ERH: 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.
ERH
Largest movements
- Stocks and contracts +€2.4m
up €2.4m (+114%), from €2.1m to €4.4m
- Receivables within one year +€381,010
up €381,010 (+145%), from €263,081 to €644,091
of which Trade receivables: +€531,201
- Cash -€300,794
no longer reported in 2025 (was €300,794)
mainly Stocks and contracts (-€2.4m) and Other debts (-€405,299)
- Short-term financial debts +€2.0m
up €2.0m (+190%), from €1.1m to €3.1m
- Advances received +€455,530
up €455,530 (+45.6%), from €1.0m to €1.5m
- Other debts -€405,299
no longer reported in 2025 (was €405,299)
- Trade debts +€328,549
up €328,549 (+145%), from €226,702 to €555,251
- Purchases and services +€2.3m
new in 2025: €2.3m
- Financial charges +€89,253
up €89,253 (+450%), from €19,836 to €109,088
- Gross operating margin +€37,671
up €37,671 (+66.0%), from €57,081 to €94,752
- Depreciation +€3,339
up €3,339 (+531%), from €628 to €3,967
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 | €2,716,764 | €5,161,536 | +€2.4m | +90.0% |
| Fixed assets | 21/28 | €69,207 | €65,240 | -€3,967 | -5.7% |
| Tangible fixed assets | 22/27 | €19,207 | €15,240 | -€3,967 | -20.7% |
| Plant, machinery and equipment | 23 | €19,207 | €15,240 | -€3,967 | -20.7% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €2,647,557 | €5,096,297 | +€2.4m | +92.5% |
| Stocks and contracts in progress | 3 | €2,077,947 | €4,446,034 | +€2.4m | +114% |
| Stocks | 30/36 | €2,077,947 | €4,446,034 | +€2.4m | +114% |
| Amounts receivable within one year | 40/41 | €263,081 | €644,091 | +€381,010 | +145% |
| Trade receivables | 40 | - | €531,201 | +€531,201 | |
| Other amounts receivable | 41 | €263,081 | €112,890 | -€150,192 | -57.1% |
| Cash at bank and in hand | 54/58 | €300,794 | - | -€300,794 | |
| Deferred charges and accrued income | 490/1 | €5,735 | €6,172 | +€436 | +7.6% |
| Total equity and liabilities | 10/49 | €2,716,764 | €5,161,536 | +€2.4m | +90.0% |
| Equity | 10/15 | €7,980 | -€11,118 | -€19,098 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,670 | -€78,768 | -€19,098 | -32.0% |
| Amounts payable | 17/49 | €2,708,784 | €5,172,655 | +€2.5m | +91.0% |
| Amounts payable within one year | 42/48 | €2,708,784 | €5,131,415 | +€2.4m | +89.4% |
| Financial debts | 43 | €1,076,530 | €3,120,633 | +€2.0m | +190% |
| Credit institutions | 430/8 | €1,076,530 | €3,120,633 | +€2.0m | +190% |
| Trade debts | 44 | €226,702 | €555,251 | +€328,549 | +145% |
| Suppliers | 440/4 | €226,702 | €555,251 | +€328,549 | +145% |
| Advances received on contracts in progress | 46 | €1,000,000 | €1,455,530 | +€455,530 | +45.6% |
| Taxes, remuneration and social security | 45 | €253 | - | -€253 | |
| Taxes | 450/3 | €253 | - | -€253 | |
| Other amounts payable | 47/48 | €405,299 | - | -€405,299 | |
| Accrued charges and deferred income | 492/3 | - | €41,240 | +€41,240 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €2,273,335 | +€2.3m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €628 | €3,967 | +€3,339 | +531% |
| Other operating charges | 640/8 | €1,051 | €795 | -€256 | -24.4% |
| Gross operating margin | 9900 | €57,081 | €94,752 | +€37,671 | +66.0% |
| Operating profit (loss) | 9901 | €55,401 | €89,990 | +€34,589 | +62.4% |
| Financial income | 75/76B | €89 | - | -€89 | |
| Recurring financial income | 75 | €89 | - | -€89 | |
| Financial charges | 65/66B | €19,836 | €109,088 | +€89,253 | +450% |
| Recurring financial charges | 65 | €19,836 | €109,088 | +€89,253 | +450% |
| Profit (loss) for the period before taxes | 9903 | €35,654 | -€19,098 | -€54,752 | |
| Profit (loss) for the period | 9904 | €35,654 | -€19,098 | -€54,752 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,654 | -€19,098 | -€54,752 |
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 15 October 2026 via checked.be.