ERMAL: what changed
ERMAL
Largest movements
- Receivables within one year +€26,543
up €26,543 (+79.6%), from €33,329 to €59,871
of which Trade receivables: +€27,496
- Tangible fixed assets -€16,443
down €16,443 (-16.9%), from €97,440 to €80,997
of which Leasing and similar rights: -€9,350
- Cash +€11,945
up €11,945 (+515%), from €2,319 to €14,264
mainly Advances received (+€40,191) and Depreciation (+€23,690)
- Deferred charges and accrued income -€4,572
down €4,572 (-13.7%), from €33,478 to €28,906
- Advances received +€40,191
new in 2025: €40,191
- Debts after one year -€20,679
down €20,679 (-32.0%), from €64,593 to €43,913
- Tax, wage and social debts +€5,643
up €5,643 (+672%), from €840 to €6,483
of which Remuneration and social security: +€5,881
- Other debts -€4,996
down €4,996 (-23.6%), from €21,213 to €16,217
- Gross operating margin +€62,222
up €62,222 (+110%), from €56,417 to €118,639
- Staff costs +€46,855
up €46,855 (+112%), from €41,885 to €88,740
- Depreciation +€10,141
up €10,141 (+74.9%), from €13,548 to €23,690
- Financial charges +€3,468
up €3,468 (+151%), from €2,298 to €5,766
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €166,567 | €185,689 | +€19,122 | +11.5% |
| Fixed assets | 21/28 | €97,440 | €82,647 | -€14,793 | -15.2% |
| Tangible fixed assets | 22/27 | €97,440 | €80,997 | -€16,443 | -16.9% |
| Plant, machinery and equipment | 23 | €5,034 | €5,188 | +€154 | +3.1% |
| Furniture and vehicles | 24 | €49,309 | €42,062 | -€7,247 | -14.7% |
| Leasing and similar rights | 25 | €43,097 | €33,747 | -€9,350 | -21.7% |
| Financial fixed assets | 28 | - | €1,650 | +€1,650 | |
| Current assets | 29/58 | €69,126 | €103,042 | +€33,915 | +49.1% |
| Amounts receivable within one year | 40/41 | €33,329 | €59,871 | +€26,543 | +79.6% |
| Trade receivables | 40 | €26,691 | €54,186 | +€27,496 | +103% |
| Other amounts receivable | 41 | €6,638 | €5,685 | -€953 | -14.4% |
| Cash at bank and in hand | 54/58 | €2,319 | €14,264 | +€11,945 | +515% |
| Deferred charges and accrued income | 490/1 | €33,478 | €28,906 | -€4,572 | -13.7% |
| Total equity and liabilities | 10/49 | €166,567 | €185,689 | +€19,122 | +11.5% |
| Equity | 10/15 | €40,558 | €39,786 | -€772 | -1.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €37,558 | €36,786 | -€772 | -2.1% |
| Distributable reserves | 133 | €37,558 | €36,786 | -€772 | -2.1% |
| Amounts payable | 17/49 | €126,009 | €145,903 | +€19,894 | +15.8% |
| Amounts payable after more than one year | 17 | €64,593 | €43,913 | -€20,679 | -32.0% |
| Financial debts | 170/4 | €64,593 | €43,913 | -€20,679 | -32.0% |
| Amounts payable within one year | 42/48 | €61,102 | €101,682 | +€40,580 | +66.4% |
| Current portion of amounts payable after more than one year | 42 | €19,882 | €20,679 | +€798 | +4.0% |
| Trade debts | 44 | €19,168 | €18,112 | -€1,056 | -5.5% |
| Suppliers | 440/4 | €19,168 | €18,112 | -€1,056 | -5.5% |
| Advances received on contracts in progress | 46 | - | €40,191 | +€40,191 | |
| Taxes, remuneration and social security | 45 | €840 | €6,483 | +€5,643 | +672% |
| Taxes | 450/3 | €367 | €129 | -€238 | -64.8% |
| Remuneration and social security | 454/9 | €473 | €6,354 | +€5,881 | +1,243% |
| Other amounts payable | 47/48 | €21,213 | €16,217 | -€4,996 | -23.6% |
| Accrued charges and deferred income | 492/3 | €314 | €308 | -€6 | -1.9% |
| Remuneration, social security and pensions | 62 | €41,885 | €88,740 | +€46,855 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,548 | €23,690 | +€10,141 | +74.9% |
| Other operating charges | 640/8 | €1,281 | €1,086 | -€195 | -15.2% |
| Gross operating margin | 9900 | €56,417 | €118,639 | +€62,222 | +110% |
| Operating profit (loss) | 9901 | -€297 | €5,123 | +€5,420 | |
| Financial income | 75/76B | €62 | €0 | -€62 | -100% |
| Recurring financial income | 75 | €62 | €0 | -€62 | -100% |
| Financial charges | 65/66B | €2,298 | €5,766 | +€3,468 | +151% |
| Recurring financial charges | 65 | €2,298 | €5,766 | +€3,468 | +151% |
| Profit (loss) for the period before taxes | 9903 | -€2,533 | -€643 | +€1,890 | +74.6% |
| Income taxes | 67/77 | €125 | €129 | +€4 | +3.3% |
| Profit (loss) for the period | 9904 | -€2,658 | -€772 | +€1,886 | +70.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,658 | -€772 | +€1,886 | +70.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.