EREL: 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.
EREL
Largest movements
- Receivables within one year -€206,876
down €206,876 (-80.5%), from €256,876 to €50,000
- Financial fixed assets +€146,672
up €146,672 (+40010.9%), from €367 to €147,039
- Cash +€74,357
up €74,357 (+101.6%), from €73,188 to €147,545
mainly Receivables within one year (+€206,876) and Depreciation (+€23,449)
- Tangible fixed assets -€23,449
down €23,449 (-5.7%), from €408,685 to €385,236
of which Land and buildings: -€21,986
- Profit (loss) carried forward -€12,314
down €12,314, from €1,496 to -€10,817
- Gross operating margin -€13,081
down €13,081 (-36.4%), from €35,901 to €22,820
- Other operating charges -€10,249
down €10,249 (-95.2%), from €10,769 to €520
- Financial income -€5,739
down €5,739 (-66.1%), from €8,684 to €2,945
- Financial charges -€610
down €610 (-5.9%), from €10,384 to €9,774
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 | €739,114 | €729,820 | -€9,295 | -1.3% |
| Fixed assets | 21/28 | €409,051 | €532,275 | +€123,224 | +30.1% |
| Tangible fixed assets | 22/27 | €408,685 | €385,236 | -€23,449 | -5.7% |
| Land and buildings | 22 | €405,847 | €383,861 | -€21,986 | -5.4% |
| Plant, machinery and equipment | 23 | €2,576 | €1,375 | -€1,201 | -46.6% |
| Furniture and vehicles | 24 | €261 | - | -€261 | |
| Financial fixed assets | 28 | €367 | €147,039 | +€146,672 | +40010.9% |
| Current assets | 29/58 | €330,063 | €197,545 | -€132,518 | -40.1% |
| Amounts receivable within one year | 40/41 | €256,876 | €50,000 | -€206,876 | -80.5% |
| Other amounts receivable | 41 | €256,876 | €50,000 | -€206,876 | -80.5% |
| Cash at bank and in hand | 54/58 | €73,188 | €147,545 | +€74,357 | +101.6% |
| Total equity and liabilities | 10/49 | €739,114 | €729,820 | -€9,295 | -1.3% |
| Equity | 10/15 | €593,987 | €581,673 | -€12,314 | -2.1% |
| Contributions | 10/11 | €540,732 | €540,732 | = | 0.0% |
| Capital | 10 | €540,732 | €540,732 | = | 0.0% |
| Issued capital | 100 | €540,732 | €540,732 | = | 0.0% |
| Reserves | 13 | €51,759 | €51,759 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,907 | €10,907 | = | 0.0% |
| Legal reserve | 130 | €10,907 | €10,907 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,350 | €2,350 | = | 0.0% |
| Distributable reserves | 133 | €38,502 | €38,502 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,496 | -€10,817 | -€12,314 | |
| Amounts payable | 17/49 | €145,128 | €148,146 | +€3,019 | +2.1% |
| Amounts payable within one year | 42/48 | €145,128 | €148,146 | +€3,019 | +2.1% |
| Trade debts | 44 | €2,038 | €2,093 | +€56 | +2.7% |
| Suppliers | 440/4 | €2,038 | €2,093 | +€56 | +2.7% |
| Taxes, remuneration and social security | 45 | €7,107 | €3,018 | -€4,088 | -57.5% |
| Taxes | 450/3 | €7,107 | €3,018 | -€4,088 | -57.5% |
| Other amounts payable | 47/48 | €135,983 | €143,035 | +€7,052 | +5.2% |
| Remuneration, social security and pensions | 62 | €4,192 | €4,224 | +€32 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,605 | €23,449 | -€157 | -0.7% |
| Other operating charges | 640/8 | €10,769 | €520 | -€10,249 | -95.2% |
| Gross operating margin | 9900 | €35,901 | €22,820 | -€13,081 | -36.4% |
| Operating profit (loss) | 9901 | -€2,665 | -€5,372 | -€2,707 | -101.6% |
| Financial income | 75/76B | €8,684 | €2,945 | -€5,739 | -66.1% |
| Recurring financial income | 75 | €8,684 | €2,945 | -€5,739 | -66.1% |
| Financial charges | 65/66B | €10,384 | €9,774 | -€610 | -5.9% |
| Recurring financial charges | 65 | €10,384 | €9,774 | -€610 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,365 | -€12,201 | -€7,837 | -179.5% |
| Income taxes | 67/77 | €267 | €112 | -€155 | -58.1% |
| Profit (loss) for the period | 9904 | -€4,632 | -€12,314 | -€7,681 | -165.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,632 | -€12,314 | -€7,681 | -165.8% |
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.