ERSO: what changed
Two fiscal 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.
What changed
ERSO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€134,104
2024 · €75,917+€58,187
Equity
€720,585
2024 · €586,481+€134,104
Cash
€118,433
2024 · €98,067+€20,366
Balance sheet total
€9.6m
2024 · €10.1m-€490,565
Largest movements
Assets
- Receivables within one year -€424,104
down €424,104 (-10.6%), from €4.0m to €3.6m
of which Other amounts receivable: -€397,663
Equity and liabilities
- Other debts -€587,000
down €587,000 (-28.8%), from €2.0m to €1.5m
- Reserves +€134,104
up €134,104 (+25.1%), from €533,681 to €667,785
of which Distributable reserves: +€134,104
Income statement
- Gross operating margin +€53,794
up €53,794 (+19.7%), from €273,120 to €326,914
- Other operating charges -€11,019
down €11,019 (-81.0%), from €13,611 to €2,592
- Depreciation +€9,210
up €9,210 (+81.5%), from €11,306 to €20,516
- Financial income +€7,136
up €7,136 (+2.9%), from €242,410 to €249,546
- Taxes +€6,065
new in 2025: €6,065
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.
Result 2024
€75,917
Gross operating margin
+€53,794
Depreciation
-€9,210
Other operating charges
+€11,019
Other operating items
-€243
Financial income
+€7,136
Financial charges
+€1,756
Taxes
-€6,065
Result 2025
€134,104
Cash bridge derived
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.
From operations
+€24,306
Investment
-€3,940
Financing
€0
Cash 2024
€98,067
From operations (derived)
+€24,306
Net result for the year
+€134,104
Depreciation
+€20,516
Receivables within one year
+€424,104
Deferred charges and accrued income
+€70,251
Provisions
-€13,376
Trade debts
-€50,197
Tax, wage and social debts
+€4,822
Other debts
-€587,000
Accrued charges and deferred income
+€21,082
Investment (derived)
-€3,940
Investment in fixed assets (net)
-€3,940
Cash 2025
€118,433
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,133,661 | €9,643,096 | -€490,565 | -4.8% |
| Fixed assets | 21/28 | €5,955,937 | €5,939,360 | -€16,576 | -0.3% |
| Intangible fixed assets | 21 | €57,787 | €49,873 | -€7,914 | -13.7% |
| Tangible fixed assets | 22/27 | €101,132 | €92,469 | -€8,663 | -8.6% |
| Land and buildings | 22 | €97,644 | €88,981 | -€8,663 | -8.9% |
| Plant, machinery and equipment | 23 | €3,488 | €3,488 | = | 0.0% |
| Financial fixed assets | 28 | €5,797,018 | €5,797,018 | = | 0.0% |
| Current assets | 29/58 | €4,177,725 | €3,703,736 | -€473,989 | -11.3% |
| Amounts receivable within one year | 40/41 | €4,008,936 | €3,584,832 | -€424,104 | -10.6% |
| Trade receivables | 40 | €34,607 | €8,165 | -€26,441 | -76.4% |
| Other amounts receivable | 41 | €3,974,329 | €3,576,666 | -€397,663 | -10.0% |
| Cash at bank and in hand | 54/58 | €98,067 | €118,433 | +€20,366 | +20.8% |
| Deferred charges and accrued income | 490/1 | €70,722 | €471 | -€70,251 | -99.3% |
| Total equity and liabilities | 10/49 | €10,133,661 | €9,643,096 | -€490,565 | -4.8% |
| Equity | 10/15 | €586,481 | €720,585 | +€134,104 | +22.9% |
| Contributions | 10/11 | €52,800 | €52,800 | = | 0.0% |
| Reserves | 13 | €533,681 | €667,785 | +€134,104 | +25.1% |
| Non-distributable reserves | 130/1 | €120,246 | €120,246 | = | 0.0% |
| Reserves not available under the articles | 1311 | €120,246 | €120,246 | = | 0.0% |
| Distributable reserves | 133 | €413,435 | €547,539 | +€134,104 | +32.4% |
| Provisions and deferred taxes | 16 | €2,608,242 | €2,594,866 | -€13,376 | -0.5% |
| Provisions for liabilities and charges | 160/5 | €2,608,242 | €2,594,866 | -€13,376 | -0.5% |
| Other liabilities and charges | 164/5 | €2,608,242 | €2,594,866 | -€13,376 | -0.5% |
| Amounts payable | 17/49 | €6,938,938 | €6,327,646 | -€611,293 | -8.8% |
| Amounts payable after more than one year | 17 | €4,773,200 | €4,773,200 | = | 0.0% |
| Financial debts | 170/4 | €4,773,200 | €4,773,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,112,122 | €1,479,746 | -€632,375 | -29.9% |
| Trade debts | 44 | €50,999 | €802 | -€50,197 | -98.4% |
| Suppliers | 440/4 | €50,999 | €802 | -€50,197 | -98.4% |
| Taxes, remuneration and social security | 45 | €21,404 | €26,226 | +€4,822 | +22.5% |
| Taxes | 450/3 | €21,404 | €26,226 | +€4,822 | +22.5% |
| Other amounts payable | 47/48 | €2,039,719 | €1,452,719 | -€587,000 | -28.8% |
| Accrued charges and deferred income | 492/3 | €53,617 | €74,699 | +€21,082 | +39.3% |
| Non-recurring operating income | 76A | €4,604 | €4,840 | +€236 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,306 | €20,516 | +€9,210 | +81.5% |
| Other operating charges | 640/8 | €13,611 | €2,592 | -€11,019 | -81.0% |
| Non-recurring operating charges | 66A | €5,196 | €5,440 | +€243 | +4.7% |
| Gross operating margin | 9900 | €273,120 | €326,914 | +€53,794 | +19.7% |
| Operating profit (loss) | 9901 | €243,008 | €298,366 | +€55,359 | +22.8% |
| Financial income | 75/76B | €242,410 | €249,546 | +€7,136 | +2.9% |
| Recurring financial income | 75 | €242,410 | €249,546 | +€7,136 | +2.9% |
| Financial charges | 65/66B | €409,500 | €407,744 | -€1,756 | -0.4% |
| Recurring financial charges | 65 | €409,500 | €407,744 | -€1,756 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €75,917 | €140,169 | +€64,251 | +84.6% |
| Income taxes | 67/77 | - | €6,065 | +€6,065 | |
| Profit (loss) for the period | 9904 | €75,917 | €134,104 | +€58,187 | +76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €75,917 | €134,104 | +€58,187 | +76.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.