ErMaEl: 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.
ErMaEl
Largest movements
- Tangible fixed assets +€51,299
new in 2025: €51,299
- Receivables within one year +€34,402
up €34,402 (+105.6%), from €32,585 to €66,986
of which Trade receivables: +€31,906
- Cash -€4,787
down €4,787 (-50.5%), from €9,477 to €4,689
mainly Investment in fixed assets (net) (-€53,775) and Receivables within one year (-€34,402)
- Debts after one year +€37,638
new in 2025: €37,638
- Current portion of long-term debt +€15,410
new in 2025: €15,410
- Trade debts +€10,498
up €10,498 (+1511.1%), from €695 to €11,193
- Other debts +€9,945
up €9,945 (+66.1%), from €15,056 to €25,000
- Profit (loss) carried forward +€6,998
up €6,998 (+47.0%), from €14,875 to €21,873
- Gross operating margin -€3,332
down €3,332 (-20.3%), from €16,374 to €13,042
- Depreciation +€2,475
new in 2025: €2,475
- Taxes -€1,648
down €1,648 (-45.9%), from €3,591 to €1,943
- Financial charges +€575
up €575 (+374.1%), from €154 to €728
- Other operating charges +€511
up €511 (+131.8%), from €387 to €898
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 | €42,117 | €123,530 | +€81,413 | +193.3% |
| Fixed assets | 21/28 | €55 | €51,355 | +€51,299 | +93237.9% |
| Tangible fixed assets | 22/27 | - | €51,299 | +€51,299 | |
| Leasing and similar rights | 25 | - | €51,299 | +€51,299 | |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €42,062 | €72,175 | +€30,114 | +71.6% |
| Amounts receivable within one year | 40/41 | €32,585 | €66,986 | +€34,402 | +105.6% |
| Trade receivables | 40 | €31,014 | €62,920 | +€31,906 | +102.9% |
| Other amounts receivable | 41 | €1,571 | €4,066 | +€2,495 | +158.8% |
| Cash at bank and in hand | 54/58 | €9,477 | €4,689 | -€4,787 | -50.5% |
| Deferred charges and accrued income | 490/1 | - | €500 | +€500 | |
| Total equity and liabilities | 10/49 | €42,117 | €123,530 | +€81,413 | +193.3% |
| Equity | 10/15 | €18,875 | €25,873 | +€6,998 | +37.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,875 | €21,873 | +€6,998 | +47.0% |
| Amounts payable | 17/49 | €23,241 | €97,657 | +€74,415 | +320.2% |
| Amounts payable after more than one year | 17 | - | €37,638 | +€37,638 | |
| Financial debts | 170/4 | - | €37,638 | +€37,638 | |
| Amounts payable within one year | 42/48 | €23,241 | €60,019 | +€36,778 | +158.2% |
| Current portion of amounts payable after more than one year | 42 | - | €15,410 | +€15,410 | |
| Trade debts | 44 | €695 | €11,193 | +€10,498 | +1511.1% |
| Suppliers | 440/4 | €695 | €11,193 | +€10,498 | +1511.1% |
| Taxes, remuneration and social security | 45 | €7,491 | €8,416 | +€925 | +12.4% |
| Taxes | 450/3 | €4,591 | €5,516 | +€925 | +20.2% |
| Remuneration and social security | 454/9 | €2,900 | €2,900 | = | 0.0% |
| Other amounts payable | 47/48 | €15,056 | €25,000 | +€9,945 | +66.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,475 | +€2,475 | |
| Other operating charges | 640/8 | €387 | €898 | +€511 | +131.8% |
| Gross operating margin | 9900 | €16,374 | €13,042 | -€3,332 | -20.3% |
| Operating profit (loss) | 9901 | €15,986 | €9,669 | -€6,318 | -39.5% |
| Financial charges | 65/66B | €154 | €728 | +€575 | +374.1% |
| Recurring financial charges | 65 | €154 | €728 | +€575 | +374.1% |
| Profit (loss) for the period before taxes | 9903 | €15,833 | €8,941 | -€6,892 | -43.5% |
| Income taxes | 67/77 | €3,591 | €1,943 | -€1,648 | -45.9% |
| Profit (loss) for the period | 9904 | €12,242 | €6,998 | -€5,244 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,242 | €6,998 | -€5,244 | -42.8% |
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 9 October 2026 via checked.be.