ERSOL: 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.
ERSOL
Largest movements
- Stocks and contracts +€25,000
up €25,000 (+17.5%), from €142,575 to €167,575
- Receivables within one year -€23,660
down €23,660 (-8.7%), from €272,202 to €248,542
of which Trade receivables: -€18,489
- Cash -€19,108
down €19,108 (-18.0%), from €106,367 to €87,259
mainly Debts after one year (-€40,708) and Stocks and contracts (-€25,000)
- Trade debts +€55,916
up €55,916 (+56.6%), from €98,833 to €154,749
- Debts after one year -€40,708
down €40,708 (-42.2%), from €96,456 to €55,748
- Tax, wage and social debts -€21,978
down €21,978 (-68.6%), from €32,060 to €10,082
of which Taxes: -€23,342
- Reserves -€6,382
down €6,382 (-2.8%), from €226,565 to €220,183
of which Distributable reserves: -€6,382
- Gross operating margin -€70,702
down €70,702 (-79.0%), from €89,463 to €18,761
- Financial charges -€20,636
down €20,636 (-55.7%), from €37,020 to €16,384
- Taxes -€13,778
down €13,778 (-95.7%), from €14,398 to €620
- Staff costs -€7,350
down €7,350 (-83.9%), from €8,762 to €1,412
- Financial income +€2,299
up €2,299 (+92.0%), from €2,500 to €4,799
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 | €532,006 | €517,414 | -€14,593 | -2.7% |
| Fixed assets | 21/28 | €8,364 | €10,904 | +€2,540 | +30.4% |
| Tangible fixed assets | 22/27 | €4,962 | €7,502 | +€2,540 | +51.2% |
| Plant, machinery and equipment | 23 | €265 | €177 | -€88 | -33.3% |
| Furniture and vehicles | 24 | €4,696 | €7,325 | +€2,629 | +56.0% |
| Financial fixed assets | 28 | €3,402 | €3,402 | = | 0.0% |
| Current assets | 29/58 | €523,643 | €506,510 | -€17,133 | -3.3% |
| Stocks and contracts in progress | 3 | €142,575 | €167,575 | +€25,000 | +17.5% |
| Stocks | 30/36 | €142,575 | €167,575 | +€25,000 | +17.5% |
| Amounts receivable within one year | 40/41 | €272,202 | €248,542 | -€23,660 | -8.7% |
| Trade receivables | 40 | €204,120 | €185,630 | -€18,489 | -9.1% |
| Other amounts receivable | 41 | €68,082 | €62,911 | -€5,171 | -7.6% |
| Cash at bank and in hand | 54/58 | €106,367 | €87,259 | -€19,108 | -18.0% |
| Deferred charges and accrued income | 490/1 | €2,499 | €3,134 | +€635 | +25.4% |
| Total equity and liabilities | 10/49 | €532,006 | €517,414 | -€14,593 | -2.7% |
| Equity | 10/15 | €238,965 | €232,583 | -€6,382 | -2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €226,565 | €220,183 | -€6,382 | -2.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €224,705 | €218,323 | -€6,382 | -2.8% |
| Amounts payable | 17/49 | €293,041 | €284,831 | -€8,211 | -2.8% |
| Amounts payable after more than one year | 17 | €96,456 | €55,748 | -€40,708 | -42.2% |
| Financial debts | 170/4 | €96,456 | €55,748 | -€40,708 | -42.2% |
| Amounts payable within one year | 42/48 | €191,236 | €226,733 | +€35,497 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €56,358 | €57,907 | +€1,550 | +2.7% |
| Financial debts | 43 | €3,985 | €3,995 | +€9 | +0.2% |
| Credit institutions | 430/8 | €3,985 | €3,995 | +€9 | +0.2% |
| Trade debts | 44 | €98,833 | €154,749 | +€55,916 | +56.6% |
| Suppliers | 440/4 | €98,833 | €154,749 | +€55,916 | +56.6% |
| Taxes, remuneration and social security | 45 | €32,060 | €10,082 | -€21,978 | -68.6% |
| Taxes | 450/3 | €32,060 | €8,718 | -€23,342 | -72.8% |
| Remuneration and social security | 454/9 | - | €1,364 | +€1,364 | |
| Accrued charges and deferred income | 492/3 | €5,350 | €2,350 | -€3,000 | -56.1% |
| Non-recurring operating income | 76A | €13,406 | - | -€13,406 | |
| Remuneration, social security and pensions | 62 | €8,762 | €1,412 | -€7,350 | -83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,560 | €2,460 | +€900 | +57.7% |
| Other operating charges | 640/8 | €9,403 | €9,067 | -€336 | -3.6% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | €89,463 | €18,761 | -€70,702 | -79.0% |
| Operating profit (loss) | 9901 | €69,438 | €5,823 | -€63,615 | -91.6% |
| Financial income | 75/76B | €2,500 | €4,799 | +€2,299 | +92.0% |
| Recurring financial income | 75 | €2,500 | €4,799 | +€2,299 | +92.0% |
| Financial charges | 65/66B | €37,020 | €16,384 | -€20,636 | -55.7% |
| Recurring financial charges | 65 | €37,020 | €16,384 | -€20,636 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €34,919 | -€5,762 | -€40,681 | |
| Income taxes | 67/77 | €14,398 | €620 | -€13,778 | -95.7% |
| Profit (loss) for the period | 9904 | €20,521 | -€6,382 | -€26,903 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,521 | -€6,382 | -€26,903 |
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 17 October 2026 via checked.be.