E.R.G.M.: 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.M.
Largest movements
- Tangible fixed assets -€20,763
down €20,763 (-8.0%), from €258,733 to €237,970
- Debts after one year -€34,213
down €34,213 (-41.3%), from €82,868 to €48,654
- Other debts +€8,510
up €8,510 (+12.7%), from €66,936 to €75,446
- Profit (loss) carried forward +€3,053
up €3,053 (+1.8%), from -€173,474 to -€170,422
- Other operating charges -€4,464
down €4,464 (-51.3%), from €8,695 to €4,231
- Financial charges -€1,908
down €1,908 (-24.3%), from €7,840 to €5,932
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 | €261,267 | €241,058 | -€20,208 | -7.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €260,133 | €239,370 | -€20,763 | -8.0% |
| Tangible fixed assets | 22/27 | €258,733 | €237,970 | -€20,763 | -8.0% |
| Land and buildings | 22 | €258,733 | €237,970 | -€20,763 | -8.0% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €1,133 | €1,688 | +€555 | +49.0% |
| Amounts receivable within one year | 40/41 | €0 | €0 | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,133 | €1,688 | +€555 | +49.0% |
| Total equity and liabilities | 10/49 | €261,267 | €241,058 | -€20,208 | -7.7% |
| Equity | 10/15 | €73,415 | €76,467 | +€3,053 | +4.2% |
| Contributions | 10/11 | €246,269 | €246,269 | = | 0.0% |
| Capital | 10 | €246,269 | €246,269 | = | 0.0% |
| Issued capital | 100 | €287,000 | €287,000 | = | 0.0% |
| Uncalled capital | 101 | €40,731 | €40,731 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€173,474 | -€170,422 | +€3,053 | +1.8% |
| Amounts payable | 17/49 | €187,852 | €164,591 | -€23,261 | -12.4% |
| Amounts payable after more than one year | 17 | €82,868 | €48,654 | -€34,213 | -41.3% |
| Financial debts | 170/4 | €82,868 | €48,654 | -€34,213 | -41.3% |
| Amounts payable within one year | 42/48 | €104,984 | €115,937 | +€10,953 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €32,102 | €34,113 | +€2,011 | +6.3% |
| Trade debts | 44 | €5,946 | €6,377 | +€431 | +7.3% |
| Suppliers | 440/4 | €5,946 | €6,377 | +€431 | +7.3% |
| Other amounts payable | 47/48 | €66,936 | €75,446 | +€8,510 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,764 | €20,763 | -€0 | 0.0% |
| Other operating charges | 640/8 | €8,695 | €4,231 | -€4,464 | -51.3% |
| Gross operating margin | 9900 | €34,263 | €33,979 | -€284 | -0.8% |
| Operating profit (loss) | 9901 | €4,805 | €8,985 | +€4,180 | +87.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,840 | €5,932 | -€1,908 | -24.3% |
| Recurring financial charges | 65 | €7,840 | €5,932 | -€1,908 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,035 | €3,052 | +€6,087 | |
| Profit (loss) for the period | 9904 | -€3,035 | €3,052 | +€6,087 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,035 | €3,052 | +€6,087 |
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 25 October 2026 via checked.be.