ERDO: 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.
ERDO
Largest movements
- Tangible fixed assets -€114,528
down €114,528 (-17.3%), from €662,517 to €547,989
of which Furniture and vehicles: -€108,368
- Intangible fixed assets -€72,379
down €72,379 (-23.3%), from €310,748 to €238,369
- Stocks and contracts -€62,373
down €62,373 (-46.0%), from €135,562 to €73,189
- Receivables within one year -€55,276
down €55,276 (-47.1%), from €117,354 to €62,077
of which Trade receivables: -€66,171
- Cash +€13,884
up €13,884 (+362.2%), from €3,834 to €17,717
mainly Depreciation (+€232,137) and Tax, wage and social debts (+€92,703)
- Profit (loss) carried forward -€443,485
down €443,485, from €195,754 to -€247,732
- Tax, wage and social debts +€92,703
up €92,703 (+31.3%), from €296,431 to €389,134
of which Taxes: +€90,117
- Current portion of long-term debt +€59,230
up €59,230 (+82.9%), from €71,480 to €130,710
- Gross operating margin -€325,342
down €325,342 (-41.8%), from €779,048 to €453,705
- Staff costs +€65,279
up €65,279 (+13.4%), from €485,993 to €551,272
- Other operating charges +€24,989
up €24,989 (+876.0%), from €2,853 to €27,841
- Depreciation -€21,355
down €21,355 (-8.4%), from €253,493 to €232,137
- Financial charges +€13,431
up €13,431 (+48.5%), from €27,674 to €41,105
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 | €1,240,861 | €944,872 | -€295,989 | -23.9% |
| Fixed assets | 21/28 | €978,759 | €791,852 | -€186,907 | -19.1% |
| Intangible fixed assets | 21 | €310,748 | €238,369 | -€72,379 | -23.3% |
| Tangible fixed assets | 22/27 | €662,517 | €547,989 | -€114,528 | -17.3% |
| Plant, machinery and equipment | 23 | €67,144 | €87,210 | +€20,067 | +29.9% |
| Furniture and vehicles | 24 | €404,863 | €296,495 | -€108,368 | -26.8% |
| Other tangible fixed assets | 26 | €190,511 | €164,283 | -€26,227 | -13.8% |
| Financial fixed assets | 28 | €5,494 | €5,494 | = | 0.0% |
| Current assets | 29/58 | €262,102 | €153,020 | -€109,082 | -41.6% |
| Stocks and contracts in progress | 3 | €135,562 | €73,189 | -€62,373 | -46.0% |
| Stocks | 30/36 | €135,562 | €73,189 | -€62,373 | -46.0% |
| Amounts receivable within one year | 40/41 | €117,354 | €62,077 | -€55,276 | -47.1% |
| Trade receivables | 40 | €93,453 | €27,282 | -€66,171 | -70.8% |
| Other amounts receivable | 41 | €23,901 | €34,795 | +€10,894 | +45.6% |
| Current investments | 50/53 | €19 | €19 | -€1 | -2.8% |
| Cash at bank and in hand | 54/58 | €3,834 | €17,717 | +€13,884 | +362.2% |
| Deferred charges and accrued income | 490/1 | €5,334 | €18 | -€5,316 | -99.7% |
| Total equity and liabilities | 10/49 | €1,240,861 | €944,872 | -€295,989 | -23.9% |
| Equity | 10/15 | €250,116 | -€199,893 | -€450,008 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €195,754 | -€247,732 | -€443,485 | |
| Investment grants | 15 | €33,911 | €27,388 | -€6,523 | -19.2% |
| Amounts payable | 17/49 | €990,745 | €1,144,764 | +€154,019 | +15.5% |
| Amounts payable after more than one year | 17 | €446,729 | €447,144 | +€416 | +0.1% |
| Financial debts | 170/4 | €178,831 | €176,132 | -€2,699 | -1.5% |
| Other amounts payable | 178/9 | €267,898 | €271,012 | +€3,115 | +1.2% |
| Amounts payable within one year | 42/48 | €544,016 | €686,871 | +€142,855 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €71,480 | €130,710 | +€59,230 | +82.9% |
| Financial debts | 43 | €61,161 | €55,730 | -€5,431 | -8.9% |
| Credit institutions | 430/8 | €61,161 | €55,730 | -€5,431 | -8.9% |
| Trade debts | 44 | €84,100 | €86,833 | +€2,733 | +3.2% |
| Suppliers | 440/4 | €84,100 | €86,833 | +€2,733 | +3.2% |
| Taxes, remuneration and social security | 45 | €296,431 | €389,134 | +€92,703 | +31.3% |
| Taxes | 450/3 | €107,535 | €197,652 | +€90,117 | +83.8% |
| Remuneration and social security | 454/9 | €188,895 | €191,482 | +€2,587 | +1.4% |
| Other amounts payable | 47/48 | €30,845 | €24,465 | -€6,380 | -20.7% |
| Accrued charges and deferred income | 492/3 | - | €10,749 | +€10,749 | |
| Remuneration, social security and pensions | 62 | €485,993 | €551,272 | +€65,279 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,493 | €232,137 | -€21,355 | -8.4% |
| Other operating charges | 640/8 | €2,853 | €27,841 | +€24,989 | +876.0% |
| Non-recurring operating charges | 66A | - | €50,667 | +€50,667 | |
| Gross operating margin | 9900 | €779,048 | €453,705 | -€325,342 | -41.8% |
| Operating profit (loss) | 9901 | €36,709 | -€408,213 | -€444,922 | |
| Financial income | 75/76B | €16,620 | €6,523 | -€10,097 | -60.8% |
| Recurring financial income | 75 | €16,620 | €6,523 | -€10,097 | -60.8% |
| Financial charges | 65/66B | €27,674 | €41,105 | +€13,431 | +48.5% |
| Recurring financial charges | 65 | €27,674 | €41,105 | +€13,431 | +48.5% |
| Profit (loss) for the period before taxes | 9903 | €25,655 | -€442,795 | -€468,450 | |
| Income taxes | 67/77 | €7,674 | €691 | -€6,983 | -91.0% |
| Profit (loss) for the period | 9904 | €17,981 | -€443,485 | -€461,467 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,981 | -€443,485 | -€461,467 |
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.