ERFF: 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.
ERFF
Largest movements
- Stocks and contracts -€360,343
down €360,343 (-16.4%), from €2.2m to €1.8m
- Receivables within one year +€50,404
up €50,404 (+145.7%), from €34,603 to €85,006
of which Trade receivables: +€71,438
- Cash -€36,917
down €36,917 (-29.2%), from €126,525 to €89,608
mainly Debts after one year (-€200,668) and Other debts (-€142,400)
- Debts after one year -€200,668
down €200,668 (-10.8%), from €1.9m to €1.7m
- Other debts -€142,400
down €142,400 (-84.2%), from €169,200 to €26,800
- Reserves +€62,469
up €62,469 (+33.6%), from €185,898 to €248,367
- Trade debts -€59,601
down €59,601 (-88.6%), from €67,251 to €7,650
- Financial charges -€30,222
down €30,222 (-38.0%), from €79,554 to €49,332
- Provisions +€17,782
up €17,782 (+58.7%), from -€30,282 to -€12,500
- Taxes +€14,298
up €14,298 (+196.8%), from €7,266 to €21,565
- Other operating charges -€8,478
down €8,478 (-79.3%), from €10,687 to €2,209
- Gross operating margin +€1,926
up €1,926 (+1.6%), from €123,070 to €124,996
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 | €2,364,798 | €2,014,683 | -€350,114 | -14.8% |
| Fixed assets | 21/28 | €9,253 | €5,996 | -€3,258 | -35.2% |
| Tangible fixed assets | 22/27 | €9,253 | €5,996 | -€3,258 | -35.2% |
| Other tangible fixed assets | 26 | €9,253 | €5,996 | -€3,258 | -35.2% |
| Current assets | 29/58 | €2,355,544 | €2,008,688 | -€346,857 | -14.7% |
| Stocks and contracts in progress | 3 | €2,194,417 | €1,834,074 | -€360,343 | -16.4% |
| Stocks | 30/36 | €2,194,417 | €1,834,074 | -€360,343 | -16.4% |
| Amounts receivable within one year | 40/41 | €34,603 | €85,006 | +€50,404 | +145.7% |
| Trade receivables | 40 | €7,563 | €79,000 | +€71,438 | +944.6% |
| Other amounts receivable | 41 | €27,040 | €6,006 | -€21,034 | -77.8% |
| Cash at bank and in hand | 54/58 | €126,525 | €89,608 | -€36,917 | -29.2% |
| Total equity and liabilities | 10/49 | €2,364,798 | €2,014,683 | -€350,114 | -14.8% |
| Equity | 10/15 | €188,898 | €251,367 | +€62,469 | +33.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €185,898 | €248,367 | +€62,469 | +33.6% |
| Distributable reserves | 133 | €185,898 | €248,367 | +€62,469 | +33.6% |
| Provisions and deferred taxes | 16 | €20,000 | €7,500 | -€12,500 | -62.5% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €7,500 | -€12,500 | -62.5% |
| Other liabilities and charges | 164/5 | €20,000 | €7,500 | -€12,500 | -62.5% |
| Amounts payable | 17/49 | €2,155,899 | €1,755,816 | -€400,083 | -18.6% |
| Amounts payable after more than one year | 17 | €1,855,047 | €1,654,379 | -€200,668 | -10.8% |
| Financial debts | 170/4 | €1,855,047 | €1,654,379 | -€200,668 | -10.8% |
| Amounts payable within one year | 42/48 | €300,852 | €101,438 | -€199,415 | -66.3% |
| Current portion of amounts payable after more than one year | 42 | €64,401 | €65,668 | +€1,267 | +2.0% |
| Trade debts | 44 | €67,251 | €7,650 | -€59,601 | -88.6% |
| Suppliers | 440/4 | €67,251 | €7,650 | -€59,601 | -88.6% |
| Advances received on contracts in progress | 46 | - | €1,319 | +€1,319 | |
| Other amounts payable | 47/48 | €169,200 | €26,800 | -€142,400 | -84.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,258 | €3,258 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€30,282 | -€12,500 | +€17,782 | +58.7% |
| Other operating charges | 640/8 | €10,687 | €2,209 | -€8,478 | -79.3% |
| Non-recurring operating charges | 66A | €26,473 | - | -€26,473 | |
| Gross operating margin | 9900 | €123,070 | €124,996 | +€1,926 | +1.6% |
| Operating profit (loss) | 9901 | €112,935 | €132,029 | +€19,094 | +16.9% |
| Financial income | 75/76B | €2,923 | €1,336 | -€1,587 | -54.3% |
| Recurring financial income | 75 | €2,923 | €1,336 | -€1,587 | -54.3% |
| Financial charges | 65/66B | €79,554 | €49,332 | -€30,222 | -38.0% |
| Recurring financial charges | 65 | €79,554 | €49,332 | -€30,222 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €36,304 | €84,033 | +€47,729 | +131.5% |
| Income taxes | 67/77 | €7,266 | €21,565 | +€14,298 | +196.8% |
| Profit (loss) for the period | 9904 | €29,037 | €62,469 | +€33,431 | +115.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,037 | €62,469 | +€33,431 | +115.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.