ERTMS SOLUTIONS: 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.
ERTMS SOLUTIONS
Largest movements
- Receivables within one year -€339,616
down €339,616 (-39.3%), from €865,016 to €525,400
of which Other amounts receivable: -€198,892
- Stocks and contracts +€240,685
up €240,685 (+132.7%), from €181,358 to €422,043
- Deferred charges and accrued income -€100,802
down €100,802 (-95.5%), from €105,552 to €4,750
- Cash +€37,986
up €37,986 (+7.2%), from €530,161 to €568,146
mainly Receivables within one year (+€339,616) and Deferred charges and accrued income (+€100,802)
- Profit (loss) carried forward -€58,582
down €58,582 (-6.1%), from €961,576 to €902,994
- Accrued charges and deferred income -€58,179
down €58,179 (-11.5%), from €506,593 to €448,414
- Trade debts -€56,237
down €56,237 (-60.2%), from €93,420 to €37,184
- Tax, wage and social debts +€17,141
up €17,141 (+14.1%), from €121,725 to €138,866
of which Remuneration and social security: +€16,593
- Staff costs +€41,946
up €41,946 (+3.5%), from €1.2m to €1.2m
- Other operating charges +€28,879
up €28,879 (+2733.4%), from €1,057 to €29,935
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 | €1,691,374 | €1,547,918 | -€143,457 | -8.5% |
| Fixed assets | 21/28 | €9,287 | €27,578 | +€18,291 | +196.9% |
| Intangible fixed assets | 21 | - | €16,201 | +€16,201 | |
| Tangible fixed assets | 22/27 | €5,749 | €7,839 | +€2,090 | +36.3% |
| Furniture and vehicles | 24 | €5,749 | €7,839 | +€2,090 | +36.3% |
| Financial fixed assets | 28 | €3,538 | €3,538 | = | 0.0% |
| Current assets | 29/58 | €1,682,087 | €1,520,340 | -€161,748 | -9.6% |
| Stocks and contracts in progress | 3 | €181,358 | €422,043 | +€240,685 | +132.7% |
| Stocks | 30/36 | €181,358 | €422,043 | +€240,685 | +132.7% |
| Amounts receivable within one year | 40/41 | €865,016 | €525,400 | -€339,616 | -39.3% |
| Trade receivables | 40 | €614,369 | €473,645 | -€140,725 | -22.9% |
| Other amounts receivable | 41 | €250,647 | €51,755 | -€198,892 | -79.4% |
| Cash at bank and in hand | 54/58 | €530,161 | €568,146 | +€37,986 | +7.2% |
| Deferred charges and accrued income | 490/1 | €105,552 | €4,750 | -€100,802 | -95.5% |
| Total equity and liabilities | 10/49 | €1,691,374 | €1,547,918 | -€143,457 | -8.5% |
| Equity | 10/15 | €969,636 | €923,454 | -€46,182 | -4.8% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €961,576 | €902,994 | -€58,582 | -6.1% |
| Amounts payable | 17/49 | €721,738 | €624,464 | -€97,275 | -13.5% |
| Amounts payable within one year | 42/48 | €215,146 | €176,050 | -€39,096 | -18.2% |
| Trade debts | 44 | €93,420 | €37,184 | -€56,237 | -60.2% |
| Suppliers | 440/4 | €93,420 | €37,184 | -€56,237 | -60.2% |
| Taxes, remuneration and social security | 45 | €121,725 | €138,866 | +€17,141 | +14.1% |
| Taxes | 450/3 | €724 | €1,272 | +€548 | +75.6% |
| Remuneration and social security | 454/9 | €121,001 | €137,594 | +€16,593 | +13.7% |
| Accrued charges and deferred income | 492/3 | €506,593 | €448,414 | -€58,179 | -11.5% |
| Remuneration, social security and pensions | 62 | €1,190,644 | €1,232,591 | +€41,946 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,628 | €6,831 | +€2,203 | +47.6% |
| Other operating charges | 640/8 | €1,057 | €29,935 | +€28,879 | +2733.4% |
| Gross operating margin | 9900 | €1,216,312 | €1,211,101 | -€5,210 | -0.4% |
| Operating profit (loss) | 9901 | €19,983 | -€58,255 | -€78,238 | |
| Financial income | 75/76B | €711 | €2,537 | +€1,826 | +256.9% |
| Recurring financial income | 75 | €711 | €2,537 | +€1,826 | +256.9% |
| Financial charges | 65/66B | €1,650 | €2,102 | +€452 | +27.4% |
| Recurring financial charges | 65 | €1,650 | €2,102 | +€452 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €19,043 | -€57,820 | -€76,863 | |
| Income taxes | 67/77 | €881 | €762 | -€119 | -13.5% |
| Profit (loss) for the period | 9904 | €18,162 | -€58,582 | -€76,744 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,162 | -€58,582 | -€76,744 |
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 4 October 2026 via checked.be.