ERCATO: 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.
ERCATO
Largest movements
- Stocks and contracts +€153,527
new in 2025: €153,527
- Cash -€59,220
down €59,220 (-26.0%), from €227,553 to €168,333
mainly Stocks and contracts (-€153,527) and Investment in fixed assets (net) (-€23,000)
- Tangible fixed assets +€15,972
new in 2025: €15,972
- Receivables within one year -€6,333
down €6,333 (-47.7%), from €13,278 to €6,945
of which Other amounts receivable: -€13,278
- Deferred charges and accrued income -€4,896
no longer reported in 2025 (was €4,896)
- Other debts +€72,462
new in 2025: €72,462
- Reserves +€21,299
up €21,299 (+106.5%), from €20,000 to €41,299
- Tax, wage and social debts +€4,809
up €4,809 (+36.1%), from €13,310 to €18,119
of which Taxes: +€7,718
- Gross operating margin +€15,529
up €15,529 (+70.2%), from €22,127 to €37,656
- Depreciation +€7,028
new in 2025: €7,028
- Taxes +€2,795
up €2,795 (+52.4%), from €5,337 to €8,132
- Financial income +€727
new in 2025: €727
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 | €245,976 | €345,027 | +€99,051 | +40.3% |
| Fixed assets | 21/28 | €250 | €16,222 | +€15,972 | +6388.9% |
| Tangible fixed assets | 22/27 | - | €15,972 | +€15,972 | |
| Furniture and vehicles | 24 | - | €15,972 | +€15,972 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €245,726 | €328,805 | +€83,079 | +33.8% |
| Stocks and contracts in progress | 3 | - | €153,527 | +€153,527 | |
| Stocks | 30/36 | - | €153,527 | +€153,527 | |
| Amounts receivable within one year | 40/41 | €13,278 | €6,945 | -€6,333 | -47.7% |
| Trade receivables | 40 | - | €6,945 | +€6,945 | |
| Other amounts receivable | 41 | €13,278 | €0 | -€13,278 | -100.0% |
| Cash at bank and in hand | 54/58 | €227,553 | €168,333 | -€59,220 | -26.0% |
| Deferred charges and accrued income | 490/1 | €4,896 | - | -€4,896 | |
| Total equity and liabilities | 10/49 | €245,976 | €345,027 | +€99,051 | +40.3% |
| Equity | 10/15 | €232,044 | €253,343 | +€21,299 | +9.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Outside capital | 11 | €200,000 | - | -€200,000 | |
| Share premium | 1100/10 | €200,000 | - | -€200,000 | |
| Reserves | 13 | €20,000 | €41,299 | +€21,299 | +106.5% |
| Distributable reserves | 133 | €20,000 | €41,299 | +€21,299 | +106.5% |
| Profit (loss) carried forward | 14 | €12,044 | €12,044 | = | 0.0% |
| Amounts payable | 17/49 | €13,933 | €91,684 | +€77,752 | +558.1% |
| Amounts payable within one year | 42/48 | €13,933 | €91,684 | +€77,752 | +558.1% |
| Trade debts | 44 | €622 | €1,103 | +€481 | +77.3% |
| Suppliers | 440/4 | €622 | €1,103 | +€481 | +77.3% |
| Taxes, remuneration and social security | 45 | €13,310 | €18,119 | +€4,809 | +36.1% |
| Taxes | 450/3 | €9,448 | €17,166 | +€7,718 | +81.7% |
| Remuneration and social security | 454/9 | €3,862 | €953 | -€2,909 | -75.3% |
| Other amounts payable | 47/48 | - | €72,462 | +€72,462 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,028 | +€7,028 | |
| Other operating charges | 640/8 | €230 | €230 | = | 0.0% |
| Gross operating margin | 9900 | €22,127 | €37,656 | +€15,529 | +70.2% |
| Operating profit (loss) | 9901 | €21,897 | €30,398 | +€8,501 | +38.8% |
| Financial income | 75/76B | - | €727 | +€727 | |
| Recurring financial income | 75 | - | €727 | +€727 | |
| Financial charges | 65/66B | €1,469 | €1,693 | +€224 | +15.3% |
| Recurring financial charges | 65 | €1,469 | €1,693 | +€224 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €20,428 | €29,432 | +€9,003 | +44.1% |
| Income taxes | 67/77 | €5,337 | €8,132 | +€2,795 | +52.4% |
| Profit (loss) for the period | 9904 | €15,091 | €21,299 | +€6,208 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,091 | €21,299 | +€6,208 | +41.1% |
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.