E.R.V.E.R.: 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.V.E.R.
Largest movements
- Cash -€124,555
down €124,555 (-79.3%), from €157,005 to €32,450
mainly Contributions, distributions and other (-€164,167) and Investment in fixed assets (net) (-€102,409)
- Tangible fixed assets +€82,088
up €82,088 (+157%), from €52,412 to €134,501
of which Plant, machinery and equipment: +€96,234
- Receivables within one year +€23,169
up €23,169 (+146%), from €15,824 to €38,993
of which Other amounts receivable: +€23,053
- Receivables after one year +€19,733
up €19,733 (+3.2%), from €616,383 to €636,117
- Current portion of long-term debt +€50,627
up €50,627 (+44.0%), from €115,049 to €165,676
- Other debts -€31,639
down €31,639 (-16.2%), from €195,806 to €164,167
- Debts after one year -€15,676
down €15,676 (-36.2%), from €43,268 to €27,592
- Gross operating margin +€18,063
up €18,063 (+9.1%), from €199,100 to €217,162
- Taxes -€13,885
down €13,885 (-23.2%), from €59,785 to €45,900
- Depreciation +€5,547
up €5,547 (+37.5%), from €14,774 to €20,321
- Financial income +€3,258
up €3,258 (+17.9%), from €18,155 to €21,413
- Financial charges +€2,558
up €2,558 (+50.1%), from €5,109 to €7,668
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 | €841,670 | €845,253 | +€3,583 | +0.4% |
| Fixed assets | 21/28 | €52,412 | €134,501 | +€82,088 | +157% |
| Tangible fixed assets | 22/27 | €52,412 | €134,501 | +€82,088 | +157% |
| Plant, machinery and equipment | 23 | €945 | €97,179 | +€96,234 | +10,185% |
| Furniture and vehicles | 24 | €51,467 | €37,322 | -€14,146 | -27.5% |
| Current assets | 29/58 | €789,257 | €710,752 | -€78,505 | -9.9% |
| Amounts receivable after more than one year | 29 | €616,383 | €636,117 | +€19,733 | +3.2% |
| Other amounts receivable | 291 | €616,383 | €636,117 | +€19,733 | +3.2% |
| Amounts receivable within one year | 40/41 | €15,824 | €38,993 | +€23,169 | +146% |
| Trade receivables | 40 | - | €116 | +€116 | |
| Other amounts receivable | 41 | €15,824 | €38,876 | +€23,053 | +146% |
| Cash at bank and in hand | 54/58 | €157,005 | €32,450 | -€124,555 | -79.3% |
| Deferred charges and accrued income | 490/1 | €46 | €3,193 | +€3,147 | +6,891% |
| Total equity and liabilities | 10/49 | €841,670 | €845,253 | +€3,583 | +0.4% |
| Equity | 10/15 | €454,860 | €454,860 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €436,260 | €436,260 | = | 0.0% |
| Distributable reserves | 133 | €436,260 | €436,260 | = | 0.0% |
| Amounts payable | 17/49 | €386,810 | €390,393 | +€3,583 | +0.9% |
| Amounts payable after more than one year | 17 | €43,268 | €27,592 | -€15,676 | -36.2% |
| Financial debts | 170/4 | €43,268 | €27,592 | -€15,676 | -36.2% |
| Amounts payable within one year | 42/48 | €341,615 | €361,145 | +€19,531 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €115,049 | €165,676 | +€50,627 | +44.0% |
| Trade debts | 44 | €4,918 | €4,920 | +€2 | 0.0% |
| Suppliers | 440/4 | €4,918 | €4,920 | +€2 | 0.0% |
| Taxes, remuneration and social security | 45 | €25,842 | €26,382 | +€540 | +2.1% |
| Taxes | 450/3 | €25,842 | €26,382 | +€540 | +2.1% |
| Other amounts payable | 47/48 | €195,806 | €164,167 | -€31,639 | -16.2% |
| Accrued charges and deferred income | 492/3 | €1,927 | €1,655 | -€272 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,774 | €20,321 | +€5,547 | +37.5% |
| Other operating charges | 640/8 | €392 | €520 | +€128 | +32.7% |
| Gross operating margin | 9900 | €199,100 | €217,162 | +€18,063 | +9.1% |
| Operating profit (loss) | 9901 | €183,934 | €196,322 | +€12,388 | +6.7% |
| Financial income | 75/76B | €18,155 | €21,413 | +€3,258 | +17.9% |
| Recurring financial income | 75 | €18,155 | €21,413 | +€3,258 | +17.9% |
| Financial charges | 65/66B | €5,109 | €7,668 | +€2,558 | +50.1% |
| Recurring financial charges | 65 | €5,109 | €7,668 | +€2,558 | +50.1% |
| Profit (loss) for the period before taxes | 9903 | €196,979 | €210,067 | +€13,088 | +6.6% |
| Income taxes | 67/77 | €59,785 | €45,900 | -€13,885 | -23.2% |
| Profit (loss) for the period | 9904 | €137,194 | €164,167 | +€26,973 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €137,194 | €164,167 | +€26,973 | +19.7% |
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 22 October 2026 via checked.be.