ERMENA: 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.
ERMENA
Largest movements
- Receivables within one year -€21,712
down €21,712 (-7.1%), from €304,094 to €282,382
of which Other amounts receivable: -€24,647
- Stocks and contracts +€18,577
up €18,577 (+16.1%), from €115,427 to €134,004
- Cash -€11,084
down €11,084 (-64.7%), from €17,119 to €6,035
mainly Trade debts (-€103,357) and Investment in fixed assets (net) (-€19,890)
- Trade debts -€103,357
down €103,357 (-68.9%), from €150,070 to €46,713
- Debts after one year +€44,835
up €44,835 (+426%), from €10,519 to €55,353
- Other debts +€25,157
up €25,157 (+23.8%), from €105,583 to €130,740
- Current portion of long-term debt +€11,961
up €11,961 (+139%), from €8,599 to €20,560
- Gross operating margin +€22,076
up €22,076 (+11.3%), from €196,213 to €218,289
- Staff costs -€16,922
down €16,922 (-9.0%), from €187,946 to €171,024
- Financial income -€2,285
no longer reported in 2025 (was €2,285)
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 | €506,271 | €490,532 | -€15,740 | -3.1% |
| Fixed assets | 21/28 | €69,632 | €68,050 | -€1,582 | -2.3% |
| Tangible fixed assets | 22/27 | €69,632 | €68,000 | -€1,632 | -2.3% |
| Land and buildings | 22 | €52,882 | €41,674 | -€11,209 | -21.2% |
| Plant, machinery and equipment | 23 | €16,114 | €26,326 | +€10,213 | +63.4% |
| Furniture and vehicles | 24 | €636 | - | -€636 | |
| Financial fixed assets | 28 | - | €50 | +€50 | |
| Current assets | 29/58 | €436,640 | €422,482 | -€14,158 | -3.2% |
| Stocks and contracts in progress | 3 | €115,427 | €134,004 | +€18,577 | +16.1% |
| Stocks | 30/36 | €115,427 | €134,004 | +€18,577 | +16.1% |
| Amounts receivable within one year | 40/41 | €304,094 | €282,382 | -€21,712 | -7.1% |
| Trade receivables | 40 | €4,311 | €7,246 | +€2,935 | +68.1% |
| Other amounts receivable | 41 | €299,783 | €275,136 | -€24,647 | -8.2% |
| Cash at bank and in hand | 54/58 | €17,119 | €6,035 | -€11,084 | -64.7% |
| Deferred charges and accrued income | 490/1 | - | €61 | +€61 | |
| Total equity and liabilities | 10/49 | €506,271 | €490,532 | -€15,740 | -3.1% |
| Equity | 10/15 | €89,397 | €94,360 | +€4,964 | +5.6% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €70,647 | €75,610 | +€4,964 | +7.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €68,772 | €73,735 | +€4,964 | +7.2% |
| Amounts payable | 17/49 | €416,875 | €396,171 | -€20,703 | -5.0% |
| Amounts payable after more than one year | 17 | €10,519 | €55,353 | +€44,835 | +426% |
| Financial debts | 170/4 | €10,519 | €55,353 | +€44,835 | +426% |
| Amounts payable within one year | 42/48 | €406,356 | €340,818 | -€65,538 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €8,599 | €20,560 | +€11,961 | +139% |
| Financial debts | 43 | €125,000 | €125,055 | +€55 | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,055 | +€55 | 0.0% |
| Trade debts | 44 | €150,070 | €46,713 | -€103,357 | -68.9% |
| Suppliers | 440/4 | €150,070 | €46,713 | -€103,357 | -68.9% |
| Taxes, remuneration and social security | 45 | €17,104 | €17,750 | +€646 | +3.8% |
| Taxes | 450/3 | - | €250 | +€250 | |
| Remuneration and social security | 454/9 | €17,104 | €17,500 | +€396 | +2.3% |
| Other amounts payable | 47/48 | €105,583 | €130,740 | +€25,157 | +23.8% |
| Remuneration, social security and pensions | 62 | €187,946 | €171,024 | -€16,922 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,151 | €21,472 | -€679 | -3.1% |
| Other operating charges | 640/8 | €1,523 | €2,460 | +€937 | +61.5% |
| Gross operating margin | 9900 | €196,213 | €218,289 | +€22,076 | +11.3% |
| Operating profit (loss) | 9901 | -€15,408 | €23,333 | +€38,741 | |
| Financial income | 75/76B | €2,285 | - | -€2,285 | |
| Recurring financial income | 75 | €2,285 | - | -€2,285 | |
| Financial charges | 65/66B | €17,896 | €17,773 | -€123 | -0.7% |
| Recurring financial charges | 65 | €17,896 | €17,773 | -€123 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | -€31,018 | €5,560 | +€36,578 | |
| Income taxes | 67/77 | €330 | €597 | +€267 | +81.1% |
| Profit (loss) for the period | 9904 | -€31,347 | €4,964 | +€36,311 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,347 | €4,964 | +€36,311 |
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 15 October 2026 via checked.be.