ETW: what changed
Two financial 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.
ETW
Largest movements
- Tangible fixed assets -€63,464
down €63,464 (-10.2%), from €619,790 to €556,326
of which Land and buildings: -€39,364
- Debts after one year -€81,911
down €81,911 (-14.8%), from €555,059 to €473,148
- Profit (loss) carried forward +€17,609
up €17,609 (+17.0%), from €103,688 to €121,298
- Trade debts -€12,718
down €12,718 (-12.5%), from €101,792 to €89,074
- Gross operating margin +€19,434
up €19,434 (+18.0%), from €107,977 to €127,411
- Financial charges -€5,885
down €5,885 (-15.6%), from €37,752 to €31,868
- Other operating charges -€5,355
down €5,355 (-30.4%), from €17,621 to €12,266
- Depreciation +€3,630
up €3,630 (+5.5%), from €66,483 to €70,112
- Taxes +€2,235
up €2,235 (+61.5%), from €3,635 to €5,870
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.
Derived cash bridge
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 | €1,139,195 | €1,070,162 | -€69,033 | -6.1% |
| Fixed assets | 21/28 | €619,790 | €556,326 | -€63,464 | -10.2% |
| Tangible fixed assets | 22/27 | €619,790 | €556,326 | -€63,464 | -10.2% |
| Land and buildings | 22 | €562,714 | €523,350 | -€39,364 | -7.0% |
| Plant, machinery and equipment | 23 | €4,045 | €2,427 | -€1,618 | -40.0% |
| Furniture and vehicles | 24 | €14,940 | €10,202 | -€4,738 | -31.7% |
| Other tangible fixed assets | 26 | €38,091 | €20,347 | -€17,744 | -46.6% |
| Current assets | 29/58 | €519,405 | €513,836 | -€5,569 | -1.1% |
| Amounts receivable within one year | 40/41 | €509,855 | €506,231 | -€3,624 | -0.7% |
| Trade receivables | 40 | - | €13,629 | +€13,629 | |
| Other amounts receivable | 41 | €509,855 | €492,602 | -€17,252 | -3.4% |
| Cash at bank and in hand | 54/58 | €9,550 | €7,605 | -€1,945 | -20.4% |
| Total equity and liabilities | 10/49 | €1,139,195 | €1,070,162 | -€69,033 | -6.1% |
| Equity | 10/15 | €185,434 | €201,064 | +€15,631 | +8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,145 | €61,167 | -€1,979 | -3.1% |
| Tax-exempt reserves | 132 | €3,664 | €1,686 | -€1,979 | -54.0% |
| Distributable reserves | 133 | €59,481 | €59,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,688 | €121,298 | +€17,609 | +17.0% |
| Provisions and deferred taxes | 16 | €1,887 | €868 | -€1,019 | -54.0% |
| Deferred taxes | 168 | €1,887 | €868 | -€1,019 | -54.0% |
| Amounts payable | 17/49 | €951,875 | €868,229 | -€83,645 | -8.8% |
| Amounts payable after more than one year | 17 | €555,059 | €473,148 | -€81,911 | -14.8% |
| Financial debts | 170/4 | €555,059 | €473,148 | -€81,911 | -14.8% |
| Amounts payable within one year | 42/48 | €393,990 | €392,256 | -€1,734 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €290,418 | €295,641 | +€5,223 | +1.8% |
| Trade debts | 44 | €101,792 | €89,074 | -€12,718 | -12.5% |
| Suppliers | 440/4 | €101,792 | €89,074 | -€12,718 | -12.5% |
| Taxes, remuneration and social security | 45 | €1,780 | €7,541 | +€5,761 | +324% |
| Remuneration and social security | 454/9 | €1,780 | €7,541 | +€5,761 | +324% |
| Accrued charges and deferred income | 492/3 | €2,825 | €2,825 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,483 | €70,112 | +€3,630 | +5.5% |
| Other operating charges | 640/8 | €17,621 | €12,266 | -€5,355 | -30.4% |
| Gross operating margin | 9900 | €107,977 | €127,411 | +€19,434 | +18.0% |
| Operating profit (loss) | 9901 | €23,874 | €45,033 | +€21,159 | +88.6% |
| Financial income | 75/76B | €7,865 | €7,317 | -€548 | -7.0% |
| Recurring financial income | 75 | €7,865 | €7,317 | -€548 | -7.0% |
| Financial charges | 65/66B | €37,752 | €31,868 | -€5,885 | -15.6% |
| Recurring financial charges | 65 | €37,752 | €31,868 | -€5,885 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,014 | €20,482 | +€26,496 | |
| Transfer from deferred taxes | 780 | €1,019 | €1,019 | = | 0.0% |
| Income taxes | 67/77 | €3,635 | €5,870 | +€2,235 | +61.5% |
| Profit (loss) for the period | 9904 | -€8,630 | €15,631 | +€24,261 | |
| Transfer from tax-exempt reserves | 789 | €1,979 | €1,979 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,651 | €17,609 | +€24,261 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.