ERNENS MANAGEMENT: 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.
ERNENS MANAGEMENT
Largest movements
- Tangible fixed assets +€984,481
up €984,481 (+91.6%), from €1.1m to €2.1m
of which Land and buildings: +€1.0m
- Current investments -€590,529
down €590,529 (-25.5%), from €2.3m to €1.7m
- Receivables within one year +€156,287
up €156,287 (+46.7%), from €334,886 to €491,173
- Other debts +€321,798
up €321,798 (+18.7%), from €1.7m to €2.0m
- Reserves +€119,359
up €119,359 (+6.4%), from €1.9m to €2.0m
- Accrued charges and deferred income +€89,215
up €89,215 (+277%), from €32,227 to €121,442
- Gross operating margin +€281,962
up €281,962 (+61.5%), from €458,257 to €740,219
- Financial charges +€91,856
up €91,856 (+280%), from €32,763 to €124,620
- Taxes +€51,760
up €51,760 (+38.8%), from €133,378 to €185,138
- Depreciation +€34,010
up €34,010 (+163%), from €20,925 to €54,934
- Write-downs -€17,785
no longer reported in 2025 (was €17,785)
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 | €3,747,497 | €4,318,865 | +€571,367 | +15.2% |
| Fixed assets | 21/28 | €1,074,628 | €2,059,109 | +€984,481 | +91.6% |
| Tangible fixed assets | 22/27 | €1,074,628 | €2,059,109 | +€984,481 | +91.6% |
| Land and buildings | 22 | €1,010,000 | €2,058,169 | +€1.0m | +104% |
| Furniture and vehicles | 24 | €10,786 | €940 | -€9,846 | -91.3% |
| Assets under construction and advance payments | 27 | €53,842 | - | -€53,842 | |
| Current assets | 29/58 | €2,672,870 | €2,259,756 | -€413,113 | -15.5% |
| Amounts receivable within one year | 40/41 | €334,886 | €491,173 | +€156,287 | +46.7% |
| Trade receivables | 40 | €334,886 | €491,173 | +€156,287 | +46.7% |
| Current investments | 50/53 | €2,314,679 | €1,724,150 | -€590,529 | -25.5% |
| Cash at bank and in hand | 54/58 | €22,760 | €13,852 | -€8,908 | -39.1% |
| Deferred charges and accrued income | 490/1 | €544 | €30,581 | +€30,037 | +5,521% |
| Total equity and liabilities | 10/49 | €3,747,497 | €4,318,865 | +€571,367 | +15.2% |
| Equity | 10/15 | €1,929,078 | €2,048,436 | +€119,359 | +6.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,879,078 | €1,998,436 | +€119,359 | +6.4% |
| Distributable reserves | 133 | €1,879,078 | €1,998,436 | +€119,359 | +6.4% |
| Amounts payable | 17/49 | €1,818,420 | €2,270,429 | +€452,009 | +24.9% |
| Amounts payable within one year | 42/48 | €1,786,193 | €2,148,987 | +€362,794 | +20.3% |
| Trade debts | 44 | €15,521 | €34,866 | +€19,345 | +125% |
| Suppliers | 440/4 | €15,521 | €34,866 | +€19,345 | +125% |
| Taxes, remuneration and social security | 45 | €47,496 | €69,147 | +€21,651 | +45.6% |
| Taxes | 450/3 | €47,496 | €64,525 | +€17,029 | +35.9% |
| Remuneration and social security | 454/9 | - | €4,622 | +€4,622 | |
| Other amounts payable | 47/48 | €1,723,175 | €2,044,973 | +€321,798 | +18.7% |
| Accrued charges and deferred income | 492/3 | €32,227 | €121,442 | +€89,215 | +277% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,925 | €54,934 | +€34,010 | +163% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,785 | - | -€17,785 | |
| Other operating charges | 640/8 | €4,639 | €4,870 | +€231 | +5.0% |
| Gross operating margin | 9900 | €458,257 | €740,219 | +€281,962 | +61.5% |
| Operating profit (loss) | 9901 | €414,908 | €680,415 | +€265,507 | +64.0% |
| Financial income | 75/76B | €33,617 | €48,702 | +€15,085 | +44.9% |
| Recurring financial income | 75 | €25,113 | €48,702 | +€23,589 | +93.9% |
| Non-recurring financial income | 76B | €8,504 | - | -€8,504 | |
| Financial charges | 65/66B | €32,763 | €124,620 | +€91,856 | +280% |
| Recurring financial charges | 65 | €32,763 | €124,620 | +€91,856 | +280% |
| Profit (loss) for the period before taxes | 9903 | €415,761 | €604,497 | +€188,736 | +45.4% |
| Income taxes | 67/77 | €133,378 | €185,138 | +€51,760 | +38.8% |
| Profit (loss) for the period | 9904 | €282,383 | €419,359 | +€136,976 | +48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €282,383 | €419,359 | +€136,976 | +48.5% |
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 28 October 2026 via checked.be.