ETmo: what changed
Two fiscal 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.
ETmo
Largest movements
- Tangible fixed assets +€63,600
up €63,600 (+9.4%), from €678,802 to €742,402
- Receivables within one year +€11,403
new in 2025: €11,403
- Debts after one year +€71,649
up €71,649 (+16.4%), from €437,391 to €509,040
of which Financial debts: +€72,449
- Gross operating margin +€22,258
up €22,258 (+66.5%), from €33,455 to €55,712
- Depreciation +€4,357
up €4,357 (+12.4%), from €35,206 to €39,563
- Financial charges +€1,432
up €1,432 (+23.0%), from €6,228 to €7,660
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 | €690,179 | €769,652 | +€79,472 | +11.5% |
| Fixed assets | 21/28 | €678,802 | €742,402 | +€63,600 | +9.4% |
| Tangible fixed assets | 22/27 | €678,802 | €742,402 | +€63,600 | +9.4% |
| Land and buildings | 22 | €678,802 | €742,402 | +€63,600 | +9.4% |
| Current assets | 29/58 | €11,377 | €27,250 | +€15,873 | +139.5% |
| Amounts receivable within one year | 40/41 | - | €11,403 | +€11,403 | |
| Trade receivables | 40 | - | €11,403 | +€11,403 | |
| Cash at bank and in hand | 54/58 | €10,435 | €14,415 | +€3,980 | +38.1% |
| Deferred charges and accrued income | 490/1 | €942 | €1,432 | +€489 | +51.9% |
| Total equity and liabilities | 10/49 | €690,179 | €769,652 | +€79,472 | +11.5% |
| Equity | 10/15 | -€93,905 | -€90,155 | +€3,751 | +4.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,905 | -€93,155 | +€3,751 | +3.9% |
| Amounts payable | 17/49 | €784,084 | €859,806 | +€75,722 | +9.7% |
| Amounts payable after more than one year | 17 | €437,391 | €509,040 | +€71,649 | +16.4% |
| Financial debts | 170/4 | €436,591 | €509,040 | +€72,449 | +16.6% |
| Other amounts payable | 178/9 | €800 | - | -€800 | |
| Amounts payable within one year | 42/48 | €346,627 | €349,429 | +€2,802 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €26,506 | €29,605 | +€3,099 | +11.7% |
| Trade debts | 44 | €4,352 | €4,204 | -€148 | -3.4% |
| Suppliers | 440/4 | €4,352 | €4,204 | -€148 | -3.4% |
| Other amounts payable | 47/48 | €315,770 | €315,620 | -€150 | 0.0% |
| Accrued charges and deferred income | 492/3 | €66 | €1,337 | +€1,271 | +1935.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,206 | €39,563 | +€4,357 | +12.4% |
| Other operating charges | 640/8 | €5,186 | €4,739 | -€447 | -8.6% |
| Gross operating margin | 9900 | €33,455 | €55,712 | +€22,258 | +66.5% |
| Operating profit (loss) | 9901 | -€6,937 | €11,411 | +€18,348 | |
| Financial charges | 65/66B | €6,228 | €7,660 | +€1,432 | +23.0% |
| Recurring financial charges | 65 | €6,228 | €7,660 | +€1,432 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,166 | €3,751 | +€16,916 | |
| Profit (loss) for the period | 9904 | -€13,166 | €3,751 | +€16,916 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,166 | €3,751 | +€16,916 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.