ERDE: 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.
ERDE
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-16.2%), from €6.8m to €5.7m
- Receivables within one year +€173,657
new in 2025: €173,657
- Financial fixed assets +€161,000
up €161,000 (+110.7%), from €145,500 to €306,500
- Cash +€142,564
up €142,564 (+946.2%), from €15,066 to €157,631
mainly Current portion of long-term debt (+€3.4m) and Stocks and contracts (+€1.1m)
- Current portion of long-term debt +€3.4m
new in 2025: €3.4m
- Debts after one year -€2.0m
down €2.0m (-60.1%), from €3.3m to €1.3m
of which Financial debts: -€2.0m
- Short-term financial debts -€1.8m
no longer reported in 2025 (was €1.8m)
- Other debts -€526,383
down €526,383 (-52.9%), from €994,383 to €468,000
- Profit (loss) carried forward +€193,167
up €193,167 (+28.9%), from €667,652 to €860,819
- Other operating charges -€2.6m
down €2.6m (-86.4%), from €3.0m to €405,319
- Gross operating margin -€2.5m
down €2.5m (-74.0%), from €3.4m to €871,566
- Financial charges -€45,560
down €45,560 (-18.2%), from €250,164 to €204,604
- Taxes +€38,100
up €38,100 (+125.4%), from €30,376 to €68,476
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 | €6,942,052 | €6,320,544 | -€621,508 | -9.0% |
| Fixed assets | 21/28 | €145,500 | €306,500 | +€161,000 | +110.7% |
| Financial fixed assets | 28 | €145,500 | €306,500 | +€161,000 | +110.7% |
| Current assets | 29/58 | €6,796,552 | €6,014,044 | -€782,508 | -11.5% |
| Stocks and contracts in progress | 3 | €6,781,486 | €5,682,757 | -€1.1m | -16.2% |
| Stocks | 30/36 | €6,781,486 | €5,682,757 | -€1.1m | -16.2% |
| Amounts receivable within one year | 40/41 | - | €173,657 | +€173,657 | |
| Other amounts receivable | 41 | - | €173,657 | +€173,657 | |
| Cash at bank and in hand | 54/58 | €15,066 | €157,631 | +€142,564 | +946.2% |
| Total equity and liabilities | 10/49 | €6,942,052 | €6,320,544 | -€621,508 | -9.0% |
| Equity | 10/15 | €767,652 | €960,819 | +€193,167 | +25.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €667,652 | €860,819 | +€193,167 | +28.9% |
| Amounts payable | 17/49 | €6,174,401 | €5,359,726 | -€814,675 | -13.2% |
| Amounts payable after more than one year | 17 | €3,348,856 | €1,336,356 | -€2.0m | -60.1% |
| Financial debts | 170/4 | €3,338,384 | €1,335,884 | -€2.0m | -60.0% |
| Other amounts payable | 178/9 | €10,472 | €472 | -€10,000 | -95.5% |
| Amounts payable within one year | 42/48 | €2,775,535 | €3,962,234 | +€1.2m | +42.8% |
| Current portion of amounts payable after more than one year | 42 | - | €3,362,033 | +€3.4m | |
| Financial debts | 43 | €1,750,776 | - | -€1.8m | |
| Credit institutions | 430/8 | €1,750,776 | - | -€1.8m | |
| Trade debts | 44 | - | €850 | +€850 | |
| Suppliers | 440/4 | - | €850 | +€850 | |
| Advances received on contracts in progress | 46 | - | €62,500 | +€62,500 | |
| Taxes, remuneration and social security | 45 | €30,376 | €68,851 | +€38,476 | +126.7% |
| Taxes | 450/3 | €30,376 | €68,851 | +€38,476 | +126.7% |
| Other amounts payable | 47/48 | €994,383 | €468,000 | -€526,383 | -52.9% |
| Accrued charges and deferred income | 492/3 | €50,010 | €61,136 | +€11,126 | +22.2% |
| Other operating charges | 640/8 | €2,989,877 | €405,319 | -€2.6m | -86.4% |
| Gross operating margin | 9900 | €3,351,511 | €871,566 | -€2.5m | -74.0% |
| Operating profit (loss) | 9901 | €361,634 | €466,247 | +€104,613 | +28.9% |
| Financial charges | 65/66B | €250,164 | €204,604 | -€45,560 | -18.2% |
| Recurring financial charges | 65 | €250,164 | €204,604 | -€45,560 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €111,470 | €261,643 | +€150,173 | +134.7% |
| Income taxes | 67/77 | €30,376 | €68,476 | +€38,100 | +125.4% |
| Profit (loss) for the period | 9904 | €81,094 | €193,167 | +€112,073 | +138.2% |
| Profit (loss) for the period to be appropriated | 9905 | €81,094 | €193,167 | +€112,073 | +138.2% |
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 12 October 2026 via checked.be.