ETSPM: 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.
ETSPM
Largest movements
- Receivables within one year +€1,594
up €1,594 (+40.1%), from €3,976 to €5,570
- Tangible fixed assets -€1,356
down €1,356 (-50.0%), from €2,713 to €1,357
- Cash -€835
down €835 (-22.4%), from €3,722 to €2,887
mainly Receivables within one year (-€1,594) and Other debts (-€556)
- Other debts -€556
down €556 (-21.8%), from €2,552 to €1,996
- Trade debts -€432
down €432 (-85.2%), from €507 to €75
- Tax, wage and social debts +€232
up €232 (+35.5%), from €654 to €886
- Depreciation -€1,355
down €1,355 (-50.0%), from €2,711 to €1,356
- Gross operating margin +€776
up €776 (+16.8%), from €4,610 to €5,386
- Taxes +€384
up €384 (+24.6%), from €1,564 to €1,948
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 | €10,893 | €10,235 | -€658 | -6.0% |
| Fixed assets | 21/28 | €2,713 | €1,357 | -€1,356 | -50.0% |
| Tangible fixed assets | 22/27 | €2,713 | €1,357 | -€1,356 | -50.0% |
| Furniture and vehicles | 24 | €2,713 | €1,357 | -€1,356 | -50.0% |
| Current assets | 29/58 | €8,180 | €8,878 | +€698 | +8.5% |
| Amounts receivable within one year | 40/41 | €3,976 | €5,570 | +€1,594 | +40.1% |
| Trade receivables | 40 | €3,976 | €5,570 | +€1,594 | +40.1% |
| Cash at bank and in hand | 54/58 | €3,722 | €2,887 | -€835 | -22.4% |
| Deferred charges and accrued income | 490/1 | €482 | €421 | -€61 | -12.7% |
| Total equity and liabilities | 10/49 | €10,893 | €10,235 | -€658 | -6.0% |
| Equity | 10/15 | €7,180 | €7,278 | +€98 | +1.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Capital | 10 | - | €6,197 | +€6,197 | |
| Issued capital | 100 | - | €6,197 | +€6,197 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€877 | -€779 | +€98 | +11.2% |
| Amounts payable | 17/49 | €3,713 | €2,957 | -€756 | -20.4% |
| Amounts payable within one year | 42/48 | €3,713 | €2,957 | -€756 | -20.4% |
| Trade debts | 44 | €507 | €75 | -€432 | -85.2% |
| Suppliers | 440/4 | €507 | €75 | -€432 | -85.2% |
| Taxes, remuneration and social security | 45 | €654 | €886 | +€232 | +35.5% |
| Taxes | 450/3 | €654 | €886 | +€232 | +35.5% |
| Other amounts payable | 47/48 | €2,552 | €1,996 | -€556 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,711 | €1,356 | -€1,355 | -50.0% |
| Other operating charges | 640/8 | €1,435 | €1,408 | -€27 | -1.9% |
| Non-recurring operating charges | 66A | - | €127 | +€127 | |
| Gross operating margin | 9900 | €4,610 | €5,386 | +€776 | +16.8% |
| Operating profit (loss) | 9901 | €464 | €2,495 | +€2,031 | +437.7% |
| Financial charges | 65/66B | €486 | €449 | -€37 | -7.6% |
| Recurring financial charges | 65 | €486 | €449 | -€37 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€22 | €2,046 | +€2,068 | |
| Income taxes | 67/77 | €1,564 | €1,948 | +€384 | +24.6% |
| Profit (loss) for the period | 9904 | -€1,586 | €98 | +€1,684 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,586 | €98 | +€1,684 |
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 1 October 2026 via checked.be.