ERSA 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.
ERSA Management
Largest movements
- Tangible fixed assets -€10,350
down €10,350 (-1.2%), from €830,923 to €820,573
of which Land and buildings: -€17,724
- Receivables within one year -€9,611
down €9,611 (-19.7%), from €48,865 to €39,254
- Reserves +€64,931
up €64,931 (+77.0%), from €84,326 to €149,256
- Debts after one year -€33,130
down €33,130 (-5.4%), from €608,249 to €575,119
- Other debts -€22,842
down €22,842 (-54.6%), from €41,798 to €18,957
- Trade debts -€15,279
down €15,279 (-48.9%), from €31,274 to €15,995
- Other operating charges -€70,478
down €70,478 (-91.7%), from €76,847 to €6,369
- Staff costs -€67,350
down €67,350, from €65,913 to -€1,436
- Gross operating margin -€66,157
down €66,157 (-31.7%), from €208,641 to €142,484
- Taxes +€28,321
new in 2025: €28,321
- Financial charges -€22,059
down €22,059 (-50.5%), from €43,652 to €21,593
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 | €883,118 | €872,619 | -€10,500 | -1.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €830,923 | €820,573 | -€10,350 | -1.2% |
| Tangible fixed assets | 22/27 | €830,923 | €820,573 | -€10,350 | -1.2% |
| Land and buildings | 22 | €790,416 | €772,692 | -€17,724 | -2.2% |
| Plant, machinery and equipment | 23 | - | €3,839 | +€3,839 | |
| Furniture and vehicles | 24 | €40,507 | €44,042 | +€3,535 | +8.7% |
| Current assets | 29/58 | €52,196 | €52,046 | -€150 | -0.3% |
| Amounts receivable within one year | 40/41 | €48,865 | €39,254 | -€9,611 | -19.7% |
| Trade receivables | 40 | €48,865 | €39,254 | -€9,611 | -19.7% |
| Cash at bank and in hand | 54/58 | - | €5,373 | +€5,373 | |
| Deferred charges and accrued income | 490/1 | €3,331 | €7,418 | +€4,087 | +123% |
| Total equity and liabilities | 10/49 | €883,118 | €872,619 | -€10,500 | -1.2% |
| Equity | 10/15 | €89,417 | €154,256 | +€64,839 | +72.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €84,326 | €149,256 | +€64,931 | +77.0% |
| Distributable reserves | 133 | €84,326 | €149,256 | +€64,931 | +77.0% |
| Profit (loss) carried forward | 14 | €91 | - | -€91 | |
| Amounts payable | 17/49 | €793,701 | €718,363 | -€75,339 | -9.5% |
| Amounts payable after more than one year | 17 | €608,249 | €575,119 | -€33,130 | -5.4% |
| Financial debts | 170/4 | €608,249 | €575,119 | -€33,130 | -5.4% |
| Amounts payable within one year | 42/48 | €185,453 | €138,941 | -€46,512 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €68,789 | €60,865 | -€7,925 | -11.5% |
| Trade debts | 44 | €31,274 | €15,995 | -€15,279 | -48.9% |
| Suppliers | 440/4 | €31,274 | €15,995 | -€15,279 | -48.9% |
| Taxes, remuneration and social security | 45 | €43,591 | €43,125 | -€466 | -1.1% |
| Taxes | 450/3 | €39,521 | €43,125 | +€3,604 | +9.1% |
| Remuneration and social security | 454/9 | €4,069 | - | -€4,069 | |
| Other amounts payable | 47/48 | €41,798 | €18,957 | -€22,842 | -54.6% |
| Accrued charges and deferred income | 492/3 | - | €4,303 | +€4,303 | |
| Remuneration, social security and pensions | 62 | €65,913 | -€1,436 | -€67,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,137 | €22,840 | +€704 | +3.2% |
| Other operating charges | 640/8 | €76,847 | €6,369 | -€70,478 | -91.7% |
| Gross operating margin | 9900 | €208,641 | €142,484 | -€66,157 | -31.7% |
| Operating profit (loss) | 9901 | €43,744 | €114,711 | +€70,967 | +162% |
| Financial income | 75/76B | - | €42 | +€42 | |
| Recurring financial income | 75 | - | €42 | +€42 | |
| Financial charges | 65/66B | €43,652 | €21,593 | -€22,059 | -50.5% |
| Recurring financial charges | 65 | €43,652 | €21,593 | -€22,059 | -50.5% |
| Profit (loss) for the period before taxes | 9903 | €91 | €93,160 | +€93,069 | +101,893% |
| Income taxes | 67/77 | - | €28,321 | +€28,321 | |
| Profit (loss) for the period | 9904 | €91 | €64,839 | +€64,748 | +70,887% |
| Profit (loss) for the period to be appropriated | 9905 | €91 | €64,839 | +€64,748 | +70,887% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.