ETN: 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.
ETN
Largest movements
- Tangible fixed assets -€238,647
down €238,647 (-75.3%), from €316,746 to €78,099
of which Leasing and similar rights: -€151,195
- Cash +€147,847
up €147,847 (+771%), from €19,185 to €167,032
mainly Investment in fixed assets (net) (+€202,808) and Net result for the year (+€79,508)
- Receivables within one year -€66,512
down €66,512 (-37.6%), from €176,859 to €110,347
of which Trade receivables: -€82,685
- Debts after one year -€149,728
no longer reported in 2025 (was €149,728)
- Trade debts -€77,095
down €77,095 (-61.5%), from €125,339 to €48,245
- Reserves +€70,000
up €70,000 (+87.5%), from €80,000 to €150,000
- Current portion of long-term debt -€36,857
down €36,857 (-73.6%), from €50,086 to €13,229
- Other debts +€16,523
up €16,523 (+45.8%), from €36,054 to €52,577
- Depreciation -€68,390
down €68,390 (-65.6%), from €104,229 to €35,839
- Taxes +€26,853
up €26,853 (+1,025%), from €2,620 to €29,474
- Financial income +€11,068
up €11,068 (+448,083%), from €2 to €11,070
of which Financial income: +€10,798
- Staff costs -€7,903
down €7,903 (-11.5%), from €68,817 to €60,913
- Gross operating margin +€6,656
up €6,656 (+3.1%), from €213,399 to €220,056
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 | €522,158 | €365,519 | -€156,639 | -30.0% |
| Fixed assets | 21/28 | €317,244 | €78,597 | -€238,647 | -75.2% |
| Tangible fixed assets | 22/27 | €316,746 | €78,099 | -€238,647 | -75.3% |
| Plant, machinery and equipment | 23 | €109,076 | €34,564 | -€74,512 | -68.3% |
| Furniture and vehicles | 24 | €56,475 | €43,535 | -€12,940 | -22.9% |
| Leasing and similar rights | 25 | €151,195 | - | -€151,195 | |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €204,914 | €286,922 | +€82,008 | +40.0% |
| Amounts receivable within one year | 40/41 | €176,859 | €110,347 | -€66,512 | -37.6% |
| Trade receivables | 40 | €162,654 | €79,969 | -€82,685 | -50.8% |
| Other amounts receivable | 41 | €14,205 | €30,378 | +€16,174 | +114% |
| Cash at bank and in hand | 54/58 | €19,185 | €167,032 | +€147,847 | +771% |
| Deferred charges and accrued income | 490/1 | €8,869 | €9,542 | +€673 | +7.6% |
| Total equity and liabilities | 10/49 | €522,158 | €365,519 | -€156,639 | -30.0% |
| Equity | 10/15 | €152,136 | €231,726 | +€79,590 | +52.3% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €80,000 | €150,000 | +€70,000 | +87.5% |
| Distributable reserves | 133 | €80,000 | €150,000 | +€70,000 | +87.5% |
| Profit (loss) carried forward | 14 | €51,685 | €61,193 | +€9,508 | +18.4% |
| Investment grants | 15 | - | €82 | +€82 | |
| Amounts payable | 17/49 | €370,022 | €133,793 | -€236,229 | -63.8% |
| Amounts payable after more than one year | 17 | €149,728 | - | -€149,728 | |
| Financial debts | 170/4 | €149,728 | - | -€149,728 | |
| Amounts payable within one year | 42/48 | €220,294 | €133,793 | -€86,501 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €50,086 | €13,229 | -€36,857 | -73.6% |
| Trade debts | 44 | €125,339 | €48,245 | -€77,095 | -61.5% |
| Suppliers | 440/4 | €125,339 | €48,245 | -€77,095 | -61.5% |
| Taxes, remuneration and social security | 45 | €8,815 | €19,742 | +€10,928 | +124% |
| Taxes | 450/3 | €5,712 | €16,564 | +€10,852 | +190% |
| Remuneration and social security | 454/9 | €3,103 | €3,178 | +€76 | +2.4% |
| Other amounts payable | 47/48 | €36,054 | €52,577 | +€16,523 | +45.8% |
| Non-recurring operating income | 76A | €2,117 | €54,934 | +€52,817 | +2,495% |
| Remuneration, social security and pensions | 62 | €68,817 | €60,913 | -€7,903 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,229 | €35,839 | -€68,390 | -65.6% |
| Other operating charges | 640/8 | €5,961 | €6,505 | +€545 | +9.1% |
| Non-recurring operating charges | 66A | €6,911 | €12,997 | +€6,086 | +88.1% |
| Gross operating margin | 9900 | €213,399 | €220,056 | +€6,656 | +3.1% |
| Operating profit (loss) | 9901 | €27,482 | €103,800 | +€76,318 | +278% |
| Financial income | 75/76B | €2 | €11,070 | +€11,068 | +448,083% |
| Recurring financial income | 75 | €2 | €10,800 | +€10,798 | +437,151% |
| Non-recurring financial income | 76B | - | €270 | +€270 | |
| Financial charges | 65/66B | €8,480 | €5,889 | -€2,591 | -30.6% |
| Recurring financial charges | 65 | €8,480 | €5,889 | -€2,591 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | €19,005 | €108,982 | +€89,976 | +473% |
| Income taxes | 67/77 | €2,620 | €29,474 | +€26,853 | +1,025% |
| Profit (loss) for the period | 9904 | €16,385 | €79,508 | +€63,123 | +385% |
| Profit (loss) for the period to be appropriated | 9905 | €16,385 | €79,508 | +€63,123 | +385% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.