Erf: 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.
Erf
Largest movements
- Tangible fixed assets +€406,882
up €406,882 (+46.1%), from €882,605 to €1.3m
- Cash -€344,508
down €344,508 (-53.5%), from €643,866 to €299,358
mainly Investment in fixed assets (net) (-€438,653) and Trade debts (-€10,553)
- Reserves +€57,624
up €57,624 (+15.1%), from €380,376 to €438,000
- Depreciation +€31,295
up €31,295 (+6,571%), from €476 to €31,771
- Gross operating margin +€16,941
up €16,941 (+16.0%), from €105,684 to €122,625
- Other operating charges -€10,547
down €10,547 (-59.0%), from €17,862 to €7,315
- Taxes -€2,739
down €2,739 (-9.2%), from €29,630 to €26,891
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.
Derived cash bridge
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 | €1,591,424 | €1,638,717 | +€47,293 | +3.0% |
| Fixed assets | 21/28 | €882,605 | €1,289,487 | +€406,882 | +46.1% |
| Tangible fixed assets | 22/27 | €882,605 | €1,289,487 | +€406,882 | +46.1% |
| Land and buildings | 22 | €882,605 | €1,289,487 | +€406,882 | +46.1% |
| Current assets | 29/58 | €708,818 | €349,230 | -€359,588 | -50.7% |
| Amounts receivable within one year | 40/41 | €63,501 | €49,000 | -€14,501 | -22.8% |
| Trade receivables | 40 | €33,912 | €45,554 | +€11,642 | +34.3% |
| Other amounts receivable | 41 | €29,589 | €3,446 | -€26,143 | -88.4% |
| Cash at bank and in hand | 54/58 | €643,866 | €299,358 | -€344,508 | -53.5% |
| Deferred charges and accrued income | 490/1 | €1,451 | €872 | -€579 | -39.9% |
| Total equity and liabilities | 10/49 | €1,591,424 | €1,638,717 | +€47,293 | +3.0% |
| Equity | 10/15 | €1,557,374 | €1,614,998 | +€57,624 | +3.7% |
| Contributions | 10/11 | €1,176,998 | €1,176,998 | = | 0.0% |
| Reserves | 13 | €380,376 | €438,000 | +€57,624 | +15.1% |
| Distributable reserves | 133 | €380,376 | €438,000 | +€57,624 | +15.1% |
| Amounts payable | 17/49 | €34,049 | €23,719 | -€10,331 | -30.3% |
| Amounts payable within one year | 42/48 | €34,049 | €23,719 | -€10,331 | -30.3% |
| Trade debts | 44 | €12,107 | €1,555 | -€10,553 | -87.2% |
| Suppliers | 440/4 | €12,107 | €1,555 | -€10,553 | -87.2% |
| Taxes, remuneration and social security | 45 | €4,422 | €8,385 | +€3,963 | +89.6% |
| Taxes | 450/3 | €4,422 | €8,385 | +€3,963 | +89.6% |
| Other amounts payable | 47/48 | €17,520 | €13,779 | -€3,741 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €476 | €31,771 | +€31,295 | +6,571% |
| Other operating charges | 640/8 | €17,862 | €7,315 | -€10,547 | -59.0% |
| Gross operating margin | 9900 | €105,684 | €122,625 | +€16,941 | +16.0% |
| Operating profit (loss) | 9901 | €87,346 | €83,539 | -€3,807 | -4.4% |
| Financial income | 75/76B | €572 | €1,049 | +€477 | +83.3% |
| Recurring financial income | 75 | €572 | €1,049 | +€477 | +83.3% |
| Financial charges | 65/66B | €67 | €72 | +€5 | +7.4% |
| Recurring financial charges | 65 | €67 | €72 | +€5 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €87,851 | €84,515 | -€3,336 | -3.8% |
| Income taxes | 67/77 | €29,630 | €26,891 | -€2,739 | -9.2% |
| Profit (loss) for the period | 9904 | €58,221 | €57,624 | -€597 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,221 | €57,624 | -€597 | -1.0% |
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 14 October 2026 via checked.be.