ERMANUSTE: 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.
ERMANUSTE
Largest movements
- Tangible fixed assets -€39,304
down €39,304 (-16.4%), from €239,907 to €200,602
of which Furniture and vehicles: -€32,191
- Cash +€19,509
up €19,509 (+62.7%), from €31,125 to €50,635
mainly Depreciation (+€42,060) and Tax, wage and social debts (+€6,656)
- Receivables within one year -€4,946
down €4,946 (-99.5%), from €4,969 to €22
of which Trade receivables: -€4,969
- Debts after one year -€40,000
down €40,000 (-11.8%), from €338,000 to €298,000
- Tax, wage and social debts +€6,656
up €6,656 (+120%), from €5,556 to €12,212
- Advances received +€3,509
up €3,509 (+68.0%), from €5,161 to €8,670
- Gross operating margin +€10,283
up €10,283 (+29.1%), from €35,308 to €45,591
- Depreciation +€9,997
up €9,997 (+31.2%), from €32,063 to €42,060
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 | €341,638 | €316,903 | -€24,734 | -7.2% |
| Fixed assets | 21/28 | €244,165 | €204,603 | -€39,562 | -16.2% |
| Intangible fixed assets | 21 | €1,258 | €1,001 | -€257 | -20.5% |
| Tangible fixed assets | 22/27 | €239,907 | €200,602 | -€39,304 | -16.4% |
| Plant, machinery and equipment | 23 | €5,633 | €5,566 | -€67 | -1.2% |
| Furniture and vehicles | 24 | €168,507 | €136,316 | -€32,191 | -19.1% |
| Other tangible fixed assets | 26 | €65,767 | €58,720 | -€7,046 | -10.7% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €97,473 | €112,300 | +€14,827 | +15.2% |
| Stocks and contracts in progress | 3 | €54,155 | €52,173 | -€1,983 | -3.7% |
| Stocks | 30/36 | €54,155 | €52,173 | -€1,983 | -3.7% |
| Amounts receivable within one year | 40/41 | €4,969 | €22 | -€4,946 | -99.5% |
| Trade receivables | 40 | €4,969 | €0 | -€4,969 | -100% |
| Other amounts receivable | 41 | €0 | €22 | +€22 | |
| Cash at bank and in hand | 54/58 | €31,125 | €50,635 | +€19,509 | +62.7% |
| Deferred charges and accrued income | 490/1 | €7,223 | €9,470 | +€2,247 | +31.1% |
| Total equity and liabilities | 10/49 | €341,638 | €316,903 | -€24,734 | -7.2% |
| Equity | 10/15 | -€9,223 | -€8,426 | +€797 | +8.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,223 | -€13,426 | +€797 | +5.6% |
| Amounts payable | 17/49 | €350,861 | €325,329 | -€25,531 | -7.3% |
| Amounts payable after more than one year | 17 | €338,000 | €298,000 | -€40,000 | -11.8% |
| Financial debts | 170/4 | €338,000 | €298,000 | -€40,000 | -11.8% |
| Amounts payable within one year | 42/48 | €12,861 | €27,329 | +€14,469 | +113% |
| Trade debts | 44 | €1,253 | €4,595 | +€3,342 | +267% |
| Suppliers | 440/4 | €1,253 | €4,595 | +€3,342 | +267% |
| Advances received on contracts in progress | 46 | €5,161 | €8,670 | +€3,509 | +68.0% |
| Taxes, remuneration and social security | 45 | €5,556 | €12,212 | +€6,656 | +120% |
| Taxes | 450/3 | €5,556 | €12,212 | +€6,656 | +120% |
| Other amounts payable | 47/48 | €892 | €1,853 | +€961 | +108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,063 | €42,060 | +€9,997 | +31.2% |
| Other operating charges | 640/8 | €1,497 | €1,631 | +€134 | +8.9% |
| Gross operating margin | 9900 | €35,308 | €45,591 | +€10,283 | +29.1% |
| Operating profit (loss) | 9901 | €1,748 | €1,900 | +€152 | +8.7% |
| Financial income | 75/76B | €90 | €36 | -€55 | -60.6% |
| Recurring financial income | 75 | €90 | €36 | -€55 | -60.6% |
| Financial charges | 65/66B | €661 | €750 | +€89 | +13.4% |
| Recurring financial charges | 65 | €661 | €750 | +€89 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €1,176 | €1,185 | +€9 | +0.8% |
| Income taxes | 67/77 | €232 | €388 | +€156 | +67.4% |
| Profit (loss) for the period | 9904 | €945 | €797 | -€147 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €945 | €797 | -€147 | -15.6% |
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 29 October 2026 via checked.be.