ETS.DESFAWES: 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.DESFAWES
Largest movements
- Cash +€70,619
up €70,619 (+60.6%), from €116,484 to €187,103
mainly Other debts (+€67,616) and Receivables within one year (+€61,924)
- Receivables within one year -€61,924
down €61,924 (-75.2%), from €82,387 to €20,463
of which Trade receivables: -€57,828
- Tangible fixed assets -€10,002
down €10,002 (-27.7%), from €36,160 to €26,157
of which Furniture and vehicles: -€9,812
- Other debts +€67,616
up €67,616 (+113%), from €60,000 to €127,616
- Reserves -€61,054
down €61,054 (-54.2%), from €112,637 to €51,583
of which Distributable reserves: -€61,054
- Debts after one year -€10,176
down €10,176 (-70.0%), from €14,538 to €4,363
- Gross operating margin -€66,987
down €66,987 (-54.6%), from €122,671 to €55,684
- Taxes -€14,230
down €14,230 (-59.1%), from €24,060 to €9,830
- Financial charges -€1,331
down €1,331 (-45.6%), from €2,923 to €1,592
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 | €243,340 | €244,903 | +€1,563 | +0.6% |
| Fixed assets | 21/28 | €36,160 | €26,157 | -€10,002 | -27.7% |
| Tangible fixed assets | 22/27 | €36,160 | €26,157 | -€10,002 | -27.7% |
| Plant, machinery and equipment | 23 | €906 | €716 | -€190 | -21.0% |
| Furniture and vehicles | 24 | €35,253 | €25,441 | -€9,812 | -27.8% |
| Current assets | 29/58 | €207,180 | €218,746 | +€11,566 | +5.6% |
| Stocks and contracts in progress | 3 | €7,350 | €8,626 | +€1,276 | +17.4% |
| Stocks | 30/36 | €7,350 | €8,626 | +€1,276 | +17.4% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €82,387 | €20,463 | -€61,924 | -75.2% |
| Trade receivables | 40 | €73,121 | €15,293 | -€57,828 | -79.1% |
| Other amounts receivable | 41 | €9,266 | €5,170 | -€4,097 | -44.2% |
| Cash at bank and in hand | 54/58 | €116,484 | €187,103 | +€70,619 | +60.6% |
| Deferred charges and accrued income | 490/1 | €959 | €2,554 | +€1,595 | +166% |
| Total equity and liabilities | 10/49 | €243,340 | €244,903 | +€1,563 | +0.6% |
| Equity | 10/15 | €131,237 | €70,183 | -€61,054 | -46.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,637 | €51,583 | -€61,054 | -54.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €110,777 | €49,723 | -€61,054 | -55.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €112,102 | €174,720 | +€62,618 | +55.9% |
| Amounts payable after more than one year | 17 | €14,538 | €4,363 | -€10,176 | -70.0% |
| Financial debts | 170/4 | €14,538 | €4,363 | -€10,176 | -70.0% |
| Amounts payable within one year | 42/48 | €97,564 | €168,857 | +€71,293 | +73.1% |
| Current portion of amounts payable after more than one year | 42 | €16,590 | €17,761 | +€1,171 | +7.1% |
| Trade debts | 44 | €16,622 | €16,804 | +€182 | +1.1% |
| Suppliers | 440/4 | €16,622 | €16,804 | +€182 | +1.1% |
| Taxes, remuneration and social security | 45 | €4,352 | €6,676 | +€2,324 | +53.4% |
| Taxes | 450/3 | €4,352 | €6,676 | +€2,324 | +53.4% |
| Other amounts payable | 47/48 | €60,000 | €127,616 | +€67,616 | +113% |
| Accrued charges and deferred income | 492/3 | €0 | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,801 | €11,004 | +€204 | +1.9% |
| Other operating charges | 640/8 | €1,125 | €2,099 | +€974 | +86.6% |
| Gross operating margin | 9900 | €122,671 | €55,684 | -€66,987 | -54.6% |
| Operating profit (loss) | 9901 | €110,746 | €42,580 | -€68,166 | -61.6% |
| Financial income | 75/76B | €7,987 | €7,787 | -€199 | -2.5% |
| Recurring financial income | 75 | €7,987 | €7,787 | -€199 | -2.5% |
| Financial charges | 65/66B | €2,923 | €1,592 | -€1,331 | -45.6% |
| Recurring financial charges | 65 | €2,923 | €1,592 | -€1,331 | -45.6% |
| Profit (loss) for the period before taxes | 9903 | €115,809 | €48,776 | -€67,034 | -57.9% |
| Income taxes | 67/77 | €24,060 | €9,830 | -€14,230 | -59.1% |
| Profit (loss) for the period | 9904 | €91,749 | €38,946 | -€52,803 | -57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €91,749 | €38,946 | -€52,803 | -57.6% |
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 18 October 2026 via checked.be.