ETS TILGENKAMP: 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 TILGENKAMP
Largest movements
- Cash -€29,640
down €29,640 (-23.3%), from €127,127 to €97,488
mainly Contributions, distributions and other (-€87,000) and Other debts (-€26,223)
- Receivables within one year +€10,711
up €10,711 (+16.2%), from €66,233 to €76,945
of which Trade receivables: +€11,020
- Tangible fixed assets -€8,413
down €8,413 (-15.9%), from €52,768 to €44,354
of which Furniture and vehicles: -€12,129
- Stocks and contracts -€5,572
down €5,572 (-3.7%), from €152,016 to €146,445
- Other debts -€26,223
down €26,223 (-9.0%), from €289,785 to €263,562
- Profit (loss) carried forward -€17,889
down €17,889 (-97.9%), from €18,282 to €393
- Trade debts +€12,809
up €12,809 (+104.6%), from €12,252 to €25,061
- Gross operating margin +€17,939
up €17,939 (+21.1%), from €84,876 to €102,815
- Taxes +€3,123
up €3,123 (+21.3%), from €14,692 to €17,814
- Depreciation +€1,228
up €1,228 (+10.5%), from €11,730 to €12,958
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 | €401,011 | €367,863 | -€33,148 | -8.3% |
| Fixed assets | 21/28 | €52,768 | €44,354 | -€8,413 | -15.9% |
| Tangible fixed assets | 22/27 | €52,768 | €44,354 | -€8,413 | -15.9% |
| Plant, machinery and equipment | 23 | - | €3,715 | +€3,715 | |
| Furniture and vehicles | 24 | €52,768 | €40,639 | -€12,129 | -23.0% |
| Current assets | 29/58 | €348,243 | €323,508 | -€24,735 | -7.1% |
| Stocks and contracts in progress | 3 | €152,016 | €146,445 | -€5,572 | -3.7% |
| Stocks | 30/36 | €152,016 | €146,445 | -€5,572 | -3.7% |
| Amounts receivable within one year | 40/41 | €66,233 | €76,945 | +€10,711 | +16.2% |
| Trade receivables | 40 | €65,925 | €76,945 | +€11,020 | +16.7% |
| Other amounts receivable | 41 | €308 | - | -€308 | |
| Cash at bank and in hand | 54/58 | €127,127 | €97,488 | -€29,640 | -23.3% |
| Deferred charges and accrued income | 490/1 | €2,866 | €2,631 | -€235 | -8.2% |
| Total equity and liabilities | 10/49 | €401,011 | €367,863 | -€33,148 | -8.3% |
| Equity | 10/15 | €74,742 | €56,853 | -€17,889 | -23.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €36,000 | €36,000 | = | 0.0% |
| Distributable reserves | 133 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,282 | €393 | -€17,889 | -97.9% |
| Amounts payable | 17/49 | €326,269 | €311,010 | -€15,259 | -4.7% |
| Amounts payable within one year | 42/48 | €326,269 | €311,010 | -€15,259 | -4.7% |
| Trade debts | 44 | €12,252 | €25,061 | +€12,809 | +104.6% |
| Suppliers | 440/4 | €12,252 | €25,061 | +€12,809 | +104.6% |
| Taxes, remuneration and social security | 45 | €24,232 | €22,386 | -€1,845 | -7.6% |
| Taxes | 450/3 | €24,232 | €22,386 | -€1,845 | -7.6% |
| Other amounts payable | 47/48 | €289,785 | €263,562 | -€26,223 | -9.0% |
| Non-recurring operating income | 76A | €1,946 | - | -€1,946 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,730 | €12,958 | +€1,228 | +10.5% |
| Other operating charges | 640/8 | €1,772 | €1,689 | -€83 | -4.7% |
| Gross operating margin | 9900 | €84,876 | €102,815 | +€17,939 | +21.1% |
| Operating profit (loss) | 9901 | €71,374 | €88,168 | +€16,794 | +23.5% |
| Financial income | 75/76B | €4,431 | €4,275 | -€156 | -3.5% |
| Recurring financial income | 75 | €4,431 | €4,275 | -€156 | -3.5% |
| Financial charges | 65/66B | €5,867 | €5,518 | -€349 | -6.0% |
| Recurring financial charges | 65 | €5,867 | €5,518 | -€349 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €69,938 | €86,925 | +€16,987 | +24.3% |
| Income taxes | 67/77 | €14,692 | €17,814 | +€3,123 | +21.3% |
| Profit (loss) for the period | 9904 | €55,246 | €69,111 | +€13,865 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,246 | €69,111 | +€13,865 | +25.1% |
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 9 October 2026 via checked.be.