ETS UMBERTO: 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 UMBERTO
Largest movements
- Stocks and contracts -€624,859
down €624,859 (-36.0%), from €1.7m to €1.1m
- Cash +€58,757
up €58,757 (+66.6%), from €88,257 to €147,014
mainly Stocks and contracts (+€624,859) and Short-term financial debts (+€150,000)
- Trade debts -€575,435
down €575,435 (-42.3%), from €1.4m to €784,951
- Short-term financial debts +€150,000
up €150,000 (+50.0%), from €300,000 to €450,000
- Reserves -€51,023
down €51,023 (-5.1%), from €995,608 to €944,585
of which Distributable reserves: -€51,023
- Other debts -€36,778
down €36,778 (-11.8%), from €312,019 to €275,241
- Other operating charges +€11,140
up €11,140 (+57.0%), from €19,559 to €30,699
- Staff costs +€10,524
up €10,524 (+2.0%), from €513,733 to €524,256
- Gross operating margin -€8,028
down €8,028 (-1.4%), from €554,262 to €546,234
- Depreciation -€7,233
down €7,233 (-37.7%), from €19,173 to €11,940
- Financial charges +€5,673
up €5,673 (+24.8%), from €22,909 to €28,583
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 | €3,175,904 | €2,662,322 | -€513,582 | -16.2% |
| Fixed assets | 21/28 | €44,327 | €43,807 | -€519 | -1.2% |
| Tangible fixed assets | 22/27 | €44,085 | €43,566 | -€519 | -1.2% |
| Land and buildings | 22 | €15,144 | €23,953 | +€8,809 | +58.2% |
| Plant, machinery and equipment | 23 | €22,319 | €18,011 | -€4,308 | -19.3% |
| Furniture and vehicles | 24 | €6,622 | €1,602 | -€5,020 | -75.8% |
| Financial fixed assets | 28 | €242 | €242 | = | 0.0% |
| Current assets | 29/58 | €3,131,577 | €2,618,514 | -€513,063 | -16.4% |
| Amounts receivable after more than one year | 29 | €1,205,536 | €1,235,904 | +€30,368 | +2.5% |
| Other amounts receivable | 291 | €1,205,536 | €1,235,904 | +€30,368 | +2.5% |
| Stocks and contracts in progress | 3 | €1,735,571 | €1,110,712 | -€624,859 | -36.0% |
| Stocks | 30/36 | €1,735,571 | €1,110,712 | -€624,859 | -36.0% |
| Amounts receivable within one year | 40/41 | €102,213 | €119,093 | +€16,879 | +16.5% |
| Trade receivables | 40 | €62,002 | €119,093 | +€57,090 | +92.1% |
| Other amounts receivable | 41 | €40,211 | - | -€40,211 | |
| Cash at bank and in hand | 54/58 | €88,257 | €147,014 | +€58,757 | +66.6% |
| Deferred charges and accrued income | 490/1 | - | €5,792 | +€5,792 | |
| Total equity and liabilities | 10/49 | €3,175,904 | €2,662,322 | -€513,582 | -16.2% |
| Equity | 10/15 | €1,078,688 | €1,027,665 | -€51,023 | -4.7% |
| Contributions | 10/11 | €83,080 | €83,080 | = | 0.0% |
| Capital | 10 | €83,080 | €83,080 | = | 0.0% |
| Issued capital | 100 | €83,080 | €83,080 | = | 0.0% |
| Reserves | 13 | €995,608 | €944,585 | -€51,023 | -5.1% |
| Non-distributable reserves | 130/1 | €53,308 | €53,308 | = | 0.0% |
| Reserves not available under the articles | 1311 | €53,308 | €53,308 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,168 | €56,168 | = | 0.0% |
| Distributable reserves | 133 | €886,132 | €835,109 | -€51,023 | -5.8% |
| Amounts payable | 17/49 | €2,097,216 | €1,634,657 | -€462,559 | -22.1% |
| Amounts payable within one year | 42/48 | €2,097,216 | €1,634,657 | -€462,559 | -22.1% |
| Financial debts | 43 | €300,000 | €450,000 | +€150,000 | +50.0% |
| Credit institutions | 430/8 | €300,000 | €450,000 | +€150,000 | +50.0% |
| Trade debts | 44 | €1,360,386 | €784,951 | -€575,435 | -42.3% |
| Suppliers | 440/4 | €1,360,386 | €784,951 | -€575,435 | -42.3% |
| Taxes, remuneration and social security | 45 | €124,810 | €124,465 | -€345 | -0.3% |
| Taxes | 450/3 | €44,895 | €54,409 | +€9,514 | +21.2% |
| Remuneration and social security | 454/9 | €79,915 | €70,056 | -€9,859 | -12.3% |
| Other amounts payable | 47/48 | €312,019 | €275,241 | -€36,778 | -11.8% |
| Non-recurring operating income | 76A | €922 | €10,146 | +€9,223 | +1,000% |
| Remuneration, social security and pensions | 62 | €513,733 | €524,256 | +€10,524 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,173 | €11,940 | -€7,233 | -37.7% |
| Other operating charges | 640/8 | €19,559 | €30,699 | +€11,140 | +57.0% |
| Gross operating margin | 9900 | €554,262 | €546,234 | -€8,028 | -1.4% |
| Operating profit (loss) | 9901 | €1,797 | -€20,662 | -€22,459 | |
| Financial income | 75/76B | €259 | €189 | -€70 | -27.1% |
| Recurring financial income | 75 | €259 | €189 | -€70 | -27.1% |
| Financial charges | 65/66B | €22,909 | €28,583 | +€5,673 | +24.8% |
| Recurring financial charges | 65 | €22,909 | €28,583 | +€5,673 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | -€20,853 | -€49,056 | -€28,202 | -135% |
| Income taxes | 67/77 | €373 | €1,968 | +€1,594 | +427% |
| Profit (loss) for the period | 9904 | -€21,227 | -€51,023 | -€29,797 | -140% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,227 | -€51,023 | -€29,797 | -140% |
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 13 October 2026 via checked.be.