EERTMANS: 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.
EERTMANS
Largest movements
- Intangible fixed assets -€182,788
down €182,788 (-68.2%), from €267,838 to €85,050
- Receivables within one year -€37,957
down €37,957 (-14.1%), from €269,913 to €231,956
of which Other amounts receivable: -€36,357
- Cash +€34,884
up €34,884 (+496.7%), from €7,023 to €41,907
mainly Investment in fixed assets (net) (+€126,735) and Depreciation (+€51,561)
- Debts after one year -€165,950
down €165,950 (-68.5%), from €242,356 to €76,406
- Current portion of long-term debt -€26,559
down €26,559 (-31.9%), from €83,134 to €56,574
- Trade debts +€12,670
up €12,670 (+104.9%), from €12,080 to €24,750
- Tax, wage and social debts -€6,230
down €6,230 (-22.1%), from €28,174 to €21,944
of which Remuneration and social security: -€5,018
- Gross operating margin -€16,750
down €16,750 (-8.9%), from €188,782 to €172,032
- Staff costs +€8,704
up €8,704 (+10.5%), from €83,250 to €91,955
- Financial income +€2,375
up €2,375 (+49.0%), from €4,844 to €7,219
- Taxes +€1,906
up €1,906 (+16.4%), from €11,594 to €13,500
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 | €581,627 | €400,258 | -€181,368 | -31.2% |
| Fixed assets | 21/28 | €304,691 | €126,396 | -€178,295 | -58.5% |
| Intangible fixed assets | 21 | €267,838 | €85,050 | -€182,788 | -68.2% |
| Tangible fixed assets | 22/27 | €36,853 | €41,346 | +€4,493 | +12.2% |
| Land and buildings | 22 | €27,153 | €39,609 | +€12,455 | +45.9% |
| Plant, machinery and equipment | 23 | - | €1,201 | +€1,201 | |
| Furniture and vehicles | 24 | €9,699 | €537 | -€9,163 | -94.5% |
| Current assets | 29/58 | €276,936 | €273,863 | -€3,073 | -1.1% |
| Amounts receivable within one year | 40/41 | €269,913 | €231,956 | -€37,957 | -14.1% |
| Trade receivables | 40 | €1,600 | - | -€1,600 | |
| Other amounts receivable | 41 | €268,313 | €231,956 | -€36,357 | -13.6% |
| Cash at bank and in hand | 54/58 | €7,023 | €41,907 | +€34,884 | +496.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €581,627 | €400,258 | -€181,368 | -31.2% |
| Equity | 10/15 | €215,882 | €220,584 | +€4,702 | +2.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €17,337 | €17,337 | = | 0.0% |
| Distributable reserves | 133 | €17,337 | €17,337 | = | 0.0% |
| Profit (loss) carried forward | 14 | €186,145 | €190,847 | +€4,702 | +2.5% |
| Amounts payable | 17/49 | €365,744 | €179,674 | -€186,070 | -50.9% |
| Amounts payable after more than one year | 17 | €242,356 | €76,406 | -€165,950 | -68.5% |
| Financial debts | 170/4 | €242,356 | €76,406 | -€165,950 | -68.5% |
| Amounts payable within one year | 42/48 | €123,388 | €103,268 | -€20,120 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €83,134 | €56,574 | -€26,559 | -31.9% |
| Trade debts | 44 | €12,080 | €24,750 | +€12,670 | +104.9% |
| Suppliers | 440/4 | €12,080 | €24,750 | +€12,670 | +104.9% |
| Taxes, remuneration and social security | 45 | €28,174 | €21,944 | -€6,230 | -22.1% |
| Taxes | 450/3 | €12,806 | €11,594 | -€1,213 | -9.5% |
| Remuneration and social security | 454/9 | €15,368 | €10,350 | -€5,018 | -32.7% |
| Non-recurring operating income | 76A | €400 | €8,056 | +€7,656 | +1914.1% |
| Remuneration, social security and pensions | 62 | €83,250 | €91,955 | +€8,704 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,459 | €51,561 | -€899 | -1.7% |
| Other operating charges | 640/8 | €3,077 | €3,296 | +€219 | +7.1% |
| Non-recurring operating charges | 66A | €23 | - | -€23 | |
| Gross operating margin | 9900 | €188,782 | €172,032 | -€16,750 | -8.9% |
| Operating profit (loss) | 9901 | €49,972 | €25,221 | -€24,752 | -49.5% |
| Financial income | 75/76B | €4,844 | €7,219 | +€2,375 | +49.0% |
| Recurring financial income | 75 | €4,844 | €7,219 | +€2,375 | +49.0% |
| Financial charges | 65/66B | €15,064 | €14,238 | -€826 | -5.5% |
| Recurring financial charges | 65 | €15,064 | €14,238 | -€826 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €39,753 | €18,202 | -€21,551 | -54.2% |
| Income taxes | 67/77 | €11,594 | €13,500 | +€1,906 | +16.4% |
| Profit (loss) for the period | 9904 | €28,159 | €4,702 | -€23,457 | -83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,159 | €4,702 | -€23,457 | -83.3% |
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 3 October 2026 via checked.be.