EERSELS: 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.
EERSELS
Largest movements
- Financial fixed assets +€420,736
up €420,736 (+3.7%), from €11.4m to €11.8m
- Receivables within one year -€398,595
down €398,595 (-33.0%), from €1.2m to €809,039
of which Other amounts receivable: -€372,611
- Cash -€267,695
down €267,695 (-41.8%), from €640,246 to €372,551
mainly Investment in fixed assets (net) (-€420,736) and Debts after one year (-€315,000)
- Debts after one year -€315,000
down €315,000 (-10.3%), from €3.1m to €2.7m
of which Financial debts: -€315,000
- Financial income -€1.2m
down €1.2m (-82.6%), from €1.5m to €253,857
of which Non-recurring financial income: -€1.1m
- Taxes -€107,941
down €107,941 (-89.3%), from €120,820 to €12,879
- Financial charges -€14,911
down €14,911 (-11.6%), from €128,461 to €113,551
- Gross operating margin +€11,804
up €11,804, from -€243 to €11,561
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 | €14,116,997 | €13,901,123 | -€215,874 | -1.5% |
| Fixed assets | 21/28 | €11,629,869 | €12,050,274 | +€420,405 | +3.6% |
| Tangible fixed assets | 22/27 | €235,906 | €235,575 | -€331 | -0.1% |
| Land and buildings | 22 | €235,906 | €235,575 | -€331 | -0.1% |
| Financial fixed assets | 28 | €11,393,963 | €11,814,699 | +€420,736 | +3.7% |
| Current assets | 29/58 | €2,487,128 | €1,850,849 | -€636,278 | -25.6% |
| Amounts receivable after more than one year | 29 | €639,000 | €669,000 | +€30,000 | +4.7% |
| Other amounts receivable | 291 | €639,000 | €669,000 | +€30,000 | +4.7% |
| Amounts receivable within one year | 40/41 | €1,207,634 | €809,039 | -€398,595 | -33.0% |
| Trade receivables | 40 | €27,634 | €1,650 | -€25,984 | -94.0% |
| Other amounts receivable | 41 | €1,180,000 | €807,389 | -€372,611 | -31.6% |
| Cash at bank and in hand | 54/58 | €640,246 | €372,551 | -€267,695 | -41.8% |
| Deferred charges and accrued income | 490/1 | €248 | €260 | +€12 | +4.7% |
| Total equity and liabilities | 10/49 | €14,116,997 | €13,901,123 | -€215,874 | -1.5% |
| Equity | 10/15 | €10,891,205 | €11,027,452 | +€136,247 | +1.3% |
| Contributions | 10/11 | €8,072,018 | €8,072,018 | = | 0.0% |
| Capital | 10 | €8,072,018 | €8,072,018 | = | 0.0% |
| Issued capital | 100 | €8,072,018 | €8,072,018 | = | 0.0% |
| Revaluation surpluses | 12 | €99,699 | €99,699 | = | 0.0% |
| Reserves | 13 | €2,719,488 | €2,855,735 | +€136,247 | +5.0% |
| Non-distributable reserves | 130/1 | €222,459 | €229,915 | +€7,456 | +3.4% |
| Legal reserve | 130 | €222,459 | €229,915 | +€7,456 | +3.4% |
| Distributable reserves | 133 | €2,497,029 | €2,625,820 | +€128,791 | +5.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,225,793 | €2,873,672 | -€352,121 | -10.9% |
| Amounts payable after more than one year | 17 | €3,060,100 | €2,745,100 | -€315,000 | -10.3% |
| Financial debts | 170/4 | €3,059,000 | €2,744,000 | -€315,000 | -10.3% |
| Other amounts payable | 178/9 | €1,100 | €1,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €165,693 | €128,572 | -€37,121 | -22.4% |
| Taxes, remuneration and social security | 45 | €115,693 | €128,572 | +€12,879 | +11.1% |
| Taxes | 450/3 | €115,693 | €128,572 | +€12,879 | +11.1% |
| Other amounts payable | 47/48 | €50,000 | €0 | -€50,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €285 | €331 | +€47 | +16.5% |
| Other operating charges | 640/8 | €2,338 | €2,409 | +€72 | +3.1% |
| Gross operating margin | 9900 | -€243 | €11,561 | +€11,804 | |
| Operating profit (loss) | 9901 | -€2,865 | €8,820 | +€11,685 | |
| Financial income | 75/76B | €1,460,350 | €253,857 | -€1.2m | -82.6% |
| Recurring financial income | 75 | €323,606 | €253,857 | -€69,749 | -21.6% |
| Non-recurring financial income | 76B | €1,136,744 | €0 | -€1.1m | -100% |
| Financial charges | 65/66B | €128,461 | €113,551 | -€14,911 | -11.6% |
| Recurring financial charges | 65 | €128,461 | €113,551 | -€14,911 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €1,329,023 | €149,126 | -€1.2m | -88.8% |
| Income taxes | 67/77 | €120,820 | €12,879 | -€107,941 | -89.3% |
| Profit (loss) for the period | 9904 | €1,208,203 | €136,247 | -€1.1m | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,208,203 | €136,247 | -€1.1m | -88.7% |
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 17 October 2026 via checked.be.