ERTRACO: 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.
What changed
ERTRACO
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31,912
2024 · €44,518-€12,606
Equity
€3.3m
2024 · €3.3m+€31,912
Cash
€54,064
2024 · €82,536-€28,472
Balance sheet total
€3.6m
2024 · €3.7m-€178,447
Largest movements
Assets
- Receivables within one year -€115,543
down €115,543 (-19.1%), from €603,419 to €487,876
of which Other amounts receivable: -€83,236
Equity and liabilities
- Short-term financial debts -€200,000
no longer reported in 2025 (was €200,000)
Income statement
- Gross operating margin -€18,981
down €18,981 (-11.2%), from €169,442 to €150,461
- Financial charges -€17,839
down €17,839 (-63.7%), from €28,003 to €10,164
- Depreciation +€8,896
up €8,896 (+11.0%), from €80,618 to €89,514
- Financial income -€5,286
down €5,286 (-24.8%), from €21,286 to €16,000
of which Financial income: -€11,286
- Staff costs -€4,777
down €4,777 (-15.9%), from €30,090 to €25,313
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.
Result 2024
€44,518
Gross operating margin
-€18,981
Staff costs
+€4,777
Depreciation
-€8,896
Other operating charges
-€2,262
Financial income
-€5,286
Financial charges
+€17,839
Taxes
+€203
Result 2025
€31,912
raises the resultlowers the result
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.
From operations
+€246,407
Investment
-€64,920
Financing
-€209,959
Cash 2024
€82,536
From operations (derived)
+€246,407
Net result for the year
+€31,912
Depreciation
+€89,514
Stocks and contracts
+€7,000
Receivables within one year
+€115,543
Deferred charges and accrued income
+€2,838
Trade debts
+€13
Tax, wage and social debts
-€2,376
Other debts
+€973
Accrued charges and deferred income
+€990
Investment (derived)
-€64,920
Investment in fixed assets (net)
-€64,920
Financing
-€209,959
Debts after one year
-€19,317
Current portion of long-term debt
+€9,358
Short-term financial debts
-€200,000
Cash 2025
€54,064
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,738,689 | €3,560,242 | -€178,447 | -4.8% |
| Fixed assets | 21/28 | €2,996,265 | €2,971,671 | -€24,594 | -0.8% |
| Tangible fixed assets | 22/27 | €2,496,230 | €2,471,636 | -€24,594 | -1.0% |
| Land and buildings | 22 | €2,422,138 | €2,369,444 | -€52,694 | -2.2% |
| Plant, machinery and equipment | 23 | €55,730 | €47,955 | -€7,775 | -14.0% |
| Furniture and vehicles | 24 | €18,362 | €54,237 | +€35,875 | +195% |
| Financial fixed assets | 28 | €500,035 | €500,035 | = | 0.0% |
| Current assets | 29/58 | €742,424 | €588,571 | -€153,853 | -20.7% |
| Stocks and contracts in progress | 3 | €50,800 | €43,800 | -€7,000 | -13.8% |
| Stocks | 30/36 | €50,800 | €43,800 | -€7,000 | -13.8% |
| Amounts receivable within one year | 40/41 | €603,419 | €487,876 | -€115,543 | -19.1% |
| Trade receivables | 40 | €220,900 | €188,593 | -€32,307 | -14.6% |
| Other amounts receivable | 41 | €382,519 | €299,283 | -€83,236 | -21.8% |
| Cash at bank and in hand | 54/58 | €82,536 | €54,064 | -€28,472 | -34.5% |
| Deferred charges and accrued income | 490/1 | €5,669 | €2,831 | -€2,838 | -50.1% |
| Total equity and liabilities | 10/49 | €3,738,689 | €3,560,242 | -€178,447 | -4.8% |
| Equity | 10/15 | €3,307,672 | €3,339,584 | +€31,912 | +1.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,532,283 | €1,532,283 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,707,189 | €1,739,101 | +€31,912 | +1.9% |
| Amounts payable | 17/49 | €431,017 | €220,658 | -€210,359 | -48.8% |
| Amounts payable after more than one year | 17 | €86,163 | €66,846 | -€19,317 | -22.4% |
| Financial debts | 170/4 | €77,163 | €57,846 | -€19,317 | -25.0% |
| Other amounts payable | 178/9 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €344,854 | €152,822 | -€192,032 | -55.7% |
| Current portion of amounts payable after more than one year | 42 | €38,057 | €47,415 | +€9,358 | +24.6% |
| Financial debts | 43 | €200,000 | - | -€200,000 | |
| Credit institutions | 430/8 | €200,000 | - | -€200,000 | |
| Trade debts | 44 | €13,050 | €13,063 | +€13 | +0.1% |
| Suppliers | 440/4 | €13,050 | €13,063 | +€13 | +0.1% |
| Taxes, remuneration and social security | 45 | €13,998 | €11,622 | -€2,376 | -17.0% |
| Taxes | 450/3 | €11,574 | €9,574 | -€2,000 | -17.3% |
| Remuneration and social security | 454/9 | €2,424 | €2,048 | -€376 | -15.5% |
| Other amounts payable | 47/48 | €79,749 | €80,722 | +€973 | +1.2% |
| Accrued charges and deferred income | 492/3 | - | €990 | +€990 | |
| Remuneration, social security and pensions | 62 | €30,090 | €25,313 | -€4,777 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,618 | €89,514 | +€8,896 | +11.0% |
| Other operating charges | 640/8 | €7,023 | €9,285 | +€2,262 | +32.2% |
| Gross operating margin | 9900 | €169,442 | €150,461 | -€18,981 | -11.2% |
| Operating profit (loss) | 9901 | €51,711 | €26,349 | -€25,362 | -49.0% |
| Financial income | 75/76B | €21,286 | €16,000 | -€5,286 | -24.8% |
| Recurring financial income | 75 | €21,286 | €10,000 | -€11,286 | -53.0% |
| Non-recurring financial income | 76B | - | €6,000 | +€6,000 | |
| Financial charges | 65/66B | €28,003 | €10,164 | -€17,839 | -63.7% |
| Recurring financial charges | 65 | €28,003 | €10,164 | -€17,839 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | €44,994 | €32,185 | -€12,809 | -28.5% |
| Income taxes | 67/77 | €476 | €273 | -€203 | -42.6% |
| Profit (loss) for the period | 9904 | €44,518 | €31,912 | -€12,606 | -28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,518 | €31,912 | -€12,606 | -28.3% |
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 14 October 2026 via checked.be.