Ernesto: 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.
Ernesto
Largest movements
- Tangible fixed assets -€62,426
down €62,426 (-7.8%), from €800,735 to €738,308
of which Land and buildings: -€36,314
- Receivables within one year +€29,378
up €29,378 (+132%), from €22,234 to €51,611
of which Trade receivables: +€29,471
- Cash +€10,302
up €10,302 (+142%), from €7,271 to €17,573
mainly Depreciation (+€64,602) and Net result for the year (+€30,589)
- Debts after one year -€59,749
down €59,749 (-9.3%), from €641,536 to €581,787
- Reserves +€30,589
up €30,589 (+48.4%), from €63,171 to €93,760
of which Distributable reserves: +€30,589
- Gross operating margin +€55,984
up €55,984 (+76.9%), from €72,807 to €128,790
- Depreciation +€14,097
up €14,097 (+27.9%), from €50,505 to €64,602
- Financial charges +€7,834
up €7,834 (+52.3%), from €14,974 to €22,807
- Other operating charges +€3,320
up €3,320 (+49.7%), from €6,677 to €9,997
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 | €840,175 | €815,880 | -€24,295 | -2.9% |
| Fixed assets | 21/28 | €806,637 | €742,995 | -€63,641 | -7.9% |
| Intangible fixed assets | 21 | €5,902 | €4,687 | -€1,215 | -20.6% |
| Tangible fixed assets | 22/27 | €800,735 | €738,308 | -€62,426 | -7.8% |
| Land and buildings | 22 | €708,242 | €671,928 | -€36,314 | -5.1% |
| Plant, machinery and equipment | 23 | €10,783 | €9,223 | -€1,561 | -14.5% |
| Furniture and vehicles | 24 | €38,250 | €23,504 | -€14,746 | -38.6% |
| Other tangible fixed assets | 26 | €43,458 | €33,653 | -€9,805 | -22.6% |
| Current assets | 29/58 | €33,538 | €72,884 | +€39,346 | +117% |
| Amounts receivable within one year | 40/41 | €22,234 | €51,611 | +€29,378 | +132% |
| Trade receivables | 40 | €22,138 | €51,609 | +€29,471 | +133% |
| Other amounts receivable | 41 | €96 | €2 | -€94 | -98.1% |
| Cash at bank and in hand | 54/58 | €7,271 | €17,573 | +€10,302 | +142% |
| Deferred charges and accrued income | 490/1 | €4,033 | €3,700 | -€333 | -8.3% |
| Total equity and liabilities | 10/49 | €840,175 | €815,880 | -€24,295 | -2.9% |
| Equity | 10/15 | €125,220 | €155,809 | +€30,589 | +24.4% |
| Contributions | 10/11 | €62,050 | €62,050 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €50 | €50 | = | 0.0% |
| Share premium | 1100/10 | €50 | €50 | = | 0.0% |
| Reserves | 13 | €63,171 | €93,760 | +€30,589 | +48.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €56,971 | €87,560 | +€30,589 | +53.7% |
| Amounts payable | 17/49 | €714,954 | €660,071 | -€54,884 | -7.7% |
| Amounts payable after more than one year | 17 | €641,536 | €581,787 | -€59,749 | -9.3% |
| Financial debts | 170/4 | €641,536 | €581,787 | -€59,749 | -9.3% |
| Amounts payable within one year | 42/48 | €73,418 | €78,284 | +€4,865 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €61,041 | €60,731 | -€309 | -0.5% |
| Financial debts | 43 | €0 | €330 | +€330 | |
| Credit institutions | 430/8 | €0 | €330 | +€330 | |
| Trade debts | 44 | €1,675 | €4,766 | +€3,091 | +185% |
| Suppliers | 440/4 | €1,675 | €4,766 | +€3,091 | +185% |
| Taxes, remuneration and social security | 45 | €5,301 | €12,453 | +€7,152 | +135% |
| Taxes | 450/3 | €5,301 | €12,453 | +€7,152 | +135% |
| Other amounts payable | 47/48 | €5,401 | €3 | -€5,399 | -99.9% |
| Non-recurring operating income | 76A | €5,320 | €0 | -€5,320 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,505 | €64,602 | +€14,097 | +27.9% |
| Other operating charges | 640/8 | €6,677 | €9,997 | +€3,320 | +49.7% |
| Non-recurring operating charges | 66A | - | €543 | +€543 | |
| Gross operating margin | 9900 | €72,807 | €128,790 | +€55,984 | +76.9% |
| Operating profit (loss) | 9901 | €15,625 | €53,648 | +€38,024 | +243% |
| Financial income | 75/76B | €36 | €8 | -€28 | -77.1% |
| Recurring financial income | 75 | €36 | €8 | -€28 | -77.1% |
| Financial charges | 65/66B | €14,974 | €22,807 | +€7,834 | +52.3% |
| Recurring financial charges | 65 | €14,974 | €22,807 | +€7,834 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €687 | €30,849 | +€30,162 | +4,390% |
| Income taxes | 67/77 | €254 | €260 | +€7 | +2.6% |
| Profit (loss) for the period | 9904 | €433 | €30,589 | +€30,155 | +6,957% |
| Profit (loss) for the period to be appropriated | 9905 | €433 | €30,589 | +€30,155 | +6,957% |
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 17 October 2026 via checked.be.