ERGOVAN: 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.
ERGOVAN
Largest movements
- Cash -€79,894
down €79,894 (-43.1%), from €185,267 to €105,373
mainly Contributions, distributions and other (-€152,941) and Investment in fixed assets (net) (-€57,389)
- Receivables within one year +€25,710
up €25,710 (+25.1%), from €102,508 to €128,218
of which Trade receivables: +€20,759
- Current investments +€20,500
new in 2025: €20,500
- Profit (loss) carried forward +€64,548
up €64,548 (+21.6%), from €298,755 to €363,303
- Debts after one year -€56,157
down €56,157 (-16.0%), from €350,153 to €293,996
- Tax, wage and social debts -€34,108
down €34,108 (-58.2%), from €58,582 to €24,474
of which Taxes: -€37,073
- Trade debts -€27,302
down €27,302 (-77.3%), from €35,333 to €8,030
- Current portion of long-term debt +€21,850
up €21,850 (+79.1%), from €27,608 to €49,458
- Purchases and services +€1.1m
new in 2025: €1.1m
- Gross operating margin -€51,743
down €51,743 (-10.6%), from €488,999 to €437,256
- Taxes -€22,605
down €22,605 (-24.0%), from €93,995 to €71,390
- Staff costs +€9,288
up €9,288 (+13.9%), from €66,940 to €76,228
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 | €950,160 | €915,549 | -€34,611 | -3.6% |
| Fixed assets | 21/28 | €653,034 | €652,923 | -€112 | 0.0% |
| Tangible fixed assets | 22/27 | €650,806 | €650,694 | -€112 | 0.0% |
| Land and buildings | 22 | €545,857 | €519,073 | -€26,784 | -4.9% |
| Plant, machinery and equipment | 23 | €50,443 | €65,174 | +€14,731 | +29.2% |
| Furniture and vehicles | 24 | €54,505 | €66,447 | +€11,941 | +21.9% |
| Financial fixed assets | 28 | €2,229 | €2,229 | = | 0.0% |
| Current assets | 29/58 | €297,126 | €262,626 | -€34,500 | -11.6% |
| Stocks and contracts in progress | 3 | €9,351 | €8,535 | -€816 | -8.7% |
| Stocks | 30/36 | €9,351 | €8,535 | -€816 | -8.7% |
| Amounts receivable within one year | 40/41 | €102,508 | €128,218 | +€25,710 | +25.1% |
| Trade receivables | 40 | €102,501 | €123,260 | +€20,759 | +20.3% |
| Other amounts receivable | 41 | €7 | €4,958 | +€4,951 | +74,457% |
| Current investments | 50/53 | - | €20,500 | +€20,500 | |
| Cash at bank and in hand | 54/58 | €185,267 | €105,373 | -€79,894 | -43.1% |
| Total equity and liabilities | 10/49 | €950,160 | €915,549 | -€34,611 | -3.6% |
| Equity | 10/15 | €319,215 | €383,763 | +€64,548 | +20.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Capital | 10 | €20,460 | €20,460 | = | 0.0% |
| Issued capital | 100 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €298,755 | €363,303 | +€64,548 | +21.6% |
| Amounts payable | 17/49 | €630,945 | €531,786 | -€99,159 | -15.7% |
| Amounts payable after more than one year | 17 | €350,153 | €293,996 | -€56,157 | -16.0% |
| Financial debts | 170/4 | €350,153 | €293,996 | -€56,157 | -16.0% |
| Amounts payable within one year | 42/48 | €280,792 | €237,791 | -€43,002 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €27,608 | €49,458 | +€21,850 | +79.1% |
| Financial debts | 43 | €6,100 | - | -€6,100 | |
| Credit institutions | 430/8 | €6,100 | - | -€6,100 | |
| Trade debts | 44 | €35,333 | €8,030 | -€27,302 | -77.3% |
| Suppliers | 440/4 | €35,333 | €8,030 | -€27,302 | -77.3% |
| Taxes, remuneration and social security | 45 | €58,582 | €24,474 | -€34,108 | -58.2% |
| Taxes | 450/3 | €50,450 | €13,377 | -€37,073 | -73.5% |
| Remuneration and social security | 454/9 | €8,132 | €11,097 | +€2,965 | +36.5% |
| Other amounts payable | 47/48 | €153,170 | €155,828 | +€2,659 | +1.7% |
| Non-recurring operating income | 76A | - | €209 | +€209 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,118,499 | +€1.1m | |
| Remuneration, social security and pensions | 62 | €66,940 | €76,228 | +€9,288 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,477 | €57,500 | +€2,024 | +3.6% |
| Other operating charges | 640/8 | €2,491 | €2,015 | -€476 | -19.1% |
| Non-recurring operating charges | 66A | €341 | €63 | -€278 | -81.4% |
| Gross operating margin | 9900 | €488,999 | €437,256 | -€51,743 | -10.6% |
| Operating profit (loss) | 9901 | €363,750 | €301,448 | -€62,301 | -17.1% |
| Financial income | 75/76B | €3,543 | €4,043 | +€500 | +14.1% |
| Recurring financial income | 75 | €3,543 | €4,043 | +€500 | +14.1% |
| Financial charges | 65/66B | €17,784 | €16,611 | -€1,173 | -6.6% |
| Recurring financial charges | 65 | €17,784 | €16,611 | -€1,173 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €349,508 | €288,879 | -€60,629 | -17.3% |
| Income taxes | 67/77 | €93,995 | €71,390 | -€22,605 | -24.0% |
| Profit (loss) for the period | 9904 | €255,513 | €217,489 | -€38,024 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €255,513 | €217,489 | -€38,024 | -14.9% |
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 17 October 2026 via checked.be.