ER-SEK: 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.
ER-SEK
Largest movements
- Cash +€53,348
up €53,348 (+511%), from €10,450 to €63,799
mainly Trade debts (+€43,832) and Tax, wage and social debts (+€27,345)
- Tangible fixed assets +€32,259
up €32,259 (+168%), from €19,148 to €51,407
- Stocks and contracts -€12,350
down €12,350 (-4.8%), from €258,616 to €246,265
- Receivables within one year -€4,466
no longer reported in 2025 (was €4,466)
- Trade debts +€43,832
up €43,832 (+25.0%), from €175,402 to €219,234
- Tax, wage and social debts +€27,345
up €27,345 (+139%), from €19,656 to €47,001
of which Remuneration and social security: +€34,192
- Short-term financial debts -€6,067
no longer reported in 2025 (was €6,067)
- Gross operating margin +€87,257
up €87,257 (+25.5%), from €342,558 to €429,815
- Staff costs +€73,238
up €73,238 (+23.3%), from €313,880 to €387,117
- Depreciation +€10,109
up €10,109 (+67.7%), from €14,933 to €25,043
- Financial charges +€6,262
up €6,262 (+533%), from €1,176 to €7,438
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 | €303,094 | €371,587 | +€68,493 | +22.6% |
| Fixed assets | 21/28 | €22,898 | €54,342 | +€31,444 | +137% |
| Intangible fixed assets | 21 | €3,260 | €2,445 | -€815 | -25.0% |
| Tangible fixed assets | 22/27 | €19,148 | €51,407 | +€32,259 | +168% |
| Plant, machinery and equipment | 23 | €2,970 | €10,621 | +€7,651 | +258% |
| Furniture and vehicles | 24 | €15,768 | €31,372 | +€15,604 | +99.0% |
| Other tangible fixed assets | 26 | €410 | €9,414 | +€9,004 | +2,195% |
| Financial fixed assets | 28 | €490 | €490 | = | 0.0% |
| Current assets | 29/58 | €280,196 | €317,245 | +€37,049 | +13.2% |
| Stocks and contracts in progress | 3 | €258,616 | €246,265 | -€12,350 | -4.8% |
| Stocks | 30/36 | €258,616 | €246,265 | -€12,350 | -4.8% |
| Amounts receivable within one year | 40/41 | €4,466 | - | -€4,466 | |
| Other amounts receivable | 41 | €4,466 | - | -€4,466 | |
| Cash at bank and in hand | 54/58 | €10,450 | €63,799 | +€53,348 | +511% |
| Deferred charges and accrued income | 490/1 | €6,665 | €7,181 | +€516 | +7.7% |
| Total equity and liabilities | 10/49 | €303,094 | €371,587 | +€68,493 | +22.6% |
| Equity | 10/15 | €101,706 | €104,288 | +€2,583 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,246 | €83,828 | +€2,583 | +3.2% |
| Amounts payable | 17/49 | €201,388 | €267,298 | +€65,910 | +32.7% |
| Amounts payable within one year | 42/48 | €201,388 | €267,298 | +€65,910 | +32.7% |
| Financial debts | 43 | €6,067 | - | -€6,067 | |
| Credit institutions | 430/8 | €6,067 | - | -€6,067 | |
| Trade debts | 44 | €175,402 | €219,234 | +€43,832 | +25.0% |
| Suppliers | 440/4 | €175,402 | €219,234 | +€43,832 | +25.0% |
| Taxes, remuneration and social security | 45 | €19,656 | €47,001 | +€27,345 | +139% |
| Taxes | 450/3 | €8,473 | €1,626 | -€6,847 | -80.8% |
| Remuneration and social security | 454/9 | €11,183 | €45,375 | +€34,192 | +306% |
| Other amounts payable | 47/48 | €263 | €1,063 | +€800 | +304% |
| Remuneration, social security and pensions | 62 | €313,880 | €387,117 | +€73,238 | +23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,933 | €25,043 | +€10,109 | +67.7% |
| Other operating charges | 640/8 | €1,805 | €1,635 | -€169 | -9.4% |
| Gross operating margin | 9900 | €342,558 | €429,815 | +€87,257 | +25.5% |
| Operating profit (loss) | 9901 | €11,940 | €16,020 | +€4,080 | +34.2% |
| Financial income | 75/76B | €26 | €1 | -€25 | -96.9% |
| Recurring financial income | 75 | €26 | €1 | -€25 | -96.9% |
| Financial charges | 65/66B | €1,176 | €7,438 | +€6,262 | +533% |
| Recurring financial charges | 65 | €1,176 | €7,438 | +€6,262 | +533% |
| Profit (loss) for the period before taxes | 9903 | €10,791 | €8,583 | -€2,208 | -20.5% |
| Income taxes | 67/77 | €8,587 | €6,000 | -€2,587 | -30.1% |
| Profit (loss) for the period | 9904 | €2,204 | €2,583 | +€379 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,204 | €2,583 | +€379 | +17.2% |
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 26 October 2026 via checked.be.