Ethlinn: what changed
What changed
Ethlinn
NACE 62.200, Computer consultancy and computer facilities management
filed annual accounts (NBB)
Net result for the year
€74,189
2025 · €93,677-€19,489
Equity
€407,022
2025 · €337,333+€69,689
Cash
€4,168
2025 · €23,998-€19,831
Balance sheet total
€613,217
2025 · €426,953+€186,264
Largest movements
Assets
- Tangible fixed assets +€200,232
up €200,232 (+1,043%), from €19,196 to €219,428
of which Other tangible fixed assets: +€200,734
- Cash -€19,831
down €19,831 (-82.6%), from €23,998 to €4,168
mainly Investment in fixed assets (net) (-€212,290) and Tax, wage and social debts (-€40,741)
- Deferred charges and accrued income +€17,818
up €17,818, from €0 to €17,818
- Receivables within one year -€11,966
down €11,966 (-4.7%), from €256,475 to €244,509
of which Other amounts receivable: -€58,903
Equity and liabilities
- Profit (loss) carried forward +€77,189
up €77,189 (+56.6%), from -€136,496 to -€59,308
- Debts after one year +€70,697
new in 2026: €70,697
- Trade debts +€51,781
up €51,781 (+215%), from €24,110 to €75,890
- Tax, wage and social debts -€40,741
down €40,741 (-62.2%), from €65,510 to €24,769
of which Taxes: -€44,580
- Current portion of long-term debt +€19,248
new in 2026: €19,248
Income statement
- Taxes -€24,074
down €24,074 (-52.0%), from €46,273 to €22,200
- Staff costs +€18,542
new in 2026: €18,542
- Gross operating margin -€12,634
down €12,634 (-9.6%), from €132,206 to €119,573
- Depreciation +€11,485
up €11,485 (+2,042%), from €563 to €12,047
- Financial charges +€2,057
up €2,057 (+40.7%), from €5,055 to €7,112
of which Financial charges: +€17,814
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€93,677
Gross operating margin
-€12,634
Staff costs
-€18,542
Depreciation
-€11,485
Write-downs
+€500
Other operating charges
-€588
Financial income
+€1,242
Financial charges
-€2,057
Taxes
+€24,074
Result 2026
€74,189
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€95,924
Investment
-€212,290
Financing
+€96,535
Cash 2025
€23,998
From operations (derived)
+€95,924
Net result for the year
+€74,189
Depreciation
+€12,047
Receivables within one year
+€11,966
Deferred charges and accrued income
-€17,818
Trade debts
+€51,781
Tax, wage and social debts
-€40,741
Other debts
+€4,500
Investment (derived)
-€212,290
Investment in fixed assets (net)
-€212,290
Financing
+€96,535
Debts after one year
+€70,697
Current portion of long-term debt
+€19,248
Short-term financial debts
+€11,089
Contributions, distributions and other
-€4,500
Cash 2026
€4,168
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €426,953 | €613,217 | +€186,264 | +43.6% |
| Fixed assets | 21/28 | €21,480 | €221,723 | +€200,243 | +932% |
| Tangible fixed assets | 22/27 | €19,196 | €219,428 | +€200,232 | +1,043% |
| Plant, machinery and equipment | 23 | €2,328 | €2,093 | -€236 | -10.1% |
| Furniture and vehicles | 24 | €276 | €9 | -€267 | -96.8% |
| Other tangible fixed assets | 26 | €16,592 | €217,326 | +€200,734 | +1,210% |
| Financial fixed assets | 28 | €2,284 | €2,295 | +€11 | +0.5% |
| Current assets | 29/58 | €405,473 | €391,494 | -€13,979 | -3.4% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €256,475 | €244,509 | -€11,966 | -4.7% |
| Trade receivables | 40 | €45,737 | €92,675 | +€46,937 | +103% |
| Other amounts receivable | 41 | €210,738 | €151,834 | -€58,903 | -28.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €23,998 | €4,168 | -€19,831 | -82.6% |
| Deferred charges and accrued income | 490/1 | €0 | €17,818 | +€17,818 | |
| Total equity and liabilities | 10/49 | €426,953 | €613,217 | +€186,264 | +43.6% |
| Equity | 10/15 | €337,333 | €407,022 | +€69,689 | +20.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €398,830 | €391,330 | -€7,500 | -1.9% |
| Non-distributable reserves | 130/1 | €7,500 | €0 | -€7,500 | -100% |
| Reserves not available under the articles | 1311 | €7,500 | €0 | -€7,500 | -100% |
| Distributable reserves | 133 | €391,330 | €391,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,496 | -€59,308 | +€77,189 | +56.6% |
| Amounts payable | 17/49 | €89,620 | €206,195 | +€116,575 | +130% |
| Amounts payable after more than one year | 17 | - | €70,697 | +€70,697 | |
| Financial debts | 170/4 | - | €70,697 | +€70,697 | |
| Amounts payable within one year | 42/48 | €89,620 | €135,497 | +€45,878 | +51.2% |
| Current portion of amounts payable after more than one year | 42 | - | €19,248 | +€19,248 | |
| Financial debts | 43 | €0 | €11,089 | +€11,089 | |
| Credit institutions | 430/8 | €0 | €11,089 | +€11,089 | |
| Trade debts | 44 | €24,110 | €75,890 | +€51,781 | +215% |
| Suppliers | 440/4 | €24,110 | €75,890 | +€51,781 | +215% |
| Taxes, remuneration and social security | 45 | €65,510 | €24,769 | -€40,741 | -62.2% |
| Taxes | 450/3 | €65,510 | €20,930 | -€44,580 | -68.1% |
| Remuneration and social security | 454/9 | - | €3,840 | +€3,840 | |
| Other amounts payable | 47/48 | - | €4,500 | +€4,500 | |
| Remuneration, social security and pensions | 62 | - | €18,542 | +€18,542 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €563 | €12,047 | +€11,485 | +2,042% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€500 | -€500 | |
| Other operating charges | 640/8 | €792 | €1,380 | +€588 | +74.2% |
| Gross operating margin | 9900 | €132,206 | €119,573 | -€12,634 | -9.6% |
| Operating profit (loss) | 9901 | €130,851 | €88,103 | -€42,748 | -32.7% |
| Financial income | 75/76B | €14,155 | €15,397 | +€1,242 | +8.8% |
| Recurring financial income | 75 | €14,155 | €15,397 | +€1,242 | +8.8% |
| Financial charges | 65/66B | €5,055 | €7,112 | +€2,057 | +40.7% |
| Recurring financial charges | 65 | -€10,702 | €7,112 | +€17,814 | |
| Non-recurring financial charges | 66B | €15,757 | €0 | -€15,757 | -100% |
| Profit (loss) for the period before taxes | 9903 | €139,951 | €96,388 | -€43,562 | -31.1% |
| Income taxes | 67/77 | €46,273 | €22,200 | -€24,074 | -52.0% |
| Profit (loss) for the period | 9904 | €93,677 | €74,189 | -€19,489 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €93,677 | €74,189 | -€19,489 | -20.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.