ETS: 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.
ETS
Largest movements
- Current investments +€250,000
up €250,000 (+166.7%), from €150,000 to €400,000
- Receivables within one year -€154,093
down €154,093 (-88.0%), from €175,033 to €20,940
of which Other amounts receivable: -€129,290
- Cash -€34,797
down €34,797 (-23.0%), from €151,240 to €116,444
mainly Other debts (-€255,000) and Current investments (-€250,000)
- Reserves +€382,292
up €382,292 (+3312.2%), from €11,542 to €393,834
- Other debts -€255,000
no longer reported in 2025 (was €255,000)
- Current portion of long-term debt -€69,710
no longer reported in 2025 (was €69,710)
- Tax, wage and social debts +€10,411
up €10,411 (+157.1%), from €6,627 to €17,038
- Gross operating margin +€103,108
up €103,108 (+132.3%), from €77,947 to €181,055
- Financial income +€79,903
up €79,903 (+46.1%), from €173,142 to €253,044
- Taxes +€24,311
up €24,311 (+145.6%), from €16,701 to €41,012
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 | €503,939 | €571,164 | +€67,225 | +13.3% |
| Fixed assets | 21/28 | €25,567 | €30,598 | +€5,031 | +19.7% |
| Tangible fixed assets | 22/27 | €23,067 | €28,098 | +€5,031 | +21.8% |
| Plant, machinery and equipment | 23 | €12,131 | €10,149 | -€1,983 | -16.3% |
| Furniture and vehicles | 24 | €10,935 | €17,949 | +€7,014 | +64.1% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €478,373 | €540,566 | +€62,194 | +13.0% |
| Amounts receivable within one year | 40/41 | €175,033 | €20,940 | -€154,093 | -88.0% |
| Trade receivables | 40 | €24,803 | - | -€24,803 | |
| Other amounts receivable | 41 | €150,230 | €20,940 | -€129,290 | -86.1% |
| Current investments | 50/53 | €150,000 | €400,000 | +€250,000 | +166.7% |
| Cash at bank and in hand | 54/58 | €151,240 | €116,444 | -€34,797 | -23.0% |
| Deferred charges and accrued income | 490/1 | €2,100 | €3,183 | +€1,083 | +51.6% |
| Total equity and liabilities | 10/49 | €503,939 | €571,164 | +€67,225 | +13.3% |
| Equity | 10/15 | €30,142 | €412,434 | +€382,292 | +1268.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,542 | €393,834 | +€382,292 | +3312.2% |
| Distributable reserves | 133 | €11,542 | €393,834 | +€382,292 | +3312.2% |
| Amounts payable | 17/49 | €473,797 | €158,730 | -€315,067 | -66.5% |
| Amounts payable after more than one year | 17 | €141,387 | €141,387 | = | 0.0% |
| Financial debts | 170/4 | €141,387 | €141,387 | = | 0.0% |
| Amounts payable within one year | 42/48 | €332,411 | €17,344 | -€315,067 | -94.8% |
| Current portion of amounts payable after more than one year | 42 | €69,710 | - | -€69,710 | |
| Trade debts | 44 | €1,074 | €305 | -€768 | -71.6% |
| Suppliers | 440/4 | €1,074 | €305 | -€768 | -71.6% |
| Taxes, remuneration and social security | 45 | €6,627 | €17,038 | +€10,411 | +157.1% |
| Taxes | 450/3 | €6,627 | €17,038 | +€10,411 | +157.1% |
| Other amounts payable | 47/48 | €255,000 | - | -€255,000 | |
| Non-recurring operating income | 76A | - | €15,934 | +€15,934 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,753 | €4,743 | -€1,010 | -17.6% |
| Other operating charges | 640/8 | €1,810 | €1,641 | -€169 | -9.3% |
| Gross operating margin | 9900 | €77,947 | €181,055 | +€103,108 | +132.3% |
| Operating profit (loss) | 9901 | €70,384 | €174,671 | +€104,287 | +148.2% |
| Financial income | 75/76B | €173,142 | €253,044 | +€79,903 | +46.1% |
| Recurring financial income | 75 | €173,142 | €253,044 | +€79,903 | +46.1% |
| Financial charges | 65/66B | €3,255 | €4,412 | +€1,157 | +35.5% |
| Recurring financial charges | 65 | €3,255 | €4,412 | +€1,157 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €240,271 | €423,304 | +€183,033 | +76.2% |
| Income taxes | 67/77 | €16,701 | €41,012 | +€24,311 | +145.6% |
| Profit (loss) for the period | 9904 | €223,570 | €382,292 | +€158,722 | +71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €223,570 | €382,292 | +€158,722 | +71.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.