ERCINA: 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.
ERCINA
Largest movements
- Current investments -€44,231
down €44,231 (-50.9%), from €86,815 to €42,584
- Cash +€26,774
up €26,774 (+103%), from €25,929 to €52,703
mainly Net result for the year (+€56,898) and Current investments (+€44,231)
- Receivables within one year +€4,927
up €4,927 (+85.4%), from €5,768 to €10,695
- Deferred charges and accrued income +€2,043
up €2,043 (+91.4%), from €2,235 to €4,279
- Tangible fixed assets -€2,027
down €2,027 (-26.6%), from €7,627 to €5,600
of which Furniture and vehicles: -€1,590
- Other debts -€8,768
down €8,768 (-9.5%), from €92,630 to €83,862
- Accrued charges and deferred income -€4,251
down €4,251 (-74.6%), from €5,700 to €1,449
- Gross operating margin -€12,011
down €12,011 (-12.8%), from €94,183 to €82,173
- Financial charges -€1,268
down €1,268 (-23.3%), from €5,444 to €4,176
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 | €128,374 | €115,860 | -€12,514 | -9.7% |
| Fixed assets | 21/28 | €7,627 | €5,600 | -€2,027 | -26.6% |
| Tangible fixed assets | 22/27 | €7,627 | €5,600 | -€2,027 | -26.6% |
| Plant, machinery and equipment | 23 | €1,902 | €1,465 | -€437 | -23.0% |
| Furniture and vehicles | 24 | €5,724 | €4,134 | -€1,590 | -27.8% |
| Current assets | 29/58 | €120,747 | €110,261 | -€10,487 | -8.7% |
| Amounts receivable within one year | 40/41 | €5,768 | €10,695 | +€4,927 | +85.4% |
| Other amounts receivable | 41 | €5,768 | €10,695 | +€4,927 | +85.4% |
| Current investments | 50/53 | €86,815 | €42,584 | -€44,231 | -50.9% |
| Cash at bank and in hand | 54/58 | €25,929 | €52,703 | +€26,774 | +103% |
| Deferred charges and accrued income | 490/1 | €2,235 | €4,279 | +€2,043 | +91.4% |
| Total equity and liabilities | 10/49 | €128,374 | €115,860 | -€12,514 | -9.7% |
| Equity | 10/15 | €20,521 | €20,521 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,921 | €1,921 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €61 | €61 | = | 0.0% |
| Amounts payable | 17/49 | €107,853 | €95,339 | -€12,514 | -11.6% |
| Amounts payable within one year | 42/48 | €102,153 | €93,891 | -€8,262 | -8.1% |
| Financial debts | 43 | €12 | €18 | +€6 | +50.1% |
| Credit institutions | 430/8 | €12 | €18 | +€6 | +50.1% |
| Trade debts | 44 | €2,354 | €2,538 | +€183 | +7.8% |
| Suppliers | 440/4 | €2,354 | €2,538 | +€183 | +7.8% |
| Taxes, remuneration and social security | 45 | €7,157 | €7,473 | +€316 | +4.4% |
| Taxes | 450/3 | €7,157 | €7,473 | +€316 | +4.4% |
| Other amounts payable | 47/48 | €92,630 | €83,862 | -€8,768 | -9.5% |
| Accrued charges and deferred income | 492/3 | €5,700 | €1,449 | -€4,251 | -74.6% |
| Non-recurring operating income | 76A | €18,473 | - | -€18,473 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,721 | €2,027 | +€306 | +17.8% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €94,183 | €82,173 | -€12,011 | -12.8% |
| Operating profit (loss) | 9901 | €91,957 | €79,626 | -€12,331 | -13.4% |
| Financial income | 75/76B | €852 | €960 | +€108 | +12.7% |
| Recurring financial income | 75 | €852 | €960 | +€108 | +12.7% |
| Financial charges | 65/66B | €5,444 | €4,176 | -€1,268 | -23.3% |
| Recurring financial charges | 65 | €5,444 | €4,176 | -€1,268 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €87,366 | €76,410 | -€10,955 | -12.5% |
| Income taxes | 67/77 | €20,428 | €19,512 | -€916 | -4.5% |
| Profit (loss) for the period | 9904 | €66,938 | €56,898 | -€10,039 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,938 | €56,898 | -€10,039 | -15.0% |
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 18 October 2026 via checked.be.