E.R.D.I.: 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.D.I.
Largest movements
- Receivables within one year +€256,153
up €256,153 (+438%), from €58,419 to €314,572
of which Trade receivables: +€238,054
- Stocks and contracts -€247,610
down €247,610 (-84.2%), from €294,110 to €46,500
of which Stocks: -€128,129
- Deferred charges and accrued income -€8,219
no longer reported in 2026 (was €8,219)
- Tangible fixed assets +€7,851
up €7,851 (+9.4%), from €83,627 to €91,478
of which Plant, machinery and equipment: +€27,688
- Cash -€6,723
down €6,723 (-56.8%), from €11,839 to €5,117
mainly Receivables within one year (-€256,153) and Short-term financial debts (-€155,023)
- Short-term financial debts -€155,023
no longer reported in 2026 (was €155,023)
- Other debts +€129,218
new in 2026: €129,218
- Trade debts +€15,959
up €15,959 (+30.1%), from €53,054 to €69,013
- Debts after one year +€12,454
up €12,454 (+69.7%), from €17,867 to €30,321
- Current portion of long-term debt -€10,849
down €10,849 (-37.9%), from €28,627 to €17,777
- Gross operating margin +€60,092
up €60,092 (+91.1%), from €65,955 to €126,047
- Staff costs +€53,256
up €53,256 (+447%), from €11,918 to €65,174
- Financial charges +€8,686
up €8,686 (+241%), from €3,607 to €12,293
- Depreciation +€2,389
up €2,389 (+8.1%), from €29,463 to €31,852
- Taxes +€1,268
up €1,268 (+24.9%), from €5,094 to €6,362
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €456,484 | €457,937 | +€1,453 | +0.3% |
| Fixed assets | 21/28 | €83,897 | €91,748 | +€7,851 | +9.4% |
| Tangible fixed assets | 22/27 | €83,627 | €91,478 | +€7,851 | +9.4% |
| Plant, machinery and equipment | 23 | €17,495 | €45,183 | +€27,688 | +158% |
| Furniture and vehicles | 24 | €26,069 | €12,708 | -€13,361 | -51.3% |
| Other tangible fixed assets | 26 | €40,062 | €33,587 | -€6,476 | -16.2% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €372,587 | €366,189 | -€6,399 | -1.7% |
| Stocks and contracts in progress | 3 | €294,110 | €46,500 | -€247,610 | -84.2% |
| Stocks | 30/36 | €142,360 | €14,231 | -€128,129 | -90.0% |
| Contracts in progress | 37 | €151,750 | €32,269 | -€119,481 | -78.7% |
| Amounts receivable within one year | 40/41 | €58,419 | €314,572 | +€256,153 | +438% |
| Trade receivables | 40 | €32,969 | €271,022 | +€238,054 | +722% |
| Other amounts receivable | 41 | €25,451 | €43,550 | +€18,099 | +71.1% |
| Cash at bank and in hand | 54/58 | €11,839 | €5,117 | -€6,723 | -56.8% |
| Deferred charges and accrued income | 490/1 | €8,219 | - | -€8,219 | |
| Total equity and liabilities | 10/49 | €456,484 | €457,937 | +€1,453 | +0.3% |
| Equity | 10/15 | €201,914 | €211,608 | +€9,694 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €183,314 | €193,008 | +€9,694 | +5.3% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €183,014 | €192,708 | +€9,694 | +5.3% |
| Amounts payable | 17/49 | €254,570 | €246,329 | -€8,241 | -3.2% |
| Amounts payable after more than one year | 17 | €17,867 | €30,321 | +€12,454 | +69.7% |
| Financial debts | 170/4 | €17,867 | €30,321 | +€12,454 | +69.7% |
| Amounts payable within one year | 42/48 | €236,703 | €216,008 | -€20,695 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €28,627 | €17,777 | -€10,849 | -37.9% |
| Financial debts | 43 | €155,023 | - | -€155,023 | |
| Credit institutions | 430/8 | €155,023 | - | -€155,023 | |
| Trade debts | 44 | €53,054 | €69,013 | +€15,959 | +30.1% |
| Suppliers | 440/4 | €53,054 | €69,013 | +€15,959 | +30.1% |
| Other amounts payable | 47/48 | - | €129,218 | +€129,218 | |
| Remuneration, social security and pensions | 62 | €11,918 | €65,174 | +€53,256 | +447% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,463 | €31,852 | +€2,389 | +8.1% |
| Other operating charges | 640/8 | €844 | €1,264 | +€420 | +49.8% |
| Gross operating margin | 9900 | €65,955 | €126,047 | +€60,092 | +91.1% |
| Operating profit (loss) | 9901 | €23,729 | €27,757 | +€4,028 | +17.0% |
| Financial income | 75/76B | - | €591 | +€591 | |
| Recurring financial income | 75 | - | €591 | +€591 | |
| Financial charges | 65/66B | €3,607 | €12,293 | +€8,686 | +241% |
| Recurring financial charges | 65 | €3,607 | €12,293 | +€8,686 | +241% |
| Profit (loss) for the period before taxes | 9903 | €20,122 | €16,055 | -€4,067 | -20.2% |
| Income taxes | 67/77 | €5,094 | €6,362 | +€1,268 | +24.9% |
| Profit (loss) for the period | 9904 | €15,029 | €9,694 | -€5,335 | -35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,029 | €9,694 | -€5,335 | -35.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.