ERD: 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.
ERD
Largest movements
- Tangible fixed assets -€37,171
down €37,171 (-32.4%), from €114,849 to €77,679
of which Furniture and vehicles: -€21,393
- Cash -€29,291
down €29,291 (-33.3%), from €88,090 to €58,798
mainly Other debts (-€109,608) and Receivables within one year (-€13,074)
- Receivables within one year +€13,074
up €13,074 (+4521.1%), from €289 to €13,363
- Other debts -€109,608
down €109,608 (-68.3%), from €160,556 to €50,948
- Profit (loss) carried forward +€61,761
up €61,761 (+99.4%), from -€62,131 to -€370
- Tax, wage and social debts -€2,938
down €2,938 (-85.4%), from €3,439 to €501
- Trade debts -€2,603
down €2,603 (-3.1%), from €82,764 to €80,161
- Gross operating margin +€82,296
up €82,296 (+528.8%), from €15,562 to €97,858
- Depreciation +€6,436
up €6,436 (+26.3%), from €24,475 to €30,911
- Financial income -€3,394
down €3,394 (-99.1%), from €3,426 to €32
- Taxes +€1,826
up €1,826 (+5494.8%), from €33 to €1,860
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 | €203,228 | €149,840 | -€53,388 | -26.3% |
| Fixed assets | 21/28 | €114,849 | €77,679 | -€37,171 | -32.4% |
| Tangible fixed assets | 22/27 | €114,849 | €77,679 | -€37,171 | -32.4% |
| Plant, machinery and equipment | 23 | €33,371 | €21,548 | -€11,822 | -35.4% |
| Furniture and vehicles | 24 | €58,488 | €37,094 | -€21,393 | -36.6% |
| Other tangible fixed assets | 26 | €22,991 | €19,036 | -€3,955 | -17.2% |
| Current assets | 29/58 | €88,379 | €72,162 | -€16,217 | -18.3% |
| Amounts receivable within one year | 40/41 | €289 | €13,363 | +€13,074 | +4521.1% |
| Other amounts receivable | 41 | €289 | €13,363 | +€13,074 | +4521.1% |
| Cash at bank and in hand | 54/58 | €88,090 | €58,798 | -€29,291 | -33.3% |
| Total equity and liabilities | 10/49 | €203,228 | €149,840 | -€53,388 | -26.3% |
| Equity | 10/15 | -€43,531 | €18,230 | +€61,761 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,131 | -€370 | +€61,761 | +99.4% |
| Amounts payable | 17/49 | €246,759 | €131,610 | -€115,149 | -46.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €246,759 | €131,610 | -€115,149 | -46.7% |
| Trade debts | 44 | €82,764 | €80,161 | -€2,603 | -3.1% |
| Suppliers | 440/4 | €82,764 | €80,161 | -€2,603 | -3.1% |
| Taxes, remuneration and social security | 45 | €3,439 | €501 | -€2,938 | -85.4% |
| Taxes | 450/3 | €3,439 | €501 | -€2,938 | -85.4% |
| Other amounts payable | 47/48 | €160,556 | €50,948 | -€109,608 | -68.3% |
| Remuneration, social security and pensions | 62 | €17 | €29 | +€12 | +68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,475 | €30,911 | +€6,436 | +26.3% |
| Other operating charges | 640/8 | €4,024 | €3,138 | -€886 | -22.0% |
| Gross operating margin | 9900 | €15,562 | €97,858 | +€82,296 | +528.8% |
| Operating profit (loss) | 9901 | -€12,955 | €63,780 | +€76,735 | |
| Financial income | 75/76B | €3,426 | €32 | -€3,394 | -99.1% |
| Recurring financial income | 75 | €3,426 | €32 | -€3,394 | -99.1% |
| Financial charges | 65/66B | €147 | €191 | +€44 | +30.0% |
| Recurring financial charges | 65 | €147 | €191 | +€44 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,676 | €63,621 | +€73,297 | |
| Income taxes | 67/77 | €33 | €1,860 | +€1,826 | +5494.8% |
| Profit (loss) for the period | 9904 | -€9,709 | €61,761 | +€71,471 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,709 | €61,761 | +€71,471 |
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 1 October 2026 via checked.be.