ERDECEE: 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.
ERDECEE
Largest movements
- Cash -€125,320
down €125,320 (-30.0%), from €417,181 to €291,861
mainly Contributions, distributions and other (-€325,000) and Receivables within one year (-€82,304)
- Tangible fixed assets -€92,769
down €92,769 (-24.7%), from €374,900 to €282,131
of which Other tangible fixed assets: -€69,185
- Receivables within one year +€82,304
up €82,304 (+345.0%), from €23,858 to €106,162
of which Other amounts receivable: +€73,605
- Reserves -€75,000
down €75,000 (-63.4%), from €118,383 to €43,383
of which Distributable reserves: -€75,000
- Debts after one year -€67,558
down €67,558 (-92.4%), from €73,123 to €5,565
- Trade debts +€36,927
up €36,927 (+12.1%), from €305,760 to €342,687
- Current portion of long-term debt -€34,082
down €34,082 (-33.5%), from €101,639 to €67,558
- Tax, wage and social debts -€21,500
down €21,500 (-12.8%), from €168,545 to €147,045
of which Remuneration and social security: -€12,970
- Staff costs +€26,159
up €26,159 (+2.0%), from €1.3m to €1.3m
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 | €857,269 | €716,706 | -€140,563 | -16.4% |
| Fixed assets | 21/28 | €375,595 | €282,825 | -€92,769 | -24.7% |
| Tangible fixed assets | 22/27 | €374,900 | €282,131 | -€92,769 | -24.7% |
| Plant, machinery and equipment | 23 | €133,988 | €111,687 | -€22,301 | -16.6% |
| Furniture and vehicles | 24 | €1,889 | €606 | -€1,283 | -67.9% |
| Other tangible fixed assets | 26 | €239,022 | €169,837 | -€69,185 | -28.9% |
| Financial fixed assets | 28 | €695 | €695 | = | 0.0% |
| Current assets | 29/58 | €481,674 | €433,880 | -€47,794 | -9.9% |
| Stocks and contracts in progress | 3 | €19,945 | €19,245 | -€701 | -3.5% |
| Stocks | 30/36 | €19,945 | €19,245 | -€701 | -3.5% |
| Amounts receivable within one year | 40/41 | €23,858 | €106,162 | +€82,304 | +345.0% |
| Trade receivables | 40 | €23,835 | €32,534 | +€8,699 | +36.5% |
| Other amounts receivable | 41 | €23 | €73,628 | +€73,605 | +321277.4% |
| Cash at bank and in hand | 54/58 | €417,181 | €291,861 | -€125,320 | -30.0% |
| Deferred charges and accrued income | 490/1 | €20,691 | €16,613 | -€4,077 | -19.7% |
| Total equity and liabilities | 10/49 | €857,269 | €716,706 | -€140,563 | -16.4% |
| Equity | 10/15 | €206,281 | €140,078 | -€66,202 | -32.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €118,383 | €43,383 | -€75,000 | -63.4% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,186 | €3,186 | = | 0.0% |
| Distributable reserves | 133 | €109,000 | €34,000 | -€75,000 | -68.8% |
| Profit (loss) carried forward | 14 | €25,925 | €34,722 | +€8,798 | +33.9% |
| Amounts payable | 17/49 | €650,988 | €576,627 | -€74,361 | -11.4% |
| Amounts payable after more than one year | 17 | €73,123 | €5,565 | -€67,558 | -92.4% |
| Financial debts | 170/4 | €73,123 | €5,565 | -€67,558 | -92.4% |
| Amounts payable within one year | 42/48 | €575,945 | €571,062 | -€4,883 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €101,639 | €67,558 | -€34,082 | -33.5% |
| Financial debts | 43 | - | €11,772 | +€11,772 | |
| Credit institutions | 430/8 | - | €11,772 | +€11,772 | |
| Trade debts | 44 | €305,760 | €342,687 | +€36,927 | +12.1% |
| Suppliers | 440/4 | €305,760 | €342,687 | +€36,927 | +12.1% |
| Taxes, remuneration and social security | 45 | €168,545 | €147,045 | -€21,500 | -12.8% |
| Taxes | 450/3 | €19,339 | €10,809 | -€8,530 | -44.1% |
| Remuneration and social security | 454/9 | €149,206 | €136,236 | -€12,970 | -8.7% |
| Other amounts payable | 47/48 | €0 | €2,000 | +€2,000 | |
| Accrued charges and deferred income | 492/3 | €1,921 | €0 | -€1,921 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,280,758 | €1,306,917 | +€26,159 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,377 | €132,861 | +€1,484 | +1.1% |
| Other operating charges | 640/8 | €5,121 | €4,909 | -€212 | -4.1% |
| Gross operating margin | 9900 | €1,799,231 | €1,806,793 | +€7,562 | +0.4% |
| Operating profit (loss) | 9901 | €381,976 | €362,106 | -€19,869 | -5.2% |
| Financial income | 75/76B | €512 | €1,018 | +€506 | +98.9% |
| Recurring financial income | 75 | €512 | €1,018 | +€506 | +98.9% |
| Financial charges | 65/66B | €9,060 | €9,661 | +€600 | +6.6% |
| Recurring financial charges | 65 | €9,060 | €9,661 | +€600 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €373,427 | €353,464 | -€19,963 | -5.3% |
| Income taxes | 67/77 | €98,432 | €94,667 | -€3,765 | -3.8% |
| Profit (loss) for the period | 9904 | €274,995 | €258,798 | -€16,198 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €274,995 | €258,798 | -€16,198 | -5.9% |
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 5 October 2026 via checked.be.