ECERE: what changed
Two fiscal 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.
ECERE
Largest movements
- Current investments +€33,861
up €33,861 (+33.6%), from €100,880 to €134,741
- Receivables after one year -€30,697
down €30,697 (-44.6%), from €68,750 to €38,054
of which Trade receivables: -€68,750
- Tangible fixed assets -€23,830
down €23,830 (-8.3%), from €285,888 to €262,059
of which Land and buildings: -€23,000
- Cash -€12,341
down €12,341 (-63.0%), from €19,576 to €7,234
mainly Current investments (-€33,861) and Contributions, distributions and other (-€30,000)
- Other debts -€23,529
down €23,529 (-100.0%), from €23,529 to €0
- Debts after one year -€23,121
down €23,121 (-9.2%), from €251,325 to €228,205
- Reserves +€9,797
up €9,797 (+6.4%), from €154,221 to €164,018
- Tax, wage and social debts +€5,237
up €5,237 (+92.8%), from €5,643 to €10,881
of which Taxes: +€7,737
- Financial income -€18,918
down €18,918 (-97.8%), from €19,352 to €434
- Gross operating margin +€12,842
up €12,842 (+16.2%), from €79,446 to €92,288
- Taxes +€1,605
up €1,605 (+14.5%), from €11,058 to €12,662
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.
Cash bridge derived
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 | €480,244 | €448,015 | -€32,229 | -6.7% |
| Fixed assets | 21/28 | €285,888 | €262,059 | -€23,830 | -8.3% |
| Tangible fixed assets | 22/27 | €285,888 | €262,059 | -€23,830 | -8.3% |
| Land and buildings | 22 | €247,250 | €224,250 | -€23,000 | -9.3% |
| Plant, machinery and equipment | 23 | €541 | €510 | -€31 | -5.7% |
| Furniture and vehicles | 24 | €6,161 | €11,663 | +€5,502 | +89.3% |
| Other tangible fixed assets | 26 | €31,936 | €25,635 | -€6,301 | -19.7% |
| Current assets | 29/58 | €194,356 | €185,957 | -€8,399 | -4.3% |
| Amounts receivable after more than one year | 29 | €68,750 | €38,054 | -€30,697 | -44.6% |
| Trade receivables | 290 | €68,750 | €0 | -€68,750 | -100.0% |
| Other amounts receivable | 291 | - | €38,054 | +€38,054 | |
| Amounts receivable within one year | 40/41 | €2,404 | €2,968 | +€564 | +23.4% |
| Other amounts receivable | 41 | €2,404 | €2,968 | +€564 | +23.4% |
| Current investments | 50/53 | €100,880 | €134,741 | +€33,861 | +33.6% |
| Cash at bank and in hand | 54/58 | €19,576 | €7,234 | -€12,341 | -63.0% |
| Deferred charges and accrued income | 490/1 | €2,746 | €2,960 | +€214 | +7.8% |
| Total equity and liabilities | 10/49 | €480,244 | €448,015 | -€32,229 | -6.7% |
| Equity | 10/15 | €174,681 | €184,478 | +€9,797 | +5.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €154,221 | €164,018 | +€9,797 | +6.4% |
| Distributable reserves | 133 | €154,221 | €164,018 | +€9,797 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €305,564 | €263,538 | -€42,026 | -13.8% |
| Amounts payable after more than one year | 17 | €251,325 | €228,205 | -€23,121 | -9.2% |
| Financial debts | 170/4 | €251,325 | €228,205 | -€23,121 | -9.2% |
| Amounts payable within one year | 42/48 | €54,238 | €35,333 | -€18,905 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €22,703 | €23,121 | +€418 | +1.8% |
| Trade debts | 44 | €2,362 | €1,331 | -€1,031 | -43.6% |
| Suppliers | 440/4 | €2,362 | €1,331 | -€1,031 | -43.6% |
| Taxes, remuneration and social security | 45 | €5,643 | €10,881 | +€5,237 | +92.8% |
| Taxes | 450/3 | €3,143 | €10,881 | +€7,737 | +246.1% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100.0% |
| Other amounts payable | 47/48 | €23,529 | €0 | -€23,529 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,348 | €32,240 | +€892 | +2.8% |
| Other operating charges | 640/8 | €2,582 | €2,680 | +€98 | +3.8% |
| Gross operating margin | 9900 | €79,446 | €92,288 | +€12,842 | +16.2% |
| Operating profit (loss) | 9901 | €45,516 | €57,368 | +€11,852 | +26.0% |
| Financial income | 75/76B | €19,352 | €434 | -€18,918 | -97.8% |
| Recurring financial income | 75 | €19,352 | €434 | -€18,918 | -97.8% |
| Financial charges | 65/66B | €5,600 | €5,342 | -€258 | -4.6% |
| Recurring financial charges | 65 | €5,600 | €5,342 | -€258 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €59,268 | €52,459 | -€6,809 | -11.5% |
| Income taxes | 67/77 | €11,058 | €12,662 | +€1,605 | +14.5% |
| Profit (loss) for the period | 9904 | €48,210 | €39,797 | -€8,413 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €48,210 | €39,797 | -€8,413 | -17.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.