ERTEL - C.B.S.: what changed
What changed
ERTEL - C.B.S.
NACE 46.900, Non-specialised wholesale trade
filed annual accounts (NBB)
Net result for the year
€4.1m
2024 · €263,983+€3.9m
Equity
€4.2m
2024 · €3.2m+€1.0m
Cash
€335,543
2024 · €2.0m-€1.7m
Balance sheet total
€5.9m
2024 · €6.9m-€1.0m
Largest movements
Assets
- Cash -€1.7m
down €1.7m (-83.1%), from €2.0m to €335,543
mainly Contributions, distributions and other (-€3.1m) and Other debts (-€2.1m)
- Current investments +€1.0m
up €1.0m (+29.7%), from €3.4m to €4.4m
- Tangible fixed assets -€383,045
down €383,045 (-25.7%), from €1.5m to €1.1m
Equity and liabilities
- Other debts -€2.1m
down €2.1m (-55.2%), from €3.7m to €1.7m
- Profit (loss) carried forward +€1.0m
up €1.0m (+115%), from €900,896 to €1.9m
Income statement
- Gross operating margin +€4.8m
up €4.8m (+1,141%), from €421,419 to €5.2m
- Taxes +€1.3m
up €1.3m (+1,466%), from €88,012 to €1.4m
- Financial income +€199,947
up €199,947 (+110%), from €182,179 to €382,126
- Other operating charges -€83,619
down €83,619 (-98.9%), from €84,513 to €894
- Depreciation -€56,570
down €56,570 (-46.5%), from €121,765 to €65,195
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€263,983
Gross operating margin
+€4.8m
Depreciation
+€56,570
Other operating charges
+€83,619
Financial income
+€199,947
Financial charges
+€11,042
Taxes
-€1.3m
Result 2025
€4.1m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€2.1m
Investment
-€684,315
Financing
-€3.1m
Cash 2024
€2.0m
From operations (derived)
+€2.1m
Net result for the year
+€4.1m
Depreciation
+€65,195
Smaller working-capital items
-€15,965
Other debts
-€2.1m
Investment (derived)
-€684,315
Investment in fixed assets (net)
+€317,851
Current investments
-€1.0m
Financing
-€3.1m
Contributions, distributions and other
-€3.1m
Cash 2025
€335,543
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,891,491 | €5,866,298 | -€1.0m | -14.9% |
| Fixed assets | 21/28 | €1,492,571 | €1,109,526 | -€383,045 | -25.7% |
| Tangible fixed assets | 22/27 | €1,492,571 | €1,109,526 | -€383,045 | -25.7% |
| Land and buildings | 22 | €1,492,571 | €1,109,526 | -€383,045 | -25.7% |
| Current assets | 29/58 | €5,398,920 | €4,756,772 | -€642,148 | -11.9% |
| Amounts receivable within one year | 40/41 | €34,492 | €43,010 | +€8,518 | +24.7% |
| Other amounts receivable | 41 | €34,492 | €43,010 | +€8,518 | +24.7% |
| Current investments | 50/53 | €3,375,112 | €4,377,278 | +€1.0m | +29.7% |
| Cash at bank and in hand | 54/58 | €1,987,480 | €335,543 | -€1.7m | -83.1% |
| Deferred charges and accrued income | 490/1 | €1,836 | €942 | -€895 | -48.7% |
| Total equity and liabilities | 10/49 | €6,891,491 | €5,866,298 | -€1.0m | -14.9% |
| Equity | 10/15 | €3,155,496 | €4,190,655 | +€1.0m | +32.8% |
| Contributions | 10/11 | €1,686,000 | €1,686,000 | = | 0.0% |
| Capital | 10 | €1,686,000 | €1,686,000 | = | 0.0% |
| Issued capital | 100 | €1,686,000 | €1,686,000 | = | 0.0% |
| Reserves | 13 | €568,600 | €568,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €168,600 | €168,600 | = | 0.0% |
| Legal reserve | 130 | €168,600 | €168,600 | = | 0.0% |
| Distributable reserves | 133 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €900,896 | €1,936,055 | +€1.0m | +115% |
| Amounts payable | 17/49 | €3,735,995 | €1,675,643 | -€2.1m | -55.1% |
| Amounts payable within one year | 42/48 | €3,719,675 | €1,663,460 | -€2.1m | -55.3% |
| Trade debts | 44 | €346 | €255 | -€91 | -26.4% |
| Suppliers | 440/4 | €346 | €255 | -€91 | -26.4% |
| Taxes, remuneration and social security | 45 | €4,113 | - | -€4,113 | |
| Taxes | 450/3 | €4,113 | - | -€4,113 | |
| Other amounts payable | 47/48 | €3,715,216 | €1,663,205 | -€2.1m | -55.2% |
| Accrued charges and deferred income | 492/3 | €16,320 | €12,183 | -€4,137 | -25.4% |
| Non-recurring operating income | 76A | - | €5,115,153 | +€5.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,765 | €65,195 | -€56,570 | -46.5% |
| Other operating charges | 640/8 | €84,513 | €894 | -€83,619 | -98.9% |
| Gross operating margin | 9900 | €421,419 | €5,231,761 | +€4.8m | +1,141% |
| Operating profit (loss) | 9901 | €215,142 | €5,165,673 | +€5.0m | +2,301% |
| Financial income | 75/76B | €182,179 | €382,126 | +€199,947 | +110% |
| Recurring financial income | 75 | €182,179 | €382,126 | +€199,947 | +110% |
| Financial charges | 65/66B | €45,326 | €34,284 | -€11,042 | -24.4% |
| Recurring financial charges | 65 | €45,326 | €34,284 | -€11,042 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €351,995 | €5,513,515 | +€5.2m | +1,466% |
| Income taxes | 67/77 | €88,012 | €1,378,356 | +€1.3m | +1,466% |
| Profit (loss) for the period | 9904 | €263,983 | €4,135,159 | +€3.9m | +1,466% |
| Profit (loss) for the period to be appropriated | 9905 | €263,983 | €4,135,159 | +€3.9m | +1,466% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.