ETS BUYS: 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.
ETS BUYS
Largest movements
- Stocks and contracts +€109,550
up €109,550 (+33.6%), from €325,990 to €435,540
- Cash -€27,399
down €27,399 (-52.5%), from €52,221 to €24,822
mainly Stocks and contracts (-€109,550) and Deferred charges and accrued income (-€14,566)
- Deferred charges and accrued income +€14,566
new in 2025: €14,566
- Receivables within one year -€8,393
down €8,393 (-31.8%), from €26,406 to €18,013
of which Trade receivables: -€10,089
- Profit (loss) carried forward +€88,096
up €88,096 (+65.2%), from €135,198 to €223,294
- Trade debts -€10,778
down €10,778 (-49.5%), from €21,783 to €11,005
- Other debts +€6,456
up €6,456 (+33.0%), from €19,585 to €26,041
- Gross operating margin +€74,938
up €74,938 (+63.5%), from €117,934 to €192,872
- Taxes +€20,301
up €20,301 (+177.3%), from €11,448 to €31,749
- Financial income +€10,243
up €10,243 (+1526.5%), from €671 to €10,914
- Staff costs +€6,556
up €6,556 (+11.7%), from €56,202 to €62,758
- Other operating charges +€6,126
up €6,126 (+241.4%), from €2,538 to €8,664
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 | €427,540 | €511,624 | +€84,084 | +19.7% |
| Fixed assets | 21/28 | €22,923 | €18,684 | -€4,240 | -18.5% |
| Tangible fixed assets | 22/27 | €22,923 | €18,684 | -€4,240 | -18.5% |
| Plant, machinery and equipment | 23 | €1,259 | €7,644 | +€6,385 | +507.2% |
| Furniture and vehicles | 24 | €13,885 | €11,039 | -€2,846 | -20.5% |
| Leasing and similar rights | 25 | €7,779 | €0 | -€7,779 | -100.0% |
| Current assets | 29/58 | €404,617 | €492,941 | +€88,324 | +21.8% |
| Stocks and contracts in progress | 3 | €325,990 | €435,540 | +€109,550 | +33.6% |
| Stocks | 30/36 | €325,990 | €435,540 | +€109,550 | +33.6% |
| Amounts receivable within one year | 40/41 | €26,406 | €18,013 | -€8,393 | -31.8% |
| Trade receivables | 40 | €26,406 | €16,317 | -€10,089 | -38.2% |
| Other amounts receivable | 41 | - | €1,696 | +€1,696 | |
| Cash at bank and in hand | 54/58 | €52,221 | €24,822 | -€27,399 | -52.5% |
| Deferred charges and accrued income | 490/1 | - | €14,566 | +€14,566 | |
| Total equity and liabilities | 10/49 | €427,540 | €511,624 | +€84,084 | +19.7% |
| Equity | 10/15 | €141,398 | €229,494 | +€88,096 | +62.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,198 | €223,294 | +€88,096 | +65.2% |
| Amounts payable | 17/49 | €286,142 | €282,130 | -€4,012 | -1.4% |
| Amounts payable after more than one year | 17 | €192,916 | €190,430 | -€2,486 | -1.3% |
| Financial debts | 170/4 | €192,916 | €190,430 | -€2,486 | -1.3% |
| Amounts payable within one year | 42/48 | €93,226 | €91,700 | -€1,526 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €3,418 | €6,544 | +€3,126 | +91.5% |
| Trade debts | 44 | €21,783 | €11,005 | -€10,778 | -49.5% |
| Suppliers | 440/4 | €21,783 | €11,005 | -€10,778 | -49.5% |
| Taxes, remuneration and social security | 45 | €48,440 | €48,111 | -€329 | -0.7% |
| Taxes | 450/3 | €31,063 | €38,001 | +€6,938 | +22.3% |
| Remuneration and social security | 454/9 | €17,377 | €10,110 | -€7,267 | -41.8% |
| Other amounts payable | 47/48 | €19,585 | €26,041 | +€6,456 | +33.0% |
| Remuneration, social security and pensions | 62 | €56,202 | €62,758 | +€6,556 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,176 | €10,258 | +€82 | +0.8% |
| Other operating charges | 640/8 | €2,538 | €8,664 | +€6,126 | +241.4% |
| Gross operating margin | 9900 | €117,934 | €192,872 | +€74,938 | +63.5% |
| Operating profit (loss) | 9901 | €49,018 | €111,191 | +€62,173 | +126.8% |
| Financial income | 75/76B | €671 | €10,914 | +€10,243 | +1526.5% |
| Recurring financial income | 75 | €671 | €10,914 | +€10,243 | +1526.5% |
| Financial charges | 65/66B | €794 | €2,260 | +€1,466 | +184.6% |
| Recurring financial charges | 65 | €794 | €2,260 | +€1,466 | +184.6% |
| Profit (loss) for the period before taxes | 9903 | €48,895 | €119,845 | +€70,950 | +145.1% |
| Income taxes | 67/77 | €11,448 | €31,749 | +€20,301 | +177.3% |
| Profit (loss) for the period | 9904 | €37,447 | €88,096 | +€50,649 | +135.3% |
| Profit (loss) for the period to be appropriated | 9905 | €37,447 | €88,096 | +€50,649 | +135.3% |
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 6 October 2026 via checked.be.