ETSG: 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.
ETSG
Largest movements
- Receivables within one year -€107,195
down €107,195 (-27.5%), from €390,354 to €283,159
of which Trade receivables: -€56,532
- Receivables after one year -€60,000
down €60,000 (-42.9%), from €140,000 to €80,000
- Tangible fixed assets -€19,428
down €19,428 (-4.4%), from €444,757 to €425,329
of which Land and buildings: -€24,250
- Stocks and contracts -€14,628
down €14,628 (-30.4%), from €48,039 to €33,412
- Reserves -€133,691
down €133,691 (-35.4%), from €377,717 to €244,026
of which Distributable reserves: -€133,691
- Trade debts -€24,954
down €24,954 (-12.6%), from €198,571 to €173,616
- Debts after one year -€20,297
down €20,297 (-6.2%), from €328,825 to €308,528
- Current portion of long-term debt -€14,489
down €14,489 (-24.6%), from €58,962 to €44,474
- Gross operating margin -€20,592
down €20,592 (-20.8%), from €99,187 to €78,595
- Other operating charges +€6,304
up €6,304 (+48.6%), from €12,970 to €19,275
- Financial income -€1,697
down €1,697 (-20.9%), from €8,108 to €6,411
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 | €1,111,801 | €912,061 | -€199,741 | -18.0% |
| Fixed assets | 21/28 | €445,254 | €425,826 | -€19,428 | -4.4% |
| Tangible fixed assets | 22/27 | €444,757 | €425,329 | -€19,428 | -4.4% |
| Land and buildings | 22 | €418,837 | €394,587 | -€24,250 | -5.8% |
| Plant, machinery and equipment | 23 | €9,244 | €23,733 | +€14,489 | +156.8% |
| Furniture and vehicles | 24 | €16,676 | €7,009 | -€9,668 | -58.0% |
| Financial fixed assets | 28 | €497 | €497 | = | 0.0% |
| Current assets | 29/58 | €666,547 | €486,235 | -€180,312 | -27.1% |
| Amounts receivable after more than one year | 29 | €140,000 | €80,000 | -€60,000 | -42.9% |
| Other amounts receivable | 291 | €140,000 | €80,000 | -€60,000 | -42.9% |
| Stocks and contracts in progress | 3 | €48,039 | €33,412 | -€14,628 | -30.4% |
| Stocks | 30/36 | €48,039 | €33,412 | -€14,628 | -30.4% |
| Amounts receivable within one year | 40/41 | €390,354 | €283,159 | -€107,195 | -27.5% |
| Trade receivables | 40 | €289,823 | €233,292 | -€56,532 | -19.5% |
| Other amounts receivable | 41 | €100,530 | €49,867 | -€50,663 | -50.4% |
| Cash at bank and in hand | 54/58 | €88,154 | €89,664 | +€1,510 | +1.7% |
| Total equity and liabilities | 10/49 | €1,111,801 | €912,061 | -€199,741 | -18.0% |
| Equity | 10/15 | €468,436 | €334,745 | -€133,691 | -28.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €377,717 | €244,026 | -€133,691 | -35.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €375,857 | €242,166 | -€133,691 | -35.6% |
| Profit (loss) carried forward | 14 | €84,519 | €84,519 | = | 0.0% |
| Amounts payable | 17/49 | €643,365 | €577,315 | -€66,050 | -10.3% |
| Amounts payable after more than one year | 17 | €328,825 | €308,528 | -€20,297 | -6.2% |
| Financial debts | 170/4 | €328,825 | €308,528 | -€20,297 | -6.2% |
| Amounts payable within one year | 42/48 | €314,540 | €268,787 | -€45,753 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €58,962 | €44,474 | -€14,489 | -24.6% |
| Trade debts | 44 | €198,571 | €173,616 | -€24,954 | -12.6% |
| Suppliers | 440/4 | €198,571 | €173,616 | -€24,954 | -12.6% |
| Taxes, remuneration and social security | 45 | €57,007 | €50,697 | -€6,310 | -11.1% |
| Taxes | 450/3 | €57,007 | €50,697 | -€6,310 | -11.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,763 | €38,336 | -€427 | -1.1% |
| Other operating charges | 640/8 | €12,970 | €19,275 | +€6,304 | +48.6% |
| Gross operating margin | 9900 | €99,187 | €78,595 | -€20,592 | -20.8% |
| Operating profit (loss) | 9901 | €47,453 | €20,984 | -€26,469 | -55.8% |
| Financial income | 75/76B | €8,108 | €6,411 | -€1,697 | -20.9% |
| Recurring financial income | 75 | €8,108 | €6,411 | -€1,697 | -20.9% |
| Financial charges | 65/66B | €10,398 | €9,506 | -€892 | -8.6% |
| Recurring financial charges | 65 | €10,398 | €9,506 | -€892 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €45,163 | €17,889 | -€27,274 | -60.4% |
| Income taxes | 67/77 | €13,968 | €13,007 | -€961 | -6.9% |
| Profit (loss) for the period | 9904 | €31,195 | €4,883 | -€26,313 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,195 | €4,883 | -€26,313 | -84.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.