E.R.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.M.
Largest movements
- Cash -€55,360
down €55,360 (-76.9%), from €71,992 to €16,632
mainly Trade debts (-€114,915) and Other debts (-€10,229)
- Receivables within one year -€38,827
down €38,827 (-40.1%), from €96,929 to €58,101
of which Trade receivables: -€31,577
- Tangible fixed assets -€19,723
down €19,723 (-21.0%), from €93,827 to €74,104
of which Furniture and vehicles: -€18,091
- Trade debts -€114,915
down €114,915 (-92.9%), from €123,719 to €8,804
- Other debts -€10,229
down €10,229 (-25.8%), from €39,586 to €29,357
- Reserves +€7,905
up €7,905 (+8.4%), from €94,606 to €102,511
- Gross operating margin -€30,121
down €30,121 (-36.8%), from €81,833 to €51,712
- Depreciation +€18,042
up €18,042 (+1,073%), from €1,682 to €19,723
- Taxes -€16,466
down €16,466 (-68.3%), from €24,122 to €7,656
- Write-downs +€9,849
new in 2025: €9,849
- Other operating charges +€2,409
up €2,409 (+75.1%), from €3,207 to €5,616
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 | €268,322 | €153,372 | -€114,950 | -42.8% |
| Fixed assets | 21/28 | €95,852 | €76,129 | -€19,723 | -20.6% |
| Tangible fixed assets | 22/27 | €93,827 | €74,104 | -€19,723 | -21.0% |
| Furniture and vehicles | 24 | €90,406 | €72,315 | -€18,091 | -20.0% |
| Other tangible fixed assets | 26 | €3,421 | €1,789 | -€1,632 | -47.7% |
| Financial fixed assets | 28 | €2,025 | €2,025 | = | 0.0% |
| Current assets | 29/58 | €172,470 | €77,243 | -€95,227 | -55.2% |
| Amounts receivable within one year | 40/41 | €96,929 | €58,101 | -€38,827 | -40.1% |
| Trade receivables | 40 | €81,223 | €49,647 | -€31,577 | -38.9% |
| Other amounts receivable | 41 | €15,705 | €8,455 | -€7,251 | -46.2% |
| Cash at bank and in hand | 54/58 | €71,992 | €16,632 | -€55,360 | -76.9% |
| Deferred charges and accrued income | 490/1 | €3,549 | €2,510 | -€1,039 | -29.3% |
| Total equity and liabilities | 10/49 | €268,322 | €153,372 | -€114,950 | -42.8% |
| Equity | 10/15 | €100,806 | €108,711 | +€7,905 | +7.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €94,606 | €102,511 | +€7,905 | +8.4% |
| Distributable reserves | 133 | €94,606 | €102,511 | +€7,905 | +8.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €167,516 | €44,661 | -€122,855 | -73.3% |
| Amounts payable within one year | 42/48 | €167,451 | €44,594 | -€122,857 | -73.4% |
| Trade debts | 44 | €123,719 | €8,804 | -€114,915 | -92.9% |
| Suppliers | 440/4 | €123,719 | €8,804 | -€114,915 | -92.9% |
| Taxes, remuneration and social security | 45 | €4,147 | €6,434 | +€2,287 | +55.2% |
| Taxes | 450/3 | €2,905 | €6,115 | +€3,211 | +111% |
| Remuneration and social security | 454/9 | €1,242 | €318 | -€923 | -74.4% |
| Other amounts payable | 47/48 | €39,586 | €29,357 | -€10,229 | -25.8% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Non-recurring operating income | 76A | - | €9,132 | +€9,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,682 | €19,723 | +€18,042 | +1,073% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,849 | +€9,849 | |
| Other operating charges | 640/8 | €3,207 | €5,616 | +€2,409 | +75.1% |
| Gross operating margin | 9900 | €81,833 | €51,712 | -€30,121 | -36.8% |
| Operating profit (loss) | 9901 | €76,944 | €16,523 | -€60,421 | -78.5% |
| Financial income | 75/76B | €26 | €0 | -€26 | -100% |
| Recurring financial income | 75 | €26 | €0 | -€26 | -100% |
| Financial charges | 65/66B | €57 | €962 | +€905 | +1,588% |
| Recurring financial charges | 65 | €57 | €962 | +€905 | +1,588% |
| Profit (loss) for the period before taxes | 9903 | €76,913 | €15,561 | -€61,352 | -79.8% |
| Income taxes | 67/77 | €24,122 | €7,656 | -€16,466 | -68.3% |
| Profit (loss) for the period | 9904 | €52,790 | €7,905 | -€44,885 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,790 | €7,905 | -€44,885 | -85.0% |
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 26 October 2026 via checked.be.