E.R.C.: 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.
E.R.C.
Largest movements
- Tangible fixed assets -€16,520
down €16,520 (-18.8%), from €87,759 to €71,238
of which Furniture and vehicles: -€16,296
- Receivables within one year -€14,573
down €14,573 (-29.9%), from €48,775 to €34,203
of which Trade receivables: -€9,877
- Cash +€3,342
up €3,342 (+79.8%), from €4,187 to €7,529
mainly Depreciation (+€33,220) and Receivables within one year (+€14,573)
- Other debts -€13,635
down €13,635 (-11.6%), from €117,055 to €103,420
- Current portion of long-term debt -€8,787
down €8,787 (-53.2%), from €16,512 to €7,726
- Debts after one year -€7,726
down €7,726 (-5.4%), from €142,706 to €134,980
of which Financial debts: -€7,726
- Profit (loss) carried forward +€5,515
up €5,515 (+2.7%), from -€202,314 to -€196,799
- Trade debts -€5,390
down €5,390 (-50.1%), from €10,755 to €5,366
- Write-downs -€13,811
down €13,811, from €10,243 to -€3,568
- Other operating charges +€10,669
up €10,669 (+76.1%), from €14,029 to €24,698
- Depreciation -€4,723
down €4,723 (-12.4%), from €37,943 to €33,220
- Gross operating margin -€3,328
down €3,328 (-5.2%), from €64,198 to €60,871
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 | €149,714 | €121,997 | -€27,717 | -18.5% |
| Fixed assets | 21/28 | €87,759 | €71,238 | -€16,520 | -18.8% |
| Tangible fixed assets | 22/27 | €87,759 | €71,238 | -€16,520 | -18.8% |
| Plant, machinery and equipment | 23 | €1,078 | €853 | -€225 | -20.8% |
| Furniture and vehicles | 24 | €86,681 | €70,385 | -€16,296 | -18.8% |
| Current assets | 29/58 | €61,955 | €50,759 | -€11,197 | -18.1% |
| Amounts receivable within one year | 40/41 | €48,775 | €34,203 | -€14,573 | -29.9% |
| Trade receivables | 40 | €41,973 | €32,096 | -€9,877 | -23.5% |
| Other amounts receivable | 41 | €6,803 | €2,107 | -€4,695 | -69.0% |
| Cash at bank and in hand | 54/58 | €4,187 | €7,529 | +€3,342 | +79.8% |
| Deferred charges and accrued income | 490/1 | €8,993 | €9,027 | +€34 | +0.4% |
| Total equity and liabilities | 10/49 | €149,714 | €121,997 | -€27,717 | -18.5% |
| Equity | 10/15 | -€137,314 | -€131,799 | +€5,515 | +4.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€202,314 | -€196,799 | +€5,515 | +2.7% |
| Amounts payable | 17/49 | €287,028 | €253,796 | -€33,232 | -11.6% |
| Amounts payable after more than one year | 17 | €142,706 | €134,980 | -€7,726 | -5.4% |
| Financial debts | 170/4 | €12,706 | €4,980 | -€7,726 | -60.8% |
| Other amounts payable | 178/9 | €130,000 | €130,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €144,322 | €118,576 | -€25,746 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €16,512 | €7,726 | -€8,787 | -53.2% |
| Trade debts | 44 | €10,755 | €5,366 | -€5,390 | -50.1% |
| Suppliers | 440/4 | €10,755 | €5,366 | -€5,390 | -50.1% |
| Taxes, remuneration and social security | 45 | €0 | €2,065 | +€2,065 | |
| Taxes | 450/3 | €0 | €2,065 | +€2,065 | |
| Other amounts payable | 47/48 | €117,055 | €103,420 | -€13,635 | -11.6% |
| Accrued charges and deferred income | 492/3 | - | €240 | +€240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,943 | €33,220 | -€4,723 | -12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,243 | -€3,568 | -€13,811 | |
| Other operating charges | 640/8 | €14,029 | €24,698 | +€10,669 | +76.1% |
| Gross operating margin | 9900 | €64,198 | €60,871 | -€3,328 | -5.2% |
| Operating profit (loss) | 9901 | €1,983 | €6,520 | +€4,537 | +228.8% |
| Financial income | 75/76B | €452 | €309 | -€144 | -31.8% |
| Recurring financial income | 75 | €452 | €309 | -€144 | -31.8% |
| Financial charges | 65/66B | €1,254 | €1,314 | +€60 | +4.8% |
| Recurring financial charges | 65 | €1,254 | €1,314 | +€60 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €1,182 | €5,515 | +€4,333 | +366.6% |
| Profit (loss) for the period | 9904 | €1,182 | €5,515 | +€4,333 | +366.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,182 | €5,515 | +€4,333 | +366.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.