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
- Tangible fixed assets +€25,138
up €25,138 (+2,511%), from €1,001 to €26,140
of which Furniture and vehicles: +€25,563
- Receivables within one year +€11,312
up €11,312 (+570%), from €1,984 to €13,296
of which Other amounts receivable: +€8,827
- Cash +€7,188
up €7,188 (+169%), from €4,253 to €11,441
mainly Other debts (+€24,190) and Net result for the year (+€10,941)
- Stocks and contracts -€2,000
down €2,000 (-30.8%), from €6,500 to €4,500
- Other debts +€24,190
up €24,190 (+1,075%), from €2,251 to €26,440
- Reserves +€8,263
up €8,263 (+444%), from €1,860 to €10,123
of which Distributable reserves: +€6,403
- Tax, wage and social debts +€4,827
new in 2025: €4,827
of which Taxes: +€3,150
- Trade debts +€4,678
up €4,678 (+142%), from €3,304 to €7,982
- Profit (loss) carried forward +€2,678
no longer reported in 2025 (was -€2,678)
- Gross operating margin +€17,158
up €17,158 (+4,005%), from €428 to €17,587
- Taxes +€3,004
up €3,004 (+2,056%), from €146 to €3,150
- Financial income -€1,355
down €1,355 (-97.9%), from €1,384 to €30
- Depreciation +€626
up €626 (+141%), from €443 to €1,068
- Financial charges -€307
down €307 (-36.9%), from €832 to €525
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 | €14,411 | €56,307 | +€41,896 | +291% |
| Fixed assets | 21/28 | €1,001 | €26,140 | +€25,138 | +2,511% |
| Tangible fixed assets | 22/27 | €1,001 | €26,140 | +€25,138 | +2,511% |
| Plant, machinery and equipment | 23 | €1,001 | €577 | -€425 | -42.4% |
| Furniture and vehicles | 24 | - | €25,563 | +€25,563 | |
| Current assets | 29/58 | €13,410 | €30,168 | +€16,758 | +125% |
| Stocks and contracts in progress | 3 | €6,500 | €4,500 | -€2,000 | -30.8% |
| Stocks | 30/36 | €6,500 | €4,500 | -€2,000 | -30.8% |
| Amounts receivable within one year | 40/41 | €1,984 | €13,296 | +€11,312 | +570% |
| Trade receivables | 40 | €151 | €2,636 | +€2,485 | +1,642% |
| Other amounts receivable | 41 | €1,833 | €10,660 | +€8,827 | +481% |
| Cash at bank and in hand | 54/58 | €4,253 | €11,441 | +€7,188 | +169% |
| Deferred charges and accrued income | 490/1 | €672 | €931 | +€258 | +38.4% |
| Total equity and liabilities | 10/49 | €14,411 | €56,307 | +€41,896 | +291% |
| Equity | 10/15 | €5,382 | €16,323 | +€10,941 | +203% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €10,123 | +€8,263 | +444% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €1,860 | €8,263 | +€6,403 | +344% |
| Profit (loss) carried forward | 14 | -€2,678 | - | +€2,678 | |
| Amounts payable | 17/49 | €9,029 | €39,985 | +€30,955 | +343% |
| Amounts payable within one year | 42/48 | €6,657 | €39,250 | +€32,593 | +490% |
| Current portion of amounts payable after more than one year | 42 | €1,102 | - | -€1,102 | |
| Trade debts | 44 | €3,304 | €7,982 | +€4,678 | +142% |
| Suppliers | 440/4 | €3,304 | €7,982 | +€4,678 | +142% |
| Taxes, remuneration and social security | 45 | - | €4,827 | +€4,827 | |
| Taxes | 450/3 | - | €3,150 | +€3,150 | |
| Remuneration and social security | 454/9 | - | €1,677 | +€1,677 | |
| Other amounts payable | 47/48 | €2,251 | €26,440 | +€24,190 | +1,075% |
| Accrued charges and deferred income | 492/3 | €2,372 | €735 | -€1,638 | -69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €443 | €1,068 | +€626 | +141% |
| Other operating charges | 640/8 | €2,053 | €1,932 | -€121 | -5.9% |
| Gross operating margin | 9900 | €428 | €17,587 | +€17,158 | +4,005% |
| Operating profit (loss) | 9901 | -€2,067 | €14,587 | +€16,654 | |
| Financial income | 75/76B | €1,384 | €30 | -€1,355 | -97.9% |
| Recurring financial income | 75 | €1,384 | €30 | -€1,355 | -97.9% |
| Financial charges | 65/66B | €832 | €525 | -€307 | -36.9% |
| Recurring financial charges | 65 | €832 | €525 | -€307 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,515 | €14,091 | +€15,606 | |
| Income taxes | 67/77 | €146 | €3,150 | +€3,004 | +2,056% |
| Profit (loss) for the period | 9904 | -€1,661 | €10,941 | +€12,602 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,661 | €10,941 | +€12,602 |
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 28 October 2026 via checked.be.