ETOSHA: 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.
ETOSHA
Largest movements
- Tangible fixed assets +€386,731
up €386,731 (+130.3%), from €296,719 to €683,450
of which Land and buildings: +€400,814
- Cash -€118,237
down €118,237 (-95.7%), from €123,557 to €5,320
mainly Investment in fixed assets (net) (-€438,484) and Contributions, distributions and other (-€100,000)
- Current investments +€43,920
up €43,920 (+186.3%), from €23,580 to €67,500
- Receivables within one year +€33,040
up €33,040 (+21.6%), from €152,694 to €185,734
- Debts after one year +€192,668
up €192,668 (+146.9%), from €131,182 to €323,851
- Other debts +€101,709
up €101,709 (+2479.3%), from €4,102 to €105,811
- Reserves +€40,000
up €40,000 (+10.6%), from €377,000 to €417,000
- Current portion of long-term debt +€12,332
up €12,332 (+61.7%), from €20,000 to €32,332
- Depreciation +€32,315
up €32,315 (+166.2%), from €19,439 to €51,753
- Gross operating margin +€23,543
up €23,543 (+10.7%), from €219,956 to €243,500
- Other operating charges -€5,404
down €5,404 (-63.5%), from €8,515 to €3,111
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 | €618,874 | €964,329 | +€345,455 | +55.8% |
| Fixed assets | 21/28 | €319,043 | €705,774 | +€386,731 | +121.2% |
| Tangible fixed assets | 22/27 | €296,719 | €683,450 | +€386,731 | +130.3% |
| Land and buildings | 22 | €242,448 | €643,262 | +€400,814 | +165.3% |
| Furniture and vehicles | 24 | €49,424 | €36,764 | -€12,659 | -25.6% |
| Other tangible fixed assets | 26 | €4,847 | €3,423 | -€1,423 | -29.4% |
| Financial fixed assets | 28 | €22,324 | €22,324 | = | 0.0% |
| Current assets | 29/58 | €299,831 | €258,555 | -€41,276 | -13.8% |
| Amounts receivable within one year | 40/41 | €152,694 | €185,734 | +€33,040 | +21.6% |
| Trade receivables | 40 | €152,694 | €185,734 | +€33,040 | +21.6% |
| Current investments | 50/53 | €23,580 | €67,500 | +€43,920 | +186.3% |
| Cash at bank and in hand | 54/58 | €123,557 | €5,320 | -€118,237 | -95.7% |
| Total equity and liabilities | 10/49 | €618,874 | €964,329 | +€345,455 | +55.8% |
| Equity | 10/15 | €395,797 | €436,265 | +€40,467 | +10.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €377,000 | €417,000 | +€40,000 | +10.6% |
| Distributable reserves | 133 | €377,000 | €417,000 | +€40,000 | +10.6% |
| Profit (loss) carried forward | 14 | €197 | €665 | +€467 | +236.9% |
| Amounts payable | 17/49 | €223,077 | €528,064 | +€304,987 | +136.7% |
| Amounts payable after more than one year | 17 | €131,182 | €323,851 | +€192,668 | +146.9% |
| Financial debts | 170/4 | €131,182 | €323,851 | +€192,668 | +146.9% |
| Amounts payable within one year | 42/48 | €91,894 | €203,857 | +€111,962 | +121.8% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €32,332 | +€12,332 | +61.7% |
| Trade debts | 44 | €5,791 | €12,859 | +€7,068 | +122.1% |
| Suppliers | 440/4 | €5,791 | €12,859 | +€7,068 | +122.1% |
| Taxes, remuneration and social security | 45 | €62,001 | €52,855 | -€9,147 | -14.8% |
| Taxes | 450/3 | €62,001 | €52,855 | -€9,147 | -14.8% |
| Other amounts payable | 47/48 | €4,102 | €105,811 | +€101,709 | +2479.3% |
| Accrued charges and deferred income | 492/3 | - | €357 | +€357 | |
| Non-recurring operating income | 76A | €11,000 | - | -€11,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,439 | €51,753 | +€32,315 | +166.2% |
| Other operating charges | 640/8 | €8,515 | €3,111 | -€5,404 | -63.5% |
| Gross operating margin | 9900 | €219,956 | €243,500 | +€23,543 | +10.7% |
| Operating profit (loss) | 9901 | €192,003 | €188,635 | -€3,368 | -1.8% |
| Financial income | 75/76B | €132 | €214 | +€82 | +62.2% |
| Recurring financial income | 75 | €132 | €214 | +€82 | +62.2% |
| Financial charges | 65/66B | €4,798 | €6,137 | +€1,339 | +27.9% |
| Recurring financial charges | 65 | €4,798 | €6,137 | +€1,339 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | €187,337 | €182,713 | -€4,625 | -2.5% |
| Income taxes | 67/77 | €44,285 | €42,245 | -€2,040 | -4.6% |
| Profit (loss) for the period | 9904 | €143,052 | €140,467 | -€2,585 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €143,052 | €140,467 | -€2,585 | -1.8% |
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 8 October 2026 via checked.be.