ETSCH: 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.
ETSCH
Largest movements
- Current investments +€51,535
up €51,535 (+20.5%), from €251,561 to €303,095
- Cash +€23,769
up €23,769 (+1144.7%), from €2,076 to €25,845
mainly Net result for the year (+€101,450) and Depreciation (+€8,040)
- Tangible fixed assets +€18,645
up €18,645 (+179.8%), from €10,371 to €29,016
of which Furniture and vehicles: +€21,117
- Receivables within one year +€5,317
up €5,317 (+32.3%), from €16,459 to €21,777
of which Other amounts receivable: +€2,930
- Reserves +€99,784
up €99,784 (+39.0%), from €256,024 to €355,808
- Gross operating margin +€12,855
up €12,855 (+8.9%), from €144,777 to €157,632
- Taxes +€3,696
up €3,696 (+8.3%), from €44,723 to €48,418
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 | €281,747 | €381,126 | +€99,379 | +35.3% |
| Fixed assets | 21/28 | €10,871 | €29,516 | +€18,645 | +171.5% |
| Tangible fixed assets | 22/27 | €10,371 | €29,016 | +€18,645 | +179.8% |
| Plant, machinery and equipment | 23 | €4,397 | €1,925 | -€2,472 | -56.2% |
| Furniture and vehicles | 24 | €5,973 | €27,090 | +€21,117 | +353.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €270,876 | €351,610 | +€80,734 | +29.8% |
| Amounts receivable within one year | 40/41 | €16,459 | €21,777 | +€5,317 | +32.3% |
| Trade receivables | 40 | €16,459 | €18,847 | +€2,388 | +14.5% |
| Other amounts receivable | 41 | - | €2,930 | +€2,930 | |
| Current investments | 50/53 | €251,561 | €303,095 | +€51,535 | +20.5% |
| Cash at bank and in hand | 54/58 | €2,076 | €25,845 | +€23,769 | +1144.7% |
| Deferred charges and accrued income | 490/1 | €780 | €893 | +€113 | +14.5% |
| Total equity and liabilities | 10/49 | €281,747 | €381,126 | +€99,379 | +35.3% |
| Equity | 10/15 | €258,524 | €358,308 | +€99,784 | +38.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €256,024 | €355,808 | +€99,784 | +39.0% |
| Distributable reserves | 133 | €256,024 | €355,808 | +€99,784 | +39.0% |
| Amounts payable | 17/49 | €23,223 | €22,818 | -€405 | -1.7% |
| Amounts payable within one year | 42/48 | €22,473 | €22,818 | +€345 | +1.5% |
| Trade debts | 44 | €659 | €1,288 | +€628 | +95.3% |
| Suppliers | 440/4 | €659 | €1,288 | +€628 | +95.3% |
| Taxes, remuneration and social security | 45 | €16,827 | €15,657 | -€1,170 | -7.0% |
| Taxes | 450/3 | €16,827 | €15,657 | -€1,170 | -7.0% |
| Other amounts payable | 47/48 | €4,986 | €5,873 | +€887 | +17.8% |
| Accrued charges and deferred income | 492/3 | €750 | - | -€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,948 | €8,040 | -€908 | -10.1% |
| Other operating charges | 640/8 | €314 | €401 | +€86 | +27.5% |
| Gross operating margin | 9900 | €144,777 | €157,632 | +€12,855 | +8.9% |
| Operating profit (loss) | 9901 | €135,515 | €149,191 | +€13,676 | +10.1% |
| Financial income | 75/76B | €1,884 | €2,192 | +€308 | +16.3% |
| Recurring financial income | 75 | €1,884 | €2,192 | +€308 | +16.3% |
| Financial charges | 65/66B | €1,617 | €1,516 | -€101 | -6.3% |
| Recurring financial charges | 65 | €1,617 | €1,516 | -€101 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €135,782 | €149,868 | +€14,086 | +10.4% |
| Income taxes | 67/77 | €44,723 | €48,418 | +€3,696 | +8.3% |
| Profit (loss) for the period | 9904 | €91,060 | €101,450 | +€10,390 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €91,060 | €101,450 | +€10,390 | +11.4% |
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 3 October 2026 via checked.be.