ETS.VH: 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.VH
Largest movements
- Cash +€218,574
up €218,574 (+1,083%), from €20,180 to €238,754
mainly Net result for the year (+€406,962) and Trade debts (+€181,938)
- Receivables within one year +€154,206
up €154,206 (+19.0%), from €810,661 to €964,867
of which Trade receivables: +€147,070
- Tangible fixed assets +€21,869
up €21,869 (+24.9%), from €87,807 to €109,676
of which Furniture and vehicles: +€23,625
- Profit (loss) carried forward +€335,534
up €335,534 (+142%), from €236,039 to €571,573
- Trade debts +€181,938
up €181,938 (+64.2%), from €283,228 to €465,166
- Current portion of long-term debt -€94,594
down €94,594 (-74.7%), from €126,625 to €32,030
- Other debts -€66,000
down €66,000 (-56.9%), from €116,000 to €50,000
- Tax, wage and social debts +€55,334
up €55,334 (+42.0%), from €131,884 to €187,218
of which Taxes: +€80,654
- Gross operating margin +€430,554
up €430,554 (+89.5%), from €481,138 to €911,692
- Staff costs +€128,726
up €128,726 (+67.5%), from €190,578 to €319,304
- Taxes +€78,386
up €78,386 (+107%), from €73,086 to €151,473
- Depreciation +€9,803
up €9,803 (+79.0%), from €12,408 to €22,210
- Financial charges +€9,284
up €9,284 (+362%), from €2,567 to €11,850
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 | €925,337 | €1,323,208 | +€397,871 | +43.0% |
| Fixed assets | 21/28 | €90,502 | €112,371 | +€21,869 | +24.2% |
| Tangible fixed assets | 22/27 | €87,807 | €109,676 | +€21,869 | +24.9% |
| Land and buildings | 22 | €29,159 | €27,403 | -€1,756 | -6.0% |
| Furniture and vehicles | 24 | €58,648 | €82,274 | +€23,625 | +40.3% |
| Financial fixed assets | 28 | €2,695 | €2,695 | = | 0.0% |
| Current assets | 29/58 | €834,835 | €1,210,837 | +€376,002 | +45.0% |
| Amounts receivable within one year | 40/41 | €810,661 | €964,867 | +€154,206 | +19.0% |
| Trade receivables | 40 | €732,696 | €879,765 | +€147,070 | +20.1% |
| Other amounts receivable | 41 | €77,966 | €85,102 | +€7,136 | +9.2% |
| Cash at bank and in hand | 54/58 | €20,180 | €238,754 | +€218,574 | +1,083% |
| Deferred charges and accrued income | 490/1 | €3,994 | €7,216 | +€3,222 | +80.7% |
| Total equity and liabilities | 10/49 | €925,337 | €1,323,208 | +€397,871 | +43.0% |
| Equity | 10/15 | €244,099 | €579,633 | +€335,534 | +137% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Contributions outside capital | 11 | €8,060 | €8,060 | = | 0.0% |
| Other | 1109/19 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €236,039 | €571,573 | +€335,534 | +142% |
| Amounts payable | 17/49 | €681,238 | €743,575 | +€62,337 | +9.2% |
| Amounts payable after more than one year | 17 | €23,502 | €9,162 | -€14,340 | -61.0% |
| Financial debts | 170/4 | €23,502 | €9,162 | -€14,340 | -61.0% |
| Amounts payable within one year | 42/48 | €657,736 | €734,414 | +€76,677 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €126,625 | €32,030 | -€94,594 | -74.7% |
| Trade debts | 44 | €283,228 | €465,166 | +€181,938 | +64.2% |
| Suppliers | 440/4 | €283,228 | €465,166 | +€181,938 | +64.2% |
| Taxes, remuneration and social security | 45 | €131,884 | €187,218 | +€55,334 | +42.0% |
| Taxes | 450/3 | €93,058 | €173,712 | +€80,654 | +86.7% |
| Remuneration and social security | 454/9 | €38,826 | €13,506 | -€25,320 | -65.2% |
| Other amounts payable | 47/48 | €116,000 | €50,000 | -€66,000 | -56.9% |
| Non-recurring operating income | 76A | €331 | - | -€331 | |
| Remuneration, social security and pensions | 62 | €190,578 | €319,304 | +€128,726 | +67.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,408 | €22,210 | +€9,803 | +79.0% |
| Other operating charges | 640/8 | €6,168 | €1,945 | -€4,222 | -68.5% |
| Gross operating margin | 9900 | €481,138 | €911,692 | +€430,554 | +89.5% |
| Operating profit (loss) | 9901 | €271,985 | €568,233 | +€296,248 | +109% |
| Financial income | 75/76B | €1,843 | €2,052 | +€209 | +11.4% |
| Recurring financial income | 75 | €1,843 | €2,052 | +€209 | +11.4% |
| Financial charges | 65/66B | €2,567 | €11,850 | +€9,284 | +362% |
| Recurring financial charges | 65 | €2,567 | €11,850 | +€9,284 | +362% |
| Profit (loss) for the period before taxes | 9903 | €271,261 | €558,435 | +€287,174 | +106% |
| Income taxes | 67/77 | €73,086 | €151,473 | +€78,386 | +107% |
| Profit (loss) for the period | 9904 | €198,175 | €406,962 | +€208,787 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €198,175 | €406,962 | +€208,787 | +105% |
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 24 October 2026 via checked.be.