ETONAM: 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.
ETONAM
Largest movements
- Receivables after one year +€42,089
up €42,089 (+13.6%), from €309,452 to €351,541
- Profit (loss) carried forward +€56,891
up €56,891 (+24.9%), from €228,751 to €285,642
- Tax, wage and social debts -€10,814
down €10,814 (-30.6%), from €35,309 to €24,495
- Trade debts -€6,354
no longer reported in 2025 (was €6,354)
- Gross operating margin +€4,242
up €4,242 (+5.2%), from €81,351 to €85,593
- Taxes +€1,943
up €1,943 (+10.3%), from €18,776 to €20,719
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 | €338,615 | €378,337 | +€39,723 | +11.7% |
| Fixed assets | 21/28 | €24,511 | €22,844 | -€1,667 | -6.8% |
| Tangible fixed assets | 22/27 | €24,511 | €22,844 | -€1,667 | -6.8% |
| Land and buildings | 22 | €24,511 | €22,844 | -€1,667 | -6.8% |
| Current assets | 29/58 | €314,104 | €355,493 | +€41,390 | +13.2% |
| Amounts receivable after more than one year | 29 | €309,452 | €351,541 | +€42,089 | +13.6% |
| Other amounts receivable | 291 | €309,452 | €351,541 | +€42,089 | +13.6% |
| Cash at bank and in hand | 54/58 | €4,087 | €3,866 | -€221 | -5.4% |
| Deferred charges and accrued income | 490/1 | €565 | €87 | -€479 | -84.7% |
| Total equity and liabilities | 10/49 | €338,615 | €378,337 | +€39,723 | +11.7% |
| Equity | 10/15 | €296,951 | €353,842 | +€56,891 | +19.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €228,751 | €285,642 | +€56,891 | +24.9% |
| Amounts payable | 17/49 | €41,664 | €24,495 | -€17,168 | -41.2% |
| Amounts payable within one year | 42/48 | €41,664 | €24,495 | -€17,168 | -41.2% |
| Trade debts | 44 | €6,354 | - | -€6,354 | |
| Suppliers | 440/4 | €6,354 | - | -€6,354 | |
| Taxes, remuneration and social security | 45 | €35,309 | €24,495 | -€10,814 | -30.6% |
| Taxes | 450/3 | €35,309 | €24,495 | -€10,814 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,667 | €1,667 | = | 0.0% |
| Other operating charges | 640/8 | €8,699 | €8,978 | +€279 | +3.2% |
| Gross operating margin | 9900 | €81,351 | €85,593 | +€4,242 | +5.2% |
| Operating profit (loss) | 9901 | €70,985 | €74,948 | +€3,963 | +5.6% |
| Financial income | 75/76B | €2,830 | €3,208 | +€378 | +13.4% |
| Recurring financial income | 75 | €2,830 | €3,208 | +€378 | +13.4% |
| Financial charges | 65/66B | €507 | €546 | +€40 | +7.8% |
| Recurring financial charges | 65 | €507 | €546 | +€40 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €73,308 | €77,610 | +€4,302 | +5.9% |
| Income taxes | 67/77 | €18,776 | €20,719 | +€1,943 | +10.3% |
| Profit (loss) for the period | 9904 | €54,531 | €56,891 | +€2,360 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €54,531 | €56,891 | +€2,360 | +4.3% |
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 10 October 2026 via checked.be.