ERA-11: 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.
ERA-11
Largest movements
- Tangible fixed assets -€36,076
down €36,076 (-8.8%), from €407,912 to €371,837
- Cash -€14,896
down €14,896 (-6.7%), from €223,715 to €208,820
mainly Debts after one year (-€21,066) and Current portion of long-term debt (-€17,740)
- Receivables within one year +€7,507
up €7,507 (+118%), from €6,372 to €13,879
of which Trade receivables: +€6,670
- Debts after one year -€21,066
down €21,066 (-12.5%), from €169,109 to €148,043
- Current portion of long-term debt -€17,740
down €17,740 (-45.7%), from €38,805 to €21,066
- Accrued charges and deferred income -€7,500
down €7,500 (-66.5%), from €11,275 to €3,775
- Reserves +€6,742
up €6,742 (+1.8%), from €366,477 to €373,219
of which Distributable reserves: +€6,742
- Taxes -€3,065
down €3,065 (-43.3%), from €7,084 to €4,018
- Other operating charges +€2,421
up €2,421 (+82.1%), from €2,947 to €5,368
- Gross operating margin +€2,379
up €2,379 (+4.6%), from €52,198 to €54,577
- Depreciation -€1,273
down €1,273 (-3.3%), from €38,328 to €37,055
- Financial charges +€1,083
up €1,083 (+52.1%), from €2,077 to €3,159
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 | €653,270 | €612,295 | -€40,974 | -6.3% |
| Fixed assets | 21/28 | €407,912 | €371,837 | -€36,076 | -8.8% |
| Tangible fixed assets | 22/27 | €407,912 | €371,837 | -€36,076 | -8.8% |
| Land and buildings | 22 | €349,253 | €333,283 | -€15,970 | -4.6% |
| Plant, machinery and equipment | 23 | €6,094 | €3,387 | -€2,707 | -44.4% |
| Furniture and vehicles | 24 | €52,565 | €35,167 | -€17,399 | -33.1% |
| Current assets | 29/58 | €245,357 | €240,459 | -€4,899 | -2.0% |
| Stocks and contracts in progress | 3 | €15,270 | €17,760 | +€2,489 | +16.3% |
| Stocks | 30/36 | €15,270 | €17,760 | +€2,489 | +16.3% |
| Amounts receivable within one year | 40/41 | €6,372 | €13,879 | +€7,507 | +118% |
| Trade receivables | 40 | €6,372 | €13,042 | +€6,670 | +105% |
| Other amounts receivable | 41 | - | €837 | +€837 | |
| Cash at bank and in hand | 54/58 | €223,715 | €208,820 | -€14,896 | -6.7% |
| Total equity and liabilities | 10/49 | €653,270 | €612,295 | -€40,974 | -6.3% |
| Equity | 10/15 | €428,477 | €435,219 | +€6,742 | +1.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €366,477 | €373,219 | +€6,742 | +1.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €360,277 | €367,019 | +€6,742 | +1.9% |
| Amounts payable | 17/49 | €224,793 | €177,076 | -€47,717 | -21.2% |
| Amounts payable after more than one year | 17 | €169,109 | €148,043 | -€21,066 | -12.5% |
| Financial debts | 170/4 | €169,109 | €148,043 | -€21,066 | -12.5% |
| Amounts payable within one year | 42/48 | €44,410 | €25,259 | -€19,151 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €38,805 | €21,066 | -€17,740 | -45.7% |
| Trade debts | 44 | €2,071 | €405 | -€1,666 | -80.4% |
| Suppliers | 440/4 | €2,071 | €405 | -€1,666 | -80.4% |
| Taxes, remuneration and social security | 45 | €3,533 | €3,788 | +€254 | +7.2% |
| Taxes | 450/3 | €3,533 | €3,788 | +€254 | +7.2% |
| Accrued charges and deferred income | 492/3 | €11,275 | €3,775 | -€7,500 | -66.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,328 | €37,055 | -€1,273 | -3.3% |
| Other operating charges | 640/8 | €2,947 | €5,368 | +€2,421 | +82.1% |
| Gross operating margin | 9900 | €52,198 | €54,577 | +€2,379 | +4.6% |
| Operating profit (loss) | 9901 | €10,922 | €12,153 | +€1,231 | +11.3% |
| Financial income | 75/76B | €790 | €1,766 | +€976 | +123% |
| Recurring financial income | 75 | €790 | €1,766 | +€976 | +123% |
| Financial charges | 65/66B | €2,077 | €3,159 | +€1,083 | +52.1% |
| Recurring financial charges | 65 | €2,077 | €3,159 | +€1,083 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | €9,636 | €10,761 | +€1,124 | +11.7% |
| Income taxes | 67/77 | €7,084 | €4,018 | -€3,065 | -43.3% |
| Profit (loss) for the period | 9904 | €2,553 | €6,742 | +€4,190 | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €2,553 | €6,742 | +€4,190 | +164% |
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.