ERTBRUGGE: 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.
ERTBRUGGE
Largest movements
- Tangible fixed assets -€115,251
down €115,251 (-3.4%), from €3.4m to €3.3m
- Cash +€72,680
up €72,680 (+136%), from €53,547 to €126,227
mainly Net result for the year (+€222,943) and Depreciation (+€148,993)
- Debts after one year -€285,177
down €285,177 (-17.7%), from €1.6m to €1.3m
- Profit (loss) carried forward +€222,943
up €222,943 (+17.1%), from €1.3m to €1.5m
- Other debts -€41,918
down €41,918 (-95.8%), from €43,733 to €1,815
- Financial charges +€25,770
up €25,770 (+220%), from €11,718 to €37,488
- Financial income +€17,136
up €17,136 (+442%), from €3,877 to €21,014
- Gross operating margin +€16,942
up €16,942 (+3.5%), from €486,779 to €503,721
- Taxes +€8,908
up €8,908 (+13.1%), from €68,106 to €77,014
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 | €3,998,534 | €3,920,333 | -€78,201 | -2.0% |
| Fixed assets | 21/28 | €3,394,210 | €3,278,959 | -€115,251 | -3.4% |
| Tangible fixed assets | 22/27 | €3,394,210 | €3,278,959 | -€115,251 | -3.4% |
| Land and buildings | 22 | €3,394,210 | €3,278,959 | -€115,251 | -3.4% |
| Current assets | 29/58 | €604,324 | €641,374 | +€37,050 | +6.1% |
| Amounts receivable within one year | 40/41 | €8,071 | €12,361 | +€4,290 | +53.2% |
| Other amounts receivable | 41 | €8,071 | €12,361 | +€4,290 | +53.2% |
| Current investments | 50/53 | €538,848 | €498,886 | -€39,962 | -7.4% |
| Cash at bank and in hand | 54/58 | €53,547 | €126,227 | +€72,680 | +136% |
| Deferred charges and accrued income | 490/1 | €3,858 | €3,899 | +€41 | +1.1% |
| Total equity and liabilities | 10/49 | €3,998,534 | €3,920,333 | -€78,201 | -2.0% |
| Equity | 10/15 | €2,025,226 | €2,248,169 | +€222,943 | +11.0% |
| Contributions | 10/11 | €393,000 | €393,000 | = | 0.0% |
| Capital | 10 | €393,000 | €393,000 | = | 0.0% |
| Issued capital | 100 | €393,000 | €393,000 | = | 0.0% |
| Reserves | 13 | €329,853 | €329,853 | = | 0.0% |
| Non-distributable reserves | 130/1 | €329,853 | €329,853 | = | 0.0% |
| Legal reserve | 130 | €39,300 | €39,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €290,553 | €290,553 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,302,373 | €1,525,316 | +€222,943 | +17.1% |
| Amounts payable | 17/49 | €1,973,309 | €1,672,164 | -€301,144 | -15.3% |
| Amounts payable after more than one year | 17 | €1,611,200 | €1,326,023 | -€285,177 | -17.7% |
| Financial debts | 170/4 | €1,611,200 | €1,326,023 | -€285,177 | -17.7% |
| Amounts payable within one year | 42/48 | €325,777 | €287,139 | -€38,638 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €282,044 | €285,177 | +€3,133 | +1.1% |
| Trade debts | 44 | - | €147 | +€147 | |
| Suppliers | 440/4 | - | €147 | +€147 | |
| Other amounts payable | 47/48 | €43,733 | €1,815 | -€41,918 | -95.8% |
| Accrued charges and deferred income | 492/3 | €36,332 | €59,003 | +€22,671 | +62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,088 | €148,993 | -€95 | -0.1% |
| Other operating charges | 640/8 | €37,132 | €38,297 | +€1,164 | +3.1% |
| Gross operating margin | 9900 | €486,779 | €503,721 | +€16,942 | +3.5% |
| Operating profit (loss) | 9901 | €300,559 | €316,432 | +€15,873 | +5.3% |
| Financial income | 75/76B | €3,877 | €21,014 | +€17,136 | +442% |
| Recurring financial income | 75 | €3,877 | €21,014 | +€17,136 | +442% |
| Financial charges | 65/66B | €11,718 | €37,488 | +€25,770 | +220% |
| Recurring financial charges | 65 | €11,718 | €37,488 | +€25,770 | +220% |
| Profit (loss) for the period before taxes | 9903 | €292,718 | €299,957 | +€7,239 | +2.5% |
| Income taxes | 67/77 | €68,106 | €77,014 | +€8,908 | +13.1% |
| Profit (loss) for the period | 9904 | €224,613 | €222,943 | -€1,669 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €224,613 | €222,943 | -€1,669 | -0.7% |
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 19 October 2026 via checked.be.