Etna: 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.
Etna
Largest movements
- Current investments +€1.0m
up €1.0m (+200.0%), from €500,000 to €1.5m
- Cash -€891,586
down €891,586 (-45.8%), from €1.9m to €1.1m
mainly Current investments (-€1.0m) and Trade debts (-€242,040)
- Receivables within one year -€335,640
down €335,640 (-70.7%), from €474,713 to €139,073
of which Trade receivables: -€366,401
- Tangible fixed assets +€92,807
up €92,807 (+597.0%), from €15,545 to €108,352
of which Furniture and vehicles: +€84,978
- Trade debts -€242,040
down €242,040 (-31.4%), from €770,577 to €528,537
- Reserves +€117,078
up €117,078 (+18.9%), from €620,165 to €737,243
of which Distributable reserves: +€114,078
- Staff costs -€49,258
down €49,258 (-11.8%), from €417,915 to €368,657
- Gross operating margin -€37,585
down €37,585 (-5.9%), from €634,385 to €596,800
- Write-downs -€15,279
new in 2025: -€15,279
- Depreciation +€13,022
up €13,022 (+251.9%), from €5,169 to €18,191
- Other operating charges +€11,762
up €11,762 (+69.8%), from €16,857 to €28,619
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 | €2,952,091 | €2,815,383 | -€136,708 | -4.6% |
| Fixed assets | 21/28 | €22,808 | €115,615 | +€92,807 | +406.9% |
| Tangible fixed assets | 22/27 | €15,545 | €108,352 | +€92,807 | +597.0% |
| Plant, machinery and equipment | 23 | €6,459 | €14,288 | +€7,829 | +121.2% |
| Furniture and vehicles | 24 | €9,086 | €94,064 | +€84,978 | +935.2% |
| Financial fixed assets | 28 | €7,263 | €7,263 | = | 0.0% |
| Current assets | 29/58 | €2,929,283 | €2,699,768 | -€229,516 | -7.8% |
| Amounts receivable within one year | 40/41 | €474,713 | €139,073 | -€335,640 | -70.7% |
| Trade receivables | 40 | €438,111 | €71,710 | -€366,401 | -83.6% |
| Other amounts receivable | 41 | €36,602 | €67,363 | +€30,761 | +84.0% |
| Current investments | 50/53 | €500,000 | €1,500,000 | +€1.0m | +200.0% |
| Cash at bank and in hand | 54/58 | €1,947,956 | €1,056,370 | -€891,586 | -45.8% |
| Deferred charges and accrued income | 490/1 | €6,615 | €4,325 | -€2,290 | -34.6% |
| Total equity and liabilities | 10/49 | €2,952,091 | €2,815,383 | -€136,708 | -4.6% |
| Equity | 10/15 | €2,125,266 | €2,242,344 | +€117,078 | +5.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €620,165 | €737,243 | +€117,078 | +18.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €3,000 | +€3,000 | |
| Distributable reserves | 133 | €613,968 | €728,045 | +€114,078 | +18.6% |
| Profit (loss) carried forward | 14 | €1,443,128 | €1,443,128 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €1,000 | +€1,000 | |
| Deferred taxes | 168 | - | €1,000 | +€1,000 | |
| Amounts payable | 17/49 | €826,825 | €572,039 | -€254,786 | -30.8% |
| Amounts payable within one year | 42/48 | €826,481 | €571,690 | -€254,791 | -30.8% |
| Trade debts | 44 | €770,577 | €528,537 | -€242,040 | -31.4% |
| Suppliers | 440/4 | €770,577 | €528,537 | -€242,040 | -31.4% |
| Taxes, remuneration and social security | 45 | €55,904 | €43,152 | -€12,751 | -22.8% |
| Taxes | 450/3 | €22,158 | €13,233 | -€8,925 | -40.3% |
| Remuneration and social security | 454/9 | €33,746 | €29,919 | -€3,827 | -11.3% |
| Accrued charges and deferred income | 492/3 | €344 | €349 | +€5 | +1.6% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €417,915 | €368,657 | -€49,258 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,169 | €18,191 | +€13,022 | +251.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€15,279 | -€15,279 | |
| Other operating charges | 640/8 | €16,857 | €28,619 | +€11,762 | +69.8% |
| Non-recurring operating charges | 66A | - | €132 | +€132 | |
| Gross operating margin | 9900 | €634,385 | €596,800 | -€37,585 | -5.9% |
| Operating profit (loss) | 9901 | €194,444 | €196,480 | +€2,036 | +1.0% |
| Financial income | 75/76B | - | €4,788 | +€4,788 | |
| Recurring financial income | 75 | - | €4,788 | +€4,788 | |
| Financial charges | 65/66B | €25,543 | €28,524 | +€2,980 | +11.7% |
| Recurring financial charges | 65 | €25,543 | €28,524 | +€2,980 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €168,901 | €172,744 | +€3,843 | +2.3% |
| Transfer from deferred taxes | 780 | - | €250 | +€250 | |
| Transfer to deferred taxes | 680 | - | €1,250 | +€1,250 | |
| Income taxes | 67/77 | €57,158 | €54,666 | -€2,491 | -4.4% |
| Profit (loss) for the period | 9904 | €111,743 | €117,078 | +€5,334 | +4.8% |
| Transfer from tax-exempt reserves | 789 | - | €750 | +€750 | |
| Transfer to tax-exempt reserves | 689 | - | €3,750 | +€3,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €111,743 | €114,078 | +€2,334 | +2.1% |
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 11 October 2026 via checked.be.