ERST: 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.
ERST
Largest movements
- Tangible fixed assets -€88,977
down €88,977 (-72.7%), from €122,408 to €33,432
of which Furniture and vehicles: -€87,455
- Cash +€25,974
up €25,974 (+82.1%), from €31,656 to €57,630
mainly Trade debts (+€81,574) and Net result for the year (+€74,795)
- Receivables within one year -€20,971
down €20,971 (-28.3%), from €74,009 to €53,038
of which Trade receivables: -€15,151
- Debts after one year -€205,149
down €205,149 (-34.9%), from €588,187 to €383,038
- Trade debts +€81,574
up €81,574 (+63.7%), from €127,998 to €209,572
- Profit (loss) carried forward +€74,795
up €74,795 (+33.8%), from €221,107 to €295,902
- Advances received -€54,600
no longer reported in 2025 (was €54,600)
- Other debts +€25,030
up €25,030 (+5.5%), from €452,471 to €477,502
- Gross operating margin -€33,210
down €33,210 (-12.8%), from €258,997 to €225,787
- Depreciation -€14,479
down €14,479 (-45.1%), from €32,133 to €17,654
- Financial charges -€12,964
down €12,964 (-36.1%), from €35,892 to €22,928
- Staff costs +€9,189
up €9,189 (+13.5%), from €68,135 to €77,324
- Taxes +€2,823
up €2,823 (+10.8%), from €26,091 to €28,914
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,708,529 | €1,625,105 | -€83,424 | -4.9% |
| Fixed assets | 21/28 | €1,595,589 | €1,506,612 | -€88,977 | -5.6% |
| Tangible fixed assets | 22/27 | €122,408 | €33,432 | -€88,977 | -72.7% |
| Furniture and vehicles | 24 | €119,807 | €32,352 | -€87,455 | -73.0% |
| Other tangible fixed assets | 26 | €2,601 | €1,080 | -€1,521 | -58.5% |
| Financial fixed assets | 28 | €1,473,180 | €1,473,180 | = | 0.0% |
| Current assets | 29/58 | €112,940 | €118,493 | +€5,553 | +4.9% |
| Amounts receivable within one year | 40/41 | €74,009 | €53,038 | -€20,971 | -28.3% |
| Trade receivables | 40 | €37,589 | €22,438 | -€15,151 | -40.3% |
| Other amounts receivable | 41 | €36,420 | €30,600 | -€5,820 | -16.0% |
| Cash at bank and in hand | 54/58 | €31,656 | €57,630 | +€25,974 | +82.1% |
| Deferred charges and accrued income | 490/1 | €7,275 | €7,825 | +€550 | +7.6% |
| Total equity and liabilities | 10/49 | €1,708,529 | €1,625,105 | -€83,424 | -4.9% |
| Equity | 10/15 | €227,107 | €301,902 | +€74,795 | +32.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,107 | €295,902 | +€74,795 | +33.8% |
| Amounts payable | 17/49 | €1,481,422 | €1,323,203 | -€158,219 | -10.7% |
| Amounts payable after more than one year | 17 | €588,187 | €383,038 | -€205,149 | -34.9% |
| Financial debts | 170/4 | €588,187 | €383,038 | -€205,149 | -34.9% |
| Amounts payable within one year | 42/48 | €893,235 | €940,165 | +€46,930 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €221,939 | €205,462 | -€16,477 | -7.4% |
| Trade debts | 44 | €127,998 | €209,572 | +€81,574 | +63.7% |
| Suppliers | 440/4 | €127,998 | €209,572 | +€81,574 | +63.7% |
| Advances received on contracts in progress | 46 | €54,600 | - | -€54,600 | |
| Taxes, remuneration and social security | 45 | €36,226 | €47,629 | +€11,403 | +31.5% |
| Taxes | 450/3 | €27,374 | €38,389 | +€11,015 | +40.2% |
| Remuneration and social security | 454/9 | €8,852 | €9,240 | +€389 | +4.4% |
| Other amounts payable | 47/48 | €452,471 | €477,502 | +€25,030 | +5.5% |
| Remuneration, social security and pensions | 62 | €68,135 | €77,324 | +€9,189 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,133 | €17,654 | -€14,479 | -45.1% |
| Other operating charges | 640/8 | €6,810 | €4,172 | -€2,638 | -38.7% |
| Gross operating margin | 9900 | €258,997 | €225,787 | -€33,210 | -12.8% |
| Operating profit (loss) | 9901 | €151,919 | €126,637 | -€25,282 | -16.6% |
| Financial charges | 65/66B | €35,892 | €22,928 | -€12,964 | -36.1% |
| Recurring financial charges | 65 | €35,892 | €22,928 | -€12,964 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €116,026 | €103,709 | -€12,318 | -10.6% |
| Income taxes | 67/77 | €26,091 | €28,914 | +€2,823 | +10.8% |
| Profit (loss) for the period | 9904 | €89,936 | €74,795 | -€15,141 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €89,936 | €74,795 | -€15,141 | -16.8% |
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 10 October 2026 via checked.be.