Bo-Erasmus: 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.
Bo-Erasmus
Largest movements
- Current investments +€40,011
up €40,011 (+159%), from €25,111 to €65,123
- Tangible fixed assets -€24,124
down €24,124 (-18.9%), from €127,868 to €103,745
of which Land and buildings: -€14,177
- Deferred charges and accrued income -€2,886
down €2,886 (-43.2%), from €6,681 to €3,795
- Receivables within one year -€2,832
down €2,832 (-35.1%), from €8,069 to €5,237
of which Other amounts receivable: -€7,334
- Cash +€2,374
up €2,374 (+265%), from €895 to €3,269
mainly Depreciation (+€34,449) and Net result for the year (+€15,443)
- Reserves +€10,254
up €10,254 (+19.0%), from €54,000 to €64,254
- Profit (loss) carried forward +€9,039
no longer reported in 2025 (was -€9,039)
- Other debts -€5,355
down €5,355 (-5.7%), from €93,907 to €88,552
- Current portion of long-term debt -€5,000
no longer reported in 2025 (was €5,000)
- Contributions -€3,850
down €3,850 (-16.1%), from €23,850 to €20,000
- Gross operating margin +€40,734
up €40,734 (+284%), from €14,318 to €55,052
- Taxes +€1,556
up €1,556 (+1,177%), from €132 to €1,688
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 | €168,624 | €181,168 | +€12,543 | +7.4% |
| Fixed assets | 21/28 | €127,868 | €103,745 | -€24,124 | -18.9% |
| Tangible fixed assets | 22/27 | €127,868 | €103,745 | -€24,124 | -18.9% |
| Land and buildings | 22 | €85,061 | €70,884 | -€14,177 | -16.7% |
| Plant, machinery and equipment | 23 | €14,413 | €4,810 | -€9,603 | -66.6% |
| Furniture and vehicles | 24 | €27,095 | €26,751 | -€344 | -1.3% |
| Other tangible fixed assets | 26 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €40,756 | €77,423 | +€36,667 | +90.0% |
| Amounts receivable within one year | 40/41 | €8,069 | €5,237 | -€2,832 | -35.1% |
| Trade receivables | 40 | - | €4,502 | +€4,502 | |
| Other amounts receivable | 41 | €8,069 | €735 | -€7,334 | -90.9% |
| Current investments | 50/53 | €25,111 | €65,123 | +€40,011 | +159% |
| Cash at bank and in hand | 54/58 | €895 | €3,269 | +€2,374 | +265% |
| Deferred charges and accrued income | 490/1 | €6,681 | €3,795 | -€2,886 | -43.2% |
| Total equity and liabilities | 10/49 | €168,624 | €181,168 | +€12,543 | +7.4% |
| Equity | 10/15 | €68,811 | €84,254 | +€15,443 | +22.4% |
| Contributions | 10/11 | €23,850 | €20,000 | -€3,850 | -16.1% |
| Reserves | 13 | €54,000 | €64,254 | +€10,254 | +19.0% |
| Distributable reserves | 133 | €54,000 | €64,254 | +€10,254 | +19.0% |
| Profit (loss) carried forward | 14 | -€9,039 | - | +€9,039 | |
| Amounts payable | 17/49 | €99,813 | €96,913 | -€2,900 | -2.9% |
| Amounts payable within one year | 42/48 | €99,813 | €96,913 | -€2,900 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | - | -€5,000 | |
| Financial debts | 43 | €41 | €44 | +€3 | +7.3% |
| Credit institutions | 430/8 | €41 | €44 | +€3 | +7.3% |
| Trade debts | 44 | €451 | €4,061 | +€3,610 | +800% |
| Suppliers | 440/4 | €451 | €4,061 | +€3,610 | +800% |
| Taxes, remuneration and social security | 45 | €414 | €4,256 | +€3,842 | +928% |
| Taxes | 450/3 | €414 | €4,256 | +€3,842 | +928% |
| Other amounts payable | 47/48 | €93,907 | €88,552 | -€5,355 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,854 | €34,449 | -€405 | -1.2% |
| Other operating charges | 640/8 | €3,550 | €3,532 | -€17 | -0.5% |
| Gross operating margin | 9900 | €14,318 | €55,052 | +€40,734 | +284% |
| Operating profit (loss) | 9901 | -€24,086 | €17,071 | +€41,157 | |
| Financial income | 75/76B | €103 | €202 | +€99 | +96.2% |
| Recurring financial income | 75 | €103 | €202 | +€99 | +96.2% |
| Financial charges | 65/66B | €185 | €141 | -€43 | -23.4% |
| Recurring financial charges | 65 | €185 | €141 | -€43 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | -€24,168 | €17,131 | +€41,299 | |
| Income taxes | 67/77 | €132 | €1,688 | +€1,556 | +1,177% |
| Profit (loss) for the period | 9904 | -€24,300 | €15,443 | +€39,743 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,300 | €15,443 | +€39,743 |
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 16 October 2026 via checked.be.