Etnodis: 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.
Etnodis
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+97.1%), from €1.3m to €2.6m
of which Trade receivables: +€1.4m
- Stocks and contracts -€1.1m
down €1.1m (-50.0%), from €2.2m to €1.1m
- Trade debts +€822,372
up €822,372 (+73.6%), from €1.1m to €1.9m
- Debts after one year -€599,310
down €599,310 (-30.3%), from €2.0m to €1.4m
- Profit (loss) carried forward -€90,196
down €90,196 (-31.7%), from €284,092 to €193,897
- Tax, wage and social debts +€39,234
up €39,234 (+39.3%), from €99,928 to €139,162
- Gross operating margin -€515,870
down €515,870, from €376,369 to -€139,501
- Taxes -€88,140
no longer reported in 2025 (was €88,140)
- Financial charges -€57,461
down €57,461, from €1,627 to -€55,834
- Depreciation +€6,629
up €6,629 (+3,780%), from €175 to €6,804
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 | €3,490,564 | €3,677,353 | +€186,789 | +5.4% |
| Fixed assets | 21/28 | €857 | €22,388 | +€21,531 | +2,513% |
| Tangible fixed assets | 22/27 | €857 | €15,788 | +€14,931 | +1,742% |
| Plant, machinery and equipment | 23 | - | €15,388 | +€15,388 | |
| Furniture and vehicles | 24 | €857 | €400 | -€457 | -53.4% |
| Financial fixed assets | 28 | - | €6,600 | +€6,600 | |
| Current assets | 29/58 | €3,489,707 | €3,654,965 | +€165,258 | +4.7% |
| Stocks and contracts in progress | 3 | €2,162,620 | €1,082,072 | -€1.1m | -50.0% |
| Stocks | 30/36 | €2,162,620 | €1,082,072 | -€1.1m | -50.0% |
| Amounts receivable within one year | 40/41 | €1,304,703 | €2,572,134 | +€1.3m | +97.1% |
| Trade receivables | 40 | €1,193,056 | €2,567,690 | +€1.4m | +115% |
| Other amounts receivable | 41 | €111,646 | €4,444 | -€107,202 | -96.0% |
| Cash at bank and in hand | 54/58 | €22,385 | €759 | -€21,626 | -96.6% |
| Total equity and liabilities | 10/49 | €3,490,564 | €3,677,353 | +€186,789 | +5.4% |
| Equity | 10/15 | €292,092 | €201,897 | -€90,196 | -30.9% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €284,092 | €193,897 | -€90,196 | -31.7% |
| Amounts payable | 17/49 | €3,198,472 | €3,475,457 | +€276,985 | +8.7% |
| Amounts payable after more than one year | 17 | €1,981,000 | €1,381,690 | -€599,310 | -30.3% |
| Financial debts | 170/4 | €1,981,000 | €1,381,690 | -€599,310 | -30.3% |
| Amounts payable within one year | 42/48 | €1,217,472 | €2,093,767 | +€876,295 | +72.0% |
| Trade debts | 44 | €1,117,543 | €1,939,915 | +€822,372 | +73.6% |
| Suppliers | 440/4 | €1,117,543 | €1,939,915 | +€822,372 | +73.6% |
| Taxes, remuneration and social security | 45 | €99,928 | €139,162 | +€39,234 | +39.3% |
| Taxes | 450/3 | €99,928 | €139,162 | +€39,234 | +39.3% |
| Other amounts payable | 47/48 | - | €14,689 | +€14,689 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175 | €6,804 | +€6,629 | +3,780% |
| Other operating charges | 640/8 | €2,334 | - | -€2,334 | |
| Gross operating margin | 9900 | €376,369 | -€139,501 | -€515,870 | |
| Operating profit (loss) | 9901 | €373,859 | -€146,304 | -€520,164 | |
| Financial income | 75/76B | - | €275 | +€275 | |
| Recurring financial income | 75 | - | €275 | +€275 | |
| Financial charges | 65/66B | €1,627 | -€55,834 | -€57,461 | |
| Recurring financial charges | 65 | €1,627 | -€55,834 | -€57,461 | |
| Profit (loss) for the period before taxes | 9903 | €372,232 | -€90,196 | -€462,428 | |
| Income taxes | 67/77 | €88,140 | - | -€88,140 | |
| Profit (loss) for the period | 9904 | €284,092 | -€90,196 | -€374,288 | |
| Profit (loss) for the period to be appropriated | 9905 | €284,092 | -€90,196 | -€374,288 |
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 26 October 2026 via checked.be.