ERNEST 11: 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.
ERNEST 11
Largest movements
- Cash -€289,459
down €289,459 (-97.0%), from €298,379 to €8,920
mainly Debts after one year (-€515,687) and Current investments (-€280,000)
- Current investments +€280,000
new in 2025: €280,000
- Tangible fixed assets -€269,789
down €269,789 (-2.8%), from €9.6m to €9.4m
- Receivables within one year +€122,958
up €122,958 (+1,861%), from €6,607 to €129,564
of which Trade receivables: +€110,873
- Debts after one year -€515,687
down €515,687 (-9.2%), from €5.6m to €5.1m
- Profit (loss) carried forward +€320,340
up €320,340 (+40.5%), from €791,773 to €1.1m
- Gross operating margin +€85,669
up €85,669 (+8.8%), from €970,237 to €1.1m
- Financial charges +€14,036
up €14,036 (+27.3%), from €51,336 to €65,372
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 | €9,925,850 | €9,779,311 | -€146,539 | -1.5% |
| Fixed assets | 21/28 | €9,620,697 | €9,350,908 | -€269,789 | -2.8% |
| Tangible fixed assets | 22/27 | €9,620,697 | €9,350,908 | -€269,789 | -2.8% |
| Land and buildings | 22 | €9,620,697 | €9,350,908 | -€269,789 | -2.8% |
| Current assets | 29/58 | €305,152 | €428,403 | +€123,250 | +40.4% |
| Amounts receivable within one year | 40/41 | €6,607 | €129,564 | +€122,958 | +1,861% |
| Trade receivables | 40 | €6,607 | €117,479 | +€110,873 | +1,678% |
| Other amounts receivable | 41 | - | €12,085 | +€12,085 | |
| Current investments | 50/53 | - | €280,000 | +€280,000 | |
| Cash at bank and in hand | 54/58 | €298,379 | €8,920 | -€289,459 | -97.0% |
| Deferred charges and accrued income | 490/1 | €167 | €9,919 | +€9,752 | +5,853% |
| Total equity and liabilities | 10/49 | €9,925,850 | €9,779,311 | -€146,539 | -1.5% |
| Equity | 10/15 | €3,644,541 | €4,049,081 | +€404,540 | +11.1% |
| Contributions | 10/11 | €2,593,426 | €2,593,426 | = | 0.0% |
| Capital | 10 | €2,593,426 | €2,593,426 | = | 0.0% |
| Issued capital | 100 | €2,593,426 | €2,593,426 | = | 0.0% |
| Reserves | 13 | €259,343 | €343,543 | +€84,200 | +32.5% |
| Non-distributable reserves | 130/1 | €259,343 | €259,343 | = | 0.0% |
| Legal reserve | 130 | €259,343 | €259,343 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Profit (loss) carried forward | 14 | €791,773 | €1,112,113 | +€320,340 | +40.5% |
| Amounts payable | 17/49 | €6,281,308 | €5,730,230 | -€551,079 | -8.8% |
| Amounts payable after more than one year | 17 | €5,581,545 | €5,065,858 | -€515,687 | -9.2% |
| Financial debts | 170/4 | €5,581,545 | €5,065,858 | -€515,687 | -9.2% |
| Amounts payable within one year | 42/48 | €699,647 | €664,265 | -€35,382 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €515,488 | €515,687 | +€199 | 0.0% |
| Trade debts | 44 | €62,729 | €7,149 | -€55,581 | -88.6% |
| Suppliers | 440/4 | €62,729 | €7,149 | -€55,581 | -88.6% |
| Taxes, remuneration and social security | 45 | €121,429 | €121,429 | = | 0.0% |
| Taxes | 450/3 | €121,429 | €121,429 | = | 0.0% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Accrued charges and deferred income | 492/3 | €116 | €107 | -€10 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €326,289 | €329,554 | +€3,265 | +1.0% |
| Other operating charges | 640/8 | €136,272 | €140,544 | +€4,272 | +3.1% |
| Gross operating margin | 9900 | €970,237 | €1,055,906 | +€85,669 | +8.8% |
| Operating profit (loss) | 9901 | €507,677 | €585,808 | +€78,132 | +15.4% |
| Financial income | 75/76B | €10,760 | €7,171 | -€3,589 | -33.4% |
| Recurring financial income | 75 | €10,760 | €7,171 | -€3,589 | -33.4% |
| Financial charges | 65/66B | €51,336 | €65,372 | +€14,036 | +27.3% |
| Recurring financial charges | 65 | €51,336 | €65,372 | +€14,036 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €467,100 | €527,607 | +€60,507 | +13.0% |
| Income taxes | 67/77 | €124,657 | €123,067 | -€1,591 | -1.3% |
| Profit (loss) for the period | 9904 | €342,443 | €404,540 | +€62,097 | +18.1% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €342,443 | €320,340 | -€22,103 | -6.5% |
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 13 October 2026 via checked.be.