ERMEZ: 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.
ERMEZ
Largest movements
- Cash +€63,754
up €63,754 (+27.5%), from €231,757 to €295,512
mainly Other debts (+€135,902) and Net result for the year (+€64,775)
- Receivables within one year +€17,000
up €17,000 (+87.6%), from €19,405 to €36,405
of which Trade receivables: +€17,000
- Other debts +€135,902
up €135,902 (+2,782%), from €4,886 to €140,787
- Reserves -€75,529
down €75,529 (-23.9%), from €316,558 to €241,029
- Tax, wage and social debts +€19,313
up €19,313 (+56.6%), from €34,098 to €53,411
- Gross operating margin +€13,805
up €13,805 (+15.1%), from €91,147 to €104,952
- Depreciation -€3,277
down €3,277 (-34.0%), from €9,650 to €6,373
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 | €377,345 | €457,968 | +€80,623 | +21.4% |
| Fixed assets | 21/28 | €53,108 | €52,891 | -€217 | -0.4% |
| Tangible fixed assets | 22/27 | €53,108 | €52,891 | -€217 | -0.4% |
| Land and buildings | 22 | €51,725 | €50,817 | -€908 | -1.8% |
| Plant, machinery and equipment | 23 | €468 | €2,074 | +€1,606 | +343% |
| Furniture and vehicles | 24 | €914 | €0 | -€914 | -100% |
| Current assets | 29/58 | €324,237 | €405,077 | +€80,840 | +24.9% |
| Amounts receivable after more than one year | 29 | €70,000 | €70,000 | = | 0.0% |
| Other amounts receivable | 291 | €70,000 | €70,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,405 | €36,405 | +€17,000 | +87.6% |
| Trade receivables | 40 | €19,123 | €36,123 | +€17,000 | +88.9% |
| Other amounts receivable | 41 | €282 | €282 | = | 0.0% |
| Current investments | 50/53 | €312 | €312 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €231,757 | €295,512 | +€63,754 | +27.5% |
| Deferred charges and accrued income | 490/1 | €2,762 | €2,848 | +€86 | +3.1% |
| Total equity and liabilities | 10/49 | €377,345 | €457,968 | +€80,623 | +21.4% |
| Equity | 10/15 | €322,758 | €247,229 | -€75,529 | -23.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €316,558 | €241,029 | -€75,529 | -23.9% |
| Distributable reserves | 133 | €316,558 | €241,029 | -€75,529 | -23.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €54,586 | €210,739 | +€156,153 | +286% |
| Amounts payable within one year | 42/48 | €52,386 | €208,539 | +€156,153 | +298% |
| Trade debts | 44 | €13,403 | €14,341 | +€938 | +7.0% |
| Suppliers | 440/4 | €13,403 | €14,341 | +€938 | +7.0% |
| Taxes, remuneration and social security | 45 | €34,098 | €53,411 | +€19,313 | +56.6% |
| Taxes | 450/3 | €34,098 | €53,411 | +€19,313 | +56.6% |
| Other amounts payable | 47/48 | €4,886 | €140,787 | +€135,902 | +2,782% |
| Accrued charges and deferred income | 492/3 | €2,200 | €2,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,650 | €6,373 | -€3,277 | -34.0% |
| Other operating charges | 640/8 | €1,159 | €1,201 | +€42 | +3.6% |
| Gross operating margin | 9900 | €91,147 | €104,952 | +€13,805 | +15.1% |
| Operating profit (loss) | 9901 | €80,338 | €97,378 | +€17,041 | +21.2% |
| Financial income | 75/76B | €2,429 | €2,652 | +€223 | +9.2% |
| Recurring financial income | 75 | €2,429 | €2,652 | +€223 | +9.2% |
| Financial charges | 65/66B | €2,087 | €1,723 | -€364 | -17.4% |
| Recurring financial charges | 65 | €2,087 | €1,723 | -€364 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €80,680 | €98,307 | +€17,628 | +21.8% |
| Income taxes | 67/77 | €33,136 | €33,532 | +€396 | +1.2% |
| Profit (loss) for the period | 9904 | €47,543 | €64,775 | +€17,232 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,543 | €64,775 | +€17,232 | +36.2% |
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 24 October 2026 via checked.be.