ERPA: 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.
ERPA
Largest movements
- Cash -€2.8m
down €2.8m (-67.5%), from €4.2m to €1.4m
mainly Debts after one year (-€3.3m) and Contributions, distributions and other (-€1.1m)
- Current investments -€381,156
down €381,156 (-3.4%), from €11.4m to €11.0m
- Tangible fixed assets +€377,100
up €377,100 (+93.3%), from €404,375 to €781,475
of which Furniture and vehicles: +€377,937
- Debts after one year -€3.3m
down €3.3m (-77.0%), from €4.3m to €984,215
- Profit (loss) carried forward -€1.1m
down €1.1m (-6.5%), from €17.0m to €15.9m
- Reserves +€685,000
up €685,000 (+49.8%), from €1.4m to €2.1m
of which Distributable reserves: +€685,000
- Other debts +€468,190
up €468,190 (+150%), from €312,670 to €780,860
- Tax, wage and social debts +€256,484
up €256,484 (+201%), from €127,500 to €383,984
- Financial charges -€2.0m
down €2.0m (-99.5%), from €2.0m to €10,515
- Financial income -€473,526
down €473,526 (-36.0%), from €1.3m to €840,387
- Taxes +€68,530
up €68,530, from -€30 to €68,500
- Gross operating margin -€39,940
down €39,940 (-250%), from -€15,975 to -€55,915
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 | €23,369,713 | €20,515,277 | -€2.9m | -12.2% |
| Fixed assets | 21/28 | €7,755,310 | €8,132,410 | +€377,100 | +4.9% |
| Tangible fixed assets | 22/27 | €404,375 | €781,475 | +€377,100 | +93.3% |
| Plant, machinery and equipment | 23 | - | €6,336 | +€6,336 | |
| Furniture and vehicles | 24 | €278,072 | €656,009 | +€377,937 | +136% |
| Other tangible fixed assets | 26 | €126,303 | €119,130 | -€7,173 | -5.7% |
| Financial fixed assets | 28 | €7,350,935 | €7,350,935 | = | 0.0% |
| Current assets | 29/58 | €15,614,403 | €12,382,867 | -€3.2m | -20.7% |
| Stocks and contracts in progress | 3 | €3,224 | €1,250 | -€1,974 | -61.2% |
| Stocks | 30/36 | €3,224 | €1,250 | -€1,974 | -61.2% |
| Amounts receivable within one year | 40/41 | €45,845 | €32,252 | -€13,593 | -29.7% |
| Trade receivables | 40 | €6,869 | €6,869 | = | 0.0% |
| Other amounts receivable | 41 | €38,976 | €25,383 | -€13,593 | -34.9% |
| Current investments | 50/53 | €11,363,318 | €10,982,163 | -€381,156 | -3.4% |
| Cash at bank and in hand | 54/58 | €4,199,599 | €1,362,812 | -€2.8m | -67.5% |
| Deferred charges and accrued income | 490/1 | €2,416 | €4,390 | +€1,974 | +81.7% |
| Total equity and liabilities | 10/49 | €23,369,713 | €20,515,277 | -€2.9m | -12.2% |
| Equity | 10/15 | €18,635,552 | €18,221,752 | -€413,801 | -2.2% |
| Contributions | 10/11 | €261,976 | €261,976 | = | 0.0% |
| Capital | 10 | €261,976 | €261,976 | = | 0.0% |
| Issued capital | 100 | €261,976 | €261,976 | = | 0.0% |
| Reserves | 13 | €1,376,198 | €2,061,198 | +€685,000 | +49.8% |
| Non-distributable reserves | 130/1 | €376,198 | €376,198 | = | 0.0% |
| Legal reserve | 130 | €376,198 | €376,198 | = | 0.0% |
| Distributable reserves | 133 | €1,000,000 | €1,685,000 | +€685,000 | +68.5% |
| Profit (loss) carried forward | 14 | €16,997,379 | €15,898,578 | -€1.1m | -6.5% |
| Amounts payable | 17/49 | €4,734,161 | €2,293,525 | -€2.4m | -51.6% |
| Amounts payable after more than one year | 17 | €4,284,215 | €984,215 | -€3.3m | -77.0% |
| Financial debts | 170/4 | €4,284,215 | €984,215 | -€3.3m | -77.0% |
| Amounts payable within one year | 42/48 | €447,852 | €1,167,117 | +€719,265 | +161% |
| Trade debts | 44 | €7,681 | €2,272 | -€5,409 | -70.4% |
| Suppliers | 440/4 | €7,681 | €2,272 | -€5,409 | -70.4% |
| Taxes, remuneration and social security | 45 | €127,500 | €383,984 | +€256,484 | +201% |
| Taxes | 450/3 | €127,500 | €383,984 | +€256,484 | +201% |
| Other amounts payable | 47/48 | €312,670 | €780,860 | +€468,190 | +150% |
| Accrued charges and deferred income | 492/3 | €2,094 | €142,193 | +€140,099 | +6,690% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,444 | €8,451 | +€7 | +0.1% |
| Other operating charges | 640/8 | €10,802 | €10,806 | +€4 | 0.0% |
| Gross operating margin | 9900 | -€15,975 | -€55,915 | -€39,940 | -250% |
| Operating profit (loss) | 9901 | -€35,222 | -€75,172 | -€39,951 | -113% |
| Financial income | 75/76B | €1,313,913 | €840,387 | -€473,526 | -36.0% |
| Recurring financial income | 75 | €1,313,913 | €840,387 | -€473,526 | -36.0% |
| Financial charges | 65/66B | €1,976,272 | €10,515 | -€2.0m | -99.5% |
| Recurring financial charges | 65 | €1,976,272 | €10,515 | -€2.0m | -99.5% |
| Profit (loss) for the period before taxes | 9903 | -€697,580 | €754,699 | +€1.5m | |
| Income taxes | 67/77 | -€30 | €68,500 | +€68,530 | |
| Profit (loss) for the period | 9904 | -€697,550 | €686,199 | +€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€697,550 | €686,199 | +€1.4m |
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 25 October 2026 via checked.be.