ERSAG BELGIUM: what changed
ERSAG BELGIUM
Largest movements
- Receivables within one year -€40,871
down €40,871 (-83.9%), from €48,731 to €7,860
- Cash -€2,120
down €2,120 (-43.8%), from €4,843 to €2,723
mainly Net result for the year (-€44,874)
- Profit (loss) carried forward -€44,874
down €44,874, from €31,421 to -€13,453
- Gross operating margin -€35,084
down €35,084 (-1,122%), from -€3,128 to -€38,211
- Staff costs -€3,350
down €3,350 (-97.5%), from €3,436 to €86
- Financial charges +€2,665
up €2,665 (+163%), from €1,630 to €4,295
- Other operating charges +€2,233
up €2,233 (+251%), from €891 to €3,124
- Financial income -€860
down €860 (-36.5%), from €2,352 to €1,492
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,921 | €103,279 | -€43,642 | -29.7% |
| Fixed assets | 21/28 | €1,345 | €695 | -€650 | -48.3% |
| Tangible fixed assets | 22/27 | €1,345 | €695 | -€650 | -48.3% |
| Plant, machinery and equipment | 23 | €1,345 | €652 | -€693 | -51.5% |
| Furniture and vehicles | 24 | - | €43 | +€43 | |
| Current assets | 29/58 | €145,576 | €102,584 | -€42,992 | -29.5% |
| Stocks and contracts in progress | 3 | €92,001 | €92,001 | = | 0.0% |
| Stocks | 30/36 | €92,001 | €92,001 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,731 | €7,860 | -€40,871 | -83.9% |
| Other amounts receivable | 41 | €48,731 | €7,860 | -€40,871 | -83.9% |
| Cash at bank and in hand | 54/58 | €4,843 | €2,723 | -€2,120 | -43.8% |
| Total equity and liabilities | 10/49 | €146,921 | €103,279 | -€43,642 | -29.7% |
| Equity | 10/15 | €33,282 | -€11,592 | -€44,874 | |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Capital | 10 | €1 | €1 | = | 0.0% |
| Issued capital | 100 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,421 | -€13,453 | -€44,874 | |
| Amounts payable | 17/49 | €113,639 | €114,871 | +€1,232 | +1.1% |
| Amounts payable within one year | 42/48 | €113,639 | €114,871 | +€1,232 | +1.1% |
| Trade debts | 44 | €113,639 | €114,871 | +€1,232 | +1.1% |
| Suppliers | 440/4 | €113,639 | €114,871 | +€1,232 | +1.1% |
| Remuneration, social security and pensions | 62 | €3,436 | €86 | -€3,350 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €650 | €650 | = | 0.0% |
| Other operating charges | 640/8 | €891 | €3,124 | +€2,233 | +251% |
| Gross operating margin | 9900 | -€3,128 | -€38,211 | -€35,084 | -1,122% |
| Operating profit (loss) | 9901 | -€8,105 | -€42,071 | -€33,966 | -419% |
| Financial income | 75/76B | €2,352 | €1,492 | -€860 | -36.5% |
| Recurring financial income | 75 | €2,352 | €1,492 | -€860 | -36.5% |
| Financial charges | 65/66B | €1,630 | €4,295 | +€2,665 | +163% |
| Recurring financial charges | 65 | €1,630 | €4,295 | +€2,665 | +163% |
| Profit (loss) for the period before taxes | 9903 | -€7,384 | -€44,874 | -€37,491 | -508% |
| Profit (loss) for the period | 9904 | -€7,384 | -€44,874 | -€37,491 | -508% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,384 | -€44,874 | -€37,491 | -508% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.