ERNEL: 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.
ERNEL
Largest movements
- Cash +€18,416
up €18,416 (+93.6%), from €19,680 to €38,096
mainly Other debts (+€36,626) and Depreciation (+€18,707)
- Tangible fixed assets -€11,881
down €11,881 (-8.1%), from €147,115 to €135,234
of which Land and buildings: -€10,595
- Stocks and contracts -€6,645
down €6,645 (-4.8%), from €137,581 to €130,936
- Other debts +€36,626
up €36,626 (+25.5%), from €143,484 to €180,110
- Trade debts -€21,089
down €21,089 (-57.3%), from €36,778 to €15,689
- Debts after one year -€17,680
down €17,680 (-19.6%), from €90,145 to €72,465
of which Financial debts: -€17,680
- Depreciation +€5,688
up €5,688 (+43.7%), from €13,019 to €18,707
- Gross operating margin +€3,648
up €3,648 (+15.0%), from €24,378 to €28,026
- Financial charges -€961
down €961 (-16.1%), from €5,973 to €5,012
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.
Cash bridge derived
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 | €308,169 | €305,561 | -€2,608 | -0.8% |
| Fixed assets | 21/28 | €147,115 | €135,234 | -€11,881 | -8.1% |
| Tangible fixed assets | 22/27 | €147,115 | €135,234 | -€11,881 | -8.1% |
| Land and buildings | 22 | €136,560 | €125,965 | -€10,595 | -7.8% |
| Plant, machinery and equipment | 23 | €5,219 | €4,538 | -€681 | -13.1% |
| Furniture and vehicles | 24 | €5,336 | €4,731 | -€605 | -11.3% |
| Current assets | 29/58 | €161,054 | €170,327 | +€9,273 | +5.8% |
| Stocks and contracts in progress | 3 | €137,581 | €130,936 | -€6,645 | -4.8% |
| Stocks | 30/36 | €137,581 | €130,936 | -€6,645 | -4.8% |
| Amounts receivable within one year | 40/41 | €2,536 | €0 | -€2,536 | -100.0% |
| Trade receivables | 40 | €2,536 | €0 | -€2,536 | -100.0% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,680 | €38,096 | +€18,416 | +93.6% |
| Deferred charges and accrued income | 490/1 | €1,007 | €1,045 | +€38 | +3.8% |
| Total equity and liabilities | 10/49 | €308,169 | €305,561 | -€2,608 | -0.8% |
| Equity | 10/15 | €6,747 | €6,770 | +€23 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,335 | €36,335 | = | 0.0% |
| Distributable reserves | 133 | €36,335 | €36,335 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,189 | -€48,166 | +€23 | 0.0% |
| Amounts payable | 17/49 | €301,422 | €298,792 | -€2,631 | -0.9% |
| Amounts payable after more than one year | 17 | €90,145 | €72,465 | -€17,680 | -19.6% |
| Financial debts | 170/4 | €51,145 | €33,465 | -€17,680 | -34.6% |
| Other amounts payable | 178/9 | €39,000 | €39,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €211,277 | €226,327 | +€15,049 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €16,702 | €17,680 | +€977 | +5.9% |
| Trade debts | 44 | €36,778 | €15,689 | -€21,089 | -57.3% |
| Suppliers | 440/4 | €36,778 | €15,689 | -€21,089 | -57.3% |
| Advances received on contracts in progress | 46 | €880 | €126 | -€754 | -85.7% |
| Taxes, remuneration and social security | 45 | €13,433 | €12,722 | -€711 | -5.3% |
| Taxes | 450/3 | €12,633 | €12,722 | +€89 | +0.7% |
| Remuneration and social security | 454/9 | €800 | €0 | -€800 | -100.0% |
| Other amounts payable | 47/48 | €143,484 | €180,110 | +€36,626 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,019 | €18,707 | +€5,688 | +43.7% |
| Other operating charges | 640/8 | €3,693 | €3,812 | +€119 | +3.2% |
| Gross operating margin | 9900 | €24,378 | €28,026 | +€3,648 | +15.0% |
| Operating profit (loss) | 9901 | €7,666 | €5,508 | -€2,158 | -28.2% |
| Financial income | 75/76B | €1,302 | €1,385 | +€83 | +6.4% |
| Recurring financial income | 75 | €1,302 | €1,385 | +€83 | +6.4% |
| Financial charges | 65/66B | €5,973 | €5,012 | -€961 | -16.1% |
| Recurring financial charges | 65 | €5,973 | €5,012 | -€961 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €2,994 | €1,881 | -€1,114 | -37.2% |
| Income taxes | 67/77 | €132 | €140 | +€8 | +6.2% |
| Profit (loss) for the period | 9904 | €2,863 | €1,741 | -€1,122 | -39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,863 | €1,741 | -€1,122 | -39.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.