ERAEX: 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.
ERAEX
Largest movements
- Cash +€32,780
up €32,780 (+73.0%), from €44,889 to €77,669
mainly Other debts (+€48,457) and Net result for the year (+€22,242)
- Tangible fixed assets -€11,260
down €11,260 (-44.4%), from €25,364 to €14,104
- Receivables within one year -€4,740
down €4,740 (-18.4%), from €25,773 to €21,033
of which Trade receivables: -€4,950
- Other debts +€48,457
up €48,457 (+6804.9%), from €712 to €49,169
- Reserves -€33,930
down €33,930 (-59.7%), from €56,852 to €22,922
of which Distributable reserves: -€33,930
- Tax, wage and social debts +€7,884
up €7,884 (+101.9%), from €7,736 to €15,620
of which Taxes: +€9,931
- Debts after one year -€3,049
no longer reported in 2025 (was €3,049)
- Current portion of long-term debt -€2,993
down €2,993 (-49.5%), from €6,042 to €3,049
- Gross operating margin +€5,732
up €5,732 (+14.8%), from €38,675 to €44,407
- Depreciation +€4,988
up €4,988 (+61.7%), from €8,079 to €13,067
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 | €98,461 | €113,991 | +€15,530 | +15.8% |
| Formation expenses | 20 | €580 | €263 | -€317 | -54.6% |
| Fixed assets | 21/28 | €25,432 | €14,104 | -€11,329 | -44.5% |
| Intangible fixed assets | 21 | €68 | - | -€68 | |
| Tangible fixed assets | 22/27 | €25,364 | €14,104 | -€11,260 | -44.4% |
| Furniture and vehicles | 24 | €25,364 | €14,104 | -€11,260 | -44.4% |
| Current assets | 29/58 | €72,449 | €99,624 | +€27,176 | +37.5% |
| Amounts receivable within one year | 40/41 | €25,773 | €21,033 | -€4,740 | -18.4% |
| Trade receivables | 40 | €25,773 | €20,823 | -€4,950 | -19.2% |
| Other amounts receivable | 41 | - | €210 | +€210 | |
| Cash at bank and in hand | 54/58 | €44,889 | €77,669 | +€32,780 | +73.0% |
| Deferred charges and accrued income | 490/1 | €1,788 | €923 | -€865 | -48.4% |
| Total equity and liabilities | 10/49 | €98,461 | €113,991 | +€15,530 | +15.8% |
| Equity | 10/15 | €76,852 | €42,922 | -€33,930 | -44.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €56,852 | €22,922 | -€33,930 | -59.7% |
| Non-distributable reserves | 130/1 | €680 | €680 | = | 0.0% |
| Reserves not available under the articles | 1311 | €680 | €680 | = | 0.0% |
| Distributable reserves | 133 | €56,172 | €22,242 | -€33,930 | -60.4% |
| Amounts payable | 17/49 | €21,609 | €71,069 | +€49,460 | +228.9% |
| Amounts payable after more than one year | 17 | €3,049 | - | -€3,049 | |
| Financial debts | 170/4 | €3,049 | - | -€3,049 | |
| Amounts payable within one year | 42/48 | €18,561 | €70,855 | +€52,295 | +281.8% |
| Current portion of amounts payable after more than one year | 42 | €6,042 | €3,049 | -€2,993 | -49.5% |
| Trade debts | 44 | €4,071 | €3,017 | -€1,053 | -25.9% |
| Suppliers | 440/4 | €4,071 | €3,017 | -€1,053 | -25.9% |
| Taxes, remuneration and social security | 45 | €7,736 | €15,620 | +€7,884 | +101.9% |
| Taxes | 450/3 | €5,689 | €15,620 | +€9,931 | +174.5% |
| Remuneration and social security | 454/9 | €2,046 | - | -€2,046 | |
| Other amounts payable | 47/48 | €712 | €49,169 | +€48,457 | +6804.9% |
| Accrued charges and deferred income | 492/3 | - | €214 | +€214 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,079 | €13,067 | +€4,988 | +61.7% |
| Other operating charges | 640/8 | €2,053 | €2,042 | -€11 | -0.5% |
| Gross operating margin | 9900 | €38,675 | €44,407 | +€5,732 | +14.8% |
| Operating profit (loss) | 9901 | €28,543 | €29,298 | +€755 | +2.6% |
| Financial charges | 65/66B | €361 | €532 | +€171 | +47.4% |
| Recurring financial charges | 65 | €361 | €532 | +€171 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €28,182 | €28,766 | +€584 | +2.1% |
| Income taxes | 67/77 | €6,202 | €6,524 | +€321 | +5.2% |
| Profit (loss) for the period | 9904 | €21,979 | €22,242 | +€263 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,979 | €22,242 | +€263 | +1.2% |
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 9 October 2026 via checked.be.