ETNOBEL: 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.
ETNOBEL
Largest movements
- Receivables within one year -€123,097
down €123,097 (-20.3%), from €606,582 to €483,486
of which Trade receivables: -€71,146
- Cash +€81,285
up €81,285 (+37.2%), from €218,479 to €299,764
mainly Receivables within one year (+€123,097) and Depreciation (+€79,149)
- Tangible fixed assets -€52,198
down €52,198 (-10.6%), from €492,952 to €440,754
of which Land and buildings: -€37,657
- Debts after one year -€39,979
down €39,979 (-59.3%), from €67,452 to €27,473
- Trade debts -€26,483
down €26,483 (-11.6%), from €228,634 to €202,151
- Gross operating margin +€29,499
up €29,499 (+22.8%), from €129,250 to €158,750
- Financial income -€8,281
down €8,281 (-45.8%), from €18,082 to €9,801
- Staff costs +€5,743
up €5,743 (+7.8%), from €73,447 to €79,190
- Depreciation +€3,716
up €3,716 (+4.9%), from €75,434 to €79,149
- Financial charges -€2,342
down €2,342 (-41.0%), from €5,714 to €3,372
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 | €1,926,437 | €1,851,541 | -€74,895 | -3.9% |
| Fixed assets | 21/28 | €968,557 | €916,360 | -€52,198 | -5.4% |
| Tangible fixed assets | 22/27 | €492,952 | €440,754 | -€52,198 | -10.6% |
| Land and buildings | 22 | €446,773 | €409,116 | -€37,657 | -8.4% |
| Plant, machinery and equipment | 23 | €7,824 | €7,269 | -€555 | -7.1% |
| Furniture and vehicles | 24 | €38,355 | €24,368 | -€13,986 | -36.5% |
| Financial fixed assets | 28 | €475,606 | €475,606 | = | 0.0% |
| Current assets | 29/58 | €957,879 | €935,182 | -€22,698 | -2.4% |
| Amounts receivable after more than one year | 29 | €45,613 | €64,772 | +€19,159 | +42.0% |
| Trade receivables | 290 | €45,613 | €64,772 | +€19,159 | +42.0% |
| Stocks and contracts in progress | 3 | €58,526 | €73,208 | +€14,682 | +25.1% |
| Stocks | 30/36 | €58,526 | €73,208 | +€14,682 | +25.1% |
| Amounts receivable within one year | 40/41 | €606,582 | €483,486 | -€123,097 | -20.3% |
| Trade receivables | 40 | €373,755 | €302,609 | -€71,146 | -19.0% |
| Other amounts receivable | 41 | €232,828 | €180,877 | -€51,951 | -22.3% |
| Cash at bank and in hand | 54/58 | €218,479 | €299,764 | +€81,285 | +37.2% |
| Deferred charges and accrued income | 490/1 | €28,679 | €13,952 | -€14,726 | -51.3% |
| Total equity and liabilities | 10/49 | €1,926,437 | €1,851,541 | -€74,895 | -3.9% |
| Equity | 10/15 | €1,555,845 | €1,549,492 | -€6,353 | -0.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €133,514 | €133,514 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,741 | €7,741 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,741 | €7,741 | = | 0.0% |
| Distributable reserves | 133 | €125,773 | €125,773 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,396,311 | €1,393,512 | -€2,799 | -0.2% |
| Investment grants | 15 | €7,427 | €3,874 | -€3,554 | -47.8% |
| Provisions and deferred taxes | 16 | €3,676 | €1,835 | -€1,841 | -50.1% |
| Deferred taxes | 168 | €3,676 | €1,835 | -€1,841 | -50.1% |
| Amounts payable | 17/49 | €366,916 | €300,214 | -€66,702 | -18.2% |
| Amounts payable after more than one year | 17 | €67,452 | €27,473 | -€39,979 | -59.3% |
| Financial debts | 170/4 | €67,452 | €27,473 | -€39,979 | -59.3% |
| Amounts payable within one year | 42/48 | €299,464 | €272,741 | -€26,723 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €38,548 | €39,979 | +€1,431 | +3.7% |
| Trade debts | 44 | €228,634 | €202,151 | -€26,483 | -11.6% |
| Suppliers | 440/4 | €228,634 | €202,151 | -€26,483 | -11.6% |
| Taxes, remuneration and social security | 45 | €25,583 | €20,153 | -€5,430 | -21.2% |
| Taxes | 450/3 | €12,969 | €4,706 | -€8,263 | -63.7% |
| Remuneration and social security | 454/9 | €12,614 | €15,447 | +€2,833 | +22.5% |
| Other amounts payable | 47/48 | €6,699 | €10,458 | +€3,759 | +56.1% |
| Non-recurring operating income | 76A | €4,545 | - | -€4,545 | |
| Remuneration, social security and pensions | 62 | €73,447 | €79,190 | +€5,743 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,434 | €79,149 | +€3,716 | +4.9% |
| Other operating charges | 640/8 | €10,700 | €11,296 | +€596 | +5.6% |
| Gross operating margin | 9900 | €129,250 | €158,750 | +€29,499 | +22.8% |
| Operating profit (loss) | 9901 | -€30,330 | -€10,885 | +€19,445 | +64.1% |
| Financial income | 75/76B | €18,082 | €9,801 | -€8,281 | -45.8% |
| Recurring financial income | 75 | €18,082 | €9,801 | -€8,281 | -45.8% |
| Financial charges | 65/66B | €5,714 | €3,372 | -€2,342 | -41.0% |
| Recurring financial charges | 65 | €5,714 | €3,372 | -€2,342 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | -€17,963 | -€4,456 | +€13,506 | +75.2% |
| Transfer from deferred taxes | 780 | €1,841 | €1,841 | = | 0.0% |
| Income taxes | 67/77 | €269 | €183 | -€86 | -31.9% |
| Profit (loss) for the period | 9904 | -€16,391 | -€2,799 | +€13,592 | +82.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,391 | -€2,799 | +€13,592 | +82.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.