ERSHAD: 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.
ERSHAD
Largest movements
- Receivables within one year -€2,107
down €2,107 (-50.4%), from €4,184 to €2,076
- Cash -€289
down €289 (-99.9%), from €290 to €0
mainly Net result for the year (-€4,138) and Other debts (-€532)
- Profit (loss) carried forward -€4,138
down €4,138 (-7,760%), from -€53 to -€4,191
- Trade debts +€2,479
up €2,479 (+354%), from €701 to €3,180
- Other debts -€532
down €532 (-93.3%), from €571 to €38
- Tax, wage and social debts -€206
down €206 (-27.2%), from €755 to €550
- Gross operating margin -€4,488
down €4,488, from €567 to -€3,920
- Taxes -€421
down €421 (-100%), from €421 to €0
- Financial charges +€69
up €69 (+45.9%), from €150 to €219
- Other operating charges -€50
down €50 (-100%), from €50 to €0
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 | €4,473 | €2,077 | -€2,397 | -53.6% |
| Current assets | 29/58 | €4,473 | €2,077 | -€2,397 | -53.6% |
| Amounts receivable within one year | 40/41 | €4,184 | €2,076 | -€2,107 | -50.4% |
| Trade receivables | 40 | €4,184 | €2,076 | -€2,107 | -50.4% |
| Cash at bank and in hand | 54/58 | €290 | €0 | -€289 | -99.9% |
| Total equity and liabilities | 10/49 | €4,473 | €2,077 | -€2,397 | -53.6% |
| Equity | 10/15 | €2,447 | -€1,691 | -€4,138 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53 | -€4,191 | -€4,138 | -7,760% |
| Amounts payable | 17/49 | €2,027 | €3,768 | +€1,741 | +85.9% |
| Amounts payable within one year | 42/48 | €2,027 | €3,768 | +€1,741 | +85.9% |
| Trade debts | 44 | €701 | €3,180 | +€2,479 | +354% |
| Suppliers | 440/4 | €701 | €3,180 | +€2,479 | +354% |
| Taxes, remuneration and social security | 45 | €755 | €550 | -€206 | -27.2% |
| Taxes | 450/3 | €755 | €550 | -€206 | -27.2% |
| Other amounts payable | 47/48 | €571 | €38 | -€532 | -93.3% |
| Other operating charges | 640/8 | €50 | €0 | -€50 | -100% |
| Gross operating margin | 9900 | €567 | -€3,920 | -€4,488 | |
| Operating profit (loss) | 9901 | €517 | -€3,920 | -€4,438 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €150 | €219 | +€69 | +45.9% |
| Recurring financial charges | 65 | €150 | €219 | +€69 | +45.9% |
| Profit (loss) for the period before taxes | 9903 | €367 | -€4,138 | -€4,505 | |
| Income taxes | 67/77 | €421 | €0 | -€421 | -100% |
| Profit (loss) for the period | 9904 | -€53 | -€4,138 | -€4,084 | -7,660% |
| Profit (loss) for the period to be appropriated | 9905 | -€53 | -€4,138 | -€4,084 | -7,660% |
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.