ERTEK: 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.
ERTEK
Largest movements
- Receivables within one year +€263,664
up €263,664 (+34.2%), from €771,746 to €1.0m
of which Trade receivables: +€245,335
- Cash +€97,566
up €97,566 (+126.6%), from €77,072 to €174,638
mainly Trade debts (+€187,245) and Net result for the year (+€75,929)
- Tangible fixed assets -€20,936
down €20,936 (-12.0%), from €175,179 to €154,243
of which Furniture and vehicles: -€24,429
- Trade debts +€187,245
up €187,245 (+26.5%), from €705,446 to €892,691
- Current portion of long-term debt +€55,664
up €55,664 (+3974.5%), from €1,401 to €57,065
- Reserves +€54,546
up €54,546 (+58.1%), from €93,909 to €148,455
- Other debts -€31,966
down €31,966 (-79.7%), from €40,126 to €8,160
- Tax, wage and social debts +€30,329
up €30,329 (+25.3%), from €119,832 to €150,161
of which Remuneration and social security: +€39,379
- Gross operating margin +€138,236
up €138,236 (+20.3%), from €681,630 to €819,866
- Staff costs +€83,345
up €83,345 (+19.1%), from €435,877 to €519,223
- Other operating charges +€47,459
up €47,459 (+697.7%), from €6,802 to €54,261
- Write-downs +€12,685
up €12,685 (+20.9%), from €60,671 to €73,356
- Depreciation +€11,816
up €11,816 (+29.0%), from €40,733 to €52,550
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 | €1,511,790 | €1,832,551 | +€320,761 | +21.2% |
| Fixed assets | 21/28 | €186,864 | €165,928 | -€20,936 | -11.2% |
| Tangible fixed assets | 22/27 | €175,179 | €154,243 | -€20,936 | -12.0% |
| Land and buildings | 22 | €2,001 | €941 | -€1,060 | -53.0% |
| Plant, machinery and equipment | 23 | €4,259 | €12,394 | +€8,135 | +191.0% |
| Furniture and vehicles | 24 | €165,337 | €140,908 | -€24,429 | -14.8% |
| Other tangible fixed assets | 26 | €3,582 | - | -€3,582 | |
| Financial fixed assets | 28 | €11,684 | €11,684 | = | 0.0% |
| Current assets | 29/58 | €1,324,926 | €1,666,623 | +€341,697 | +25.8% |
| Stocks and contracts in progress | 3 | €470,125 | €456,575 | -€13,550 | -2.9% |
| Stocks | 30/36 | €470,125 | €456,575 | -€13,550 | -2.9% |
| Amounts receivable within one year | 40/41 | €771,746 | €1,035,410 | +€263,664 | +34.2% |
| Trade receivables | 40 | €763,413 | €1,008,749 | +€245,335 | +32.1% |
| Other amounts receivable | 41 | €8,333 | €26,661 | +€18,328 | +219.9% |
| Cash at bank and in hand | 54/58 | €77,072 | €174,638 | +€97,566 | +126.6% |
| Deferred charges and accrued income | 490/1 | €5,982 | - | -€5,982 | |
| Total equity and liabilities | 10/49 | €1,511,790 | €1,832,551 | +€320,761 | +21.2% |
| Equity | 10/15 | €641,877 | €717,806 | +€75,929 | +11.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €93,909 | €148,455 | +€54,546 | +58.1% |
| Distributable reserves | 133 | €93,909 | €148,455 | +€54,546 | +58.1% |
| Profit (loss) carried forward | 14 | €517,968 | €539,352 | +€21,384 | +4.1% |
| Amounts payable | 17/49 | €869,913 | €1,114,744 | +€244,831 | +28.1% |
| Amounts payable after more than one year | 17 | - | €2,410 | +€2,410 | |
| Financial debts | 170/4 | - | €2,410 | +€2,410 | |
| Amounts payable within one year | 42/48 | €869,913 | €1,111,185 | +€241,272 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €1,401 | €57,065 | +€55,664 | +3974.5% |
| Trade debts | 44 | €705,446 | €892,691 | +€187,245 | +26.5% |
| Suppliers | 440/4 | €705,446 | €892,691 | +€187,245 | +26.5% |
| Advances received on contracts in progress | 46 | €3,109 | €3,109 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €119,832 | €150,161 | +€30,329 | +25.3% |
| Taxes | 450/3 | €32,733 | €23,683 | -€9,050 | -27.6% |
| Remuneration and social security | 454/9 | €87,099 | €126,478 | +€39,379 | +45.2% |
| Other amounts payable | 47/48 | €40,126 | €8,160 | -€31,966 | -79.7% |
| Accrued charges and deferred income | 492/3 | - | €1,149 | +€1,149 | |
| Remuneration, social security and pensions | 62 | €435,877 | €519,223 | +€83,345 | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,733 | €52,550 | +€11,816 | +29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €60,671 | €73,356 | +€12,685 | +20.9% |
| Other operating charges | 640/8 | €6,802 | €54,261 | +€47,459 | +697.7% |
| Non-recurring operating charges | 66A | €3,086 | - | -€3,086 | |
| Gross operating margin | 9900 | €681,630 | €819,866 | +€138,236 | +20.3% |
| Operating profit (loss) | 9901 | €134,461 | €120,478 | -€13,983 | -10.4% |
| Financial income | 75/76B | €17 | €1,786 | +€1,769 | +10504.0% |
| Recurring financial income | 75 | €17 | €1,786 | +€1,769 | +10504.0% |
| Financial charges | 65/66B | €7,419 | €8,821 | +€1,403 | +18.9% |
| Recurring financial charges | 65 | €7,419 | €8,821 | +€1,403 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €127,059 | €113,442 | -€13,617 | -10.7% |
| Income taxes | 67/77 | €41,493 | €37,513 | -€3,980 | -9.6% |
| Profit (loss) for the period | 9904 | €85,566 | €75,929 | -€9,637 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €85,566 | €75,929 | -€9,637 | -11.3% |
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.