ETWA: 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.
ETWA
Largest movements
- Tangible fixed assets +€30,829
up €30,829 (+3334.3%), from €925 to €31,754
of which Furniture and vehicles: +€28,840
- Cash -€29,562
down €29,562 (-86.9%), from €34,015 to €4,453
mainly Investment in fixed assets (net) (-€37,688) and Trade debts (-€9,054)
- Receivables within one year -€5,761
down €5,761 (-70.4%), from €8,181 to €2,420
- Trade debts -€9,054
down €9,054 (-63.2%), from €14,325 to €5,271
- Tax, wage and social debts +€2,059
up €2,059 (+26.6%), from €7,750 to €9,809
of which Remuneration and social security: +€1,198
- Other debts +€1,896
up €1,896 (+171.7%), from €1,104 to €3,000
- Gross operating margin -€7,729
down €7,729 (-18.1%), from €42,587 to €34,859
- Staff costs +€7,087
up €7,087 (+35.4%), from €20,013 to €27,101
- Depreciation +€6,567
up €6,567 (+2246.7%), from €292 to €6,859
- Taxes -€4,143
down €4,143 (-87.2%), from €4,753 to €610
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 | €43,688 | €38,823 | -€4,865 | -11.1% |
| Fixed assets | 21/28 | €925 | €31,754 | +€30,829 | +3334.3% |
| Tangible fixed assets | 22/27 | €925 | €31,754 | +€30,829 | +3334.3% |
| Plant, machinery and equipment | 23 | €925 | €2,914 | +€1,989 | +215.1% |
| Furniture and vehicles | 24 | - | €28,840 | +€28,840 | |
| Current assets | 29/58 | €42,763 | €7,069 | -€35,694 | -83.5% |
| Amounts receivable within one year | 40/41 | €8,181 | €2,420 | -€5,761 | -70.4% |
| Trade receivables | 40 | €8,181 | €2,420 | -€5,761 | -70.4% |
| Cash at bank and in hand | 54/58 | €34,015 | €4,453 | -€29,562 | -86.9% |
| Deferred charges and accrued income | 490/1 | €567 | €195 | -€371 | -65.5% |
| Total equity and liabilities | 10/49 | €43,688 | €38,823 | -€4,865 | -11.1% |
| Equity | 10/15 | €20,508 | €20,743 | +€235 | +1.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,508 | €17,743 | +€235 | +1.3% |
| Amounts payable | 17/49 | €23,180 | €18,080 | -€5,100 | -22.0% |
| Amounts payable within one year | 42/48 | €23,180 | €18,080 | -€5,100 | -22.0% |
| Trade debts | 44 | €14,325 | €5,271 | -€9,054 | -63.2% |
| Suppliers | 440/4 | €14,325 | €5,271 | -€9,054 | -63.2% |
| Taxes, remuneration and social security | 45 | €7,750 | €9,809 | +€2,059 | +26.6% |
| Taxes | 450/3 | €4,975 | €5,836 | +€861 | +17.3% |
| Remuneration and social security | 454/9 | €2,776 | €3,973 | +€1,198 | +43.1% |
| Other amounts payable | 47/48 | €1,104 | €3,000 | +€1,896 | +171.7% |
| Remuneration, social security and pensions | 62 | €20,013 | €27,101 | +€7,087 | +35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292 | €6,859 | +€6,567 | +2246.7% |
| Gross operating margin | 9900 | €42,587 | €34,859 | -€7,729 | -18.1% |
| Operating profit (loss) | 9901 | €22,282 | €899 | -€21,383 | -96.0% |
| Financial income | 75/76B | €15 | €1 | -€14 | -95.0% |
| Recurring financial income | 75 | €15 | €1 | -€14 | -95.0% |
| Financial charges | 65/66B | €36 | €55 | +€20 | +55.1% |
| Recurring financial charges | 65 | €36 | €55 | +€20 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | €22,261 | €844 | -€21,417 | -96.2% |
| Income taxes | 67/77 | €4,753 | €610 | -€4,143 | -87.2% |
| Profit (loss) for the period | 9904 | €17,508 | €235 | -€17,273 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,508 | €235 | -€17,273 | -98.7% |
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 4 October 2026 via checked.be.