Ertu: 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.
Ertu
Largest movements
- Receivables within one year +€129,763
up €129,763 (+289%), from €44,888 to €174,651
of which Trade receivables: +€119,625
- Tangible fixed assets -€11,208
down €11,208 (-30.5%), from €36,765 to €25,556
of which Leasing and similar rights: -€25,168
- Cash +€3,518
up €3,518 (+105%), from €3,352 to €6,871
mainly Trade debts (+€77,466) and Depreciation (+€29,804)
- Trade debts +€77,466
up €77,466 (+966%), from €8,017 to €85,483
- Other debts +€24,820
new in 2025: €24,820
- Reserves +€12,123
new in 2025: €12,123
- Profit (loss) carried forward +€11,325
up €11,325 (+24.7%), from €45,846 to €57,171
- Tax, wage and social debts +€11,080
up €11,080 (+76.9%), from €14,402 to €25,482
of which Remuneration and social security: +€10,455
- Gross operating margin +€245,657
up €245,657 (+250%), from €98,163 to €343,820
- Staff costs +€224,636
up €224,636 (+420%), from €53,495 to €278,131
- Purchases and services -€165,468
no longer reported in 2025 (was €165,468)
- Depreciation +€29,804
new in 2025: €29,804
- Financial charges +€9,216
up €9,216 (+226%), from €4,082 to €13,298
of which Non-recurring financial charges: +€7,826
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €85,004 | €207,078 | +€122,073 | +144% |
| Fixed assets | 21/28 | €36,765 | €25,556 | -€11,208 | -30.5% |
| Tangible fixed assets | 22/27 | €36,765 | €25,556 | -€11,208 | -30.5% |
| Plant, machinery and equipment | 23 | €9,527 | €24,139 | +€14,612 | +153% |
| Furniture and vehicles | 24 | €2,070 | €1,418 | -€652 | -31.5% |
| Leasing and similar rights | 25 | €25,168 | - | -€25,168 | |
| Current assets | 29/58 | €48,240 | €181,521 | +€133,282 | +276% |
| Amounts receivable within one year | 40/41 | €44,888 | €174,651 | +€129,763 | +289% |
| Trade receivables | 40 | €40,481 | €160,106 | +€119,625 | +296% |
| Other amounts receivable | 41 | €4,407 | €14,544 | +€10,138 | +230% |
| Cash at bank and in hand | 54/58 | €3,352 | €6,871 | +€3,518 | +105% |
| Total equity and liabilities | 10/49 | €85,004 | €207,078 | +€122,073 | +144% |
| Equity | 10/15 | €47,846 | €71,293 | +€23,447 | +49.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €12,123 | +€12,123 | |
| Distributable reserves | 133 | - | €12,123 | +€12,123 | |
| Profit (loss) carried forward | 14 | €45,846 | €57,171 | +€11,325 | +24.7% |
| Amounts payable | 17/49 | €37,159 | €135,785 | +€98,626 | +265% |
| Amounts payable after more than one year | 17 | €9,041 | - | -€9,041 | |
| Financial debts | 170/4 | €9,041 | - | -€9,041 | |
| Amounts payable within one year | 42/48 | €28,118 | €135,785 | +€107,667 | +383% |
| Current portion of amounts payable after more than one year | 42 | €5,699 | - | -€5,699 | |
| Trade debts | 44 | €8,017 | €85,483 | +€77,466 | +966% |
| Suppliers | 440/4 | €8,017 | €85,483 | +€77,466 | +966% |
| Taxes, remuneration and social security | 45 | €14,402 | €25,482 | +€11,080 | +76.9% |
| Taxes | 450/3 | €5,230 | €5,855 | +€625 | +11.9% |
| Remuneration and social security | 454/9 | €9,172 | €19,627 | +€10,455 | +114% |
| Other amounts payable | 47/48 | - | €24,820 | +€24,820 | |
| Goods, raw materials, services and sundry goods | 60/61 | €165,468 | - | -€165,468 | |
| Remuneration, social security and pensions | 62 | €53,495 | €278,131 | +€224,636 | +420% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €29,804 | +€29,804 | |
| Other operating charges | 640/8 | €2,600 | €1,041 | -€1,559 | -60.0% |
| Non-recurring operating charges | 66A | €19,589 | - | -€19,589 | |
| Gross operating margin | 9900 | €98,163 | €343,820 | +€245,657 | +250% |
| Operating profit (loss) | 9901 | €22,479 | €34,844 | +€12,365 | +55.0% |
| Financial income | 75/76B | €168 | €1 | -€168 | -99.7% |
| Recurring financial income | 75 | €168 | €1 | -€168 | -99.7% |
| Financial charges | 65/66B | €4,082 | €13,298 | +€9,216 | +226% |
| Recurring financial charges | 65 | €4,082 | €5,472 | +€1,390 | +34.1% |
| Non-recurring financial charges | 66B | - | €7,826 | +€7,826 | |
| Profit (loss) for the period before taxes | 9903 | €18,565 | €21,546 | +€2,981 | +16.1% |
| Income taxes | 67/77 | €5,230 | -€3,113 | -€8,343 | |
| Profit (loss) for the period | 9904 | €13,335 | €24,660 | +€11,325 | +84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,335 | €24,660 | +€11,325 | +84.9% |
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 15 October 2026 via checked.be.