ERD CONSTRUCT: 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.
ERD CONSTRUCT
Largest movements
- Cash -€76,357
down €76,357 (-47.5%), from €160,676 to €84,319
mainly Investment in fixed assets (net) (-€54,388) and Tax, wage and social debts (-€42,988)
- Tangible fixed assets +€22,929
up €22,929 (+34.9%), from €65,614 to €88,543
of which Furniture and vehicles: +€26,594
- Receivables within one year +€13,119
up €13,119 (+9.4%), from €139,635 to €152,754
of which Trade receivables: +€11,821
- Financial fixed assets +€7,637
up €7,637 (+167%), from €4,583 to €12,221
- Tax, wage and social debts -€42,988
down €42,988 (-98.4%), from €43,688 to €700
of which Taxes: -€31,871
- Trade debts +€23,282
up €23,282 (+54.2%), from €42,940 to €66,222
of which Bills of exchange payable: +€11,798
- Debts after one year -€19,055
no longer reported in 2025 (was €19,055)
- Profit (loss) carried forward +€18,698
up €18,698 (+7.6%), from €245,396 to €264,094
- Current portion of long-term debt -€12,609
no longer reported in 2025 (was €12,609)
- Gross operating margin -€162,997
down €162,997 (-71.2%), from €228,963 to €65,966
- Taxes -€35,929
down €35,929 (-76.7%), from €46,871 to €10,942
- Financial income +€33,364
up €33,364 (+111,212,533%), from €0 to €33,364
of which Non-recurring financial income: +€33,362
- Other operating charges +€20,078
up €20,078 (+1,268%), from €1,584 to €21,662
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 | €370,509 | €337,837 | -€32,672 | -8.8% |
| Fixed assets | 21/28 | €70,197 | €100,763 | +€30,566 | +43.5% |
| Tangible fixed assets | 22/27 | €65,614 | €88,543 | +€22,929 | +34.9% |
| Plant, machinery and equipment | 23 | €3,875 | €885 | -€2,991 | -77.2% |
| Furniture and vehicles | 24 | €60,614 | €87,208 | +€26,594 | +43.9% |
| Other tangible fixed assets | 26 | €1,124 | €450 | -€675 | -60.0% |
| Financial fixed assets | 28 | €4,583 | €12,221 | +€7,637 | +167% |
| Current assets | 29/58 | €300,311 | €237,073 | -€63,238 | -21.1% |
| Amounts receivable within one year | 40/41 | €139,635 | €152,754 | +€13,119 | +9.4% |
| Trade receivables | 40 | €124,082 | €135,904 | +€11,821 | +9.5% |
| Other amounts receivable | 41 | €15,553 | €16,850 | +€1,297 | +8.3% |
| Cash at bank and in hand | 54/58 | €160,676 | €84,319 | -€76,357 | -47.5% |
| Total equity and liabilities | 10/49 | €370,509 | €337,837 | -€32,672 | -8.8% |
| Equity | 10/15 | €252,216 | €270,914 | +€18,698 | +7.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | €245,396 | €264,094 | +€18,698 | +7.6% |
| Amounts payable | 17/49 | €118,293 | €66,922 | -€51,370 | -43.4% |
| Amounts payable after more than one year | 17 | €19,055 | - | -€19,055 | |
| Financial debts | 170/4 | €19,055 | - | -€19,055 | |
| Amounts payable within one year | 42/48 | €99,237 | €66,922 | -€32,315 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €12,609 | - | -€12,609 | |
| Trade debts | 44 | €42,940 | €66,222 | +€23,282 | +54.2% |
| Suppliers | 440/4 | €21,032 | €32,516 | +€11,484 | +54.6% |
| Bills of exchange payable | 441 | €21,909 | €33,706 | +€11,798 | +53.8% |
| Taxes, remuneration and social security | 45 | €43,688 | €700 | -€42,988 | -98.4% |
| Taxes | 450/3 | €31,871 | - | -€31,871 | |
| Remuneration and social security | 454/9 | €11,817 | €700 | -€11,117 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,585 | €23,822 | -€763 | -3.1% |
| Other operating charges | 640/8 | €1,584 | €21,662 | +€20,078 | +1,268% |
| Gross operating margin | 9900 | €228,963 | €65,966 | -€162,997 | -71.2% |
| Operating profit (loss) | 9901 | €202,794 | €20,481 | -€182,313 | -89.9% |
| Financial income | 75/76B | €0 | €33,364 | +€33,364 | +111,212,533% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +4,233% |
| Non-recurring financial income | 76B | - | €33,362 | +€33,362 | |
| Financial charges | 65/66B | €25,310 | €24,205 | -€1,105 | -4.4% |
| Recurring financial charges | 65 | €25,310 | €24,205 | -€1,105 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €177,485 | €29,640 | -€147,844 | -83.3% |
| Income taxes | 67/77 | €46,871 | €10,942 | -€35,929 | -76.7% |
| Profit (loss) for the period | 9904 | €130,614 | €18,698 | -€111,915 | -85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €130,614 | €18,698 | -€111,915 | -85.7% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.