ETS RENDA: 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 RENDA
Largest movements
- Receivables within one year -€18,627
down €18,627 (-14.6%), from €127,437 to €108,810
of which Trade receivables: -€27,867
- Receivables after one year +€16,000
new in 2025: €16,000
- Tangible fixed assets +€15,942
up €15,942 (+445%), from €3,581 to €19,523
- Cash -€11,986
down €11,986 (-66.1%), from €18,129 to €6,143
mainly Contributions, distributions and other (-€72,000) and Investment in fixed assets (net) (-€21,261)
- Trade debts +€36,631
up €36,631 (+67.5%), from €54,249 to €90,879
- Profit (loss) carried forward -€35,438
down €35,438 (-100.0%), from €35,446 to €8
- Debts after one year -€17,174
down €17,174 (-59.8%), from €28,699 to €11,526
- Current portion of long-term debt +€8,969
new in 2025: €8,969
- Other debts +€8,617
up €8,617 (+107%), from €8,074 to €16,691
- Staff costs +€11,085
up €11,085 (+21.2%), from €52,244 to €63,329
- Gross operating margin +€4,506
up €4,506 (+3.8%), from €118,801 to €123,307
- Depreciation +€2,902
up €2,902 (+109%), from €2,671 to €5,573
- Financial charges +€1,418
up €1,418 (+29.5%), from €4,802 to €6,220
- Taxes -€1,378
down €1,378 (-11.0%), from €12,531 to €11,152
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 | €151,621 | €152,697 | +€1,075 | +0.7% |
| Formation expenses | 20 | €524 | €271 | -€254 | -48.4% |
| Fixed assets | 21/28 | €5,531 | €21,473 | +€15,942 | +288% |
| Tangible fixed assets | 22/27 | €3,581 | €19,523 | +€15,942 | +445% |
| Furniture and vehicles | 24 | €3,581 | €19,523 | +€15,942 | +445% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €145,566 | €130,952 | -€14,613 | -10.0% |
| Amounts receivable after more than one year | 29 | - | €16,000 | +€16,000 | |
| Other amounts receivable | 291 | - | €16,000 | +€16,000 | |
| Amounts receivable within one year | 40/41 | €127,437 | €108,810 | -€18,627 | -14.6% |
| Trade receivables | 40 | €120,380 | €92,514 | -€27,867 | -23.1% |
| Other amounts receivable | 41 | €7,057 | €16,296 | +€9,240 | +131% |
| Cash at bank and in hand | 54/58 | €18,129 | €6,143 | -€11,986 | -66.1% |
| Total equity and liabilities | 10/49 | €151,621 | €152,697 | +€1,075 | +0.7% |
| Equity | 10/15 | €40,446 | €5,008 | -€35,438 | -87.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,446 | €8 | -€35,438 | -100.0% |
| Amounts payable | 17/49 | €111,176 | €147,689 | +€36,513 | +32.8% |
| Amounts payable after more than one year | 17 | €28,699 | €11,526 | -€17,174 | -59.8% |
| Financial debts | 170/4 | €28,699 | €11,526 | -€17,174 | -59.8% |
| Amounts payable within one year | 42/48 | €82,476 | €136,163 | +€53,687 | +65.1% |
| Current portion of amounts payable after more than one year | 42 | - | €8,969 | +€8,969 | |
| Trade debts | 44 | €54,249 | €90,879 | +€36,631 | +67.5% |
| Suppliers | 440/4 | €54,249 | €90,879 | +€36,631 | +67.5% |
| Taxes, remuneration and social security | 45 | €20,153 | €19,623 | -€530 | -2.6% |
| Taxes | 450/3 | €18,561 | €17,565 | -€996 | -5.4% |
| Remuneration and social security | 454/9 | €1,592 | €2,058 | +€466 | +29.3% |
| Other amounts payable | 47/48 | €8,074 | €16,691 | +€8,617 | +107% |
| Remuneration, social security and pensions | 62 | €52,244 | €63,329 | +€11,085 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,671 | €5,573 | +€2,902 | +109% |
| Other operating charges | 640/8 | €328 | €817 | +€488 | +149% |
| Non-recurring operating charges | 66A | €21 | €3 | -€18 | -87.1% |
| Gross operating margin | 9900 | €118,801 | €123,307 | +€4,506 | +3.8% |
| Operating profit (loss) | 9901 | €63,536 | €53,585 | -€9,951 | -15.7% |
| Financial income | 75/76B | - | €349 | +€349 | |
| Recurring financial income | 75 | - | €349 | +€349 | |
| Financial charges | 65/66B | €4,802 | €6,220 | +€1,418 | +29.5% |
| Recurring financial charges | 65 | €4,802 | €6,220 | +€1,418 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €58,734 | €47,714 | -€11,020 | -18.8% |
| Income taxes | 67/77 | €12,531 | €11,152 | -€1,378 | -11.0% |
| Profit (loss) for the period | 9904 | €46,204 | €36,562 | -€9,642 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,204 | €36,562 | -€9,642 | -20.9% |
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 16 October 2026 via checked.be.