ERSTELING: 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.
ERSTELING
Largest movements
- Receivables after one year +€3.2m
up €3.2m (+41.7%), from €7.7m to €10.9m
- Current investments -€3.1m
down €3.1m (-49.2%), from €6.3m to €3.2m
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€88,749
up €88,749 (+30.0%), from €296,109 to €384,858
- Gross operating margin -€30,288
down €30,288 (-24.4%), from -€124,240 to -€154,528
- Taxes +€17,436
up €17,436 (+44.6%), from €39,094 to €56,530
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 | €18,328,689 | €18,583,007 | +€254,317 | +1.4% |
| Fixed assets | 21/28 | €4,315,000 | €4,339,200 | +€24,200 | +0.6% |
| Tangible fixed assets | 22/27 | €4,315,000 | €4,339,200 | +€24,200 | +0.6% |
| Other tangible fixed assets | 26 | €4,315,000 | €4,339,200 | +€24,200 | +0.6% |
| Current assets | 29/58 | €14,013,689 | €14,243,807 | +€230,117 | +1.6% |
| Amounts receivable after more than one year | 29 | €7,669,780 | €10,870,009 | +€3.2m | +41.7% |
| Other amounts receivable | 291 | €7,669,780 | €10,870,009 | +€3.2m | +41.7% |
| Amounts receivable within one year | 40/41 | €15,175 | €9,375 | -€5,800 | -38.2% |
| Trade receivables | 40 | €15,175 | €9,375 | -€5,800 | -38.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €6,300,000 | €3,200,000 | -€3.1m | -49.2% |
| Cash at bank and in hand | 54/58 | €28,735 | €119,736 | +€91,001 | +316.7% |
| Deferred charges and accrued income | 490/1 | - | €44,687 | +€44,687 | |
| Total equity and liabilities | 10/49 | €18,328,689 | €18,583,007 | +€254,317 | +1.4% |
| Equity | 10/15 | €18,303,305 | €18,475,679 | +€172,374 | +0.9% |
| Contributions | 10/11 | €18,101,036 | €18,101,036 | = | 0.0% |
| Profit (loss) carried forward | 14 | €202,269 | €374,643 | +€172,374 | +85.2% |
| Amounts payable | 17/49 | €25,385 | €107,328 | +€81,944 | +322.8% |
| Amounts payable within one year | 42/48 | €25,385 | €107,328 | +€81,944 | +322.8% |
| Trade debts | 44 | €0 | €49,700 | +€49,700 | |
| Suppliers | 440/4 | €0 | €49,700 | +€49,700 | |
| Taxes, remuneration and social security | 45 | €25,385 | €57,628 | +€32,244 | +127.0% |
| Taxes | 450/3 | €25,385 | €57,628 | +€32,244 | +127.0% |
| Other operating charges | 640/8 | €1,563 | €1,206 | -€357 | -22.9% |
| Gross operating margin | 9900 | -€124,240 | -€154,528 | -€30,288 | -24.4% |
| Operating profit (loss) | 9901 | -€125,804 | -€155,734 | -€29,931 | -23.8% |
| Financial income | 75/76B | €296,109 | €384,858 | +€88,749 | +30.0% |
| Recurring financial income | 75 | €296,109 | €384,858 | +€88,749 | +30.0% |
| Financial charges | 65/66B | €140 | €221 | +€81 | +58.1% |
| Recurring financial charges | 65 | €140 | €221 | +€81 | +58.1% |
| Profit (loss) for the period before taxes | 9903 | €170,166 | €228,904 | +€58,737 | +34.5% |
| Income taxes | 67/77 | €39,094 | €56,530 | +€17,436 | +44.6% |
| Profit (loss) for the period | 9904 | €131,072 | €172,374 | +€41,301 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €131,072 | €172,374 | +€41,301 | +31.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.