Dr Gregory Ernst: 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.
Dr Gregory Ernst
Largest movements
- Cash +€154,149
up €154,149 (+12.9%), from €1.2m to €1.3m
mainly Net result for the year (+€395,372) and Receivables within one year (+€100,000)
- Receivables within one year -€100,000
no longer reported in 2025 (was €100,000)
- Financial fixed assets -€73,747
down €73,747 (-38.7%), from €190,356 to €116,609
- Current investments -€35,890
down €35,890 (-28.5%), from €125,890 to €90,000
- Tangible fixed assets -€19,213
down €19,213 (-40.9%), from €46,940 to €27,727
of which Furniture and vehicles: -€18,694
- Profit (loss) carried forward -€79,628
down €79,628 (-7.9%), from €1.0m to €925,687
- Financial income -€391,780
down €391,780 (-62.7%), from €625,000 to €233,220
- Gross operating margin +€119,813
up €119,813 (+101.9%), from €117,617 to €237,429
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 | €1,653,703 | €1,579,002 | -€74,700 | -4.5% |
| Fixed assets | 21/28 | €237,295 | €144,336 | -€92,959 | -39.2% |
| Tangible fixed assets | 22/27 | €46,940 | €27,727 | -€19,213 | -40.9% |
| Plant, machinery and equipment | 23 | €2,076 | €1,557 | -€519 | -25.0% |
| Furniture and vehicles | 24 | €44,864 | €26,170 | -€18,694 | -41.7% |
| Financial fixed assets | 28 | €190,356 | €116,609 | -€73,747 | -38.7% |
| Current assets | 29/58 | €1,416,407 | €1,434,666 | +€18,259 | +1.3% |
| Amounts receivable within one year | 40/41 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 41 | €100,000 | - | -€100,000 | |
| Current investments | 50/53 | €125,890 | €90,000 | -€35,890 | -28.5% |
| Cash at bank and in hand | 54/58 | €1,190,517 | €1,344,666 | +€154,149 | +12.9% |
| Total equity and liabilities | 10/49 | €1,653,703 | €1,579,002 | -€74,700 | -4.5% |
| Equity | 10/15 | €1,474,575 | €1,394,947 | -€79,628 | -5.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €456,860 | €456,860 | = | 0.0% |
| Distributable reserves | 133 | €456,860 | €456,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,005,315 | €925,687 | -€79,628 | -7.9% |
| Amounts payable | 17/49 | €179,127 | €184,055 | +€4,928 | +2.8% |
| Amounts payable within one year | 42/48 | €179,127 | €184,055 | +€4,928 | +2.8% |
| Trade debts | 44 | €3,433 | €778 | -€2,655 | -77.3% |
| Suppliers | 440/4 | €3,433 | €778 | -€2,655 | -77.3% |
| Taxes, remuneration and social security | 45 | €168,479 | €180,977 | +€12,498 | +7.4% |
| Taxes | 450/3 | €168,479 | €180,977 | +€12,498 | +7.4% |
| Other amounts payable | 47/48 | €7,215 | €2,300 | -€4,915 | -68.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,712 | €19,213 | +€1,501 | +8.5% |
| Other operating charges | 640/8 | €679 | €2,148 | +€1,469 | +216.4% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | €117,617 | €237,429 | +€119,813 | +101.9% |
| Operating profit (loss) | 9901 | €99,163 | €216,069 | +€116,906 | +117.9% |
| Financial income | 75/76B | €625,000 | €233,220 | -€391,780 | -62.7% |
| Recurring financial income | 75 | €625,000 | €233,220 | -€391,780 | -62.7% |
| Financial charges | 65/66B | €338 | €1,344 | +€1,006 | +297.5% |
| Recurring financial charges | 65 | €338 | €1,344 | +€1,006 | +297.5% |
| Profit (loss) for the period before taxes | 9903 | €723,825 | €447,945 | -€275,880 | -38.1% |
| Income taxes | 67/77 | €50,622 | €52,573 | +€1,951 | +3.9% |
| Profit (loss) for the period | 9904 | €673,203 | €395,372 | -€277,831 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €673,203 | €395,372 | -€277,831 | -41.3% |
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 5 October 2026 via checked.be.