ETR EUROPE: 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 EUROPE
Largest movements
- Cash -€270,827
down €270,827 (-69.4%), from €390,274 to €119,447
mainly Trade debts (-€143,102) and Accrued charges and deferred income (-€52,138)
- Deferred charges and accrued income +€24,132
up €24,132 (+61.5%), from €39,239 to €63,372
- Tangible fixed assets -€14,282
down €14,282 (-23.1%), from €61,710 to €47,428
of which Furniture and vehicles: -€7,850
- Trade debts -€143,102
down €143,102 (-35.6%), from €402,444 to €259,343
- Accrued charges and deferred income -€52,138
down €52,138 (-100%), from €52,138 to €0
- Tax, wage and social debts -€50,070
down €50,070 (-71.1%), from €70,375 to €20,305
of which Taxes: -€47,733
- Profit (loss) carried forward -€31,213
down €31,213 (-6.9%), from €450,780 to €419,566
- Other debts +€18,765
up €18,765 (+1,149%), from €1,634 to €20,398
- Gross operating margin -€227,451
down €227,451 (-56.2%), from €404,944 to €177,493
- Taxes -€44,773
down €44,773 (-100%), from €44,773 to €0
- Staff costs -€18,838
down €18,838 (-8.2%), from €228,463 to €209,625
- Depreciation -€9,560
down €9,560 (-39.0%), from €24,518 to €14,958
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 | €997,831 | €740,072 | -€257,759 | -25.8% |
| Fixed assets | 21/28 | €67,910 | €53,628 | -€14,282 | -21.0% |
| Tangible fixed assets | 22/27 | €61,710 | €47,428 | -€14,282 | -23.1% |
| Furniture and vehicles | 24 | €21,838 | €13,988 | -€7,850 | -35.9% |
| Other tangible fixed assets | 26 | €39,872 | €33,440 | -€6,432 | -16.1% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €929,921 | €686,444 | -€243,477 | -26.2% |
| Amounts receivable after more than one year | 29 | €402,700 | €402,700 | = | 0.0% |
| Other amounts receivable | 291 | €402,700 | €402,700 | = | 0.0% |
| Stocks and contracts in progress | 3 | €22,543 | €24,662 | +€2,119 | +9.4% |
| Stocks | 30/36 | €22,543 | €24,662 | +€2,119 | +9.4% |
| Amounts receivable within one year | 40/41 | €75,164 | €76,263 | +€1,099 | +1.5% |
| Trade receivables | 40 | €220 | €1,708 | +€1,489 | +678% |
| Other amounts receivable | 41 | €74,945 | €74,555 | -€390 | -0.5% |
| Cash at bank and in hand | 54/58 | €390,274 | €119,447 | -€270,827 | -69.4% |
| Deferred charges and accrued income | 490/1 | €39,239 | €63,372 | +€24,132 | +61.5% |
| Total equity and liabilities | 10/49 | €997,831 | €740,072 | -€257,759 | -25.8% |
| Equity | 10/15 | €471,240 | €440,026 | -€31,213 | -6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €450,780 | €419,566 | -€31,213 | -6.9% |
| Amounts payable | 17/49 | €526,591 | €300,046 | -€226,546 | -43.0% |
| Amounts payable within one year | 42/48 | €474,453 | €300,046 | -€174,407 | -36.8% |
| Trade debts | 44 | €402,444 | €259,343 | -€143,102 | -35.6% |
| Suppliers | 440/4 | €402,444 | €259,343 | -€143,102 | -35.6% |
| Taxes, remuneration and social security | 45 | €70,375 | €20,305 | -€50,070 | -71.1% |
| Taxes | 450/3 | €52,541 | €4,808 | -€47,733 | -90.8% |
| Remuneration and social security | 454/9 | €17,834 | €15,496 | -€2,337 | -13.1% |
| Other amounts payable | 47/48 | €1,634 | €20,398 | +€18,765 | +1,149% |
| Accrued charges and deferred income | 492/3 | €52,138 | €0 | -€52,138 | -100% |
| Remuneration, social security and pensions | 62 | €228,463 | €209,625 | -€18,838 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,518 | €14,958 | -€9,560 | -39.0% |
| Other operating charges | 640/8 | €4,086 | €2,371 | -€1,715 | -42.0% |
| Gross operating margin | 9900 | €404,944 | €177,493 | -€227,451 | -56.2% |
| Operating profit (loss) | 9901 | €147,876 | -€49,462 | -€197,338 | |
| Financial income | 75/76B | €24,297 | €23,757 | -€541 | -2.2% |
| Recurring financial income | 75 | €24,297 | €23,757 | -€541 | -2.2% |
| Financial charges | 65/66B | €7,956 | €5,508 | -€2,448 | -30.8% |
| Recurring financial charges | 65 | €7,956 | €5,508 | -€2,448 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €164,217 | -€31,213 | -€195,431 | |
| Income taxes | 67/77 | €44,773 | €0 | -€44,773 | -100% |
| Profit (loss) for the period | 9904 | €119,444 | -€31,213 | -€150,658 | |
| Profit (loss) for the period to be appropriated | 9905 | €119,444 | -€31,213 | -€150,658 |
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.