ETR ANTWERPEN: 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.
ETR ANTWERPEN
Largest movements
- Cash -€22,289
down €22,289 (-14.5%), from €154,147 to €131,858
mainly Net result for the year (-€62,897) and Debts after one year (-€37,000)
- Receivables within one year +€19,485
up €19,485 (+5,180%), from €376 to €19,861
of which Other amounts receivable: +€19,629
- Tangible fixed assets -€14,376
down €14,376 (-6.7%), from €214,886 to €200,511
- Stocks and contracts +€8,288
up €8,288 (+28.7%), from €28,852 to €37,140
- Trade debts +€88,011
up €88,011 (+53.3%), from €165,100 to €253,111
- Profit (loss) carried forward -€62,897
down €62,897 (-43.9%), from -€143,433 to -€206,330
- Debts after one year -€37,000
down €37,000 (-13.9%), from €266,000 to €229,000
- Current portion of long-term debt +€37,000
up €37,000 (+100%), from €37,000 to €74,000
- Accrued charges and deferred income -€27,613
down €27,613 (-47.8%), from €57,719 to €30,106
- Gross operating margin -€186,708
down €186,708 (-63.9%), from €292,078 to €105,370
- Staff costs -€5,074
down €5,074 (-4.2%), from €122,112 to €117,038
- Financial charges -€3,351
down €3,351 (-10.7%), from €31,424 to €28,072
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 | €404,828 | €397,599 | -€7,229 | -1.8% |
| Formation expenses | 20 | €582 | €362 | -€220 | -37.8% |
| Fixed assets | 21/28 | €214,886 | €200,511 | -€14,376 | -6.7% |
| Tangible fixed assets | 22/27 | €214,886 | €200,511 | -€14,376 | -6.7% |
| Plant, machinery and equipment | 23 | €46,825 | €39,814 | -€7,011 | -15.0% |
| Furniture and vehicles | 24 | €14,358 | €12,494 | -€1,864 | -13.0% |
| Other tangible fixed assets | 26 | €153,704 | €148,203 | -€5,501 | -3.6% |
| Current assets | 29/58 | €189,360 | €196,727 | +€7,367 | +3.9% |
| Stocks and contracts in progress | 3 | €28,852 | €37,140 | +€8,288 | +28.7% |
| Stocks | 30/36 | €28,852 | €37,140 | +€8,288 | +28.7% |
| Amounts receivable within one year | 40/41 | €376 | €19,861 | +€19,485 | +5,180% |
| Trade receivables | 40 | €144 | €0 | -€144 | -100% |
| Other amounts receivable | 41 | €233 | €19,861 | +€19,629 | +8,437% |
| Cash at bank and in hand | 54/58 | €154,147 | €131,858 | -€22,289 | -14.5% |
| Deferred charges and accrued income | 490/1 | €5,985 | €7,867 | +€1,882 | +31.4% |
| Total equity and liabilities | 10/49 | €404,828 | €397,599 | -€7,229 | -1.8% |
| Equity | 10/15 | -€141,433 | -€204,330 | -€62,897 | -44.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€143,433 | -€206,330 | -€62,897 | -43.9% |
| Amounts payable | 17/49 | €546,261 | €601,929 | +€55,668 | +10.2% |
| Amounts payable after more than one year | 17 | €266,000 | €229,000 | -€37,000 | -13.9% |
| Financial debts | 170/4 | €266,000 | €229,000 | -€37,000 | -13.9% |
| Amounts payable within one year | 42/48 | €222,542 | €342,823 | +€120,281 | +54.0% |
| Current portion of amounts payable after more than one year | 42 | €37,000 | €74,000 | +€37,000 | +100% |
| Trade debts | 44 | €165,100 | €253,111 | +€88,011 | +53.3% |
| Suppliers | 440/4 | €165,100 | €253,111 | +€88,011 | +53.3% |
| Taxes, remuneration and social security | 45 | €20,052 | €15,712 | -€4,340 | -21.6% |
| Taxes | 450/3 | €10,081 | €8,315 | -€1,766 | -17.5% |
| Remuneration and social security | 454/9 | €9,971 | €7,397 | -€2,574 | -25.8% |
| Other amounts payable | 47/48 | €390 | €0 | -€390 | -100% |
| Accrued charges and deferred income | 492/3 | €57,719 | €30,106 | -€27,613 | -47.8% |
| Remuneration, social security and pensions | 62 | €122,112 | €117,038 | -€5,074 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,553 | €14,596 | +€43 | +0.3% |
| Other operating charges | 640/8 | €8,910 | €8,779 | -€132 | -1.5% |
| Gross operating margin | 9900 | €292,078 | €105,370 | -€186,708 | -63.9% |
| Operating profit (loss) | 9901 | €146,503 | -€35,042 | -€181,545 | |
| Financial income | 75/76B | €177 | €217 | +€40 | +22.6% |
| Recurring financial income | 75 | €177 | €217 | +€40 | +22.6% |
| Financial charges | 65/66B | €31,424 | €28,072 | -€3,351 | -10.7% |
| Recurring financial charges | 65 | €31,424 | €28,072 | -€3,351 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €115,256 | -€62,897 | -€178,154 | |
| Profit (loss) for the period | 9904 | €115,256 | -€62,897 | -€178,154 | |
| Profit (loss) for the period to be appropriated | 9905 | €115,256 | -€62,897 | -€178,154 |
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 30 October 2026 via checked.be.