IETC: 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.
IETC
Largest movements
- Financial fixed assets +€128,178
up €128,178 (+48.8%), from €262,570 to €390,748
- Cash +€36,953
up €36,953 (+62.4%), from €59,266 to €96,218
mainly Other debts (+€465,367) and Net result for the year (+€146,637)
- Receivables within one year -€23,416
down €23,416 (-14.7%), from €158,918 to €135,502
of which Trade receivables: -€30,840
- Tangible fixed assets -€21,310
down €21,310 (-48.2%), from €44,208 to €22,898
of which Furniture and vehicles: -€20,332
- Other debts +€465,367
up €465,367 (+9383.3%), from €4,960 to €470,327
- Profit (loss) carried forward -€349,459
no longer reported in 2025 (was €349,459)
- Current portion of long-term debt +€34,440
up €34,440 (+211.4%), from €16,292 to €50,731
- Debts after one year -€16,830
down €16,830 (-92.3%), from €18,241 to €1,411
- Tax, wage and social debts -€7,416
down €7,416 (-46.3%), from €16,022 to €8,606
of which Taxes: -€7,438
- Gross operating margin -€157,989
down €157,989 (-41.1%), from €384,071 to €226,082
- Taxes -€30,630
down €30,630 (-34.6%), from €88,580 to €57,949
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 | €590,460 | €717,053 | +€126,594 | +21.4% |
| Fixed assets | 21/28 | €306,778 | €413,646 | +€106,868 | +34.8% |
| Tangible fixed assets | 22/27 | €44,208 | €22,898 | -€21,310 | -48.2% |
| Furniture and vehicles | 24 | €42,252 | €21,920 | -€20,332 | -48.1% |
| Other tangible fixed assets | 26 | €1,955 | €977 | -€978 | -50.0% |
| Financial fixed assets | 28 | €262,570 | €390,748 | +€128,178 | +48.8% |
| Current assets | 29/58 | €283,682 | €303,408 | +€19,726 | +7.0% |
| Amounts receivable after more than one year | 29 | €65,280 | €71,410 | +€6,130 | +9.4% |
| Trade receivables | 290 | €60,885 | €63,810 | +€2,925 | +4.8% |
| Other amounts receivable | 291 | €4,395 | €7,601 | +€3,206 | +72.9% |
| Amounts receivable within one year | 40/41 | €158,918 | €135,502 | -€23,416 | -14.7% |
| Trade receivables | 40 | €152,520 | €121,680 | -€30,840 | -20.2% |
| Other amounts receivable | 41 | €6,398 | €13,822 | +€7,424 | +116.0% |
| Cash at bank and in hand | 54/58 | €59,266 | €96,218 | +€36,953 | +62.4% |
| Deferred charges and accrued income | 490/1 | €218 | €276 | +€58 | +26.8% |
| Total equity and liabilities | 10/49 | €590,460 | €717,053 | +€126,594 | +21.4% |
| Equity | 10/15 | €527,379 | €177,920 | -€349,459 | -66.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €159,320 | €159,320 | = | 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 | €157,460 | €157,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €349,459 | - | -€349,459 | |
| Amounts payable | 17/49 | €63,080 | €539,134 | +€476,053 | +754.7% |
| Amounts payable after more than one year | 17 | €18,241 | €1,411 | -€16,830 | -92.3% |
| Financial debts | 170/4 | €18,241 | €1,411 | -€16,830 | -92.3% |
| Amounts payable within one year | 42/48 | €44,839 | €531,905 | +€487,065 | +1086.2% |
| Current portion of amounts payable after more than one year | 42 | €16,292 | €50,731 | +€34,440 | +211.4% |
| Financial debts | 43 | €830 | €2,241 | +€1,411 | +170.1% |
| Credit institutions | 430/8 | €830 | €2,241 | +€1,411 | +170.1% |
| Trade debts | 44 | €6,737 | - | -€6,737 | |
| Suppliers | 440/4 | €6,737 | - | -€6,737 | |
| Taxes, remuneration and social security | 45 | €16,022 | €8,606 | -€7,416 | -46.3% |
| Taxes | 450/3 | €13,579 | €6,142 | -€7,438 | -54.8% |
| Remuneration and social security | 454/9 | €2,442 | €2,464 | +€22 | +0.9% |
| Other amounts payable | 47/48 | €4,960 | €470,327 | +€465,367 | +9383.3% |
| Accrued charges and deferred income | 492/3 | - | €5,818 | +€5,818 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,428 | €21,310 | -€1,118 | -5.0% |
| Other operating charges | 640/8 | €387 | €1,368 | +€981 | +253.2% |
| Gross operating margin | 9900 | €384,071 | €226,082 | -€157,989 | -41.1% |
| Operating profit (loss) | 9901 | €361,256 | €203,404 | -€157,852 | -43.7% |
| Financial income | 75/76B | €2,908 | €3,206 | +€298 | +10.2% |
| Recurring financial income | 75 | €2,908 | €3,206 | +€298 | +10.2% |
| Financial charges | 65/66B | €1,866 | €2,023 | +€158 | +8.4% |
| Recurring financial charges | 65 | €1,866 | €2,023 | +€158 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €362,299 | €204,587 | -€157,712 | -43.5% |
| Income taxes | 67/77 | €88,580 | €57,949 | -€30,630 | -34.6% |
| Profit (loss) for the period | 9904 | €273,719 | €146,637 | -€127,081 | -46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €273,719 | €146,637 | -€127,081 | -46.4% |
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.