Etsan: what changed
Two fiscal 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.
Etsan
Largest movements
- Receivables within one year -€90,897
down €90,897 (-40.7%), from €223,218 to €132,321
of which Trade receivables: -€124,984
- Cash +€16,634
up €16,634 (+173.6%), from €9,583 to €26,217
mainly Receivables within one year (+€90,897) and Net result for the year (+€37,606)
- Tangible fixed assets -€9,677
down €9,677 (-34.7%), from €27,903 to €18,226
of which Plant, machinery and equipment: -€5,991
- Trade debts -€109,516
down €109,516 (-45.8%), from €239,103 to €129,587
- Profit (loss) carried forward +€37,606
up €37,606, from -€9,076 to €28,530
- Current portion of long-term debt -€11,111
no longer reported in 2025 (was €11,111)
- Tax, wage and social debts +€4,866
up €4,866 (+9.0%), from €53,988 to €58,853
of which Taxes: +€5,203
- Provisions -€63,788
no longer reported in 2025 (was €63,788)
- Gross operating margin -€34,512
down €34,512 (-18.2%), from €190,102 to €155,589
- Staff costs +€14,583
up €14,583 (+19.2%), from €75,949 to €90,532
- Other operating charges -€5,652
down €5,652 (-85.9%), from €6,583 to €931
- Taxes +€3,612
up €3,612 (+35.5%), from €10,183 to €13,795
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 | €330,615 | €251,833 | -€78,783 | -23.8% |
| Fixed assets | 21/28 | €45,693 | €38,295 | -€7,398 | -16.2% |
| Tangible fixed assets | 22/27 | €27,903 | €18,226 | -€9,677 | -34.7% |
| Plant, machinery and equipment | 23 | €21,808 | €15,818 | -€5,991 | -27.5% |
| Furniture and vehicles | 24 | €3,435 | €1,718 | -€1,717 | -50.0% |
| Other tangible fixed assets | 26 | €2,660 | €690 | -€1,969 | -74.0% |
| Financial fixed assets | 28 | €17,790 | €20,069 | +€2,279 | +12.8% |
| Current assets | 29/58 | €284,922 | €213,538 | -€71,385 | -25.1% |
| Stocks and contracts in progress | 3 | €51,700 | €55,000 | +€3,300 | +6.4% |
| Stocks | 30/36 | €51,700 | €55,000 | +€3,300 | +6.4% |
| Amounts receivable within one year | 40/41 | €223,218 | €132,321 | -€90,897 | -40.7% |
| Trade receivables | 40 | €222,977 | €97,993 | -€124,984 | -56.1% |
| Other amounts receivable | 41 | €241 | €34,328 | +€34,086 | +14123.2% |
| Cash at bank and in hand | 54/58 | €9,583 | €26,217 | +€16,634 | +173.6% |
| Deferred charges and accrued income | 490/1 | €422 | - | -€422 | |
| Total equity and liabilities | 10/49 | €330,615 | €251,833 | -€78,783 | -23.8% |
| Equity | 10/15 | €25,786 | €63,392 | +€37,606 | +145.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €29,862 | €29,862 | = | 0.0% |
| Distributable reserves | 133 | €29,862 | €29,862 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,076 | €28,530 | +€37,606 | |
| Amounts payable | 17/49 | €304,829 | €188,440 | -€116,389 | -38.2% |
| Amounts payable within one year | 42/48 | €304,829 | €188,440 | -€116,389 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €11,111 | - | -€11,111 | |
| Trade debts | 44 | €239,103 | €129,587 | -€109,516 | -45.8% |
| Suppliers | 440/4 | €239,103 | €129,587 | -€109,516 | -45.8% |
| Taxes, remuneration and social security | 45 | €53,988 | €58,853 | +€4,866 | +9.0% |
| Taxes | 450/3 | €40,099 | €45,302 | +€5,203 | +13.0% |
| Remuneration and social security | 454/9 | €13,888 | €13,551 | -€337 | -2.4% |
| Other amounts payable | 47/48 | €627 | - | -€627 | |
| Remuneration, social security and pensions | 62 | €75,949 | €90,532 | +€14,583 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,639 | €9,677 | +€37 | +0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €63,788 | - | -€63,788 | |
| Other operating charges | 640/8 | €6,583 | €931 | -€5,652 | -85.9% |
| Gross operating margin | 9900 | €190,102 | €155,589 | -€34,512 | -18.2% |
| Operating profit (loss) | 9901 | €34,143 | €54,450 | +€20,306 | +59.5% |
| Financial income | 75/76B | €372 | €1,006 | +€635 | +170.8% |
| Recurring financial income | 75 | €372 | €1,006 | +€635 | +170.8% |
| Financial charges | 65/66B | €2,130 | €4,055 | +€1,925 | +90.4% |
| Recurring financial charges | 65 | €2,130 | €4,055 | +€1,925 | +90.4% |
| Profit (loss) for the period before taxes | 9903 | €32,385 | €51,401 | +€19,016 | +58.7% |
| Income taxes | 67/77 | €10,183 | €13,795 | +€3,612 | +35.5% |
| Profit (loss) for the period | 9904 | €22,202 | €37,606 | +€15,404 | +69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,202 | €37,606 | +€15,404 | +69.4% |
Source: filed annual accounts (NBB), fiscal 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.