E.R.G.D.: 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.G.D.
Largest movements
- Cash -€16,527
down €16,527 (-68.5%), from €24,140 to €7,613
mainly Net result for the year (-€5,627) and Other debts (-€4,661)
- Tangible fixed assets +€1,989
up €1,989 (+128%), from €1,554 to €3,543
- Receivables within one year +€1,569
up €1,569 (+41.2%), from €3,813 to €5,382
of which Trade receivables: +€4,097
- Deferred charges and accrued income +€907
up €907 (+164%), from €554 to €1,461
- Reserves -€5,000
down €5,000 (-62.5%), from €8,000 to €3,000
of which Distributable reserves: -€5,000
- Other debts -€4,661
down €4,661 (-25.3%), from €18,411 to €13,750
- Trade debts -€1,420
down €1,420 (-56.1%), from €2,532 to €1,112
- Profit (loss) carried forward -€627
down €627 (-65.1%), from €963 to €336
- Gross operating margin -€24,778
down €24,778, from €21,506 to -€3,272
- Taxes -€5,220
no longer reported in 2025 (was €5,220)
- Depreciation +€1,163
up €1,163 (+112%), from €1,037 to €2,200
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 | €50,182 | €38,198 | -€11,984 | -23.9% |
| Fixed assets | 21/28 | €1,554 | €3,543 | +€1,989 | +128% |
| Tangible fixed assets | 22/27 | €1,554 | €3,543 | +€1,989 | +128% |
| Furniture and vehicles | 24 | €1,554 | €3,543 | +€1,989 | +128% |
| Current assets | 29/58 | €48,628 | €34,655 | -€13,973 | -28.7% |
| Amounts receivable within one year | 40/41 | €3,813 | €5,382 | +€1,569 | +41.2% |
| Trade receivables | 40 | - | €4,097 | +€4,097 | |
| Other amounts receivable | 41 | €3,813 | €1,285 | -€2,528 | -66.3% |
| Current investments | 50/53 | €20,121 | €20,199 | +€78 | +0.4% |
| Cash at bank and in hand | 54/58 | €24,140 | €7,613 | -€16,527 | -68.5% |
| Deferred charges and accrued income | 490/1 | €554 | €1,461 | +€907 | +164% |
| Total equity and liabilities | 10/49 | €50,182 | €38,198 | -€11,984 | -23.9% |
| Equity | 10/15 | €28,963 | €23,336 | -€5,627 | -19.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €3,000 | -€5,000 | -62.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €1,000 | -€5,000 | -83.3% |
| Profit (loss) carried forward | 14 | €963 | €336 | -€627 | -65.1% |
| Amounts payable | 17/49 | €21,219 | €14,862 | -€6,357 | -30.0% |
| Amounts payable within one year | 42/48 | €21,219 | €14,862 | -€6,357 | -30.0% |
| Trade debts | 44 | €2,532 | €1,112 | -€1,420 | -56.1% |
| Suppliers | 440/4 | €2,532 | €1,112 | -€1,420 | -56.1% |
| Taxes, remuneration and social security | 45 | €276 | - | -€276 | |
| Taxes | 450/3 | €276 | - | -€276 | |
| Other amounts payable | 47/48 | €18,411 | €13,750 | -€4,661 | -25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,037 | €2,200 | +€1,163 | +112% |
| Other operating charges | 640/8 | €85 | €85 | +€0 | 0.0% |
| Gross operating margin | 9900 | €21,506 | -€3,272 | -€24,778 | |
| Operating profit (loss) | 9901 | €20,384 | -€5,557 | -€25,941 | |
| Financial income | 75/76B | €101 | €108 | +€7 | +6.7% |
| Recurring financial income | 75 | €101 | €108 | +€7 | +6.7% |
| Financial charges | 65/66B | €166 | €178 | +€12 | +7.0% |
| Recurring financial charges | 65 | €166 | €178 | +€12 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €20,319 | -€5,627 | -€25,946 | |
| Income taxes | 67/77 | €5,220 | - | -€5,220 | |
| Profit (loss) for the period | 9904 | €15,099 | -€5,627 | -€20,726 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,099 | -€5,627 | -€20,726 |
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 23 October 2026 via checked.be.