ETMG: 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.
ETMG
Largest movements
- Receivables within one year +€151,607
up €151,607 (+49.4%), from €307,118 to €458,725
of which Other amounts receivable: +€152,507
- Tangible fixed assets -€5,020
down €5,020 (-24.0%), from €20,881 to €15,861
of which Furniture and vehicles: -€10,746
- Profit (loss) carried forward +€161,775
up €161,775 (+63.0%), from €256,701 to €418,476
- Trade debts -€15,284
down €15,284 (-93.4%), from €16,358 to €1,074
- Current portion of long-term debt -€6,048
down €6,048 (-80.8%), from €7,486 to €1,439
- Gross operating margin +€96,221
up €96,221 (+63.9%), from €150,648 to €246,869
- Financial charges -€30,356
down €30,356 (-84.0%), from €36,143 to €5,787
- Taxes +€22,203
up €22,203 (+58.6%), from €37,908 to €60,111
- Staff costs -€19,630
down €19,630 (-90.4%), from €21,719 to €2,089
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 | €353,490 | €496,436 | +€142,945 | +40.4% |
| Fixed assets | 21/28 | €22,300 | €17,280 | -€5,020 | -22.5% |
| Tangible fixed assets | 22/27 | €20,881 | €15,861 | -€5,020 | -24.0% |
| Plant, machinery and equipment | 23 | €6,058 | €11,784 | +€5,726 | +94.5% |
| Furniture and vehicles | 24 | €14,823 | €4,077 | -€10,746 | -72.5% |
| Financial fixed assets | 28 | €1,419 | €1,419 | = | 0.0% |
| Current assets | 29/58 | €331,190 | €479,156 | +€147,965 | +44.7% |
| Amounts receivable within one year | 40/41 | €307,118 | €458,725 | +€151,607 | +49.4% |
| Trade receivables | 40 | €900 | - | -€900 | |
| Other amounts receivable | 41 | €306,218 | €458,725 | +€152,507 | +49.8% |
| Cash at bank and in hand | 54/58 | €24,072 | €20,430 | -€3,642 | -15.1% |
| Total equity and liabilities | 10/49 | €353,490 | €496,436 | +€142,945 | +40.4% |
| Equity | 10/15 | €264,961 | €426,736 | +€161,775 | +61.1% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €256,701 | €418,476 | +€161,775 | +63.0% |
| Amounts payable | 17/49 | €88,530 | €69,700 | -€18,830 | -21.3% |
| Amounts payable after more than one year | 17 | €1,439 | - | -€1,439 | |
| Financial debts | 170/4 | €1,439 | - | -€1,439 | |
| Amounts payable within one year | 42/48 | €87,091 | €69,700 | -€17,391 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €7,486 | €1,439 | -€6,048 | -80.8% |
| Trade debts | 44 | €16,358 | €1,074 | -€15,284 | -93.4% |
| Suppliers | 440/4 | €16,358 | €1,074 | -€15,284 | -93.4% |
| Taxes, remuneration and social security | 45 | €63,247 | €67,187 | +€3,940 | +6.2% |
| Taxes | 450/3 | €58,337 | €67,187 | +€8,851 | +15.2% |
| Remuneration and social security | 454/9 | €4,910 | - | -€4,910 | |
| Remuneration, social security and pensions | 62 | €21,719 | €2,089 | -€19,630 | -90.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,687 | €14,585 | -€1,102 | -7.0% |
| Other operating charges | 640/8 | €1,933 | €2,522 | +€588 | +30.4% |
| Non-recurring operating charges | 66A | €5,063 | - | -€5,063 | |
| Gross operating margin | 9900 | €150,648 | €246,869 | +€96,221 | +63.9% |
| Operating profit (loss) | 9901 | €106,246 | €227,673 | +€121,428 | +114% |
| Financial charges | 65/66B | €36,143 | €5,787 | -€30,356 | -84.0% |
| Recurring financial charges | 65 | €36,143 | €5,787 | -€30,356 | -84.0% |
| Profit (loss) for the period before taxes | 9903 | €70,102 | €221,886 | +€151,784 | +217% |
| Income taxes | 67/77 | €37,908 | €60,111 | +€22,203 | +58.6% |
| Profit (loss) for the period | 9904 | €32,194 | €161,775 | +€129,581 | +403% |
| Profit (loss) for the period to be appropriated | 9905 | €32,194 | €161,775 | +€129,581 | +403% |
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 28 October 2026 via checked.be.