ERASMUS-CAPITAL: 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.
ERASMUS-CAPITAL
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€2.6m
down €2.6m (-98.4%), from €2.6m to €41,602
of which Financial income: -€2.6m
- Taxes -€257,631
down €257,631 (-96.4%), from €267,259 to €9,628
- Gross operating margin -€34,941
down €34,941 (-80.8%), from €43,249 to €8,309
- Other operating charges +€2,197
up €2,197 (+44.4%), from €4,952 to €7,149
- Financial charges +€1,118
up €1,118 (+20.6%), from €5,435 to €6,552
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 | €3,899,074 | €3,892,487 | -€6,588 | -0.2% |
| Fixed assets | 21/28 | €45,177 | €32,470 | -€12,707 | -28.1% |
| Tangible fixed assets | 22/27 | €45,177 | €32,470 | -€12,707 | -28.1% |
| Plant, machinery and equipment | 23 | €1,296 | €842 | -€455 | -35.1% |
| Furniture and vehicles | 24 | €43,881 | €31,628 | -€12,252 | -27.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €3,853,897 | €3,860,017 | +€6,119 | +0.2% |
| Amounts receivable within one year | 40/41 | €5,687 | €8,712 | +€3,025 | +53.2% |
| Trade receivables | 40 | €5,687 | €8,712 | +€3,025 | +53.2% |
| Current investments | 50/53 | €3,764,481 | €3,773,231 | +€8,750 | +0.2% |
| Cash at bank and in hand | 54/58 | €74,985 | €67,246 | -€7,739 | -10.3% |
| Deferred charges and accrued income | 490/1 | €8,743 | €10,827 | +€2,084 | +23.8% |
| Total equity and liabilities | 10/49 | €3,899,074 | €3,892,487 | -€6,588 | -0.2% |
| Equity | 10/15 | €3,646,352 | €3,658,889 | +€12,537 | +0.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,584,852 | €3,597,389 | +€12,537 | +0.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €3,574,852 | €3,587,389 | +€12,537 | +0.4% |
| Amounts payable | 17/49 | €252,722 | €233,598 | -€19,124 | -7.6% |
| Amounts payable within one year | 42/48 | €252,722 | €232,851 | -€19,871 | -7.9% |
| Trade debts | 44 | €1,330 | €1,089 | -€241 | -18.2% |
| Suppliers | 440/4 | €1,330 | €1,089 | -€241 | -18.2% |
| Taxes, remuneration and social security | 45 | €247,043 | €227,543 | -€19,500 | -7.9% |
| Taxes | 450/3 | €247,043 | €227,543 | -€19,500 | -7.9% |
| Other amounts payable | 47/48 | €4,349 | €4,220 | -€130 | -3.0% |
| Accrued charges and deferred income | 492/3 | - | €747 | +€747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,755 | €14,045 | +€290 | +2.1% |
| Other operating charges | 640/8 | €4,952 | €7,149 | +€2,197 | +44.4% |
| Gross operating margin | 9900 | €43,249 | €8,309 | -€34,941 | -80.8% |
| Operating profit (loss) | 9901 | €24,543 | -€12,885 | -€37,428 | |
| Financial income | 75/76B | €2,614,378 | €41,602 | -€2.6m | -98.4% |
| Recurring financial income | 75 | €2,614,378 | €41,602 | -€2.6m | -98.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €5,435 | €6,552 | +€1,118 | +20.6% |
| Recurring financial charges | 65 | €5,435 | €6,552 | +€1,118 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €2,633,486 | €22,164 | -€2.6m | -99.2% |
| Income taxes | 67/77 | €267,259 | €9,628 | -€257,631 | -96.4% |
| Profit (loss) for the period | 9904 | €2,366,227 | €12,537 | -€2.4m | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,366,227 | €12,537 | -€2.4m | -99.5% |
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 14 October 2026 via checked.be.