ERTECO: 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.
ERTECO
Largest movements
- Receivables within one year -€4,403
down €4,403 (-6.3%), from €69,553 to €65,150
of which Trade receivables: -€4,353
- Other debts +€47,534
up €47,534 (+256.0%), from €18,569 to €66,103
- Trade debts -€23,181
down €23,181 (-58.5%), from €39,613 to €16,432
- Profit (loss) carried forward -€17,619
down €17,619 (-13.0%), from -€135,121 to -€152,739
- Tax, wage and social debts -€13,941
down €13,941 (-9.7%), from €144,191 to €130,250
of which Taxes: -€13,516
- Short-term financial debts +€2,554
up €2,554 (+638.0%), from €400 to €2,954
- Gross operating margin -€72,712
down €72,712 (-19.1%), from €381,490 to €308,778
- Staff costs -€64,423
down €64,423 (-18.0%), from €358,453 to €294,030
- Other operating charges -€10,655
down €10,655 (-41.0%), from €25,998 to €15,343
- Write-downs +€9,067
up €9,067 (+1594.5%), from €569 to €9,636
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €93,992 | €89,339 | -€4,653 | -5.0% |
| Fixed assets | 21/28 | €2,733 | €2,078 | -€656 | -24.0% |
| Tangible fixed assets | 22/27 | €733 | €78 | -€656 | -89.4% |
| Plant, machinery and equipment | 23 | €559 | €78 | -€481 | -86.1% |
| Furniture and vehicles | 24 | €175 | €0 | -€175 | -100.0% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €91,259 | €87,261 | -€3,997 | -4.4% |
| Amounts receivable after more than one year | 29 | €19,000 | €19,000 | = | 0.0% |
| Other amounts receivable | 291 | €19,000 | €19,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €69,553 | €65,150 | -€4,403 | -6.3% |
| Trade receivables | 40 | €69,487 | €65,134 | -€4,353 | -6.3% |
| Other amounts receivable | 41 | €66 | €16 | -€50 | -75.3% |
| Deferred charges and accrued income | 490/1 | €2,705 | €3,111 | +€406 | +15.0% |
| Total equity and liabilities | 10/49 | €93,992 | €89,339 | -€4,653 | -5.0% |
| Equity | 10/15 | -€109,861 | -€127,479 | -€17,619 | -16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,660 | €6,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €3,660 | €3,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€135,121 | -€152,739 | -€17,619 | -13.0% |
| Amounts payable | 17/49 | €203,853 | €216,818 | +€12,966 | +6.4% |
| Amounts payable within one year | 42/48 | €202,773 | €215,739 | +€12,966 | +6.4% |
| Financial debts | 43 | €400 | €2,954 | +€2,554 | +638.0% |
| Credit institutions | 430/8 | €400 | €2,954 | +€2,554 | +638.0% |
| Trade debts | 44 | €39,613 | €16,432 | -€23,181 | -58.5% |
| Suppliers | 440/4 | €39,613 | €16,432 | -€23,181 | -58.5% |
| Taxes, remuneration and social security | 45 | €144,191 | €130,250 | -€13,941 | -9.7% |
| Taxes | 450/3 | €16,037 | €2,521 | -€13,516 | -84.3% |
| Remuneration and social security | 454/9 | €128,154 | €127,728 | -€425 | -0.3% |
| Other amounts payable | 47/48 | €18,569 | €66,103 | +€47,534 | +256.0% |
| Accrued charges and deferred income | 492/3 | €1,079 | €1,079 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €358,453 | €294,030 | -€64,423 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,456 | €656 | -€800 | -55.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €569 | €9,636 | +€9,067 | +1594.5% |
| Other operating charges | 640/8 | €25,998 | €15,343 | -€10,655 | -41.0% |
| Gross operating margin | 9900 | €381,490 | €308,778 | -€72,712 | -19.1% |
| Operating profit (loss) | 9901 | -€4,986 | -€10,887 | -€5,901 | -118.4% |
| Financial charges | 65/66B | €5,955 | €6,732 | +€777 | +13.1% |
| Recurring financial charges | 65 | €5,955 | €6,732 | +€777 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | -€10,941 | -€17,619 | -€6,678 | -61.0% |
| Profit (loss) for the period | 9904 | -€10,941 | -€17,619 | -€6,678 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,941 | -€17,619 | -€6,678 | -61.0% |
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.