ERD GROUP: 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 GROUP
Largest movements
- Receivables within one year +€61,105
up €61,105 (+58.3%), from €104,893 to €165,998
of which Trade receivables: +€58,259
- Cash +€22,219
up €22,219 (+101.7%), from €21,845 to €44,064
mainly Trade debts (+€67,022) and Debts after one year (+€22,710)
- Stocks and contracts +€17,173
up €17,173 (+69.2%), from €24,827 to €42,000
- Tangible fixed assets +€14,525
up €14,525 (+23.2%), from €62,516 to €77,041
of which Furniture and vehicles: +€24,904
- Deferred charges and accrued income +€9,210
new in 2025: €9,210
- Reserves +€114,951
new in 2025: €114,951
- Profit (loss) carried forward -€95,512
no longer reported in 2025 (was €95,512)
- Trade debts +€67,022
up €67,022 (+192.3%), from €34,855 to €101,877
- Debts after one year +€22,710
up €22,710 (+72.7%), from €31,228 to €53,938
- Other debts +€21,771
new in 2025: €21,771
- Gross operating margin +€10,438
up €10,438 (+23.3%), from €44,808 to €55,247
- Other operating charges -€4,110
down €4,110 (-88.6%), from €4,640 to €530
- Financial charges +€3,038
up €3,038 (+65.2%), from €4,657 to €7,695
- Taxes +€2,731
up €2,731 (+94.0%), from €2,904 to €5,635
- Financial income +€588
up €588 (+320.3%), from €184 to €772
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 | €214,082 | €338,313 | +€124,231 | +58.0% |
| Fixed assets | 21/28 | €62,517 | €77,041 | +€14,524 | +23.2% |
| Intangible fixed assets | 21 | €1 | €0 | -€1 | -100.0% |
| Tangible fixed assets | 22/27 | €62,516 | €77,041 | +€14,525 | +23.2% |
| Plant, machinery and equipment | 23 | €30,865 | €20,486 | -€10,379 | -33.6% |
| Furniture and vehicles | 24 | €31,651 | €56,555 | +€24,904 | +78.7% |
| Current assets | 29/58 | €151,565 | €261,272 | +€109,707 | +72.4% |
| Stocks and contracts in progress | 3 | €24,827 | €42,000 | +€17,173 | +69.2% |
| Stocks | 30/36 | €24,827 | €42,000 | +€17,173 | +69.2% |
| Amounts receivable within one year | 40/41 | €104,893 | €165,998 | +€61,105 | +58.3% |
| Trade receivables | 40 | €92,205 | €150,464 | +€58,259 | +63.2% |
| Other amounts receivable | 41 | €12,688 | €15,534 | +€2,846 | +22.4% |
| Cash at bank and in hand | 54/58 | €21,845 | €44,064 | +€22,219 | +101.7% |
| Deferred charges and accrued income | 490/1 | - | €9,210 | +€9,210 | |
| Total equity and liabilities | 10/49 | €214,082 | €338,313 | +€124,231 | +58.0% |
| Equity | 10/15 | €120,512 | €139,951 | +€19,439 | +16.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €114,951 | +€114,951 | |
| Distributable reserves | 133 | - | €114,951 | +€114,951 | |
| Profit (loss) carried forward | 14 | €95,512 | - | -€95,512 | |
| Amounts payable | 17/49 | €93,570 | €198,362 | +€104,792 | +112.0% |
| Amounts payable after more than one year | 17 | €31,228 | €53,938 | +€22,710 | +72.7% |
| Financial debts | 170/4 | €31,228 | €53,938 | +€22,710 | +72.7% |
| Amounts payable within one year | 42/48 | €62,342 | €144,127 | +€81,785 | +131.2% |
| Current portion of amounts payable after more than one year | 42 | €22,691 | €12,778 | -€9,913 | -43.7% |
| Financial debts | 43 | €2,359 | €16 | -€2,343 | -99.3% |
| Credit institutions | 430/8 | €2,359 | €16 | -€2,343 | -99.3% |
| Trade debts | 44 | €34,855 | €101,877 | +€67,022 | +192.3% |
| Suppliers | 440/4 | €34,855 | €101,877 | +€67,022 | +192.3% |
| Taxes, remuneration and social security | 45 | €2,437 | €7,685 | +€5,249 | +215.4% |
| Taxes | 450/3 | €2,437 | €5,187 | +€2,751 | +112.9% |
| Remuneration and social security | 454/9 | - | €2,498 | +€2,498 | |
| Other amounts payable | 47/48 | - | €21,771 | +€21,771 | |
| Accrued charges and deferred income | 492/3 | - | €297 | +€297 | |
| Remuneration, social security and pensions | 62 | - | €13 | +€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,979 | €22,707 | -€272 | -1.2% |
| Other operating charges | 640/8 | €4,640 | €530 | -€4,110 | -88.6% |
| Gross operating margin | 9900 | €44,808 | €55,247 | +€10,438 | +23.3% |
| Operating profit (loss) | 9901 | €17,190 | €31,997 | +€14,807 | +86.1% |
| Financial income | 75/76B | €184 | €772 | +€588 | +320.3% |
| Recurring financial income | 75 | €184 | €772 | +€588 | +320.3% |
| Financial charges | 65/66B | €4,657 | €7,695 | +€3,038 | +65.2% |
| Recurring financial charges | 65 | €4,657 | €7,695 | +€3,038 | +65.2% |
| Profit (loss) for the period before taxes | 9903 | €12,716 | €25,074 | +€12,358 | +97.2% |
| Income taxes | 67/77 | €2,904 | €5,635 | +€2,731 | +94.0% |
| Profit (loss) for the period | 9904 | €9,812 | €19,439 | +€9,627 | +98.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,812 | €19,439 | +€9,627 | +98.1% |
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 9 October 2026 via checked.be.