Er4Management: 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.
Er4Management
Largest movements
- Current investments +€2.7m
up €2.7m (+27.6%), from €9.8m to €12.5m
- Cash -€1.5m
down €1.5m (-34.8%), from €4.2m to €2.8m
mainly Contributions, distributions and other (-€3.9m) and Current investments (-€2.7m)
- Profit (loss) carried forward +€5.0m
new in 2025: €5.0m
- Reserves -€3.9m
down €3.9m (-27.3%), from €14.1m to €10.3m
- Financial income -€2.4m
down €2.4m (-33.8%), from €7.0m to €4.6m
- Taxes -€678,149
down €678,149 (-76.9%), from €881,743 to €203,594
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 | €14,797,973 | €15,947,404 | +€1.1m | +7.8% |
| Fixed assets | 21/28 | €432,213 | €410,892 | -€21,321 | -4.9% |
| Tangible fixed assets | 22/27 | €69,513 | €48,192 | -€21,321 | -30.7% |
| Furniture and vehicles | 24 | €69,513 | €48,192 | -€21,321 | -30.7% |
| Financial fixed assets | 28 | €362,700 | €362,700 | = | 0.0% |
| Current assets | 29/58 | €14,365,761 | €15,536,512 | +€1.2m | +8.1% |
| Amounts receivable within one year | 40/41 | €190,575 | €211,182 | +€20,607 | +10.8% |
| Trade receivables | 40 | €190,575 | €190,575 | = | 0.0% |
| Other amounts receivable | 41 | - | €20,607 | +€20,607 | |
| Current investments | 50/53 | €9,800,000 | €12,500,000 | +€2.7m | +27.6% |
| Cash at bank and in hand | 54/58 | €4,234,415 | €2,759,991 | -€1.5m | -34.8% |
| Deferred charges and accrued income | 490/1 | €140,771 | €65,340 | -€75,431 | -53.6% |
| Total equity and liabilities | 10/49 | €14,797,973 | €15,947,404 | +€1.1m | +7.8% |
| Equity | 10/15 | €14,119,738 | €15,268,059 | +€1.1m | +8.1% |
| Reserves | 13 | €14,119,738 | €10,267,558 | -€3.9m | -27.3% |
| Distributable reserves | 133 | €14,119,738 | €10,267,558 | -€3.9m | -27.3% |
| Profit (loss) carried forward | 14 | - | €5,000,501 | +€5.0m | |
| Amounts payable | 17/49 | €678,235 | €679,345 | +€1,110 | +0.2% |
| Amounts payable within one year | 42/48 | €678,108 | €679,318 | +€1,210 | +0.2% |
| Trade debts | 44 | €2,775 | €3,679 | +€904 | +32.6% |
| Suppliers | 440/4 | €2,775 | €3,679 | +€904 | +32.6% |
| Taxes, remuneration and social security | 45 | €675,333 | €675,638 | +€305 | 0.0% |
| Taxes | 450/3 | €673,803 | €675,638 | +€1,835 | +0.3% |
| Remuneration and social security | 454/9 | €1,530 | - | -€1,530 | |
| Accrued charges and deferred income | 492/3 | €127 | €27 | -€99 | -78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,321 | €21,321 | = | 0.0% |
| Other operating charges | 640/8 | €1,026 | €1,172 | +€147 | +14.3% |
| Gross operating margin | 9900 | €583,846 | €579,560 | -€4,287 | -0.7% |
| Operating profit (loss) | 9901 | €561,499 | €557,066 | -€4,433 | -0.8% |
| Financial income | 75/76B | €7,018,214 | €4,647,336 | -€2.4m | -33.8% |
| Recurring financial income | 75 | €7,018,214 | €4,647,336 | -€2.4m | -33.8% |
| Financial charges | 65/66B | €312 | €307 | -€5 | -1.6% |
| Recurring financial charges | 65 | €312 | €307 | -€5 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €7,579,402 | €5,204,095 | -€2.4m | -31.3% |
| Income taxes | 67/77 | €881,743 | €203,594 | -€678,149 | -76.9% |
| Profit (loss) for the period | 9904 | €6,697,658 | €5,000,501 | -€1.7m | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,697,658 | €5,000,501 | -€1.7m | -25.3% |
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 7 October 2026 via checked.be.