ETNA: 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.
ETNA
Largest movements
- Tangible fixed assets -€4,745
down €4,745 (-21.2%), from €22,373 to €17,628
of which Land and buildings: -€2,836
- Receivables within one year -€363
down €363 (-63.2%), from €574 to €211
- Profit (loss) carried forward -€4,314
down €4,314 (-7.1%), from -€60,355 to -€64,668
- Other debts -€667
down €667 (-1.1%), from €61,402 to €60,735
- Gross operating margin -€5,186
down €5,186 (-65.6%), from €7,910 to €2,724
- Depreciation +€336
up €336 (+7.6%), from €4,409 to €4,745
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 | €23,506 | €18,526 | -€4,981 | -21.2% |
| Fixed assets | 21/28 | €22,373 | €17,628 | -€4,745 | -21.2% |
| Tangible fixed assets | 22/27 | €22,373 | €17,628 | -€4,745 | -21.2% |
| Land and buildings | 22 | €6,524 | €3,688 | -€2,836 | -43.5% |
| Plant, machinery and equipment | 23 | €15,849 | €13,940 | -€1,909 | -12.0% |
| Current assets | 29/58 | €1,133 | €898 | -€236 | -20.8% |
| Amounts receivable within one year | 40/41 | €574 | €211 | -€363 | -63.2% |
| Trade receivables | 40 | €574 | €211 | -€363 | -63.2% |
| Cash at bank and in hand | 54/58 | €76 | €52 | -€24 | -32.2% |
| Deferred charges and accrued income | 490/1 | €483 | €635 | +€152 | +31.4% |
| Total equity and liabilities | 10/49 | €23,506 | €18,526 | -€4,981 | -21.2% |
| Equity | 10/15 | -€37,895 | -€42,209 | -€4,314 | -11.4% |
| Contributions | 10/11 | €19,250 | €19,250 | = | 0.0% |
| Outside capital | 11 | €19,250 | €19,250 | = | 0.0% |
| Share premium | 1100/10 | €19,250 | €19,250 | = | 0.0% |
| Reserves | 13 | €3,209 | €3,209 | = | 0.0% |
| Non-distributable reserves | 130/1 | €248 | €248 | = | 0.0% |
| Reserves not available under the articles | 1311 | €248 | €248 | = | 0.0% |
| Distributable reserves | 133 | €2,962 | €2,962 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,355 | -€64,668 | -€4,314 | -7.1% |
| Amounts payable | 17/49 | €61,402 | €60,735 | -€667 | -1.1% |
| Amounts payable within one year | 42/48 | €61,402 | €60,735 | -€667 | -1.1% |
| Other amounts payable | 47/48 | €61,402 | €60,735 | -€667 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,409 | €4,745 | +€336 | +7.6% |
| Other operating charges | 640/8 | €2,105 | €2,171 | +€66 | +3.1% |
| Gross operating margin | 9900 | €7,910 | €2,724 | -€5,186 | -65.6% |
| Operating profit (loss) | 9901 | €1,396 | -€4,193 | -€5,589 | |
| Financial charges | 65/66B | €148 | €121 | -€27 | -18.1% |
| Recurring financial charges | 65 | €148 | €121 | -€27 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €1,248 | -€4,314 | -€5,562 | |
| Profit (loss) for the period | 9904 | €1,248 | -€4,314 | -€5,562 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,248 | -€4,314 | -€5,562 |
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 1 October 2026 via checked.be.