EERCO: 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.
EERCO
Largest movements
- Receivables within one year -€69,563
down €69,563 (-11.5%), from €607,534 to €537,971
of which Trade receivables: -€90,583
- Tangible fixed assets -€28,297
down €28,297 (-7.6%), from €370,692 to €342,395
of which Land and buildings: -€27,317
- Stocks and contracts +€20,821
up €20,821 (+41.1%), from €50,601 to €71,422
of which Stocks: +€25,821
- Trade debts -€65,507
down €65,507 (-18.5%), from €354,938 to €289,431
- Other debts +€59,295
up €59,295 (+20.1%), from €294,585 to €353,881
- Profit (loss) carried forward -€48,583
down €48,583 (-42.7%), from €113,794 to €65,211
- Debts after one year -€21,207
down €21,207 (-16.4%), from €129,517 to €108,311
- Short-term financial debts +€10,667
up €10,667 (+116%), from €9,182 to €19,849
- Write-downs +€110,639
new in 2025: €110,639
- Staff costs -€98,020
down €98,020 (-58.9%), from €166,386 to €68,367
- Depreciation -€15,381
down €15,381 (-35.2%), from €43,678 to €28,297
- Gross operating margin +€13,579
up €13,579 (+8.3%), from €163,593 to €177,171
- Financial charges +€3,810
up €3,810 (+64.7%), from €5,891 to €9,701
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 | €1,036,343 | €961,928 | -€74,416 | -7.2% |
| Fixed assets | 21/28 | €374,189 | €345,892 | -€28,297 | -7.6% |
| Tangible fixed assets | 22/27 | €370,692 | €342,395 | -€28,297 | -7.6% |
| Land and buildings | 22 | €369,321 | €342,004 | -€27,317 | -7.4% |
| Plant, machinery and equipment | 23 | €327 | - | -€327 | |
| Leasing and similar rights | 25 | €1,044 | €391 | -€653 | -62.6% |
| Financial fixed assets | 28 | €3,497 | €3,497 | = | 0.0% |
| Current assets | 29/58 | €662,155 | €616,036 | -€46,119 | -7.0% |
| Stocks and contracts in progress | 3 | €50,601 | €71,422 | +€20,821 | +41.1% |
| Stocks | 30/36 | €45,601 | €71,422 | +€25,821 | +56.6% |
| Contracts in progress | 37 | €5,000 | - | -€5,000 | |
| Amounts receivable within one year | 40/41 | €607,534 | €537,971 | -€69,563 | -11.5% |
| Trade receivables | 40 | €591,632 | €501,048 | -€90,583 | -15.3% |
| Other amounts receivable | 41 | €15,902 | €36,923 | +€21,020 | +132% |
| Current investments | 50/53 | €3,040 | €3,040 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €980 | €3,603 | +€2,622 | +268% |
| Total equity and liabilities | 10/49 | €1,036,343 | €961,928 | -€74,416 | -7.2% |
| Equity | 10/15 | €211,387 | €162,804 | -€48,583 | -23.0% |
| Contributions | 10/11 | €78,088 | €78,088 | = | 0.0% |
| Reserves | 13 | €19,506 | €19,506 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,665 | €3,665 | = | 0.0% |
| Distributable reserves | 133 | €15,841 | €15,841 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,794 | €65,211 | -€48,583 | -42.7% |
| Amounts payable | 17/49 | €824,956 | €799,124 | -€25,832 | -3.1% |
| Amounts payable after more than one year | 17 | €129,517 | €108,311 | -€21,207 | -16.4% |
| Financial debts | 170/4 | €129,517 | €108,311 | -€21,207 | -16.4% |
| Amounts payable within one year | 42/48 | €695,439 | €690,814 | -€4,625 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €21,130 | €21,552 | +€422 | +2.0% |
| Financial debts | 43 | €9,182 | €19,849 | +€10,667 | +116% |
| Credit institutions | 430/8 | €9,182 | €19,849 | +€10,667 | +116% |
| Trade debts | 44 | €354,938 | €289,431 | -€65,507 | -18.5% |
| Suppliers | 440/4 | €354,938 | €289,431 | -€65,507 | -18.5% |
| Taxes, remuneration and social security | 45 | €15,604 | €6,101 | -€9,503 | -60.9% |
| Taxes | 450/3 | €1,452 | €1,206 | -€246 | -16.9% |
| Remuneration and social security | 454/9 | €14,151 | €4,894 | -€9,257 | -65.4% |
| Other amounts payable | 47/48 | €294,585 | €353,881 | +€59,295 | +20.1% |
| Remuneration, social security and pensions | 62 | €166,386 | €68,367 | -€98,020 | -58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,678 | €28,297 | -€15,381 | -35.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €110,639 | +€110,639 | |
| Other operating charges | 640/8 | €8,195 | €8,065 | -€129 | -1.6% |
| Gross operating margin | 9900 | €163,593 | €177,171 | +€13,579 | +8.3% |
| Operating profit (loss) | 9901 | -€54,666 | -€38,196 | +€16,470 | +30.1% |
| Financial income | 75/76B | €416 | €13 | -€403 | -96.8% |
| Recurring financial income | 75 | €416 | €13 | -€403 | -96.8% |
| Financial charges | 65/66B | €5,891 | €9,701 | +€3,810 | +64.7% |
| Recurring financial charges | 65 | €5,891 | €9,701 | +€3,810 | +64.7% |
| Profit (loss) for the period before taxes | 9903 | -€60,142 | -€47,884 | +€12,257 | +20.4% |
| Income taxes | 67/77 | - | €699 | +€699 | |
| Profit (loss) for the period | 9904 | -€60,142 | -€48,583 | +€11,558 | +19.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,142 | -€48,583 | +€11,558 | +19.2% |
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 15 October 2026 via checked.be.