ETMA ETHIC & MANAGEMENT: what changed
What changed
ETMA ETHIC & MANAGEMENT
filed annual accounts (NBB)
Net result for the year
-€3,225
2025 · -€5,094+€1,869
Equity
€256,680
2025 · €259,905-€3,225
Cash
€4,481
2025 · €4,324+€157
Balance sheet total
€433,481
2025 · €433,324+€157
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts +€4,605
up €4,605 (+2.7%), from €171,673 to €176,278
Income statement
- Other operating charges -€1,687
down €1,687 (-80.7%), from €2,090 to €403
- Gross operating margin +€93
up €93 (+3.4%), from -€2,717 to -€2,624
- Financial charges -€89
down €89 (-31.0%), from €287 to €198
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
-€5,094
Gross operating margin
+€93
Other operating charges
+€1,687
Financial charges
+€89
Result 2026
-€3,225
raises the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€157
Investment
€0
Financing
€0
Cash 2025
€4,324
From operations (derived)
+€157
Net result for the year
-€3,225
Trade debts
+€214
Tax, wage and social debts
-€1,437
Other debts
+€4,605
Cash 2026
€4,481
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €433,324 | €433,481 | +€157 | 0.0% |
| Fixed assets | 21/28 | €429,000 | €429,000 | = | 0.0% |
| Financial fixed assets | 28 | €429,000 | €429,000 | = | 0.0% |
| Current assets | 29/58 | €4,324 | €4,481 | +€157 | +3.6% |
| Cash at bank and in hand | 54/58 | €4,324 | €4,481 | +€157 | +3.6% |
| Total equity and liabilities | 10/49 | €433,324 | €433,481 | +€157 | 0.0% |
| Equity | 10/15 | €259,905 | €256,680 | -€3,225 | -1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €253,000 | €253,000 | = | 0.0% |
| Distributable reserves | 133 | €253,000 | €253,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €705 | -€2,520 | -€3,225 | |
| Amounts payable | 17/49 | €173,419 | €176,801 | +€3,382 | +2.0% |
| Amounts payable within one year | 42/48 | €173,419 | €176,801 | +€3,382 | +2.0% |
| Trade debts | 44 | €309 | €523 | +€214 | +69.3% |
| Suppliers | 440/4 | €309 | €523 | +€214 | +69.3% |
| Taxes, remuneration and social security | 45 | €1,437 | - | -€1,437 | |
| Taxes | 450/3 | €1,437 | - | -€1,437 | |
| Other amounts payable | 47/48 | €171,673 | €176,278 | +€4,605 | +2.7% |
| Non-recurring operating income | 76A | - | €355 | +€355 | |
| Other operating charges | 640/8 | €2,090 | €403 | -€1,687 | -80.7% |
| Gross operating margin | 9900 | -€2,717 | -€2,624 | +€93 | +3.4% |
| Operating profit (loss) | 9901 | -€4,807 | -€3,027 | +€1,780 | +37.0% |
| Financial charges | 65/66B | €287 | €198 | -€89 | -31.0% |
| Recurring financial charges | 65 | €287 | €198 | -€89 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,094 | -€3,225 | +€1,869 | +36.7% |
| Profit (loss) for the period | 9904 | -€5,094 | -€3,225 | +€1,869 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,094 | -€3,225 | +€1,869 | +36.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.