ERTUG: 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.
ERTUG
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+296.6%), from €371,627 to €1.5m
of which Land and buildings: +€1.1m
- Receivables within one year +€144,015
up €144,015 (+384.6%), from €37,447 to €181,462
of which Other amounts receivable: +€147,064
- Cash +€59,063
up €59,063 (+251.9%), from €23,446 to €82,509
mainly Debts after one year (+€551,990) and Net result for the year (+€419,382)
- Debts after one year +€551,990
up €551,990 (+300.5%), from €183,711 to €735,701
of which Financial debts: +€316,990
- Reserves +€526,242
up €526,242 (+384.3%), from €136,941 to €663,183
of which Tax-exempt reserves: +€526,242
- Provisions +€175,414
new in 2025: €175,414
- Other debts +€135,125
up €135,125 (+2499.1%), from €5,407 to €140,532
- Profit (loss) carried forward -€106,859
down €106,859 (-133.9%), from -€79,793 to -€186,652
- Gross operating margin +€658,249
up €658,249 (+404.5%), from €162,736 to €820,985
- Depreciation +€169,987
up €169,987 (+878.1%), from €19,358 to €189,346
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 | €479,639 | €1,784,355 | +€1.3m | +272.0% |
| Fixed assets | 21/28 | €374,968 | €1,477,162 | +€1.1m | +293.9% |
| Tangible fixed assets | 22/27 | €371,627 | €1,473,820 | +€1.1m | +296.6% |
| Land and buildings | 22 | €292,479 | €1,414,010 | +€1.1m | +383.5% |
| Furniture and vehicles | 24 | €2,076 | €1,741 | -€334 | -16.1% |
| Leasing and similar rights | 25 | €75,122 | €56,620 | -€18,502 | -24.6% |
| Other tangible fixed assets | 26 | €1,950 | €1,449 | -€500 | -25.7% |
| Financial fixed assets | 28 | €3,341 | €3,341 | = | 0.0% |
| Current assets | 29/58 | €104,670 | €307,194 | +€202,523 | +193.5% |
| Stocks and contracts in progress | 3 | €43,000 | €43,000 | = | 0.0% |
| Stocks | 30/36 | €43,000 | €43,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,447 | €181,462 | +€144,015 | +384.6% |
| Trade receivables | 40 | €21,340 | €18,290 | -€3,050 | -14.3% |
| Other amounts receivable | 41 | €16,107 | €163,172 | +€147,064 | +913.0% |
| Cash at bank and in hand | 54/58 | €23,446 | €82,509 | +€59,063 | +251.9% |
| Deferred charges and accrued income | 490/1 | €778 | €223 | -€555 | -71.3% |
| Total equity and liabilities | 10/49 | €479,639 | €1,784,355 | +€1.3m | +272.0% |
| Equity | 10/15 | €225,740 | €645,122 | +€419,382 | +185.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €136,941 | €663,183 | +€526,242 | +384.3% |
| Tax-exempt reserves | 132 | €68,185 | €594,427 | +€526,242 | +771.8% |
| Distributable reserves | 133 | €68,756 | €68,756 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,793 | -€186,652 | -€106,859 | -133.9% |
| Provisions and deferred taxes | 16 | - | €175,414 | +€175,414 | |
| Deferred taxes | 168 | - | €175,414 | +€175,414 | |
| Amounts payable | 17/49 | €253,899 | €963,819 | +€709,920 | +279.6% |
| Amounts payable after more than one year | 17 | €183,711 | €735,701 | +€551,990 | +300.5% |
| Financial debts | 170/4 | €168,711 | €485,701 | +€316,990 | +187.9% |
| Other amounts payable | 178/9 | €15,000 | €250,000 | +€235,000 | +1566.7% |
| Amounts payable within one year | 42/48 | €69,929 | €228,118 | +€158,189 | +226.2% |
| Current portion of amounts payable after more than one year | 42 | €62,927 | €84,824 | +€21,898 | +34.8% |
| Trade debts | 44 | €1,122 | €1,113 | -€9 | -0.8% |
| Suppliers | 440/4 | €1,122 | €1,113 | -€9 | -0.8% |
| Taxes, remuneration and social security | 45 | €473 | €1,649 | +€1,176 | +248.8% |
| Taxes | 450/3 | €424 | - | -€424 | |
| Remuneration and social security | 454/9 | €49 | €1,649 | +€1,600 | +3260.0% |
| Other amounts payable | 47/48 | €5,407 | €140,532 | +€135,125 | +2499.1% |
| Accrued charges and deferred income | 492/3 | €259 | - | -€259 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,358 | €189,346 | +€169,987 | +878.1% |
| Other operating charges | 640/8 | €22,997 | €19,910 | -€3,087 | -13.4% |
| Gross operating margin | 9900 | €162,736 | €820,985 | +€658,249 | +404.5% |
| Operating profit (loss) | 9901 | €120,381 | €611,729 | +€491,348 | +408.2% |
| Financial income | 75/76B | €11 | €4,052 | +€4,041 | +36935.0% |
| Recurring financial income | 75 | €11 | €4,052 | +€4,041 | +36935.0% |
| Financial charges | 65/66B | €13,335 | €20,584 | +€7,250 | +54.4% |
| Recurring financial charges | 65 | €13,335 | €20,584 | +€7,250 | +54.4% |
| Profit (loss) for the period before taxes | 9903 | €107,057 | €595,196 | +€488,140 | +456.0% |
| Transfer from deferred taxes | 780 | - | €1,987 | +€1,987 | |
| Transfer to deferred taxes | 680 | - | €177,401 | +€177,401 | |
| Income taxes | 67/77 | €5,064 | €400 | -€4,664 | -92.1% |
| Profit (loss) for the period | 9904 | €101,993 | €419,382 | +€317,389 | +311.2% |
| Transfer from tax-exempt reserves | 789 | - | €5,961 | +€5,961 | |
| Transfer to tax-exempt reserves | 689 | - | €532,203 | +€532,203 | |
| Profit (loss) for the period to be appropriated | 9905 | €101,993 | -€106,859 | -€208,853 |
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 7 October 2026 via checked.be.