Etmaco: 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.
Etmaco
Largest movements
- Cash +€101,105
up €101,105 (+338.8%), from €29,843 to €130,947
mainly Net result for the year (+€95,324) and Tax, wage and social debts (+€7,318)
- Deferred charges and accrued income +€2,303
up €2,303 (+70646.6%), from €3 to €2,306
- Reserves +€95,324
up €95,324 (+145.4%), from €65,552 to €160,876
- Tax, wage and social debts +€7,318
up €7,318 (+30.5%), from €23,979 to €31,297
- Gross operating margin +€39,970
up €39,970 (+48.5%), from €82,431 to €122,401
- Taxes +€9,444
up €9,444 (+56.0%), from €16,853 to €26,297
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 | €95,293 | €199,255 | +€103,963 | +109.1% |
| Current assets | 29/58 | €95,293 | €199,255 | +€103,963 | +109.1% |
| Amounts receivable within one year | 40/41 | €65,447 | €66,002 | +€555 | +0.8% |
| Trade receivables | 40 | €65,342 | €65,836 | +€494 | +0.8% |
| Other amounts receivable | 41 | €104 | €165 | +€61 | +58.6% |
| Cash at bank and in hand | 54/58 | €29,843 | €130,947 | +€101,105 | +338.8% |
| Deferred charges and accrued income | 490/1 | €3 | €2,306 | +€2,303 | +70646.6% |
| Total equity and liabilities | 10/49 | €95,293 | €199,255 | +€103,963 | +109.1% |
| Equity | 10/15 | €70,552 | €165,876 | +€95,324 | +135.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €65,552 | €160,876 | +€95,324 | +145.4% |
| Distributable reserves | 133 | €65,552 | €160,876 | +€95,324 | +145.4% |
| Amounts payable | 17/49 | €24,741 | €33,380 | +€8,639 | +34.9% |
| Amounts payable within one year | 42/48 | €24,741 | €33,380 | +€8,639 | +34.9% |
| Trade debts | 44 | €762 | €2,083 | +€1,321 | +173.3% |
| Suppliers | 440/4 | €762 | €2,083 | +€1,321 | +173.3% |
| Taxes, remuneration and social security | 45 | €23,979 | €31,297 | +€7,318 | +30.5% |
| Taxes | 450/3 | €23,979 | €31,297 | +€7,318 | +30.5% |
| Other operating charges | 640/8 | - | €183 | +€183 | |
| Gross operating margin | 9900 | €82,431 | €122,401 | +€39,970 | +48.5% |
| Operating profit (loss) | 9901 | €82,431 | €122,218 | +€39,787 | +48.3% |
| Financial income | 75/76B | €3 | €8 | +€4 | +130.3% |
| Recurring financial income | 75 | €3 | €8 | +€4 | +130.3% |
| Financial charges | 65/66B | €30 | €605 | +€575 | +1915.0% |
| Recurring financial charges | 65 | €30 | €605 | +€575 | +1915.0% |
| Profit (loss) for the period before taxes | 9903 | €82,404 | €121,621 | +€39,216 | +47.6% |
| Income taxes | 67/77 | €16,853 | €26,297 | +€9,444 | +56.0% |
| Profit (loss) for the period | 9904 | €65,552 | €95,324 | +€29,772 | +45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,552 | €95,324 | +€29,772 | +45.4% |
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 10 October 2026 via checked.be.