ERGOLI: 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.
ERGOLI
Largest movements
- Stocks and contracts +€275,341
up €275,341 (+57.2%), from €481,420 to €756,762
- Tangible fixed assets +€105,618
up €105,618 (+34.8%), from €303,291 to €408,909
of which Plant, machinery and equipment: +€123,056
- Cash -€13,826
down €13,826 (-26.3%), from €52,649 to €38,823
mainly Stocks and contracts (-€275,341) and Investment in fixed assets (net) (-€158,972)
- Other debts +€218,349
up €218,349 (+363.9%), from €60,000 to €278,349
- Reserves +€95,651
up €95,651 (+18.6%), from €515,003 to €610,654
of which Distributable reserves: +€104,912
- Trade debts +€43,624
up €43,624 (+25.6%), from €170,538 to €214,162
- Debts after one year +€43,326
up €43,326 (+433.8%), from €9,989 to €53,314
- Short-term financial debts -€23,986
down €23,986 (-29.0%), from €82,734 to €58,749
- Gross operating margin +€182,596
up €182,596 (+39.0%), from €468,560 to €651,156
- Staff costs +€89,492
up €89,492 (+34.2%), from €262,039 to €351,531
- Taxes -€17,577
down €17,577 (-33.1%), from €53,133 to €35,556
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 | €955,211 | €1,328,431 | +€373,220 | +39.1% |
| Fixed assets | 21/28 | €303,291 | €410,609 | +€107,318 | +35.4% |
| Tangible fixed assets | 22/27 | €303,291 | €408,909 | +€105,618 | +34.8% |
| Plant, machinery and equipment | 23 | €261,069 | €384,125 | +€123,056 | +47.1% |
| Furniture and vehicles | 24 | €42,222 | €24,784 | -€17,438 | -41.3% |
| Financial fixed assets | 28 | - | €1,700 | +€1,700 | |
| Current assets | 29/58 | €651,920 | €917,823 | +€265,903 | +40.8% |
| Stocks and contracts in progress | 3 | €481,420 | €756,762 | +€275,341 | +57.2% |
| Stocks | 30/36 | €481,420 | €756,762 | +€275,341 | +57.2% |
| Amounts receivable within one year | 40/41 | €94,129 | €85,668 | -€8,461 | -9.0% |
| Trade receivables | 40 | €93,937 | €33,391 | -€60,546 | -64.5% |
| Other amounts receivable | 41 | €192 | €52,277 | +€52,085 | +27164.6% |
| Cash at bank and in hand | 54/58 | €52,649 | €38,823 | -€13,826 | -26.3% |
| Deferred charges and accrued income | 490/1 | €23,721 | €36,570 | +€12,848 | +54.2% |
| Total equity and liabilities | 10/49 | €955,211 | €1,328,431 | +€373,220 | +39.1% |
| Equity | 10/15 | €525,003 | €620,654 | +€95,651 | +18.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €515,003 | €610,654 | +€95,651 | +18.6% |
| Tax-exempt reserves | 132 | €78,668 | €69,407 | -€9,261 | -11.8% |
| Distributable reserves | 133 | €436,335 | €541,247 | +€104,912 | +24.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €26,223 | €23,136 | -€3,087 | -11.8% |
| Deferred taxes | 168 | €26,223 | €23,136 | -€3,087 | -11.8% |
| Amounts payable | 17/49 | €403,985 | €684,641 | +€280,656 | +69.5% |
| Amounts payable after more than one year | 17 | €9,989 | €53,314 | +€43,326 | +433.8% |
| Financial debts | 170/4 | €9,989 | €53,314 | +€43,326 | +433.8% |
| Amounts payable within one year | 42/48 | €393,996 | €631,327 | +€237,331 | +60.2% |
| Current portion of amounts payable after more than one year | 42 | €29,194 | €32,477 | +€3,283 | +11.2% |
| Financial debts | 43 | €82,734 | €58,749 | -€23,986 | -29.0% |
| Credit institutions | 430/8 | €82,734 | €58,749 | -€23,986 | -29.0% |
| Trade debts | 44 | €170,538 | €214,162 | +€43,624 | +25.6% |
| Suppliers | 440/4 | €170,538 | €214,162 | +€43,624 | +25.6% |
| Taxes, remuneration and social security | 45 | €51,530 | €47,589 | -€3,940 | -7.6% |
| Taxes | 450/3 | €27,948 | €15,834 | -€12,114 | -43.3% |
| Remuneration and social security | 454/9 | €23,582 | €31,756 | +€8,174 | +34.7% |
| Other amounts payable | 47/48 | €60,000 | €278,349 | +€218,349 | +363.9% |
| Remuneration, social security and pensions | 62 | €262,039 | €351,531 | +€89,492 | +34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,935 | €51,654 | +€4,719 | +10.1% |
| Other operating charges | 640/8 | €3,276 | €7,622 | +€4,346 | +132.6% |
| Non-recurring operating charges | 66A | €10,819 | €0 | -€10,819 | -100.0% |
| Gross operating margin | 9900 | €468,560 | €651,156 | +€182,596 | +39.0% |
| Operating profit (loss) | 9901 | €145,490 | €240,350 | +€94,860 | +65.2% |
| Financial income | 75/76B | €16,671 | €18,596 | +€1,925 | +11.5% |
| Recurring financial income | 75 | €16,671 | €18,596 | +€1,925 | +11.5% |
| Financial charges | 65/66B | €8,092 | €10,826 | +€2,734 | +33.8% |
| Recurring financial charges | 65 | €8,092 | €10,826 | +€2,734 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €154,070 | €248,120 | +€94,050 | +61.0% |
| Transfer from deferred taxes | 780 | €4,223 | €3,087 | -€1,136 | -26.9% |
| Income taxes | 67/77 | €53,133 | €35,556 | -€17,577 | -33.1% |
| Profit (loss) for the period | 9904 | €105,160 | €215,651 | +€110,491 | +105.1% |
| Transfer from tax-exempt reserves | 789 | €12,669 | €9,261 | -€3,408 | -26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €117,829 | €224,912 | +€107,083 | +90.9% |
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 6 October 2026 via checked.be.