Ermis Projects: 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.
Ermis Projects
Largest movements
- Tangible fixed assets +€186,608
up €186,608 (+69.1%), from €270,219 to €456,827
of which Land and buildings: +€191,742
- Cash -€151,849
down €151,849 (-98.4%), from €154,255 to €2,406
mainly Investment in fixed assets (net) (-€204,725) and Current investments (-€110,000)
- Current investments +€110,000
up €110,000 (+22.0%), from €500,000 to €610,000
- Receivables within one year -€35,676
down €35,676 (-77.1%), from €46,293 to €10,617
of which Other amounts receivable: -€35,812
- Short-term financial debts +€127,500
new in 2025: €127,500
- Profit (loss) carried forward -€21,774
down €21,774 (-66.9%), from -€32,567 to -€54,341
- Gross operating margin +€12,967
up €12,967 (+85.8%), from -€15,120 to -€2,153
- Depreciation +€5,996
up €5,996 (+48.0%), from €12,484 to €18,479
- Financial income +€4,308
up €4,308 (+313%), from €1,375 to €5,683
- Financial charges +€1,199
up €1,199 (+809%), from €148 to €1,347
of which Non-recurring financial charges: +€1,254
- Other operating charges +€500
up €500 (+9.4%), from €5,349 to €5,849
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 | €974,468 | €1,080,846 | +€106,378 | +10.9% |
| Formation expenses | 20 | €805 | €442 | -€363 | -45.1% |
| Fixed assets | 21/28 | €270,219 | €456,827 | +€186,608 | +69.1% |
| Tangible fixed assets | 22/27 | €270,219 | €456,827 | +€186,608 | +69.1% |
| Land and buildings | 22 | €248,856 | €440,598 | +€191,742 | +77.0% |
| Furniture and vehicles | 24 | €21,363 | €16,229 | -€5,134 | -24.0% |
| Current assets | 29/58 | €703,444 | €623,577 | -€79,867 | -11.4% |
| Amounts receivable within one year | 40/41 | €46,293 | €10,617 | -€35,676 | -77.1% |
| Trade receivables | 40 | - | €136 | +€136 | |
| Other amounts receivable | 41 | €46,293 | €10,481 | -€35,812 | -77.4% |
| Current investments | 50/53 | €500,000 | €610,000 | +€110,000 | +22.0% |
| Cash at bank and in hand | 54/58 | €154,255 | €2,406 | -€151,849 | -98.4% |
| Deferred charges and accrued income | 490/1 | €2,896 | €554 | -€2,342 | -80.9% |
| Total equity and liabilities | 10/49 | €974,468 | €1,080,846 | +€106,378 | +10.9% |
| Equity | 10/15 | -€29,567 | -€51,341 | -€21,774 | -73.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,567 | -€54,341 | -€21,774 | -66.9% |
| Amounts payable | 17/49 | €1,004,035 | €1,132,187 | +€128,152 | +12.8% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial debts | 170/4 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,035 | €132,187 | +€128,152 | +3,176% |
| Financial debts | 43 | - | €127,500 | +€127,500 | |
| Other loans | 439 | - | €127,500 | +€127,500 | |
| Trade debts | 44 | €4,035 | €4,687 | +€652 | +16.2% |
| Suppliers | 440/4 | €4,035 | €4,687 | +€652 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,484 | €18,479 | +€5,996 | +48.0% |
| Other operating charges | 640/8 | €5,349 | €5,849 | +€500 | +9.4% |
| Gross operating margin | 9900 | -€15,120 | -€2,153 | +€12,967 | +85.8% |
| Operating profit (loss) | 9901 | -€32,952 | -€26,481 | +€6,471 | +19.6% |
| Financial income | 75/76B | €1,375 | €5,683 | +€4,308 | +313% |
| Recurring financial income | 75 | €1,375 | €5,683 | +€4,308 | +313% |
| Financial charges | 65/66B | €148 | €1,347 | +€1,199 | +809% |
| Recurring financial charges | 65 | €148 | €94 | -€54 | -36.7% |
| Non-recurring financial charges | 66B | - | €1,254 | +€1,254 | |
| Profit (loss) for the period before taxes | 9903 | -€31,726 | -€22,145 | +€9,580 | +30.2% |
| Income taxes | 67/77 | - | -€372 | -€372 | |
| Profit (loss) for the period | 9904 | -€31,726 | -€21,774 | +€9,952 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,726 | -€21,774 | +€9,952 | +31.4% |
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 20 October 2026 via checked.be.