ErHo: 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.
ErHo
Largest movements
- Cash +€42,808
up €42,808 (+167.1%), from €25,624 to €68,433
mainly Net result for the year (+€28,564) and Receivables within one year (+€9,195)
- Receivables within one year -€9,195
down €9,195 (-33.0%), from €27,866 to €18,671
of which Trade receivables: -€6,510
- Reserves +€28,500
up €28,500 (+119.4%), from €23,860 to €52,360
of which Distributable reserves: +€28,500
- Tax, wage and social debts +€2,908
up €2,908 (+20.8%), from €13,968 to €16,877
of which Taxes: +€2,852
- Trade debts +€1,306
up €1,306 (+33.4%), from €3,906 to €5,212
- Gross operating margin +€8,426
up €8,426 (+20.9%), from €40,284 to €48,710
- Staff costs +€5,112
up €5,112, from €0 to €5,112
- Depreciation -€5,064
down €5,064 (-68.5%), from €7,390 to €2,326
- Taxes +€3,075
up €3,075 (+34.2%), from €8,985 to €12,060
- Other operating charges -€786
down €786 (-73.8%), from €1,065 to €279
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 | €68,413 | €101,191 | +€32,778 | +47.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €9,002 | €8,364 | -€638 | -7.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €9,002 | €8,364 | -€638 | -7.1% |
| Plant, machinery and equipment | 23 | €1,041 | €463 | -€579 | -55.6% |
| Furniture and vehicles | 24 | €7,960 | €7,901 | -€59 | -0.7% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €59,411 | €92,827 | +€33,416 | +56.2% |
| Stocks and contracts in progress | 3 | €1,081 | €625 | -€456 | -42.2% |
| Stocks | 30/36 | €1,081 | €625 | -€456 | -42.2% |
| Amounts receivable within one year | 40/41 | €27,866 | €18,671 | -€9,195 | -33.0% |
| Trade receivables | 40 | €19,580 | €13,071 | -€6,510 | -33.2% |
| Other amounts receivable | 41 | €8,286 | €5,600 | -€2,686 | -32.4% |
| Cash at bank and in hand | 54/58 | €25,624 | €68,433 | +€42,808 | +167.1% |
| Deferred charges and accrued income | 490/1 | €4,840 | €5,099 | +€259 | +5.4% |
| Total equity and liabilities | 10/49 | €68,413 | €101,191 | +€32,778 | +47.9% |
| Equity | 10/15 | €50,538 | €79,102 | +€28,564 | +56.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,860 | €52,360 | +€28,500 | +119.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €22,000 | €50,500 | +€28,500 | +129.5% |
| Profit (loss) carried forward | 14 | €20,478 | €20,542 | +€64 | +0.3% |
| Amounts payable | 17/49 | €17,874 | €22,089 | +€4,215 | +23.6% |
| Amounts payable within one year | 42/48 | €17,874 | €22,089 | +€4,215 | +23.6% |
| Trade debts | 44 | €3,906 | €5,212 | +€1,306 | +33.4% |
| Suppliers | 440/4 | €3,906 | €5,212 | +€1,306 | +33.4% |
| Taxes, remuneration and social security | 45 | €13,968 | €16,877 | +€2,908 | +20.8% |
| Taxes | 450/3 | €9,940 | €12,793 | +€2,852 | +28.7% |
| Remuneration and social security | 454/9 | €4,028 | €4,084 | +€56 | +1.4% |
| Remuneration, social security and pensions | 62 | €0 | €5,112 | +€5,112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,390 | €2,326 | -€5,064 | -68.5% |
| Other operating charges | 640/8 | €1,065 | €279 | -€786 | -73.8% |
| Gross operating margin | 9900 | €40,284 | €48,710 | +€8,426 | +20.9% |
| Operating profit (loss) | 9901 | €31,828 | €40,993 | +€9,165 | +28.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -67.6% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -67.6% |
| Financial charges | 65/66B | €495 | €370 | -€126 | -25.3% |
| Recurring financial charges | 65 | €495 | €370 | -€126 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €31,334 | €40,623 | +€9,289 | +29.6% |
| Income taxes | 67/77 | €8,985 | €12,060 | +€3,075 | +34.2% |
| Profit (loss) for the period | 9904 | €22,349 | €28,564 | +€6,215 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,349 | €28,564 | +€6,215 | +27.8% |
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 4 October 2026 via checked.be.