ETstudio: 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.
ETstudio
Largest movements
- Cash +€12,710
up €12,710 (+35.7%), from €35,636 to €48,346
mainly Net result for the year (+€8,497) and Tax, wage and social debts (+€3,846)
- Tangible fixed assets +€1,283
up €1,283 (+80.3%), from €1,598 to €2,881
of which Plant, machinery and equipment: +€1,562
- Receivables within one year +€1,139
up €1,139 (+119.6%), from €953 to €2,092
of which Trade receivables: +€1,205
- Profit (loss) carried forward +€8,497
up €8,497 (+9.5%), from -€89,910 to -€81,413
- Tax, wage and social debts +€3,846
up €3,846 (+532.6%), from €722 to €4,569
- Other debts +€1,124
up €1,124 (+28.3%), from €3,977 to €5,102
- Trade debts +€1,040
up €1,040 (+40.6%), from €2,559 to €3,599
- Gross operating margin +€13,492
up €13,492, from -€919 to €12,572
- Taxes +€812
up €812 (+238.3%), from €341 to €1,153
- Depreciation -€334
down €334 (-29.5%), from €1,133 to €798
- Other operating charges +€139
up €139 (+11.9%), from €1,166 to €1,305
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 | €39,109 | €53,617 | +€14,508 | +37.1% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €1,798 | €2,881 | +€1,083 | +60.2% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €1,598 | €2,881 | +€1,283 | +80.3% |
| Plant, machinery and equipment | 23 | €879 | €2,441 | +€1,562 | +177.6% |
| Furniture and vehicles | 24 | €719 | €439 | -€279 | -38.9% |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €37,311 | €50,737 | +€13,425 | +36.0% |
| Amounts receivable within one year | 40/41 | €953 | €2,092 | +€1,139 | +119.6% |
| Trade receivables | 40 | €742 | €1,947 | +€1,205 | +162.3% |
| Other amounts receivable | 41 | €211 | €145 | -€66 | -31.1% |
| Cash at bank and in hand | 54/58 | €35,636 | €48,346 | +€12,710 | +35.7% |
| Deferred charges and accrued income | 490/1 | €723 | €298 | -€424 | -58.7% |
| Total equity and liabilities | 10/49 | €39,109 | €53,617 | +€14,508 | +37.1% |
| Equity | 10/15 | €17,950 | €26,447 | +€8,497 | +47.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,260 | €89,260 | = | 0.0% |
| Distributable reserves | 133 | €89,260 | €89,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,910 | -€81,413 | +€8,497 | +9.5% |
| Amounts payable | 17/49 | €21,159 | €27,170 | +€6,011 | +28.4% |
| Amounts payable after more than one year | 17 | €6,900 | €6,900 | = | 0.0% |
| Other amounts payable | 178/9 | €6,900 | €6,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €14,259 | €20,270 | +€6,011 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €7,000 | €7,000 | = | 0.0% |
| Trade debts | 44 | €2,559 | €3,599 | +€1,040 | +40.6% |
| Suppliers | 440/4 | €2,559 | €3,599 | +€1,040 | +40.6% |
| Taxes, remuneration and social security | 45 | €722 | €4,569 | +€3,846 | +532.6% |
| Taxes | 450/3 | €722 | €4,569 | +€3,846 | +532.6% |
| Other amounts payable | 47/48 | €3,977 | €5,102 | +€1,124 | +28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,133 | €798 | -€334 | -29.5% |
| Other operating charges | 640/8 | €1,166 | €1,305 | +€139 | +11.9% |
| Gross operating margin | 9900 | -€919 | €12,572 | +€13,492 | |
| Operating profit (loss) | 9901 | -€3,218 | €10,469 | +€13,687 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €833 | €820 | -€12 | -1.5% |
| Recurring financial charges | 65 | €833 | €820 | -€12 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,050 | €9,650 | +€13,700 | |
| Income taxes | 67/77 | €341 | €1,153 | +€812 | +238.3% |
| Profit (loss) for the period | 9904 | -€4,391 | €8,497 | +€12,888 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,391 | €8,497 | +€12,888 |
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.