ERATIO: 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.
ERATIO
Largest movements
- Tangible fixed assets +€17,537
up €17,537 (+308.1%), from €5,693 to €23,230
- Cash -€8,033
down €8,033 (-93.0%), from €8,636 to €603
mainly Investment in fixed assets (net) (-€24,247) and Net result for the year (-€4,807)
- Receivables within one year -€2,121
no longer reported in 2025 (was €2,121)
- Short-term financial debts +€13,000
new in 2025: €13,000
- Profit (loss) carried forward -€4,807
down €4,807 (-115.1%), from -€4,176 to -€8,983
- Tax, wage and social debts -€1,902
down €1,902 (-87.1%), from €2,184 to €282
- Other debts +€1,030
up €1,030 (+580.1%), from €177 to €1,207
- Accrued charges and deferred income +€607
new in 2025: €607
- Depreciation +€3,799
up €3,799 (+130.6%), from €2,910 to €6,710
- Gross operating margin -€1,185
down €1,185 (-23.6%), from €5,011 to €3,826
- Taxes -€758
down €758 (-72.9%), from €1,040 to €282
- Financial charges +€579
up €579 (+578.3%), from €100 to €680
- Other operating charges +€94
up €94 (+10.8%), from €868 to €962
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 | €17,361 | €24,714 | +€7,353 | +42.4% |
| Fixed assets | 21/28 | €5,693 | €23,230 | +€17,537 | +308.1% |
| Tangible fixed assets | 22/27 | €5,693 | €23,230 | +€17,537 | +308.1% |
| Furniture and vehicles | 24 | €5,693 | €23,230 | +€17,537 | +308.1% |
| Current assets | 29/58 | €11,668 | €1,484 | -€10,184 | -87.3% |
| Amounts receivable within one year | 40/41 | €2,121 | - | -€2,121 | |
| Trade receivables | 40 | €2,121 | - | -€2,121 | |
| Cash at bank and in hand | 54/58 | €8,636 | €603 | -€8,033 | -93.0% |
| Deferred charges and accrued income | 490/1 | €911 | €881 | -€30 | -3.3% |
| Total equity and liabilities | 10/49 | €17,361 | €24,714 | +€7,353 | +42.4% |
| Equity | 10/15 | €14,424 | €9,618 | -€4,807 | -33.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,176 | -€8,983 | -€4,807 | -115.1% |
| Amounts payable | 17/49 | €2,937 | €15,096 | +€12,159 | +414.0% |
| Amounts payable within one year | 42/48 | €2,937 | €14,489 | +€11,552 | +393.3% |
| Financial debts | 43 | - | €13,000 | +€13,000 | |
| Other loans | 439 | - | €13,000 | +€13,000 | |
| Trade debts | 44 | €575 | - | -€575 | |
| Suppliers | 440/4 | €575 | - | -€575 | |
| Taxes, remuneration and social security | 45 | €2,184 | €282 | -€1,902 | -87.1% |
| Taxes | 450/3 | €2,184 | €282 | -€1,902 | -87.1% |
| Other amounts payable | 47/48 | €177 | €1,207 | +€1,030 | +580.1% |
| Accrued charges and deferred income | 492/3 | - | €607 | +€607 | |
| Non-recurring operating income | 76A | - | €1,750 | +€1,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,910 | €6,710 | +€3,799 | +130.6% |
| Other operating charges | 640/8 | €868 | €962 | +€94 | +10.8% |
| Gross operating margin | 9900 | €5,011 | €3,826 | -€1,185 | -23.6% |
| Operating profit (loss) | 9901 | €1,233 | -€3,845 | -€5,078 | |
| Financial charges | 65/66B | €100 | €680 | +€579 | +578.3% |
| Recurring financial charges | 65 | €100 | €680 | +€579 | +578.3% |
| Profit (loss) for the period before taxes | 9903 | €1,133 | -€4,525 | -€5,657 | |
| Income taxes | 67/77 | €1,040 | €282 | -€758 | -72.9% |
| Profit (loss) for the period | 9904 | €93 | -€4,807 | -€4,899 | |
| Profit (loss) for the period to be appropriated | 9905 | €93 | -€4,807 | -€4,899 |
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 8 October 2026 via checked.be.