ETRA: 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.
ETRA
Largest movements
- Tangible fixed assets +€681,468
up €681,468 (+96.2%), from €708,233 to €1.4m
of which Land and buildings: +€712,036
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€103,446
up €103,446 (+35.1%), from €294,467 to €397,913
mainly Current investments (+€400,000) and Debts after one year (+€365,206)
- Receivables within one year +€40,671
up €40,671 (+52.4%), from €77,674 to €118,344
of which Trade receivables: +€42,558
- Debts after one year +€365,206
up €365,206 (+104%), from €351,021 to €716,227
of which Financial debts: +€362,426
- Other debts +€103,179
up €103,179 (+27.8%), from €371,619 to €474,798
- Reserves -€94,796
down €94,796 (-15.6%), from €606,602 to €511,806
- Current portion of long-term debt +€38,595
up €38,595 (+47.2%), from €81,700 to €120,296
- Depreciation +€106,803
up €106,803 (+166%), from €64,402 to €171,205
- Gross operating margin +€76,266
up €76,266 (+50.3%), from €151,765 to €228,031
- Financial charges +€25,245
up €25,245 (+109%), from €23,064 to €48,309
- Taxes -€16,041
down €16,041 (-79.5%), from €20,189 to €4,148
- Financial income -€5,784
down €5,784 (-45.7%), from €12,647 to €6,863
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 | €1,483,308 | €1,910,512 | +€427,205 | +28.8% |
| Fixed assets | 21/28 | €709,571 | €1,390,879 | +€681,308 | +96.0% |
| Intangible fixed assets | 21 | €1,333 | €1,173 | -€160 | -12.0% |
| Tangible fixed assets | 22/27 | €708,233 | €1,389,701 | +€681,468 | +96.2% |
| Land and buildings | 22 | €598,964 | €1,311,000 | +€712,036 | +119% |
| Plant, machinery and equipment | 23 | €78,093 | €63,597 | -€14,495 | -18.6% |
| Furniture and vehicles | 24 | €31,177 | €15,104 | -€16,073 | -51.6% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €773,736 | €519,633 | -€254,103 | -32.8% |
| Amounts receivable within one year | 40/41 | €77,674 | €118,344 | +€40,671 | +52.4% |
| Trade receivables | 40 | €70,373 | €112,931 | +€42,558 | +60.5% |
| Other amounts receivable | 41 | €7,301 | €5,414 | -€1,887 | -25.8% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €294,467 | €397,913 | +€103,446 | +35.1% |
| Deferred charges and accrued income | 490/1 | €1,595 | €3,376 | +€1,780 | +112% |
| Total equity and liabilities | 10/49 | €1,483,308 | €1,910,512 | +€427,205 | +28.8% |
| Equity | 10/15 | €642,824 | €548,029 | -€94,796 | -14.7% |
| Contributions | 10/11 | €36,222 | €36,222 | = | 0.0% |
| Reserves | 13 | €606,602 | €511,806 | -€94,796 | -15.6% |
| Distributable reserves | 133 | €606,602 | €511,806 | -€94,796 | -15.6% |
| Amounts payable | 17/49 | €840,483 | €1,362,483 | +€522,000 | +62.1% |
| Amounts payable after more than one year | 17 | €351,021 | €716,227 | +€365,206 | +104% |
| Financial debts | 170/4 | €351,021 | €713,447 | +€362,426 | +103% |
| Other amounts payable | 178/9 | - | €2,780 | +€2,780 | |
| Amounts payable within one year | 42/48 | €479,503 | €618,219 | +€138,717 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €81,700 | €120,296 | +€38,595 | +47.2% |
| Trade debts | 44 | €661 | €2,025 | +€1,365 | +207% |
| Suppliers | 440/4 | €661 | €2,025 | +€1,365 | +207% |
| Taxes, remuneration and social security | 45 | €25,522 | €21,100 | -€4,422 | -17.3% |
| Taxes | 450/3 | €25,522 | €21,100 | -€4,422 | -17.3% |
| Other amounts payable | 47/48 | €371,619 | €474,798 | +€103,179 | +27.8% |
| Accrued charges and deferred income | 492/3 | €9,959 | €28,037 | +€18,078 | +182% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,402 | €171,205 | +€106,803 | +166% |
| Other operating charges | 640/8 | €5,908 | €6,028 | +€120 | +2.0% |
| Gross operating margin | 9900 | €151,765 | €228,031 | +€76,266 | +50.3% |
| Operating profit (loss) | 9901 | €81,455 | €50,798 | -€30,657 | -37.6% |
| Financial income | 75/76B | €12,647 | €6,863 | -€5,784 | -45.7% |
| Recurring financial income | 75 | €12,647 | €6,863 | -€5,784 | -45.7% |
| Financial charges | 65/66B | €23,064 | €48,309 | +€25,245 | +109% |
| Recurring financial charges | 65 | €23,064 | €48,309 | +€25,245 | +109% |
| Profit (loss) for the period before taxes | 9903 | €71,038 | €9,352 | -€61,686 | -86.8% |
| Income taxes | 67/77 | €20,189 | €4,148 | -€16,041 | -79.5% |
| Profit (loss) for the period | 9904 | €50,850 | €5,204 | -€45,645 | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,850 | €5,204 | -€45,645 | -89.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.