ERCA: 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.
ERCA
Largest movements
- Cash -€41,422
down €41,422 (-62.9%), from €65,823 to €24,401
mainly Accrued charges and deferred income (-€63,539) and Net result for the year (-€22,514)
- Receivables within one year -€28,673
down €28,673 (-28.6%), from €100,258 to €71,585
- Deferred charges and accrued income -€13,155
down €13,155 (-66.7%), from €19,710 to €6,555
- Tangible fixed assets -€7,237
down €7,237 (-23.9%), from €30,320 to €23,083
of which Leasing and similar rights: -€7,146
- Accrued charges and deferred income -€63,539
no longer reported in 2025 (was €63,539)
- Reserves -€22,514
down €22,514 (-65.2%), from €34,508 to €11,993
- Debts after one year -€6,963
down €6,963 (-28.3%), from €24,610 to €17,647
- Gross operating margin -€27,172
down €27,172, from €17,576 to -€9,596
- Taxes -€1,715
down €1,715 (-97.4%), from €1,760 to €45
- Depreciation +€1,262
up €1,262 (+21.1%), from €5,975 to €7,237
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 | €216,112 | €125,625 | -€90,487 | -41.9% |
| Fixed assets | 21/28 | €30,320 | €23,083 | -€7,237 | -23.9% |
| Tangible fixed assets | 22/27 | €30,320 | €23,083 | -€7,237 | -23.9% |
| Plant, machinery and equipment | 23 | €428 | €337 | -€91 | -21.2% |
| Leasing and similar rights | 25 | €29,892 | €22,746 | -€7,146 | -23.9% |
| Current assets | 29/58 | €185,792 | €102,542 | -€83,250 | -44.8% |
| Amounts receivable within one year | 40/41 | €100,258 | €71,585 | -€28,673 | -28.6% |
| Other amounts receivable | 41 | €100,258 | €71,585 | -€28,673 | -28.6% |
| Cash at bank and in hand | 54/58 | €65,823 | €24,401 | -€41,422 | -62.9% |
| Deferred charges and accrued income | 490/1 | €19,710 | €6,555 | -€13,155 | -66.7% |
| Total equity and liabilities | 10/49 | €216,112 | €125,625 | -€90,487 | -41.9% |
| Equity | 10/15 | €53,108 | €30,593 | -€22,514 | -42.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,508 | €11,993 | -€22,514 | -65.2% |
| Distributable reserves | 133 | €34,508 | €11,993 | -€22,514 | -65.2% |
| Amounts payable | 17/49 | €163,005 | €95,032 | -€67,973 | -41.7% |
| Amounts payable after more than one year | 17 | €24,610 | €17,647 | -€6,963 | -28.3% |
| Financial debts | 170/4 | €24,610 | €17,647 | -€6,963 | -28.3% |
| Amounts payable within one year | 42/48 | €74,856 | €77,384 | +€2,529 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €6,312 | €6,963 | +€651 | +10.3% |
| Trade debts | 44 | €1,392 | €1,685 | +€293 | +21.0% |
| Suppliers | 440/4 | €1,392 | €1,685 | +€293 | +21.0% |
| Taxes, remuneration and social security | 45 | - | €1,592 | +€1,592 | |
| Taxes | 450/3 | - | €42 | +€42 | |
| Remuneration and social security | 454/9 | - | €1,550 | +€1,550 | |
| Other amounts payable | 47/48 | €67,151 | €67,144 | -€7 | 0.0% |
| Accrued charges and deferred income | 492/3 | €63,539 | - | -€63,539 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,975 | €7,237 | +€1,262 | +21.1% |
| Other operating charges | 640/8 | €2,538 | €2,698 | +€159 | +6.3% |
| Gross operating margin | 9900 | €17,576 | -€9,596 | -€27,172 | |
| Operating profit (loss) | 9901 | €9,063 | -€19,530 | -€28,593 | |
| Financial income | 75/76B | €0 | €12 | +€12 | +3,890% |
| Recurring financial income | 75 | €0 | €12 | +€12 | +3,890% |
| Financial charges | 65/66B | €2,902 | €2,951 | +€49 | +1.7% |
| Recurring financial charges | 65 | €2,902 | €2,951 | +€49 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €6,162 | -€22,469 | -€28,631 | |
| Income taxes | 67/77 | €1,760 | €45 | -€1,715 | -97.4% |
| Profit (loss) for the period | 9904 | €4,401 | -€22,514 | -€26,916 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,401 | -€22,514 | -€26,916 |
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 13 October 2026 via checked.be.