ERMIJADE: 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.
ERMIJADE
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+392%), from €554,513 to €2.7m
of which Land and buildings: +€2.2m
- Receivables within one year -€651,211
down €651,211 (-32.4%), from €2.0m to €1.4m
of which Other amounts receivable: -€633,334
- Debts after one year +€1.7m
up €1.7m (+568%), from €300,200 to €2.0m
of which Financial debts: +€2.0m
- Reserves -€478,551
down €478,551 (-15.7%), from €3.1m to €2.6m
of which Distributable reserves: -€301,350
- Other debts +€342,640
up €342,640 (+203%), from €168,720 to €511,360
- Current portion of long-term debt +€136,215
up €136,215 (+259%), from €52,600 to €188,815
- Provisions -€87,278
no longer reported in 2025 (was €87,278)
- Gross operating margin -€489,951
down €489,951 (-60.1%), from €814,856 to €324,904
- Depreciation +€181,331
up €181,331 (+129%), from €140,431 to €321,762
- Taxes -€150,367
down €150,367 (-59.4%), from €253,047 to €102,680
- Financial income -€8,968
down €8,968 (-11.2%), from €80,261 to €71,293
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 | €3,816,329 | €5,374,073 | +€1.6m | +40.8% |
| Fixed assets | 21/28 | €1,006,640 | €3,179,035 | +€2.2m | +216% |
| Tangible fixed assets | 22/27 | €554,513 | €2,726,909 | +€2.2m | +392% |
| Land and buildings | 22 | €444,489 | €2,635,352 | +€2.2m | +493% |
| Furniture and vehicles | 24 | €110,024 | €91,557 | -€18,467 | -16.8% |
| Financial fixed assets | 28 | €452,126 | €452,126 | = | 0.0% |
| Current assets | 29/58 | €2,809,689 | €2,195,037 | -€614,652 | -21.9% |
| Amounts receivable after more than one year | 29 | €612,631 | €651,336 | +€38,704 | +6.3% |
| Other amounts receivable | 291 | €612,631 | €651,336 | +€38,704 | +6.3% |
| Amounts receivable within one year | 40/41 | €2,011,907 | €1,360,696 | -€651,211 | -32.4% |
| Trade receivables | 40 | €17,877 | - | -€17,877 | |
| Other amounts receivable | 41 | €1,994,031 | €1,360,696 | -€633,334 | -31.8% |
| Cash at bank and in hand | 54/58 | €130,854 | €112,883 | -€17,971 | -13.7% |
| Deferred charges and accrued income | 490/1 | €54,297 | €70,123 | +€15,826 | +29.1% |
| Total equity and liabilities | 10/49 | €3,816,329 | €5,374,073 | +€1.6m | +40.8% |
| Equity | 10/15 | €3,066,199 | €2,587,656 | -€478,543 | -15.6% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €3,052,871 | €2,574,320 | -€478,551 | -15.7% |
| Tax-exempt reserves | 132 | €177,201 | - | -€177,201 | |
| Distributable reserves | 133 | €2,875,670 | €2,574,320 | -€301,350 | -10.5% |
| Profit (loss) carried forward | 14 | €328 | €336 | +€9 | +2.6% |
| Provisions and deferred taxes | 16 | €87,278 | - | -€87,278 | |
| Deferred taxes | 168 | €87,278 | - | -€87,278 | |
| Amounts payable | 17/49 | €662,852 | €2,786,417 | +€2.1m | +320% |
| Amounts payable after more than one year | 17 | €300,200 | €2,006,110 | +€1.7m | +568% |
| Financial debts | 170/4 | - | €2,005,910 | +€2.0m | |
| Other amounts payable | 178/9 | €300,200 | €200 | -€300,000 | -99.9% |
| Amounts payable within one year | 42/48 | €361,772 | €778,652 | +€416,879 | +115% |
| Current portion of amounts payable after more than one year | 42 | €52,600 | €188,815 | +€136,215 | +259% |
| Trade debts | 44 | €59,770 | €4,028 | -€55,741 | -93.3% |
| Suppliers | 440/4 | €59,770 | €4,028 | -€55,741 | -93.3% |
| Taxes, remuneration and social security | 45 | €80,683 | €74,448 | -€6,234 | -7.7% |
| Taxes | 450/3 | €80,683 | €74,448 | -€6,234 | -7.7% |
| Other amounts payable | 47/48 | €168,720 | €511,360 | +€342,640 | +203% |
| Accrued charges and deferred income | 492/3 | €880 | €1,655 | +€775 | +88.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,431 | €321,762 | +€181,331 | +129% |
| Other operating charges | 640/8 | €13,532 | €16,324 | +€2,793 | +20.6% |
| Gross operating margin | 9900 | €814,856 | €324,904 | -€489,951 | -60.1% |
| Operating profit (loss) | 9901 | €660,893 | -€13,182 | -€674,075 | |
| Financial income | 75/76B | €80,261 | €71,293 | -€8,968 | -11.2% |
| Recurring financial income | 75 | €80,261 | €71,293 | -€8,968 | -11.2% |
| Financial charges | 65/66B | €4,466 | €9,892 | +€5,426 | +121% |
| Recurring financial charges | 65 | €4,466 | €9,892 | +€5,426 | +121% |
| Profit (loss) for the period before taxes | 9903 | €736,688 | €48,219 | -€688,469 | -93.5% |
| Transfer from deferred taxes | 780 | €21,820 | €87,278 | +€65,459 | +300% |
| Income taxes | 67/77 | €253,047 | €102,680 | -€150,367 | -59.4% |
| Profit (loss) for the period | 9904 | €505,461 | €32,817 | -€472,644 | -93.5% |
| Transfer from tax-exempt reserves | 789 | €44,300 | €177,201 | +€132,901 | +300% |
| Profit (loss) for the period to be appropriated | 9905 | €549,761 | €210,019 | -€339,743 | -61.8% |
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 26 October 2026 via checked.be.