E.R. BOUW: 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.
E.R. BOUW
Largest movements
- Tangible fixed assets -€64,345
down €64,345 (-5.4%), from €1.2m to €1.1m
of which Land and buildings: -€61,658
- Receivables within one year +€22,329
up €22,329 (+16.5%), from €135,125 to €157,454
of which Trade receivables: +€16,500
- Debts after one year -€72,410
down €72,410 (-8.5%), from €855,445 to €783,035
- Accrued charges and deferred income +€15,158
up €15,158 (+34.9%), from €43,375 to €58,533
- Gross operating margin -€39,036
down €39,036 (-28.4%), from €137,470 to €98,434
- Taxes -€9,669
down €9,669 (-76.2%), from €12,694 to €3,025
- Financial charges -€1,705
down €1,705 (-7.1%), from €24,002 to €22,297
- Other operating charges +€1,576
up €1,576 (+843%), from €187 to €1,763
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 | €1,339,800 | €1,286,888 | -€52,912 | -3.9% |
| Fixed assets | 21/28 | €1,182,701 | €1,118,356 | -€64,345 | -5.4% |
| Tangible fixed assets | 22/27 | €1,182,701 | €1,118,356 | -€64,345 | -5.4% |
| Land and buildings | 22 | €1,163,545 | €1,101,887 | -€61,658 | -5.3% |
| Plant, machinery and equipment | 23 | €19,156 | €16,469 | -€2,687 | -14.0% |
| Current assets | 29/58 | €157,099 | €168,532 | +€11,433 | +7.3% |
| Amounts receivable within one year | 40/41 | €135,125 | €157,454 | +€22,329 | +16.5% |
| Trade receivables | 40 | €80,000 | €96,500 | +€16,500 | +20.6% |
| Other amounts receivable | 41 | €55,125 | €60,954 | +€5,829 | +10.6% |
| Cash at bank and in hand | 54/58 | €21,974 | €8,578 | -€13,396 | -61.0% |
| Deferred charges and accrued income | 490/1 | - | €2,500 | +€2,500 | |
| Total equity and liabilities | 10/49 | €1,339,800 | €1,286,888 | -€52,912 | -3.9% |
| Equity | 10/15 | €69,960 | €78,525 | +€8,565 | +12.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €63,760 | €72,325 | +€8,565 | +13.4% |
| Distributable reserves | 133 | €63,760 | €72,325 | +€8,565 | +13.4% |
| Amounts payable | 17/49 | €1,269,840 | €1,208,363 | -€61,476 | -4.8% |
| Amounts payable after more than one year | 17 | €855,445 | €783,035 | -€72,410 | -8.5% |
| Financial debts | 170/4 | €855,445 | €783,035 | -€72,410 | -8.5% |
| Amounts payable within one year | 42/48 | €371,019 | €366,795 | -€4,224 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €76,497 | €78,366 | +€1,868 | +2.4% |
| Trade debts | 44 | €30 | €172 | +€142 | +468% |
| Suppliers | 440/4 | €30 | €172 | +€142 | +468% |
| Taxes, remuneration and social security | 45 | €14,596 | €7,862 | -€6,734 | -46.1% |
| Taxes | 450/3 | €14,596 | €7,862 | -€6,734 | -46.1% |
| Other amounts payable | 47/48 | €279,896 | €280,396 | +€500 | +0.2% |
| Accrued charges and deferred income | 492/3 | €43,375 | €58,533 | +€15,158 | +34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,345 | €64,345 | = | 0.0% |
| Other operating charges | 640/8 | €187 | €1,763 | +€1,576 | +843% |
| Gross operating margin | 9900 | €137,470 | €98,434 | -€39,036 | -28.4% |
| Operating profit (loss) | 9901 | €72,938 | €32,326 | -€40,612 | -55.7% |
| Financial income | 75/76B | €1,297 | €1,560 | +€263 | +20.3% |
| Recurring financial income | 75 | €1,297 | €1,560 | +€263 | +20.3% |
| Financial charges | 65/66B | €24,002 | €22,297 | -€1,705 | -7.1% |
| Recurring financial charges | 65 | €24,002 | €22,297 | -€1,705 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €50,234 | €11,590 | -€38,644 | -76.9% |
| Income taxes | 67/77 | €12,694 | €3,025 | -€9,669 | -76.2% |
| Profit (loss) for the period | 9904 | €37,540 | €8,565 | -€28,976 | -77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,540 | €8,565 | -€28,976 | -77.2% |
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 1 November 2026 via checked.be.