ERTBRAND: 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.
ERTBRAND
Largest movements
- Current investments -€187,507
no longer reported in 2025 (was €187,507)
- Receivables within one year +€9,000
new in 2025: €9,000
- Debts after one year -€171,000
no longer reported in 2025 (was €171,000)
- Reserves -€8,009
down €8,009 (-2.5%), from €321,578 to €313,569
of which Distributable reserves: -€8,009
- Financial charges +€23,826
up €23,826, from -€7,274 to €16,552
- Financial income +€729
up €729 (+23.4%), from €3,118 to €3,846
- Gross operating margin +€299
up €299 (+2.7%), from €11,083 to €11,382
- Taxes +€203
up €203 (+7.3%), from €2,785 to €2,987
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 | €570,634 | €392,101 | -€178,532 | -31.3% |
| Fixed assets | 21/28 | €345,900 | €345,900 | = | 0.0% |
| Tangible fixed assets | 22/27 | €345,900 | €345,900 | = | 0.0% |
| Land and buildings | 22 | €345,900 | €345,900 | = | 0.0% |
| Current assets | 29/58 | €224,733 | €46,201 | -€178,532 | -79.4% |
| Amounts receivable within one year | 40/41 | - | €9,000 | +€9,000 | |
| Other amounts receivable | 41 | - | €9,000 | +€9,000 | |
| Current investments | 50/53 | €187,507 | - | -€187,507 | |
| Cash at bank and in hand | 54/58 | €37,226 | €37,201 | -€25 | -0.1% |
| Total equity and liabilities | 10/49 | €570,634 | €392,101 | -€178,532 | -31.3% |
| Equity | 10/15 | €395,946 | €387,937 | -€8,009 | -2.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €321,578 | €313,569 | -€8,009 | -2.5% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €314,142 | €306,133 | -€8,009 | -2.5% |
| Amounts payable | 17/49 | €174,687 | €4,164 | -€170,523 | -97.6% |
| Amounts payable after more than one year | 17 | €171,000 | - | -€171,000 | |
| Financial debts | 170/4 | €171,000 | - | -€171,000 | |
| Amounts payable within one year | 42/48 | €3,687 | €4,164 | +€477 | +12.9% |
| Trade debts | 44 | - | €481 | +€481 | |
| Suppliers | 440/4 | - | €481 | +€481 | |
| Taxes, remuneration and social security | 45 | €3,598 | €3,683 | +€85 | +2.4% |
| Taxes | 450/3 | €3,598 | €3,683 | +€85 | +2.4% |
| Other amounts payable | 47/48 | €89 | - | -€89 | |
| Other operating charges | 640/8 | €3,629 | €3,697 | +€68 | +1.9% |
| Gross operating margin | 9900 | €11,083 | €11,382 | +€299 | +2.7% |
| Operating profit (loss) | 9901 | €7,454 | €7,685 | +€231 | +3.1% |
| Financial income | 75/76B | €3,118 | €3,846 | +€729 | +23.4% |
| Recurring financial income | 75 | €3,118 | €3,846 | +€729 | +23.4% |
| Financial charges | 65/66B | -€7,274 | €16,552 | +€23,826 | |
| Recurring financial charges | 65 | -€7,274 | €16,552 | +€23,826 | |
| Profit (loss) for the period before taxes | 9903 | €17,845 | -€5,022 | -€22,867 | |
| Income taxes | 67/77 | €2,785 | €2,987 | +€203 | +7.3% |
| Profit (loss) for the period | 9904 | €15,061 | -€8,009 | -€23,070 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,061 | -€8,009 | -€23,070 |
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 14 October 2026 via checked.be.