ETxE: 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.
ETxE
Largest movements
- Stocks and contracts +€98,854
up €98,854 (+53.3%), from €185,368 to €284,222
- Cash +€46,976
up €46,976 (+23,679%), from €198 to €47,174
mainly Advances received (+€98,875) and Debts after one year (+€76,693)
- Financial fixed assets -€35,808
no longer reported in 2025 (was €35,808)
- Receivables after one year -€28,367
down €28,367 (-30.9%), from €91,771 to €63,404
- Receivables within one year -€11,192
down €11,192 (-38.7%), from €28,928 to €17,736
of which Trade receivables: -€8,568
- Advances received +€98,875
new in 2025: €98,875
- Profit (loss) carried forward -€92,472
down €92,472 (-106%), from -€87,310 to -€179,782
- Debts after one year +€76,693
up €76,693 (+34.6%), from €221,962 to €298,654
- Current portion of long-term debt -€11,766
no longer reported in 2025 (was €11,766)
- Gross operating margin -€75,613
down €75,613, from €25,951 to -€49,662
- Financial charges +€37,817
up €37,817 (+698%), from €5,416 to €43,233
of which Non-recurring financial charges: +€33,408
- Financial income -€703
down €703 (-21.6%), from €3,253 to €2,550
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 | €346,064 | €414,804 | +€68,740 | +19.9% |
| Fixed assets | 21/28 | €38,058 | €1,369 | -€36,690 | -96.4% |
| Tangible fixed assets | 22/27 | €2,250 | €1,369 | -€882 | -39.2% |
| Plant, machinery and equipment | 23 | €2,250 | €1,369 | -€882 | -39.2% |
| Financial fixed assets | 28 | €35,808 | - | -€35,808 | |
| Current assets | 29/58 | €308,006 | €413,436 | +€105,430 | +34.2% |
| Amounts receivable after more than one year | 29 | €91,771 | €63,404 | -€28,367 | -30.9% |
| Other amounts receivable | 291 | €91,771 | €63,404 | -€28,367 | -30.9% |
| Stocks and contracts in progress | 3 | €185,368 | €284,222 | +€98,854 | +53.3% |
| Stocks | 30/36 | €185,368 | €284,222 | +€98,854 | +53.3% |
| Amounts receivable within one year | 40/41 | €28,928 | €17,736 | -€11,192 | -38.7% |
| Trade receivables | 40 | €15,289 | €6,721 | -€8,568 | -56.0% |
| Other amounts receivable | 41 | €13,639 | €11,014 | -€2,625 | -19.2% |
| Cash at bank and in hand | 54/58 | €198 | €47,174 | +€46,976 | +23,679% |
| Deferred charges and accrued income | 490/1 | €1,740 | €900 | -€840 | -48.3% |
| Total equity and liabilities | 10/49 | €346,064 | €414,804 | +€68,740 | +19.9% |
| Equity | 10/15 | €92,737 | €265 | -€92,472 | -99.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,447 | €161,447 | = | 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% |
| Distributable reserves | 133 | €159,587 | €159,587 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,310 | -€179,782 | -€92,472 | -106% |
| Amounts payable | 17/49 | €253,328 | €414,539 | +€161,212 | +63.6% |
| Amounts payable after more than one year | 17 | €221,962 | €298,654 | +€76,693 | +34.6% |
| Financial debts | 170/4 | €221,962 | €298,654 | +€76,693 | +34.6% |
| Amounts payable within one year | 42/48 | €30,979 | €115,485 | +€84,507 | +273% |
| Current portion of amounts payable after more than one year | 42 | €11,766 | - | -€11,766 | |
| Trade debts | 44 | €13,725 | €12,697 | -€1,028 | -7.5% |
| Suppliers | 440/4 | €13,725 | €12,697 | -€1,028 | -7.5% |
| Advances received on contracts in progress | 46 | - | €98,875 | +€98,875 | |
| Taxes, remuneration and social security | 45 | €5,487 | €3,613 | -€1,874 | -34.2% |
| Taxes | 450/3 | €5,487 | €1,113 | -€4,374 | -79.7% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | - | €300 | +€300 | |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating income | 76A | €3,285 | - | -€3,285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €395 | €882 | +€487 | +123% |
| Other operating charges | 640/8 | €991 | €727 | -€264 | -26.6% |
| Gross operating margin | 9900 | €25,951 | -€49,662 | -€75,613 | |
| Operating profit (loss) | 9901 | €24,564 | -€51,271 | -€75,836 | |
| Financial income | 75/76B | €3,253 | €2,550 | -€703 | -21.6% |
| Recurring financial income | 75 | €3,253 | €2,550 | -€703 | -21.6% |
| Financial charges | 65/66B | €5,416 | €43,233 | +€37,817 | +698% |
| Recurring financial charges | 65 | €5,416 | €9,825 | +€4,409 | +81.4% |
| Non-recurring financial charges | 66B | - | €33,408 | +€33,408 | |
| Profit (loss) for the period before taxes | 9903 | €22,401 | -€91,955 | -€114,356 | |
| Income taxes | 67/77 | €612 | €516 | -€96 | -15.7% |
| Profit (loss) for the period | 9904 | €21,789 | -€92,472 | -€114,260 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,789 | -€92,472 | -€114,260 |
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 22 October 2026 via checked.be.