E.R.S.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.S.D.
Largest movements
- Receivables within one year +€149,962
up €149,962 (+37.7%), from €397,931 to €547,893
of which Trade receivables: +€118,500
- Trade debts +€152,688
up €152,688 (+31,933%), from €478 to €153,166
- Other debts +€56,189
up €56,189 (+16.5%), from €340,754 to €396,943
- Tax, wage and social debts -€55,971
down €55,971 (-85.4%), from €65,521 to €9,551
- Profit (loss) carried forward -€27,563
down €27,563 (-97.3%), from €28,331 to €769
- Reserves +€24,000
up €24,000 (+1,290%), from €1,860 to €25,860
of which Distributable reserves: +€24,000
- Depreciation -€4,795
down €4,795 (-88.6%), from €5,413 to €618
- Gross operating margin -€1,712
down €1,712 (-336%), from -€510 to -€2,222
- Financial charges +€723
new in 2025: €723
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 | €443,150 | €592,494 | +€149,344 | +33.7% |
| Fixed assets | 21/28 | €45,183 | €44,565 | -€618 | -1.4% |
| Tangible fixed assets | 22/27 | €5,183 | €4,565 | -€618 | -11.9% |
| Furniture and vehicles | 24 | €5,183 | €4,565 | -€618 | -11.9% |
| Financial fixed assets | 28 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €397,968 | €547,929 | +€149,962 | +37.7% |
| Amounts receivable within one year | 40/41 | €397,931 | €547,893 | +€149,962 | +37.7% |
| Trade receivables | 40 | €351,803 | €470,303 | +€118,500 | +33.7% |
| Other amounts receivable | 41 | €46,128 | €77,590 | +€31,462 | +68.2% |
| Cash at bank and in hand | 54/58 | €36 | €36 | = | 0.0% |
| Total equity and liabilities | 10/49 | €443,150 | €592,494 | +€149,344 | +33.7% |
| Equity | 10/15 | €36,397 | €32,834 | -€3,563 | -9.8% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,860 | €25,860 | +€24,000 | +1,290% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €24,000 | +€24,000 | |
| Profit (loss) carried forward | 14 | €28,331 | €769 | -€27,563 | -97.3% |
| Amounts payable | 17/49 | €406,754 | €559,660 | +€152,907 | +37.6% |
| Amounts payable within one year | 42/48 | €406,754 | €559,660 | +€152,907 | +37.6% |
| Trade debts | 44 | €478 | €153,166 | +€152,688 | +31,933% |
| Suppliers | 440/4 | €478 | €153,166 | +€152,688 | +31,933% |
| Taxes, remuneration and social security | 45 | €65,521 | €9,551 | -€55,971 | -85.4% |
| Taxes | 450/3 | €65,521 | €9,551 | -€55,971 | -85.4% |
| Other amounts payable | 47/48 | €340,754 | €396,943 | +€56,189 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,413 | €618 | -€4,795 | -88.6% |
| Gross operating margin | 9900 | -€510 | -€2,222 | -€1,712 | -336% |
| Operating profit (loss) | 9901 | -€5,922 | -€2,839 | +€3,083 | +52.1% |
| Financial charges | 65/66B | - | €723 | +€723 | |
| Recurring financial charges | 65 | - | €723 | +€723 | |
| Profit (loss) for the period before taxes | 9903 | -€5,922 | -€3,563 | +€2,359 | +39.8% |
| Profit (loss) for the period | 9904 | -€5,922 | -€3,563 | +€2,359 | +39.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,922 | -€3,563 | +€2,359 | +39.8% |
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 19 October 2026 via checked.be.