 | €1,465,032 | €1,489,836 | +€24,805 | +1.7% |
| Non-distributable reserves | 130/1 | €110,000 | €212,850 | +€102,850 | +93.5% |
| Legal reserve | 130 | €110,000 | €110,000 | = | 0.0% |
| Own shares acquired | 1312 | - | €102,850 | +€102,850 | |
| Distributable reserves | 133 | €1,355,032 | €1,276,986 | -€78,045 | -5.8% |
| Profit (loss) carried forward | 14 | €34,354 | €27,565 | -€6,788 | -19.8% |
| Amounts payable | 17/49 | €137,945 | €202,892 | +€64,947 | +47.1% |
| Amounts payable within one year | 42/48 | €137,945 | €202,892 | +€64,947 | +47.1% |
| Current portion of amounts payable after more than one year | 42 | - | €65,000 | +€65,000 | |
| Trade debts | 44 | €5,452 | €10,173 | +€4,721 | +86.6% |
| Suppliers | 440/4 | €5,452 | €10,173 | +€4,721 | +86.6% |
| Taxes, remuneration and social security | 45 | €10,106 | €5,332 | -€4,774 | -47.2% |
| Taxes | 450/3 | €10,106 | €5,332 | -€4,774 | -47.2% |
| Other amounts payable | 47/48 | €122,387 | €122,387 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,522 | €4,725 | -€796 | -14.4% |
| Other operating charges | 640/8 | €2,744 | €3,174 | +€430 | +15.7% |
| Gross operating margin | 9900 | -€30,607 | -€35,873 | -€5,266 | -17.2% |
| Operating profit (loss) | 9901 | -€38,872 | -€43,772 | -€4,900 | -12.6% |
| Financial income | 75/76B | €120,842 | €184,175 | +€63,333 | +52.4% |
| Recurring financial income | 75 | €120,842 | €184,175 | +€63,333 | +52.4% |
| Financial charges | 65/66B | €5,535 | -€14,041 | -€19,576 | |
| Recurring financial charges | 65 | €5,535 | -€14,041 | -€19,576 | |
| Profit (loss) for the period before taxes | 9903 | €76,435 | €154,444 | +€78,009 | +102% |
| Income taxes | 67/77 | €6,949 | €14,040 | +€7,092 | +102% |
| Profit (loss) for the period | 9904 | €69,486 | €140,404 | +€70,918 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €69,486 | €140,404 | +€70,918 | +102% |
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 26 October 2026 via checked.be.