ERGRA VISION: 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.
ERGRA VISION
Largest movements
- Tangible fixed assets +€209,829
up €209,829 (+45.3%), from €462,691 to €672,521
of which Land and buildings: +€235,901
- Financial fixed assets +€138,803
new in 2025: €138,803
- Cash +€40,008
up €40,008 (+24.5%), from €163,513 to €203,521
- Receivables within one year -€29,062
down €29,062 (-10.0%), from €291,404 to €262,341
of which Other amounts receivable: -€85,924
- Reserves +€217,072
up €217,072 (+35.4%), from €613,208 to €830,280
of which Distributable reserves: +€217,072
- Debts after one year +€184,126
up €184,126 (+335.7%), from €54,840 to €238,966
- Current portion of long-term debt -€33,235
down €33,235 (-44.8%), from €74,114 to €40,879
- Trade debts +€21,493
up €21,493 (+34.0%), from €63,193 to €84,687
- Tax, wage and social debts -€20,669
down €20,669 (-19.0%), from €108,649 to €87,980
of which Taxes: -€36,879
- Gross operating margin +€105,349
up €105,349 (+25.2%), from €417,284 to €522,633
- Staff costs +€56,230
up €56,230 (+26.1%), from €215,402 to €271,632
- Depreciation +€17,012
up €17,012 (+46.5%), from €36,595 to €53,607
- Financial income -€7,240
down €7,240 (-47.1%), from €15,381 to €8,141
of which Financial income: -€4,923
- Taxes +€6,400
up €6,400 (+11.9%), from €53,826 to €60,226
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,096,602 | €1,451,085 | +€354,483 | +32.3% |
| Fixed assets | 21/28 | €463,939 | €812,258 | +€348,319 | +75.1% |
| Intangible fixed assets | 21 | €1,247 | €934 | -€313 | -25.1% |
| Tangible fixed assets | 22/27 | €462,691 | €672,521 | +€209,829 | +45.3% |
| Land and buildings | 22 | €385,810 | €621,711 | +€235,901 | +61.1% |
| Plant, machinery and equipment | 23 | €24,627 | €15,558 | -€9,068 | -36.8% |
| Furniture and vehicles | 24 | €8,347 | €3,879 | -€4,468 | -53.5% |
| Other tangible fixed assets | 26 | €43,908 | €31,372 | -€12,536 | -28.6% |
| Financial fixed assets | 28 | - | €138,803 | +€138,803 | |
| Current assets | 29/58 | €632,663 | €638,827 | +€6,164 | +1.0% |
| Stocks and contracts in progress | 3 | €42,650 | €37,184 | -€5,467 | -12.8% |
| Stocks | 30/36 | €42,650 | €37,184 | -€5,467 | -12.8% |
| Amounts receivable within one year | 40/41 | €291,404 | €262,341 | -€29,062 | -10.0% |
| Trade receivables | 40 | €39,683 | €96,545 | +€56,862 | +143.3% |
| Other amounts receivable | 41 | €251,721 | €165,796 | -€85,924 | -34.1% |
| Current investments | 50/53 | €109,029 | €119,655 | +€10,626 | +9.7% |
| Cash at bank and in hand | 54/58 | €163,513 | €203,521 | +€40,008 | +24.5% |
| Deferred charges and accrued income | 490/1 | €26,067 | €16,127 | -€9,941 | -38.1% |
| Total equity and liabilities | 10/49 | €1,096,602 | €1,451,085 | +€354,483 | +32.3% |
| Equity | 10/15 | €767,805 | €984,877 | +€217,072 | +28.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | - | -€50,000 | |
| Issued capital | 100 | €50,000 | - | -€50,000 | |
| Reserves | 13 | €613,208 | €830,280 | +€217,072 | +35.4% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Legal reserve | 130 | €5,000 | - | -€5,000 | |
| Reserves not available under the articles | 1311 | - | €5,000 | +€5,000 | |
| Tax-exempt reserves | 132 | €79,603 | €79,603 | = | 0.0% |
| Distributable reserves | 133 | €528,605 | €745,677 | +€217,072 | +41.1% |
| Profit (loss) carried forward | 14 | €104,597 | €104,597 | = | 0.0% |
| Amounts payable | 17/49 | €328,797 | €466,209 | +€137,411 | +41.8% |
| Amounts payable after more than one year | 17 | €54,840 | €238,966 | +€184,126 | +335.7% |
| Financial debts | 170/4 | €54,840 | €238,966 | +€184,126 | +335.7% |
| Amounts payable within one year | 42/48 | €265,056 | €219,183 | -€45,873 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €74,114 | €40,879 | -€33,235 | -44.8% |
| Trade debts | 44 | €63,193 | €84,687 | +€21,493 | +34.0% |
| Suppliers | 440/4 | €63,193 | €84,687 | +€21,493 | +34.0% |
| Taxes, remuneration and social security | 45 | €108,649 | €87,980 | -€20,669 | -19.0% |
| Taxes | 450/3 | €70,921 | €34,042 | -€36,879 | -52.0% |
| Remuneration and social security | 454/9 | €37,728 | €53,938 | +€16,210 | +43.0% |
| Other amounts payable | 47/48 | €19,100 | €5,637 | -€13,462 | -70.5% |
| Accrued charges and deferred income | 492/3 | €8,901 | €8,059 | -€842 | -9.5% |
| Remuneration, social security and pensions | 62 | €215,402 | €271,632 | +€56,230 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,595 | €53,607 | +€17,012 | +46.5% |
| Other operating charges | 640/8 | €5,250 | €4,847 | -€404 | -7.7% |
| Gross operating margin | 9900 | €417,284 | €522,633 | +€105,349 | +25.2% |
| Operating profit (loss) | 9901 | €160,037 | €192,547 | +€32,510 | +20.3% |
| Financial income | 75/76B | €15,381 | €8,141 | -€7,240 | -47.1% |
| Recurring financial income | 75 | €13,065 | €8,141 | -€4,923 | -37.7% |
| Non-recurring financial income | 76B | €2,316 | - | -€2,316 | |
| Financial charges | 65/66B | €5,468 | €8,232 | +€2,764 | +50.5% |
| Recurring financial charges | 65 | €5,468 | €8,232 | +€2,764 | +50.5% |
| Profit (loss) for the period before taxes | 9903 | €169,950 | €192,457 | +€22,506 | +13.2% |
| Income taxes | 67/77 | €53,826 | €60,226 | +€6,400 | +11.9% |
| Profit (loss) for the period | 9904 | €116,124 | €132,231 | +€16,107 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €116,124 | €132,231 | +€16,107 | +13.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.